Last Updated on The RV lifestyle is a dream for many people but not everyone has the budget for such a significant investment. Renting a motorhome is another option, but is it better than buying one? Both renting and buying come with benefits and drawbacks.
For example, buying a motorhome is a big commitment and a substantial investment. You won’t have to worry about whether you opt to rent or hire. However, if you buy your motorhome, you’ll be able to head out on the open road or take a vacation when the mood hits. In this post, we’ll examine both options and help you decide which suits you best.
Factors to Consider When Choosing Between Buying or Renting/Leasing a Motorhome
Before you start weighing up the pros and cons of buying and renting a motorhome, consider some of the factors and how they apply to both options.
1. Budget
When thinking about your budget, remember to include the cost of not just buying a motorhome, but maintaining and running it as well. Also consider financing options, insurance, motorhome offers, and fuel costs. Renting could be the more budget-friendly option, particularly if you’ll use it infrequently or just for short trips.
2. Maintenance and Repairs
When you purchase a motorhome or campervan, regular maintenance and repairs are a must if you want to keep it in tip-top condition. If you find such responsibilities bothersome, renting might be the better avenue to explore. Renting offers the benefits of motorhome travel without the ongoing maintenance commitments.
3. Storage
When you own a motorhome, finding a good place to store it is your main challenge, with keeping it secure as an added concern. If you’re struggling to find affordable storage space, renting a motorhome might work better for you than buying one. Whether you rent or buy, you’ll need to think about storage, but owners have to deal with finding and maintaining a suitable spot for their vehicle all year round.
4. Depreciation
Much like any other vehicle, wear and tear are part and parcel of ownership, and you can expect your motorhome to depreciate over the years. If you want to sell it in the future, depreciation will affect the resale value. However, renting ensures you avoid this issue altogether.
5. Financial Stability
Are you financially stable? Can you afford the annual cost of motorhome ownership? If the answer to these two questions is yes, owning a motorhome could be a smart investment. On the other hand, renting may be the safest option if your finances are still somewhat uncertain, or you’re worried about taking on additional responsibilities.
6. Insurance and Registration
When you own a motorhome, you must arrange and pay for comprehensive insurance coverage and vehicle registration. If you rent, insurance is usually covered in the motorhome rental price. With rentals, the registration responsibility rests with the rental company, freeing you from this administrative burden.
7. Long-Term Goals
What are your long-term lifestyle and travel goals? Do you plan to explore the open road in your motorhome regularly? If so, purchasing could make more sense. Renting may be more suitable if you only want to enjoy the occasional adventure.
8. Customisation
If you own or are buying a motorhome, you can customise it according to your needs and preferences. When you rent, having all your preferences met is a luxury. You will likely have to compromise as you’re stuck with the interior and features available.
9. Tax Deductions
In certain countries, motorhome ownership comes with potential tax benefits. The interest on a motorhome loan can be tax-deductible, making buying more financially attractive. These tax advantages may significantly reduce the overall cost of ownership when compared to renting over time.
10. Financing Options
If luck is on your side, you may find a lender who offers attractive financing options, making buying more accessible. However, you should weigh up the long-term cost of financing compared with the benefits of motorhome ownership. Consider interest rates, loan terms, and how frequently you plan to use the vehicle to determine if purchasing makes economic sense.
11. Vehicle Upgrades
If you own your motorhome, you’ll have the option of upgrading certain components such as batteries, solar panels, and other equipment to enhance your experience. This customisation advantage gives you the freedom to personalise your motorhome to perfectly suit your travelling preferences and requirements. The same flexibility isn’t available when renting, as modifications to rental vehicles are typically prohibited.
12. Trip Duration
If long trips are on the agenda, owning a motorhome might be more convenient and save you money in comparison to renting. However, if shorter trips are more your cup of tea, renting might be more economical. The financial break-even point typically depends on how frequently you travel and the duration of your trips, making it essential to calculate your expected usage before deciding.
