The Costs Of Fulltime RVing by Wheelingit - RV-Dreams Community Forum

bjoyce · RV-Dreams Family Member

The Costs Of Fulltime RVing by Wheelingit

bjoyce · RV-Dreams Family Member

http://wheelingit.us/2017/02/16/the-costs-of-fulltime-rving-part-ii-specifics-links/ is part 2 and has many links to blogs and articles on how much others have spent.

Someday · RV-Dreams Family Member

As always a wonderful write up by Nina. Interesting for us that over time reading many, there's certainly a sweet-spot by several on a budget for travelling and enjoying oneself whilst doing so in that $3500 to $4000 per month range.

Danny and Cheryl · RV-Dreams Family Member

How about full timing for half of that we aren't rich. But I have no debts except taxes and insurance

bjoyce · RV-Dreams Family Member

Danny and Cheryl wrote:
How about full timing for half of that we aren't rich. But I have no debts except taxes and insurance

Scroll down in Part 2 to "Examples From Other People" for examples of those spending less.

Editorial comment: $4000 a month is not rich, nowhere near rich. The median household income in the USA was about $4650 a month in 2015, the last year reported. Median means half the households are making less and half more, it is not the average.

Jake62 · RV-Dreams Family Member

Excellent article! Covered a bunch of the bases ...

PrairieRV · RV-Dreams Family Member

Now I'm worried. Their budget didn't include payments on their RV. It also didn't include a depreciation/replacement cost.

I'll need a toy hauler so I'll have vehicle registration, taxes, probably payments, etc for 2-3 items - RV (MH or 5er), maybe towing vehicle and my Spyder). I worked up a budget for FT Spyder touring with my Spyder & cargo trailer, staying mostly at hotels and occasionally with family & friends, and came to about the same number they did.

I'm not sure if the investment in an RV is economic. Though I'd rather have my own "place" to sleep in every day and the community feeling of the RV life, I'll have to look at the numbers more closely.

Maybe I'll do the FT touring from dealer to dealer until while I look for the right RV, or until I'm sick of it and then re-evaluate.

BiggarView · RV-Dreams Family Member

I believe they paid off their RV.

Depreciation/replacement fund should have a placeholder or be included in savings, which should be part of any budget... regardless of how big or small it is. Obviously it's harder to save when you have less. Saving money is all about priorities. If it is a priority for you, then you will find ways to save and make it happen. If you choose to prioritize other things then perhaps not. There are no set rules, everybody makes their decisions based on what they perceive to be right for their particular situation.

JMHO, Brian

BiggarView · RV-Dreams Family Member

PrairieRV wrote:
...I'm not sure if the investment in an RV is economic. ...

RVs, economically speaking, are moneypits. The same can be said for a S&B to certain degree. BY the time you pay off a house, you've probably sunk 3 times or more what you paid for it. (Property taxes, insurance, repairs and maintenance, landscaping, upgrades or modifications, mortgage interest....) You should consider a S&B as more like a long term zero sum game. Hopefully you sell and recover your costs from the sale proceeds (oops, brokers commission at roughly 5%, closing costs etc added into your cost of ownership too) RV's? Much more like renting than ownership. RVs are more about lifestyle than economics, but you can certainly live in an RV for less than you were in a S&B... or more depending on whether you want champagne and caviar or just beer and pretzels.

Rule of thumb... pay cash for depreciating assets, finance appreciating ones.

again, JMHO

-- Edited by BiggarView on Tuesday 21st of February 2017 10:06:05 AM

RonaldNC · RV-Dreams Family Member

BiggarView wrote:
PrairieRV wrote:
...I'm not sure if the investment in an RV is economic. ...
RVs, economically speaking, are moneypits. The same can be said for a S&B to certain degree. BY the time you pay off a house, you've probably sunk 3 times or more what you paid for it. (Property taxes, insurance, repairs and maintenance, landscaping, upgrades or modifications, mortgage interest....) You should consider a S&B as more like a long term zero sum game. Hopefully you sell and recover your costs from the sale proceeds (oops, brokers commission at roughly 5%, closing costs etc added into your cost of ownership too) RV's? Much more like renting than ownership. RVs are more about lifestyle than economics, but you can certainly live in an RV for less than you were in a S&B... or more depending on whether you want champagne and caviar or just beer and pretzels.
Rule of thumb... pay cash for depreciating assets, finance appreciating ones.
again, JMHO

-- Edited by BiggarView on Tuesday 21st of February 2017 10:06:05 AM

These are some interesting observations. We often discuss the cost of living in an RV vs. S&B, but rarely talk about the "long game". We've been full-timing for a couple of years (so I'm not an expert), but I find that our monthly/yearly costs are not all that different. Just like living in a S&B, we can regulate our monthly expenditures a great deal... reduce entertainment, eat out less, etc. However, both have "maintenance items" that are hard to control... A/C repairs, engine repairs, reroofing, etc.

The one area that is not talked about a lot is the long-term costs surrounding living in an RV. I don't think that there is much disagreement that RV's don't last as long as a house. Generally, the construction is not as good as a S&B... and we subject our RVs to regular "earthquakes" every time you relocate! This is probably less of a problem for those of us that are in our social security years (our RV will still likely outlast us!), but I wonder how the younger folks factor in the obsolescence of their home?

So, do most setup a sinking fund for replacement of the RV? I know that Howard and Linda did a major refurbishment of their RV a couple of years ago... how many can you do in the life of an RV? Is this accounted for in budgets?

As always, this is a great forum for discussion!

Ron

RonC · RV-Dreams Family Member

Both RV's and S&B houses can be "rehabbed". The money spent to do this is just weighed against the money to replace and becomes a personal decision. As was mentioned, H&L have done a lot to keep their 12 year old 5er in top shape. The roof replacement and paint job made it look new and modern, the running gear is as good as it gets ... as good as anything comparable that you could buy new. Well cared for, I'm sure a 5th wheel could go an easy 20 years, so it'll probably outlast me.

Danny and Cheryl · RV-Dreams Family Member

Editorial comment: $4000 a month is not rich, nowhere near rich. The median household income in the USA was about $4650 a month in 2015,

Evidently you didn't check Arkansas