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Ready to take on the great outdoors?

Posted in Spending & Managing Money on May 3, 2019

As we get to the time of year for warmer weather, many think about getting outside more. In fact, some may consider buying a motorcycle, boat, or recreational vehicle. You can see yourself loading your family in the RV and setting off on the open road for a trip across America. Along the way you’re singing songs, playing the license plate game, and the kids haven’t even asked if you’re there yet.

Whether you’re in a RV, boat, or on a motorcycle, each one can be great fun and perfect for making memories, but before purchasing, we all need to consider our finances. For most, a motorcycle, boat, or RV is a second vehicle and not the primary vehicle. But before you purchase, you might want to consider some additional expenses that go along with owning one of these vehicles.

1.   Fuel – Make sure whatever you’re considering for purchase gets good gas mileage. Otherwise, you could burn through a lot of money keeping the tank full.

2.   Routine maintenance and upkeep – Just like a car and a house, each has their share of maintenance and upkeep.

3.   Insurances – Just like your car and your home, motorcycles, boats, and RVs require special insurance, so be sure to factor that into the overall cost of the vehicle.

4.   Licensing and Registration – There will be more paperwork needed for motorcycles, boats, and RVs, so keep that in mind. In some places you may need a special license for driving these vehicles.

5.   Storage – When you’re looking at purchasing one of these, especially a boat or an RV, you’ll need to consider where you will keep it. Boats can be stored wet or dry and prices vary. If you store dry and don’t have your own launch, there may be a cost associated with certain boat launches, but may be part of the storage price when storing in the same location.

RVs can be quite large and may need an extra-large storage space, and keep in mind, many homeowner’s associations prohibit the storing of RVs in the neighborhood forcing the additional expense of storing it elsewhere.

6.   With each vehicle you may need special equipment. For example, with motorcycles you’ll need to purchase helmets for you and any other riders. And also keep in mind because of the exposure to the elements, you may need special clothing in certain climates.

For boating, you will need extra gear such as life jackets, fishing gear (if you plan to fish), skis, and any other gear you plan to use while boating. Depending on what kind of boat such as sailboat, houseboat, fishing boat, etc., other equipment may be needed as well.

For an RV, and again, depending on the type and size of the RV, you may need a vehicle that has the horsepower and the ability to tow the RV. In addition, you may also need household furnishing such as pots and pans, bedding, cleaning supplies, etc. And if you plan to stay in commercial campgrounds, most likely there will be nightly costs and extra fees incurred for things such as electricity, the use of Wi-Fi, etc.

 These are just a few additional expenses you may want to consider and factor when purchasing a motorcycle, boat, or RV. What other expenses would you add to the list? Leave your thoughts in the comment section of this blog post.

 

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