13. The Feeling of Joy
The personalised travel experiences that come alongside owning a campervan can bring a sense of joy and pride. The freedom to customise and travel spontaneously is one of ownership’s unique rewards. Renting is more of a temporary arrangement. and might not evoke the same emotions or be as fulfilling.
14. Lack of Choice
What you see is what you get when renting a motorhome, especially in terms of amenities, layouts, and available models. When you own a motorhome, you gain the freedom to choose features that perfectly match your preferences. You’re in complete control of your motorhome’s configuration when you own rather than rent.
15. Flexibility with Dates
Owning a motorhome offers unmatched flexibility, allowing you to travel without worrying about blackout dates or rental availability. If you feel like enjoying some time away and embarking on an impromptu adventure, you can make your arrangements last minute. However, if you loathe last-minute pressure, plan well and like to arrange things in advance, motorhome hire might suit you better.
16. Personalisation
Personalisation is a big benefit of motorhome ownership compared with renting. You can choose the interior design, add personal touches, and create a more familiar and comfortable space. There are very few personalisation options, if at all, when renting.
17. Tech and Specs
When you purchase a motorhome, you can choose and upgrade specifications and technologies. For example, pick the latest entertainment systems, navigation technology, or appliances. Choose motorhome hire and you’re stuck with standard features and limited customisation options.
18. Travel Preferences
Your travel habits and preferences play a crucial role in deciding whether to rent or buy a motorhome. Those who enjoy frequent, spontaneous trips throughout the year might benefit more from ownership, while occasional travellers may find renting more practical. Understanding how often, how far, and in what style you prefer to travel will help determine which option offers better value for your unique situation.
19. Travel Limitations
When you own a motorhome, how far or where you go is completely up to you and your fuel tank. On the other hand, rental agreements often restrict distance and certain locations. These limitations might water down the usual motorhome holiday appeal.
The Pros and Cons of Buying a Motorhome
If you like the idea of buying your motorhome, there are important advantages and disadvantages to understand before you commit.
Pros
- Flexibility: Motorhome ownership gives you the freedom to travel with minimal restrictions. You get to choose where and when you want to go and travel at your own pace. You don’t have to stress about finding and booking suitable accommodation and there’s no need to stick to a strict itinerary.
- Comfort: A motorhome can provide all the comforts of home. Choose one with all the amenities you need, and you position yourself for a comfortable and relaxing motorhome holiday. You don’t have to compromise on comfort either — you’ll have a bed, kitchen facilities, bathroom, and adequate living space.
- Cost-Effectiveness: For frequent travelling, owning rather than renting a campervan is the cost-effective option in the long run. You’re saving on the cost of accommodation. In addition, you don’t have to pay for expensive restaurant meals because you’ve got the facilities for cooking your meals, which can significantly reduce your travel expenses.
- Family Adventures: Motorhome ownership provides excellent opportunities for families to spend quality time together. At the same time, they get to create unforgettable memories while exploring new places together
- Sense of Community: There’s a community of like-minded travellers you’ll join when you purchase your motorhome. Motorhome owners tend to share a love for adventure and exploration. While you’re travelling, you’ll get to meet many different people, make new friends, and create lifelong connections.
- Easy Access to Nature: When you own a campervan, some of the most remote and beautiful locations are suddenly within your reach. You get to camp in state parks, national parks, and many other areas of outstanding natural beauty.
- Remote Working Opportunities: Since the pandemic, remote work has been on the increase. More and more people are choosing to work remotely. Owning a motorhome provides you with the unique opportunity to work anywhere. There is plenty of space inside to set up a workspace and travel while you earn a living.
- Lower Stress Levels: There are plenty of ways to travel such as car rentals or air travel, but few are as stress-free as motorhome trips. You don’t have to deal with flight cancellations or delays, navigating unfamiliar cities or airports, packing and unpacking your belongings. You’ve got your ready-made accommodation waiting whenever you need to take a break or embrace a change of scenery.
