If you’re dreaming of seeing the world at your own pace, a motorhome can be an awesome investment. Be it for regular weekend trips or a long-term journey throughout Europe, a motorhome is the perfect way to see the world. However, the best motorhomes aren’t cheap. So, in this article, we take a deep dive into some of the costs associated with purchasing a motorhome, and provide you with some ideas about how to fund your dream vehicle.
What is the price of a motorhome?
In the UK, the average price of a motorhome is £48,995. That being said, there are a number of factors that influence this price and it largely depends on the make, model, and size that you’re going for, as we explain below:
- Brand – the likes of Hymer and Bessacar are the top brands in the UK, and many of their vehicles cost in excess of £70,000.
- Berth – the size of motorhomes is given in terms of berth, and indicates how many people the vehicle can sleep. You can opt for 2, 4, 6, and even 8 berth vehicles, so you will need to decide what’s best for your budget.
- New or used – as you might expect, brand-new motorhomes cost more than used vehicles, so you can pick yourself up a bargain if you don’t mind a used camper van. Just be mindful that you might have to make some money available for renovations.
Realistically, for a good, new motorhome in the UK, you will probably have to pay somewhere between £40,000 and £80,000, which is a sizeable investment. Conversely, you can buy a used model as little as £5,000, but you could end up spending £500 – £30,000 in renovations. So, as you can see, it’s difficult to predict exactly how much your motorhome will cost.
How should you pay for a motorhome?
You have several options when it comes to financing your motorhome:
Savings
Saving up and paying for your dream motorhome with cash is a smart move. After all, you can settle the transaction outright and you don’t need to pay interest on money that you have borrowed. If you haven’t quite saved enough for your dream model, you could always use your savings and top up with a personal loan, as we explain below.
Personal loan
You can apply for an unsecured personal loan to finance the purchase of your motorhome from a lender like Koyo. You can apply for anywhere between £1,500 and £12,000 to contribute to the cost of your motorhome, or perhaps even toward any rennvoations that you plan to carry out on an old model. This is a great option if you don’t have quite enough money saved up to complete your purchase, and allows you to pay back the money over an agreed period of time.
Credit card
If you have access to a zero-interest credit period, a credit card could be a viable option for buying a motorhome. However, most credit cards are limited to purchases of £5,000, so this is only really viable if you’re planning to buy a cheaper model that you’re going to renovate.
Hire purchase agreement
When you buy a motorhome directly from a dealer, you can enter into a hire purchase agreement. In most cases, you have to make a deposit of around 10%, and you will then be required to make monthly payments over an agreed period of time until the total sum is paid off. Although they’re easy to set up, hire purchase agreements are often expensive, so be sure to do your sums before agreeing to one.
Ultimately, there are several options available to you when it comes to financing a motorhome purchase. Make sure you weigh up the pros and cons of each option before arriving at your final decision.
