(This post is part of a series. If you’re new to my blog or this is the first you’ve seen of this series, you might look at the introduction first.)
RVing is considered, by some, to be an expensive recreational hobby for those who have an adequate supply of disposable income. I suppose it could be, if you intend to buy a brand-new half-million dollar custom motorcoach which you’ll park in a $100 per night RV resort. Even more costly if you do so while keeping and maintaining your conventional home as a primary residence.
In reality, full-time RV living, just like conventional housing, can fit almost any budget. When you’re full-timing, your RV is your home, so all the money you used to spend for rent or mortgage payments on a house or apartment is now available to spend on the RV. One way some home owners transition to full-timing, if they have sufficient equity in their homes, is to sell the house and use the proceeds of the sale to buy an RV, or at least make a sizable down payment if they choose to finance a larger or newer coach.
There’s really two different costs to consider: the initial cost of acquiring the RV and preparing it for full-time living, and then there’s the ongoing expenses.
Home On Wheels
Let your budget be your guide, along with your expectations and abilities. A shiny new class-A motorhome will easily set you back a couple hundred thousand or more. Go for something a few years old, but still nice, and you can do it for much less. If you don’t mind gambling on an older rig, and you’re a good shopper, you can probably find something decent for $10-20K. If you’re on a tight budget, and a little handy, you can probably find something under ten thousand. If you’re like me — dirt poor, but very handy and resourceful, and don’t much care what the neighbors think – you might get away for under five grand.
That range of prices would be for a motorhome. If you already own a decent pickup truck, you might look at trailers instead, for 1/4 – 1/2 the price of a similarly sized and equipped motorhome of the same age and condition. There are advantages and disadvantages to each, and other options too. You might want to take a look at this post for more info on the different types of RVs.
Cost Of Living
Once you have your rig and it’s all set up to live in, you’ll only have your ongoing expenses to worry about. Once again, you have a lot of control over what you spend. There’s plenty of opportunity to spend money if you want, yet living can be really cheap, too.
You can stay in an RV park with full hook-ups and amenities similar to an apartment complex, and you can expect to pay about the same as you would to rent an apartment, and maybe a little less. You could instead choose to be adventurous, and camp on public land, parking lots, and other free places. You’ll save rent, but will have to move more often and will have the inconvenience and possible expense of finding a place to refill your fresh water supply and dump your waste. Still, if you’re looking to save money, that’s the way to go. I discussed all the different options for different places to stay in this post.
You’ll have expenses related to your motorhome or your trailer and tow vehicle. There’s insurance, registration, maintenance and repair, and fuel. Various choices you make will affect these costs. For example, an older rig will cost less to register and insure, but might need more frequent or more costly repairs. A smaller rig will use less fuel than a larger one. You can also save fuel by travelling less frequently and/or shorter distances. Routine maintenance includes such things as fluids, filters, and tires.
Tires are an expense you’ll have to plan on no matter how much or little you drive. While you’re not likely to wear out a set of tires on an RV, they will “age out.” As tires age, they become more prone to failure, no matter how much tread depth they have or how nice they might look. This is something that isn’t thought about much on a passenger car – it is usually driven enough that the tires wear out before they age out. RVs tend to be driven much less, so they can get too old for safety even while they look brand new.
I learned that the hard way when I tried to take a trip on 12-year-old tires, and in Arizona in July, no less. So learn how to read the date codes on all your tires, and replace them when they get to be seven years old or so, no matter how good they look. And NEVER drive on a tire that’s over ten years old!
Same As It Ever Was
Of course you’ll also have the same sorts of living expenses that you always have, no matter how and where you live, so keep those in mind as you budget. Things like food, medical expenses, phone and internet.
The Bottom Line
While the sky’s the limit with luxury RVs and resorts, it’s also a great way to live a frugal minimalist lifestyle. If you own your RV outright, you could live on $500 a month without hardship.. You could live quite comfortably on $1000, with money to spare for the occasional splurge (or to stash away for a rainy day).
Living small and mobile is living cheap. Living cheap opens the door to all kinds of creative ways to make an income, and frees up more time to do what you enjoy most. It can enable someone on a limited budget to live a decent life. In the next installment of Exploring RV Living we’ll look at all sorts of ways you can earn an income while living in your RV.
Are you a full-timer, or have you been? I’d love to read your thoughts on how affordable RV living is. If you’re considering the lifestyle, but have questions, ask away. Comments are open!