Cons
- Maintenance: Your motorhome will require a certain amount of regular maintenance and repairs, and diesel vehicles can be costly to maintain. Some things you can do yourself can be time-consuming, while you might have to incur high costs paying a professional for more challenging repairs and maintenance. To keep your motorhome in mint condition, you must keep on top of oil changes, tyre rotations, and many other routine maintenance tasks.
- Fuel Economy: Motorhomes are not the most fuel-efficient vehicles. They can be fuel-thirsty whether petrol or diesel. When you’re budgeting for your trip, you must remember to factor in fuel costs.
- Parking Limitations: Depending on the type of motorhome and where you are travelling, you could face challenges when it comes to parking. Urban areas can be very tricky because parking spaces are typically limited. Often, you must park further away from your destination or pay parking fees for a space in a secure lot.
- Storage: Motorhomes are much bigger than the average car. When on the road and for parking, they take up lots of space. A safe and secure place to store your motorhome is essential when you’re not enjoying your latest motorhome holidays, and such parking can be expensive.
- Limited Mobility: Motorhomes provide flexibility and freedom but can still be very limiting. There may be certain areas you won’t be able to explore because of the size of your vehicle or road restrictions.
- Repair Costs: Alongside the annual cost of regular maintenance, there are also costly repair bills to consider. Some of the repairs, such as water leaks or engine problems, can be costly to fix.
- Resale Value: Depreciation is something you need to consider. Motorhomes lose their value, just the same as any other vehicle. It also makes it a possibility that you might not be able to recoup your investment when you sell your new motorhome in the future.
- Insurance and Registration Costs: Motorhome insurance tends to cost more than a regular vehicle. There’s also the cost of registration to consider. These costs need to be factored in when budgeting for your trips.
Things to Keep in Mind if You’re Buying a Motorhome
So, you’ve weighed up the pros and cons and are still interested in becoming a proud new motorhome owner. Before you sign on the dotted line, consider the following:
- Think about how much you can realistically afford to spend on your motorhome. Alongside the initial purchase price, remember to factor in ongoing maintenance, repairs, and storage costs. The total cost of these can be a few thousand pounds.
- Always inspect the motorhome you want to buy for signs of water damage, wear and tear, and other issues. A professional inspection by a third party is always recommended because they’ll be able to spot any hidden problems.
- If you can, take the new motorhome for a test drive. This lets you get a feel for its road handling. During the test drive, test all the features to ensure everything is in working order.
- Financing your purchase with a loan is typically more expensive than financing an ordinary vehicle.
The Pros and Cons of Renting or Leasing a Motorhome
Now you know what to expect if you decide to purchase your motorhome, let’s compare the pros and cons of renting a motorhome model.
Pros
- No Upfront Cost: No expensive investment is required when you rent a motorhome, compared with buying a motorhome, which requires a significant financial investment for the purchase price and more.
- Maintenance and Repairs are Covered: When you rent a motorhome, most rental companies cover the cost of maintenance and repairs. This saves you money, time, and inconvenience.
- More Variety: Motorhome rental companies will have a range of motorhomes available. You’ll be able to choose from several motorhome models and sizes, depending on your needs for a particular trip.
- No Storage Necessary: If you’re renting a motorhome to embrace motorhome life, you won’t need to worry about storage when you’re not using it.
- No Long-Term Commitment: There is no long-term commitment when you rent motorhomes. Therefore, you can try different models and sizes without the hassle of committing to a specific vehicle model.
- No Depreciation: Renting motorhomes means you don’t have to stress about it losing value over time.
- Flexibility: Whatever motorhome model you choose to rent, you get flexibility as part of the deal. You can swap around your itinerary, choose a different destination, stay in one place longer, all without having to make accommodation reservations.
- Convenience: A rented motorhome is convenient if you want to enjoy the motorhome life for a while. You don’t have to pack and unpack every time you move location. You can take everything with you as you travel from place to place.
- Comfort: You can enjoy many of the comforts of home with a rental motorhome. It will have all the important amenities such as sleeping quarters, a bathroom, and a kitchen.
