OneMain Financial: 5 Reasons Why RV Ownership is a Great Investment

NEW YORK, May 20, 2024 (Newswire.com) - In recent years, RV ownership has surged in popularity, offering individuals and families numerous benefits beyond mere transportation. Whether an RV is paid for upfront or an RV loan is used, this is an investment in a lifestyle that could provide excitement and endless memories for the entire family.  

This article explores five reasons why owning an RV is a wise investment, from financial advantages to unparalleled experiences showcasing the long-term value. 

1.   Camping becomes an entirely different experience 

Camping in an RV is far superior to camping in a tent. Some purists might disagree, but even those who are diehard for the outdoors can appreciate the benefit of having a roof overhead when the rain clouds roll in. RVs also extend the camping season. Many have propane heaters that can make camping in colder months possible.  

2.   No baggage fees for packing more luggage 

Anyone who’s flown on a plane for a vacation can appreciate this one. The airlines charge baggage fees for extra suitcases. That’s not a problem with an RV. Space is not unlimited, but there’s certainly enough room for several suitcases of extra luggage, and much of it doesn’t need to be packed or unpacked. It can just stay on board for the next trip. Traveling in an RV is especially beneficial for families with small children who need to pack all the necessities.  

3.   Living in an RV Can Be Cheaper Than Living in a Home  

RV living eliminates expenses like property taxes, mortgage or rent payments, and homeowner's insurance. The average yearly cost of maintenance and repairs for a residence ranges from 1% to 4% of a home’s value. Additionally, utilities like electricity, water, and heating are typically lower in an RV because of its smaller size and efficient design.  

Many RV parks offer affordable long-term rental rates that provide access to amenities at a fraction of the cost of traditional housing options. Overall, the cost-effectiveness of RV living makes it an appealing choice for those seeking to downsize, travel frequently, or adopt a more minimalist lifestyle. 

4.   RV Owners Aren’t Stuck in One Place 

Freedom is a concept that means different things to different people. For an RV owner, freedom is picking up and leaving at any time. An RV is a self-contained living space and transport vehicle. It can function as a permanent residence, but the scenery around that residence can be changed at any time.   

5.   Older RVs Depreciate Slower than brand new ones 

RVs tend to depreciate more during their first year on the road, and then it slows down in the first ten years. This slowdown is primarily because older RVs have already absorbed the bulk of their depreciation in their earlier years. As they continue to age, the depreciation rate gradually decreases, especially if the vehicle has been well-maintained and remains in good condition.  

The Bottom Line 

The investment value of an RV can’t be measured in dollars and cents. A recreational vehicle makes camping an entirely new experience. RV owners don’t need to pay baggage fees to travel, and they’re not stuck in one place. On the financial side, living in an RV can be cheaper than living in a home and used RVs depreciate slower than new ones. 

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OneMain Financial is the leader in offering nonprime customers responsible access to credit and is dedicated to improving the financial well-being of hardworking Americans. 

Source: OneMain Financial