Motorhome affordability

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wpevans

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This is probably a strange question, but here goes. What is the average net worth of people who can afford motorhomes? I know prices are all over the place, but for talking purposes... say a $200,000 MH. I tell my wife we can afford one, but since we are retired and on SS, she is extremely reluctant to use any retirement savings for a MH. Obviously, lots of people can afford them. I'm curious about how we stack up against those that are enjoying motorhomes.
 
My quick answer... if you have to ask, you can't afford a $200,000 Motor-home.  Unless you have a whole bunch of money stashed away in your investments and savings and other assets. Ask your accountant., if you trust him/her.

 
If you have never owned a motorhome it is a bad idea to start out with a $200k motorhome. $20K maximum. Very few people get it right on their first purchase. Most of us have gone through two or three before finding what we really wanted. You have to live in one and/or use one for a few years before you really know what you want. Motorhomes depreciate like a rock and if you start off with a $200k unit you will loose a bundle when you go to sell it in 2 years. Or maybe the RV life won't be your cup of tea. You would loose a lot less with a $20k investment as opposed to a $200K investment. And I use the word investment lightly, RVs aren't an investment.

As far as net worth of the owners, that would be all over the map.
 
I am not retired, but I have a strong opinion about it. As seilerbird stated, it will depreciate very quickly. You can get a nice usable rig to get your feet wet RVing on a tenth on the money you mentioned. As far as "affordability" for a retiree, if you made that $200k purchase, would it hurt you financially if you sold it a year later for $120k after you decided it wasn't for you?

Personally, I think bus conversions are a great option.

 
Buying a motorhome (and being able to afford it) is no different than buying a house, car, boat, or land.  Some people can and some people can't,, period.  You have to look at your own resources.>>>Dan
 
There are choices between new and $200,000 and old and $20,000 (and you better be a good mechanic with the older ones).  There is a market of MHs that are used but not very old -- maybe 4 or 5 years old -- that are $50-70,000.  The biggest depreciation hit has occurred and some are still under extended warranties.  They may not have all the glitz of a $200,000, but they probably won't give you the trouble of an older one. 
 
Keep in mind that your "net worth" is going to decline rapidly if you buy a motorhome because they depreciate quickly and you're either paying cash or increasing your debt, both of which will probably reduce your net worth.

Our "net worth" has nothing to do with whether or not we can afford an RV. We can because we're willing to spend our income on the RV Money Pit and on our travels.

Wendy
 
One observation, if your wife is very reluctant as you say, then you better listen to her. "If Moma ain't happy...nobody is happy" you will be sleeping and camping by yourself.
 
RV Money Pit
Click to expand...

Sounds "humorous", but take it very seriously - everything for an RV costs multiples of what it does for a stick house and breaks far more often.

Don't fool yourself into thinking buying new will avoid problems.
 
Expensive to buy, expensive to own and expensive to operate. Buy a nice used one somewhere in the $50k-$100k range. Figure on a few hundred dollars per year maintenance if its gas, much more if diesel. Figure on 7-8 mpg and $4/gal fuel for travel. Insurance and repairs too.

So look at the cash flow. If you buy for cash and spend around $100k, then put another $10k-15k aside for repairs. Then figure your annual operating expense for insurance, fuel (depends on your travel) and maintenance. Lsst add in projected campground fees and entertaining yourself on the road. Presumably you eat anyway, sop  maybe that's a wash. Does your annual income plus cash reserves still look ok? If so, but into the lifestyle - you will almost surely love it!
 
To add another thought to the previous comments.

RVs, not mater what the purchase price can be expensive - read Gary's.
Our first MH was a new diesel in 1994, BUT we had a 26ft travel trailer for the previous 7 years. We already knew we loved to travel via RV and love the lifestyle. We even in lived in it for 6 months while our house was being built.

