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quoteOwning a motorhome or campervan is a dream come true for many, offering the freedom to explore the open road in comfort. But turning this dream into reality involves significant financial planning.
How motorhomers finance their adventures
In our recent community poll, we asked owners “How did you pay for your motorhome?” in a bid to uncover the various ways people fund their dream purchase.
After 618 votes we can now reveal the motorhome finance poll results…
Paying in full
A massive 84 percent of respondents told us they financed their motorhome purchase entirely through savings or their pension pot. This overwhelming majority indicates a strong preference for using personal funds to avoid the burden of debt.
By paying for their motorhome outright, these buyers can enjoy their leisure vehicle without the ongoing financial obligations associated with loans or finance agreements.
Motorhome finance
Only five percent of those polled opted for a finance agreement. While this method can make buying a motorhome more immediately accessible by spreading the cost over several years, it appears to be less popular among our voters. This could be due to interest rates and the long-term financial commitment involved. However, for some, this option provides the flexibility needed to buy their dream motorhome without depleting savings.
Bank loans
A mere two percent of respondents used a bank loan to fund their motorhome. This method can be a practical choice for those who prefer to manage their finances through traditional banking means. But the low percentage of votes suggests that, for many, bank loans are less attractive compared to other financing methods.
The remaining nine percent of respondents indicated using other methods to finance their motorhome. This could include things like receiving an inheritance, selling other assets, or even pooling resources with family or friends.
Over to you…
Our poll results reveal a strong inclination towards financial independence among motorhome buyers with the vast majority prefering to pay in full using their savings or a pension pot and therefore avoiding the long-term commitments and interest payments associated with loans and finance agreements.
However, there are finance deals to be had at many motorhome dealerships to help people achieve their ownership dreams when buying a new motorhome!
We’d love to hear what you make of these motorhome finance poll results. Simply comment in the box below.
Totally agree with RPF & Hayley Wallis about the astronomical increase is costs – both on vehicles where £80 to £100 thousand has become the starting price range, along with far too many sites offering poor facilities (or none in some locations) and charging way over the top for a scruffy piece of grass. I believe too many sites thought they were on to a good thing when covid forced statcations to become the thing to do.
Two examples from me this Spring; one site had immaculate grounds, cut lawns, trimmed hedges, first class shower/wc/amenities block, and a small shop, where as another was a scruffy piece of old WW2 airfield with a basic ‘hole in the ground’ for sanitation disposal. The difference in cost per day was just £2 !
Similar thing with insurance costs. The general age range of most motorhome and caravan owners are mature sensible road savvy users with a low accident rate yet Insurance costs have almost trebled in three years.
Finally dealers need to be more realistic (upwards) with their trade-in values. I have an immaculate 5 year old quality m/home with only 11,000 miles which to purchase now would cost in the speci & extras I have at over £130,000. (I’ve priced it on the manufacturers website ‘build your model’ matrix). We saw a possible new one we liked yet the trade-in range by one dealer was stated to be just mid £40,000 !!!! They would simply clean it, give it a service and then list it one owner low mileage full spec-plus and list it for £79,500 or more.
My prediction is that now overseas package holidays are back on track, the dealers will find themselves getting stuck with secondhand stock which will stall at inflated prices and new models which they have to pre-order (guesswork) will remain unsold because of the high prices. Those of us who would ‘trade on’ on in a realistic pricing basis will now simply run our vehicles into the ground. The market for the manufacturers and dealers will simply stall and implode. Clearly motorhoming & caravanning is no longer the comfortable moderate cost it used to be
It would have been interesting to see the ages of those in the different categories. Also whether the purchase was for a new or pre-owned motorhome and whether like myself now 20 years into motorhoming, my first motorhome (at age 57, had previously caravanned) bought new under a 3 year finance agreement, deposit paid from savings. After 2 years liked motorhoming so much traded it in for bigger and more luxurious Motorhome. Traded in first Motorhome had lost very little in value (that’s inflation for you). Next new Motorhome, traded in motorhome plus savings to half value of new one with balance taken out with finance agreement (old agreement paid off). My 3rd and current (then new motorhome) traded in previous motorhome plus savings/legacy. No finance
Hi CC,
Your 84% probably needs broken down further. Pension Pot money surely isn’t technically, savings, its income! When you are 55 years and over and can take a one off 25% tax free lump sum out your pension pot, it certainly benefits those with larger pensions to make a big one off purchase with their 25%. But it’s a risky strategy as its retirement income your using up. Savings however are exactly that, savings, money invested to potentially earn interest or growth for a rainy day. I would be interested to know if a majority of the 84% figure quoted is covered by the demographic accessing pensions early rather than their savings. You also rarely, if at all, see sales companies or loan companies offering 0% interest on motorhome purchase loans, so taking out a loan will always cost you more in repayments in the long term. I am surprised only a combined 7% use finance deals. Plus, what does the Other 9% represent? New MH costs and campsite pitch prices have rocketed in recent years so it’s becoming an expensive holiday pastime to pursue.
Lots of people don’t have pension pots or savings so have to rely on loans. It isn’t a cheap hobby so everything has to be taken into consideration and due to the fact since COVID there seems to be more people opting to purchase motorhomes and caravans the market has really taken off and I think it has pushed the prices up so you struggle to find genuine motorhomes and caravans at affordable prices for most people.
Surprised at poll results