Motorhomes could be a brilliant investment for you and your family. On the plus side, they provide you with endless holiday opportunities around the country. Simply jump in your motorhome and go wherever you want to go. You’ve got free accommodation to enjoy, helping you save money on hotels and campsites.
It all sounds rather lovely, but you can’t escape the cost of motorhome ownership. It’s almost impossible to state how much it costs to own and run a motorhome each year, but we can provide you with a few of the key costs involved in ownership. Here’s where most of your money will go:
1. Buying a motorhome
Firstly, you need to see how much it costs to buy the motorhome itself. Now, the price will depend on lots of factors, particularly the newness of the model and how big it is. Generally, bigger motorhomes with more features and space will be the most expensive items on the market. This is the same when looking at how much it costs to buy a caravan
How much does a motorhome cost?
Used motorhomes for sale in the UK are a lot cheaper than new ones, and these prices decrease with age. You can buy a used motorhome for £18k and under, while new ones can cost as much as £80k. This is the same as when buying a second-hand car.
2. Motorhome insurance
Much like a standard car, motorhomes require insurance. This is a legal requirement as it must be insured to be allowed on the roads. You also pay for coverage that looks at protecting things inside the motorhome, so it can all be rather confusing. Nevertheless, we can get some average figures for you.
What is the average cost of motorhome insurance UK?
Recent data suggests that the average cost of insurance for a motorhome in the UK is £350. This assumes that the motorhome costs around £39,000. Of course, you can reduce this as much as possible by adding more security features to your motorhome and storing it in a safe place when you’re not using it.
3. Annual running costs & maintenance
Again, like a car, you have different running costs when owning a motorhome. For one, you have to take fuel costs into account, and a lot of motorhomes offer terrible mpg because of how big they are.
Annual servicing will also be needed to check that everything is working inside your motorhome – such as the engine, transmission, suspension, brakes, etc. This can cost anywhere between £250 and £500 per year, depending on the brand of motorhome. Of course, you have to account for any running repairs that might need to be made as well. Overall, there are plenty of ongoing costs to consider when owning a motorhome.
The most challenging part of motorhome ownership isn’t the fact that you have to deal with all of these expenses. No, it’s the fact that you have to deal with them on top of running your regular vehicle. Nobody is going to drive to work in a motorhome, so you need to have a car as well. Factor this into your budget when working out if buying a motorhome is a financial decision you can actually make.
James Banerjee is an Account Director who graduated from the University of Kent in 2014. He works in SEO on clients such as HSBC UK and Nestle and he has a keen interest in personal finances and money-saving advice.