Buying an RV is a large purchase – there is no doubt about that. Since deciding to buy an RV is one of the biggest expenses you will incur in your life, it is only natural to hesitate before actually signing on the dotted line. How do you know when the time is right? It’s one thing to wander the RV dealer lot and look at all the great new models that you can pick from, but it is a whole other thing to actually spend the money and take one home.
Numbers Don’t Lie
The first thing you should do when trying to decide when the time is right to buy an RV is sit down and go over your budget carefully. With an estimate of how much the monthly payment would be on an RV in hand, take a look at your current budget and decide if there is room to add an RV payment while still living comfortably. If the new payment on an RV purchase is going to put you too close to the ‘edge’ financially, you may want to wait a bit longer.
Watch for an Opportunity
Some payments that take up a chunk of your budget, such as your mortgage, likely aren’t going away anytime soon. However, there are other payments that may be due to come off the books, opening up room in your budget for an RV purchase. For example, if you own a car that you are close to having paid off, you may want to think about buying your RV shortly after the car loan has been fulfilled. If the monthly cost of your new RV is going to be similar to the car payment you just finished, there really won’t be any change to your monthly budget outlook. As long as you have the cash available for a down payment, buying an RV when another big payment goes away is a reasonable option.
Look for Sales
Just like any other purchase you make, it is smart to be patient while looking for an RV until you find a great deal that is just too good to pass up. Often, RV dealers will put the previous model year inventory on sale when the new models are set to arrive, so keep your eye out for any upcoming sale events. Also, the end of the summer season is usually a common time to see sale prices, and dealers may be more-willing to negotiate in the fall as they are heading into the quiet winter months. Since finding a sale on your RV purchase could potentially save you thousands of dollars, it is certainly worth the effort to locate a great price before making the purchase.
You don’t want to rush the purchase of an RV. While you are probably excited to get started with your first trip, buying an RV is a major financial decision that needs to be carefully considered before you jump in. Once you have done your homework and found the room in your budget for the RV purchase, you can sign on the dotted line with confidence.