Getting on the road and exploring new places in an RV is an exciting adventure that many people dream of. There are multiple options of renting, co-owning, and sole-ownership that need to be considered. We'll explore each option in detail to help you make an informed decision based on your needs.
Scenario
Let’s say you are interested in a Grech Turismo Ion 4x4 luxury class-B RV. The Grech Turismo-ion 4×4 offers refined luxury in a smaller, more agile package for adventures both on-road and off-road.
Based on your schedule, let’s say you foresee using an RV for about 90 days in a year. That’s about 10-12 trips where each lasts about a week.
Initial Costs
Renting an RV, may seem like the most accessible option. As a renter, you only pay for the days you use the vehicle, and these costs include insurance and maintenance - elements the rental company manages. Sometimes a small security deposit is involved and no hefty down payment or long-term financial commitment, making it a viable choice.
However, over time and with frequent usage, these rental costs can stack up quickly, especially during peak vacation periods when rates skyrocket.
Sole ownership, the initial costs are considerably higher. The purchase price can be significant, often requiring financing. Beyond the purchase price, there are other costs to consider, such as insurance, storage, maintenance, and outfitting your new RV with all the necessary equipment.
These costs can put a strain on your budget, especially when they pile up alongside the significant upfront investment. While you gain an asset and the freedom to use the RV at your leisure, the financial burden can be considerable.
Co-Ownership with Reve, on the other hand, presents a unique approach that balances cost and ownership benefits. The initial costs are significantly lower compared to sole ownership because you're purchasing a share (usually 1/4th) of the RV - not the entire vehicle and so, this cost is split four ways, bringing down the initial cost to a more manageable figure.
As a co-owner of a luxury RV, you share the purchase price with other owners. This sharing model makes it more affordable to enjoy the privileges of ownership without the full financial burden.
Rentals require no personal maintenance, but they also offer no personal customization. You're also at the mercy of the rental company's maintenance schedule and procedures.
Sole-Ownership comes with a laundry list of tasks such as regular servicing/maintenance and repair.
Co-ownership provides the best of both worlds. With Reve, all routine maintenance and all repairs are taken care of. You enjoy the perks of ownership, minus the hassles that come along.
Renting may offer flexibility, however, availability is not always guaranteed, especially during peak seasons and this would require you to choose a different available vehicle and learn its use. And, they also offer no personal customization.
Sole-Ownership gives you full control, you can hit the road whenever you want and everything customized per your need.
Co-Ownership with Reve is flexible and offers great control, with efficient planning. You have the freedom to enjoy your RV up to 80 days a year whenever you want and customized per interests of all Co-Owners still catering to your personal tastes.
Renting has no costs associated with storage, the rental company usually has this covered.
Sole-Ownership varies as depending on where you live, storing an RV can sometimes be quite costly. Also some HOAs restrict overnight parking of RVs requiring owners to look for other options and this sometimes can also be further away from home.
With Co-Ownership , Reve always parks your vehicle at a dedicated storage location and whenever you have a trip the RV will be delivered to your door (provided you chose the service), you also can pick up the RV yourself. In addition, the costs are also divided amongst co-owners, leading to savings.
Renting an RV offers no long-term investment potential. Essentially, each rental payment is an expense, not an investment – you're essentially paying for experiences without any tangible asset at the end. So your asset/resale value here is $0.
Sole-Ownership does provide an asset, but it also presents a considerable financial commitment. The RV industry experiences quite a bit of depreciation, meaning your investment will lose value over time. Based on estimates an RV depreciates about 40% in value over a 5-year term. So your asset/resale value is $135,000 (estimated purchase price of $225,000).
Co-Ownership with Reve also does provide an asset value, but proportionate to your 1/4th ownership share - without bearing the full brunt of its cost. You will save about 3/4th of the depreciation value as it relates to your 1/4th ownership share as well. Your asset/resale value for our scenario is $33,750.
Over time, you maintain the ability to sell your share, potentially providing a return on your investment. This process is streamlined as Reve assists in facilitating the sale, further simplifying the process for you.
Moreover, it's worth noting that the financial advantages of co-ownership aren't merely confined to resale potential. The cost-sharing element extends to all facets of RV ownership, from initial purchase to maintenance and storage costs. This efficient and smart cost distribution enhances your potential return on investment.
The following are estimated numbers based on usage of 90 days per year over a 5 year term for a RV that costs $250,000
Renting may offer flexibility, but it lacks personalization and can be expensive in the long run.
Actual rental price on a popular rental platform and can be found here
Sole-Ownership provides full control and customization but demands a substantial investment and commitment to maintenance.
You are paying for entire year even when you are using the vehicle only about 90 days an year
Co-ownership, however, offers an appealing balance: the financial savviness of sharing costs, the ease of maintenance taken care of by professionals, and the freedom to enjoy your RV at your own terms are all worth-considering.
Co-Ownership with Reve saves you:
And, Reve makes the co-ownership experience smooth and enjoyable. We match you with like-minded co-owners, handle all maintenance and upkeep, and even have a concierge member always a phone call or message away to answer any of your needs so you can enjoy your dream RV and make memories.
Overall, when you Own an RV with Reve, your cost of ownership is about $103 per day
-min.jpg)
