Financing a Used RV VS a New RV

Anyone looking to buy an RV will have a lot of questions on their mind, the most daunting of which is whether they should buy a new RV or a used one. As it turns out, both options have their merits as well as their demerits.

And in this article, by weighing the pros of each option against its cons, we hope you will find the information you need to help you choose the option that is more suitable to your needs.

The pros and cons of buying a new RV

The pros

  • New RVs usually come with a manufacturer warranty that lasts a certain period—usually the first one or two years after buying the vehicle. With a warranty insuring your vehicle, you are guaranteed repairs on any faults you might experience in the vehicle due to the manufacturer’s errors.
  • Since new campers have no record of a previous owner, you never have to worry about issues such as wear and tear.
  • Finally, new RVs usually have the latest technological features, making them better equipped to provide comfort to occupants of the vehicle.

The cons

  • While the luxury amenities of a new RV can make the vehicle stand out from a used RV, they can also make the RV ridiculously expensive.
  • During the first year of owning a new RV, the vehicle can depreciate by as large as 30 percent of its value. This can present a major challenge if at some point you decide to sell the vehicle while the loan is still ongoing, as the money earned from the sale might not suffice to repay the outstanding amount left on the loan.

The pros and cons of buying a used RV

The pros

  • While pre-owned RVs are costly, they are still so much cheaper than brand new models, as they would have depreciated significantly over the years. This can be an upside if you are on a low budget; the money you save on purchase can be invested in other important projects.
  • Most of the time, the former owner of a used RV would have installed certain upgrades and homey touches that you might have had to install had you bought a brand new RV instead.
  • If you want to get a particular RV model that is no longer in production, buying a used model will be your surest option.

The cons

  • Recreational vehicles, like all other vehicles, begin to depreciate the moment you buy and drive them away from the parking lot. As such, an RV that has been in use for several years might have depreciated far more greatly than you may be aware of.
  • Usually, when you are financing a used RV, the manufacturer warranty will have expired, leaving you to pay for any necessary repairs in the vehicle.
  • Depending on how well or badly the vehicle was handled by its former owner, there could be some bugs and damage, which you might not easily detect.

In conclusion

When financing an RV for the first time, it is usually more economical to opt for a used model instead of a new one.

However, due to the repairs and maintenance, the vehicle might frequently demand, you might have to visit your dealership more often than you would like to fix the vehicle. In contrast, buying a new camper will help you avoid such visits altogether.

Let My Financing USA assist you with your RV financing today. They offer some of the best RV loan rates, even to customers who have issues with their credit.

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