If you are new to RVing I would start slowly. If you love it, like most of us, you'll find a way to "afford" what you want. At that point hopefully you'll have a much better idea of what you really want in an RV - not from some dream but from experience. There is a wide variety because "one size (or type etc)" doesn't fit all.

Good luck and have fun.
 
You don't say if you have RV or camping experience. Before you even think of buying, if you have not used a motorhome, rent a few and see if you and the wife are really interested in the lifestyle.
Then as others have said buy a used one and cut your losses if its not for you. Good luck,
Jim
 
What an excellent questions and some great replies.

I will join that say $200k is way too much for your first motor home if you have never owned one before.  Unless you are very diligent in your research you probably aren't even aware of the differences of what is "out there".

In our case it was a matter of we can't afford NOT to do it.  We are at that stage in our lives where we have to start living the dream as the time is approaching when we will no longer be able to do so.

If you really want to give motor home ownership a try then you will find a way to make it work to be able to live with.

Good luck.
 
I guess I'll jump on the band wagon. I bought cheap to everyone else But high to me. Mine cost 35000.00 it's a 99 Bounder. got it home and got ready to go on vacation and had to put two tires on the front, 600.00, 6 months later had to change all the filters (it's a Gasser) fuel, air, oil. and the shocks were bad another 300.00 total. was driving it around to shake up the bleach in the water tank and the transmission went out 4000.00 . Went on vacation last week stopped by to see my mom and ripped the slide cover on a branch another 200 to 300 bucks.
It's killing me. I still need to have the roof re coated but it will just have to wait.
I really love the hole RV and camping thing but it is not cheap. I was hoping to get into work camping, That way I could go to a place and stay their a few months saving the gas and the cost of the site but still have to get some things in order.
    I just hope all the big things are done on the RV.
 
 
    For many, if not most on this forum, the RV lifestyle is our way of life.  So the question is not really a cost of motorhome affordability, but what does it cost you now to provide entertainment and lifestyle, and then compare that to acquisition, maintenance and operating costs.  For example, if you are a golfer and it costs you $5,000 to $10,000 a year to maintain membership, bar tab, transportation, then affordability of the motorhome will look inexpensive.  But if you are a reader, who sits in the yard reading a library book, then it's expensive.
    Yet as a buddy of mine used to say, "aging isn't for the faint of heart".  Well, neither is RVing, but as I see it for either there is no alternative.

Ed
 
I'm with you Gary it's a lot to take in. If I had it to do all over again I would still do it. I would make a few changes in what I was looking for but I would still be in it
 
I have a pickup, a SUV, a Jeep, a bass boat and a ski boat.  Maintaining all them (especially the ski boat) was taking way too much of my time and money.  Buying a MH solved that problem. :)
 
We had talked about buying a motorhome for some time and looked occasionally for one.  One day while looking at class C's we saw a nice Class A on consignment - it was exactly what we wanted and we bought it - $50K - not new, not old - just right.  But wait - we don't live in it ---- yet.  We plan to but not this year - maybe next.  I would never put $200K into a motorhome till I have had one and decided what I like and don't like.  I'm still deciding if I really like the washer - I could really use that space for something else but when I do use it, I like it.  My advice - buy a used one that's not too old.  It will cost you and it's not a cheap hobby.  Since buying we needed tires $800 for 2 - got a deal, regular maintenance, breakdowns, insurance, gas costs, RV parks, all the things at Camping World or other places that you just can't live without - it all adds up.  Still, if you find you can live with another person in less than 400 sq. ft. every day even during a 4 day rainstorm and not get on each others nerves, you may love this life. We took a couple months out in it to decide that it's going to be right for us.  A test run can tell you a lot.  Good Luck!
 
Molaker said:
I have a pickup, a SUV, a Jeep, a bass boat and a ski boat.  Maintaining all them (especially the ski boat) was taking way too much of my time and money.  Buying a MH solved that problem. :)
Click to expand...

Took all your money??? 8) 8) 8)
 
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