Can Owning an RV Save Money?

Can Owning an RV Save Money?

A new study has found that RV vacations cost much less than other types of vacation travel, even when factoring in fuel prices and the cost of RV ownership. According to the study, commissioned by Go RVing and the RV Industry Association, there are cost savings of 21-64% for a four-person travel party, while a two-person travel party saves 8-53%, depending on factors such as the type of RV and type of vacation.

“The study reaffirms that RVs are a great way to save on family travel, and it’s equally important to remember that RV ownership provides benefits that go well beyond affordability,” said RV Industry Association president Frank Hugelmeyer. “To take an RV trip is to experience togetherness with family and friends, along with the flexibility to travel whenever and wherever you want.”

The study compared different methods of travel, including a folding camping trailer; a lightweight travel trailer; a compact motorhome; a type C motorhome; a type A motorhome; traveling in a personal car, staying at hotels/motels, and eating meals in a restaurant; traveling by airline, renting a car at the destination, staying at hotels/motels, and eating meals in restaurants; and traveling in a personal car or airline (as appropriate), staying at a rental house/condominium, and eating the majority of meals in the rental unit. The type A motorhome, typically the largest and most luxurious RV, was compared to travel options such as flying first class, renting a premium car, staying in upscale hotels/resorts, and eating meals in restaurants.

RV vacations show a clear family budget benefit over other forms of travel, regardless of the RV type. According to the CBRE analysis, a four-person travel party can expect to save (by unit type):

• Folding camping trailer: 50-64%
• Lightweight travel trailer: 31-50%
• Compact motorhome: 31-50%
• Type C motorhome: 21-43%
• Type A motorhome: 41%

A two-person travel party saved, according to the CBRE analysis:

• Folding camping trailer: 43-53%
• Lightweight travel trailer: 20-34%
• Compact motorhome: 20-34%
• Type C motorhome: 8-24%
• Type A motorhome: 19%

The study included analysis of how fluctuations in fuel prices could affect the economic advantages of RV travel.

“While fuel costs are a component of the overall vacation cost, they aren’t significant enough to materially affect the outcome of our analysis,” said Kannan Sankaran, managing director of CBRE’s Advisory Services, and lead researcher.

Research by Go RVing and the RV Industry Association shows that when fuel prices are higher, RVers save on fuel costs by driving fewer miles, taking trips closer to home, and staying longer in one destination.

Article provided by…Go RVing and the RV Industry Association

January 22, 2021 / by / in
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