- Lower Fuel Costs: When it comes to fuel economy, some rentals are more fuel-efficient than others, which means you could save money on fuel, if you pick the right one.
Cons
- Limited Customisation: Customisation options are minimal with a rented motorhome. Whereas with a motorhome you own, you can customise it however you want.
- No Equity: You don’t get to build any equity with a rental motorhome, unlike owning a motorhome.
- Reservation Requirements: Ideally, you want the motorhome you want to be available when you need it, so you might need to book it in advance.
- Higher Rental Costs: If you plan to rent a motorhome frequently, the total cost could work out to be more expensive than owning one.
- Time Constraints: Motorhome rentals are popular, which means you might not be able to book a specific time unless you arrange well in advance.
- Insurance Requirements: Motorhome insurance is an additional expense when you rent a motorhome, so don’t forget to factor this into the overall cost.
- Driving Challenges: If you’re not used to driving a large vehicle, you may find driving a motorhome challenging.
- Maintenance and Cleaning Requirements: Most rental companies cover cleaning and basic maintenance. However, you’ll still be responsible for keeping most motorhomes clean and in good condition during your rental period.
- Limited Availability: You may find your options limited or more expensive during peak rental times.
- Additional Costs: Alongside the rental fees, you may have to pay extra costs such as dumping fees for the waste tanks, generator usage, and possibly even a charge for the number of miles you travel in the motorhome.
Things to Keep in Mind if You’re Hiring a Motorhome
Does renting a motorhome appeal to you more than buying one? Before you look for the best motorhome rental companies, keep the following things in mind.
- Always inspect a rental motorhome carefully. You’re looking for signs of water damage, wear and tear, and any other issues. If you spot any pre-existing damage, take photos and report it to the rental company.
- Ask for a copy of the rental agreement and take your time reading it. If there’s anything you don’t understand, don’t be afraid to ask for clarification. Pay particular attention to the terms and conditions, additional fees you might have to incur, restrictions, and any penalties you might have to pay for damage to the vehicle or a late return.
Conclusion
Now that you’re aware of the pros and cons of motorhome ownership and rental, you’re better informed and able to make a decision that meets your needs. The road less travelled and the open road await!
FAQs
Is it a good idea to buy a motorhome and rent it out?
Buying a motorhome and renting it out will bring in an income that could help with the additional costs of ownership. You’ll still have a motorhome available whenever you want, but it will also bring in some extra cash to help cover the costs. This approach gives you both the freedom to use your motorhome and the practical benefit of offsetting its costs.
How much does it cost to rent a motorhome in the UK?
There are peaks and troughs in the motorhome rental year. Depending on the time of the year, you could end up paying more.
- High season: These are the summer months — the most expensive time to rent a motorhome
- Shoulder season: This time of the year includes autumn and spring. It tends to be a slightly cheaper time.
- Low season: During the winter, motorhome life is not so popular. The low demand means prices tend to be cheaper.
How expensive is it to run a motorhome?
There’s no denying that it costs a lot to own a motorhome. Aside from the initial cost, there are maintenance and repairs to think of, insurance, and storage costs. You can avoid many of these costs if you choose to rent a motorhome, but you also lose some of the benefits of motorhome ownership.
Are there any hidden costs when buying a motorhome?
- Insurance: Motorhome insurance can be significantly higher than standard car insurance due to the vehicle’s size and value.
- Storage: If you don’t have space to park your motorhome at home when not in use, you’ll need to pay for storage at a dedicated facility.
- Campground fees: These are not necessarily “hidden” but over time they tend to add up, especially if you’re a frequent traveller.
- Fuel costs: Motorhomes generally have lower fuel efficiency than cars, meaning higher fuel expenses on long trips.
- Maintenance and repairs: Regular maintenance and unexpected repairs are a part of motorhome ownership. Costs will vary depending on the age and condition of the vehicle but are a feature of motorhome ownership.
- Optional upgrades: Many buyers opt to add additional features or customise their motorhome after purchase, which involves incurring an additional cost.
