It's never too soon to start planning your next vacation, especially if your state has instituted stay-at-home orders (all that planning gives you something to do, after all). If you're considering an RV to get to your vacation destination, you're not alone. According to Condor Ferries, more than 11% of Americans own an RV and over 40 million Americans hit the road in one every year. With the coronavirus motivating people to cancel future flights (36% have opted out of trips that require air travel, according to GasBuddy) and gas prices at record lows, you may be thinking it's time to invest in an RV. But hold your horses if you haven't asked yourself the most important question first.
Related: RV Nightmares
Before you start picking out models and colors, ask yourself, "Can I afford everything that goes with buying an RV?" From insurance and tow vehicle costs to maintenance (new tires alone can cost $2,500 or more) and campsite rental fees, not to mention financing the RV itself, there are plenty of hidden costs associated with making such a big purchase that many prospective RVers often overlook.
Even if you're sure you're going to use your RV, it may not pay for itself anytime soon — or, if you don't use it as often as you expect or have unforeseen problems that can range from job insecurity to a health emergency, it may just be a financial sinkhole you regret. The good news? Renting an RV is always an option.