A motor home, which is a self-powered recreational vehicle or RV, provides you and your family with a new option for traveling and vacationing in a wide range of destinations. Whether you buy a motor home new or used or lease one for the season, you will have a high level of mobility and control over your vacation. But the decision between leasing and buying is difficult for some prospective motor home users, combining issues of finances and personal preferences.
Leasing
Each option for acquiring a motor home has its own advantages and drawbacks. If you choose to lease, you pay a fixed price, which you can easily divide by the length of the lease term to determine your cost per day. Buying an RV, on the other hand, is more likely to save you money only if you use it frequently. Leasing doesn't require the commitment of a down payment or monthly finance payments, making it best for vacationers who aren't sure whether they prefer a motor home to other types of vacations or can't afford the costs of buying.
Buying
Buying an RV has its own features that make it a better option for some vacationers. When you buy an RV, you have equity, which means that you can sell it in the future to recover some of your costs, which is not the case if you lease. Buying also allows you to customize your motor home to your taste, which is not possible with a leased motor home that you need to return in good condition. Finally, owning a motor home allows you to vacation whenever you want without reserving a lease in advance or waiting for availability during peak seasons.
Fuel Considerations
Many factors play into the overall cost of using a motor home. One such cost is fuel, which can vary widely from one season to the next. Buying a motor home means you'll need to pay current fuel prices each time you take it out for a vacation. The price of fuel may also affect how much you can expect to receive if and when you choose to sell your motor home, since fuel costs impact buyer demand for motor homes and other vehicles. Leasing allows you to pay current fuel costs and decide whether to lease again in the future or use another form of travel, such as traveling in a small car or flying directly to your destination.
Additional Options
Both buying and leasing a motor home offer multiple specific options. Buying leaves the choice between purchasing a new RV or electing to buy a used model, which may or may not have a long-term warranty. Buyers can also choose to finance their purchases or pay cash and own the motor home outright. Leasing usually requires renters to go through the same shopping process and reserve a motor home in advance of a planned vacation. Lease options also vary in terms of lease length, mileage allowances and payment features, such as security deposits.
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