The Surprisingly Affordable Cost of Owning an RV
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Planning all-year for that one, big family vacation is exciting! However, the thrill is over when things don’t go as planned and/or the experience wasn’t as great as you’d hoped. To add to the misery, the credit card bills are still being paid months later.
It is no surprise that with the potential for unpredictable COVID-19 shutdowns and social distancing as the norm, families are looking for more affordable and flexible family vacation and weekend getaway options.
Perhaps you have always thought owning an RV was an unaffordable and/or expensive proposition? Historically, RV ownership has gotten a bad wrap. And, yes, just like any vehicle or vacation home, there are maintenance and occasional upgrade costs to factor in. However, the data does not support this perception. According to the RV Industry Association, an RV vacation can be 60% cheaper than a traditional vacation at a hotel, bed and breakfast, or similar type of accommodation.
Here’s the research on family vacation costs
$5,075 is the average cost for a family of four ($1,268 per person) to go to Disney World. VacationKids.com
74% of people say they've gone into debt to pay for a vacation, to the tune of $1,108, on average... and a quarter of survey respondents said they spend 15% or more of their annual income. Forbes.com
The average vacation costs $1,145 per person. This means a family of 4 would need $4,580. CreditDonkey.com
Financial experts suggest that the average family vacation costs between 5-10% of your total income. VacationKids.com
What's the average income of an RV owner?
The typical RV owner is 48 years old, married, and has an above-average annual household income of $62,000. If your family is in that average of $62,000 per year income range, then your annual family vacation budget is likely $3,100-$6,200, or more.
Perceptions and demographics are changing
"The RV industry has been consistently growing year after year. In the last few years, the industry has seen millennials living in RVs, retirees swapping to the RV life, and the age 35-55 crowd taking a larger market share than the typical 60+ buyers." According to the wanderingrv.com, where they also shared the following stats:
- 40 million people in the U.S. go RV camping, drive around 4,500 miles each year in their RV and take at least 3 trips with their RV
- 38% of RV owners are millennials
- 54% of all owners bring their pets with them
Calculating the cost of owning an RV
You will find a zillion blogs about the cost of owning an RV. However, the one thing to remember is the possibilities are almost endless. Do your research, talk to your local dealer, join a couple of the many Facebook RV Camping Groups out there. To get you started, we thought this blog, How Much Does It Really Cost to Own an RV? by AxelAddict.com, provided a thorough overview of the options to consider and how to calculate or estimate all things related to RV ownership.
Lippert can help you save money and maintain your RV investment
Lippert is one of the world’s largest and most comprehensive supplier to the recreational vehicle industry.
We manufacture innovative RV and motorhome components and replacement parts that enhance the mobile lifestyle, including chassis, axles and suspension solutions, slide-out mechanisms, thermoformed bath and kitchen products, windows and doors, stabilizer and leveling systems, furniture and mattresses, entry steps, awnings, towing products, cargo and storage products, sealants and adhesives, electronic 'connected RV' components and more. We also know that many RV owners are also boat owners so we offer things like pontoon furniture and boat shades.
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