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Is It Better To Renovate My Current RV or Buy New?
I have a 45 ft. diesel Class A Motorhome I purchased 20 years ago for $200,000. The motorhome I purchase 20 years ago is a low mileage (50,000 miles) and is a diesel. Diesel engine motorhomes are more expensive and sturdier than gas powered motorhomes. The motorhome I purchased was used when I purchased it. The coach has been sitting for the past 10 years and needs to be fully checked out mechanically. I was thinking about trading the motorhome for a newer model with slides. However, I heard how fast motorhomes depreciate. I heard motorhomes depreciate and lose their values faster than boats. I also heard banks and finance companies often do not care to finance motorhomes older than ten years old. Is it better to renovate my current RV or buy a new motorhome and sell mine.
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4 Replies
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Deciding whether to renovate your current RV or buy a new one depends on several factors including your budget, the condition of your existing RV, and your specific needs for upgrades or changes. Here are some considerations to help you make an informed decision:
Renovating Your Current RV
Pros:
- Cost-Effective: Renovations can often be more budget-friendly than purchasing a new RV, especially if the changes needed are cosmetic or minor.
- Customization: Renovating allows you to customize your RV to your exact preferences and needs, which might not be possible with a new model.
- Familiarity: Keeping your current RV means maintaining familiarity with its handling, quirks, and maintenance needs.
Cons:
- Potential Hidden Costs: Renovation projects can uncover additional repairs that need to be addressed, potentially leading to unexpected expenses.
- Time-Consuming: Renovations can be time-consuming, and depending on the extent of the work needed, it might take longer to complete than purchasing a new RV.
- Limited Improvements: Some structural or technological improvements might not be feasible through renovation alone.
Buying a New RV
Pros:
- Latest Features and Technology: New RVs come with the latest features, technology, and design innovations that older models can’t match.
- Warranty and Reliability: New vehicles come with warranties and are less likely to require immediate repairs, offering peace of mind during travels.
- Energy Efficiency: Newer models are often more energy-efficient and may have better fuel economy and modern amenities that improve the overall travel experience.
Cons:
- Higher Cost: New RVs are significantly more expensive upfront than renovating an existing one.
- Depreciation: New RVs depreciate quickly, losing value as soon as they are driven off the lot.
- Adaptation Time: Getting accustomed to a new RV’s systems and handling can take time.
Making the Decision
- Assess the Current Condition: Evaluate the current state of your RV. If the foundation and mechanical systems are in good shape, renovation might be a viable option.
- Consider Your RV Usage: Think about how you use your RV. If you spend a lot of time in it or live in it full time, comfort and functionality become priorities, which might be better addressed by a new purchase.
- Budget: Determine your budget. If you can handle a new RV’s cost without financial strain, it might be worth the investment for the long-term benefits.
- Future Needs: Consider whether your current RV can be effectively updated to meet your future needs or if a new model would be a better fit.
Ultimately, the decision to renovate or buy new involves weighing the cost against the benefits of each option. It might be helpful to consult with RV professionals or renovation experts to get a detailed assessment and quote before making your decision.
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Is it worth it to renovate an old RV?
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Do renovating an old Class A motorhome add value?
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Is it cheaper to renovate a motorhome or buy a brand new RV?