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Financial tips on how to purchase that boat or RV you want this summer

Advice from MSUFCU
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MSUFCU can help you purchase that RV or boat for the summer
Posted at 12:29 PM, May 20, 2021
and last updated 2021-05-20 12:33:07-04

It’s the time of year when you may be thinking about taking a long road trip or going out on the lake.

MSUFCU Chief Marketing Officer Deidre Davis shares tips on how to purchase an RV or boat that fits your budget.

First, determine what you can afford based on your budget. Next, research the type of RV or boat that best fits your lifestyle and budget.

For example, when choosing an RV, consider how often you want to camp and whether you plan to bring children or pets along. This will help you determine the most comfortable floorplan. If you plan to take an extended vacation in the RV, you may want one with more homelike amenities.

When it comes to purchasing a boat, consider what you want to do. Do you want to fish, water ski, or just float around on the water? Maybe you want to do all three – or something else. Make a list of features you want and planned activities before you go boat shopping.

When the decision comes to finally purchase, the next question is should you buy used or new? There are pros and cons to each decision, including costs.

A new RV typically comes with a manufacturer’s warranty, and the vehicle may last longer than the one you buy used. The price of a new RV or boat will be higher than a used one, but it probably will have extra features – for example, a more powerful or efficient boat engine or extra room for passengers to sleep in the RV. Be realistic about how many of those amenities you’ll use before you purchase a decked-out RV or boat.

A used RV or boat could end up being more cost-effective, particularly if the previous owner maintained the vehicle properly. Insurance costs likely will be lower on a used boat or RV and there tends to be less depreciation.

Keep in mind that once you purchase an RV or boat, you may have additional expenses, like increased fuel usage, maintenance costs, registration and insurance, and storage at the end of the season.

Whether you are looking for a new or used RV or boat, MSUFCU offers low rates and flexible terms. They also offer no application fees, no down payment required, and flexible terms up to 180 months with no prepayment penalties.

Learn more about banking and money-saving opportunities at msufcu.org.