The short answer is no, you can’t lease an RV like you can lease a car but there are alternatives. Instead of leasing an RV, many choose long-term RV rental where you only have to pay the monthly cost agreed upon in the beginning. To find out if renting an RV is the right decision for you, keep reading.
How Does Leasing an RV Work?
Many RV owners first try out a long-term RV rental before making a purchase. This gives them time to decide whether or not it is something they would like to invest in without outright purchasing the entire RV. There are fewer responsibilities with renting an RV as you don’t have to pay for repairs or upkeep which can be very expensive.
You can opt for a monthly RV rental which means you will just have to pay at the end of each month and the RV is all yours to do as you please.
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Do People Lease RVs?
You can’t lease an RV like you can lease other vehicles mainly because RVs depreciate extremely fast. In the first year of owning a brand new RV, the cost of it depreciates by around 20% on average.
It doesn’t make any sense to lease an RV as the cost to buy an RV in the first place is very high and you would lose a lot of this value by leasing.
How Much Does Leasing an RV Cost?
The cost to rent an RV depends on how old the RV is and the type of class it comes under. For a class A RV you can expect anywhere between $175-$275 per night for an RV that is 10 or more years old. For a newer model, prices can be as high as $350-$450 a night.
Class B RVs will set you back between $100-$200 a night for an older model and between $200-$350 a night for a newer model. For a class C RV, you can expect to pay between $150-$200 a night for an older model and somewhere between $225-$400 a night for a newer RV.
There are some cheaper options available like a travel trailer or a fifth-wheel RV. For an older travel trailer you can, prices start from around $50 a night up to $125.
A newer travel trailer will cost anywhere between $125 to $200 a night. A fifth wheel has a similar price for older models, costing around $60-$125 a night. This price increases by a lot for a newer model where you can expect to pay anywhere between $150-$300 per night.
Can You Lease an RV like a Car?
The short answer is no you cannot lease an RV like you can a car. The main reason is that RVs depreciate too quickly to make it profitable to lease an RV out.
Can You Lease to Own an RV?
Although it is not possible to lease to own an RV, you can rent to own an RV and many do. This is a great option for those that don’t want to have to make a huge down payment to buy the vehicle outright.
It is slightly more expensive rent to own an RV but there are lots of pros to think about including no bank hassle, no down payment, and more money to spend elsewhere like on extravagant travel vacations.
Is it Better to Lease or Buy an RV?
There are advantages and disadvantages to both renting and buying an RV outright. Renting is a great option for those who want a taste of what it would be like to own an RV without having to put up a large sum of money. On the other hand, it is cheaper to buy an RV than to rent. Below are some of the pros and cons of renting vs buying an RV.
- Gives you an idea of what it’s like to live the RV lifestyle without having to front the cost.
- It is a cheaper option if you plan on only using it once or twice a year.
- You get to try out different models of RVs to see what best suits your needs.
- Having to organize RV rentals for every new trip can be a hassle.
- Sharing bathroom and bedroom facilities with strangers can be somewhat unnerving for some, especially during a pandemic.
- There are a lot of rules and regulations when renting so reading through contracts can be quite stressful.
- You can modify it to best suit your needs.
- You can use it whenever and wherever you want, including for spur-of-the-moment getaways.
- You have the option to rent your RV out for extra income if you don’t plan on using it.
- Buying an RV is a huge investment with many costing well over $100,000.
- If things go wrong with your RV then you are responsible for maintenance costs and repairs.
- You need somewhere to keep your RV safe and secure when you are not using it.
Where to Find RVs for Rent Near You
There are several places to find RVs that are available for rent for both short and long-term rentals. You can rent from private owners or a rental agency.
RV for Rent by Owner
An RV for rent by the owner is a great option for those looking for a motorhome for a quick getaway. There are several websites that host RV owners willing to rent their vehicle to you and you can agree on a price with them directly.
Luxury RV Rental
Luxury RV rentals are available for those looking to holiday in something a bit special. There are lots of websites offering luxury RVs for both short and long-term rental for a special RV road trip.
Cheap Monthly RV Rentals
Renting an RV by the month is a good option for those who are not sure how long they might need it. You usually agree on a monthly cost and can continue it for as long as the owner or you want.
Small RV Rental
Small RVs are a great choice for first-time RV drivers who wouldn’t be comfortable driving a huge vehicle straight away.
RV Lease to Own
A rental RV that you can own after some time is known as a rent-to-own RV. They are great options for those who don’t want to make a huge initial downpayment.
One-way RV Rental
One-way RV rentals are a fantastic option for those wanting to start in one location and finish in another. They are great for holidays that involve traveling across the country.
Long Term RV Rentals
Those who need somewhere to stay for long periods often choose long-term RV rentals. Long term rentals are good for summer holidays or perhaps you are working somewhere remote for a while.
In House Financing RV Dealers
RV dealers are another option for those looking to rent an RV. They usually have a good selection of vehicles to choose from so you can decide what is best for you.
Pro Tips for RV Lease Contracts
Signing an RV lease contract can be quite stressful but there are a couple of important things that you should look out for. First of all, you need to make sure that everything in the agreement clearly states what the responsibilities of the owner and seller are.
You also need to make sure there are no hidden costs and changes to the rates of interest for owning the RV for a certain amount of time. This will save you a headache in the future when you are hit with unforeseen costs because you didn’t read the small print properly.
