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RV Tips Blog
Camping Tips Blog
Making Money with Your RV
11-06-2019Author :Chelsea Barron in Finance
Making money with your RV sounds pretty appealing! There’s nothing quite like the freedom that comes with owning an RV. A travel trailer or motorhome gives you the ability to hit the road whenever you see fit and travel on a budget. It makes it possible to sleep, eat, or shower no matter where you happen to be, and can make you feel comfortable even in the middle of nowhere.
The problem? Owning an RV is expensive. Even the cheapest travel trailer can be pretty pricey, and on top of the purchase price, owners must also worry about upkeep, storage, and insurance. Don’t get me wrong, I think these costs are totally worthwhile, especially if you use your RV on a regular basis. That said, many people can’t simply afford to keep an RV they only use on weekends or during the summer.
Related Read: Budget & Expenses as a Full-Time RVer
In most cases, the best advice would be to skip the RV and try tent-camping instead. However, a true RV enthusiast knows this is easier said than done. If you crave the comforts and freedoms offered by an RV but struggle with the financial aspect of owning a trailer or motorhome, you might want to look into ways your RV can pay for itself.
Yes, you did read that right! There are ways your RV can actually work for you, resulting in a vacation home-on-wheels that essentially pays for itself.
Wondering how in the world this can be? The answer is renting your RV. There are a couple of ways to go about this, and the one that is best for you is completely dependent on your situation.
Read on to learn about each option so you can make the best choice for your RV.
Dealership Consignment Rentals
The first and often easiest option is to offer your RV for rent through a dealership. This allows you to drop the rig off with the dealership and hand all the work over to them.
This is an awesome option for a number of reasons. Below are the top benefits attached to dealership consignment rentals.
Pros of Dealership Consignment Rentals
No Physical Labor on Your Part
When renting through a dealership you don’t have to handle any of the cleaning after each rental. Additionally, you will never be required to show or deliver the rig, or even communicate with customers in any way.
In addition to taking the physical labor off of your hands, a dealership will also take care of all advertising for you. No drumming up your own business.
Finally, I have to admit that it is pretty nice that renting through a dealership means your bookkeeping is simple and straightforward, making filing taxes a cinch at the end of the year.
Sounds great, right? It is pretty awesome, but there are a few cons to this option. These are as follows:
Cons of Dealership Consignment Rentals
More Difficult to Use Your Own RV
Leaving your RV on a dealership lot means handing over the keys and leaves you without a rig for the majority of the time. You’ll probably have to plan pretty far out to use your own RV, and will definitely need to give advance notice.
Storage and Insurance Fees May Come Into Play
Some dealerships will actually charge you their storage fee while your RV lives on their lot. Additionally, there are some dealerships that require RV owners to purchase rental insurance for their rigs rather than providing insurance as part of the deal.
Finally, and most importantly, dealerships tend to charge quite a lot for their services. You can likely expect to pay 50%–60% of whatever your RV brings in.
The second option is to use a peer-to-peer rental service. There are a number of these out there, and several are dedicated purely to the rental of RVs. This option is a bit more work, but may be worth it to you.
Here are some of the amazing pros of peer-to-peer renting.
Total Control Over Your RV’s Schedule
Renting on a peer-to-peer website gives your total control over when your RV goes out and when to stay with you. This makes it much easier to plan for your weekend getaways and family vacations.
Know Your Renters
Additionally, renting through one of these sites gives you the opportunity to meet your renters and pick and choose who gets to take your RV out. This is a wonderful perk for those who are nervous about renting anyway.
Renting on your own through a peer-to-peer website means you’ll only pay around 15% commission as opposed to the 50%-60% mentioned above. This means more money in your pocket which is never a bad thing.
All three of the major peer-to-peer RV rental companies offer good insurance coverage to everyone who uses them. None of them charge an additional fee for insurance. This is definitely a major bonus that every RV owner will love.
Of course, there are a few cons of going the peer-to-peer route. Here are the drawbacks you may want to consider before you dive in.
Related Read: Renting Your RV 101
More Elbow Grease
Renting through a peer-to-peer website means you’ll be putting in more elbow grease for sure. You will need to clean the rig before and after each rental. You’ll also need to make sure to keep up with all maintenance in order to ensure a good experience for every customer.
Advertising is Up to You
Another thing you’ll have to deal with when choosing to rent through a peer-to-peer site is advertisement. Sure, these sites offer you a listing, but they aren’t likely to do much more than that. This means you’ll need to find ways to get the word out about your rig.
Potentially Complicated Bookkeeping
Finally, depending on which site you choose to use—and if you use more than one—your bookkeeping could be a bit more complicated when renting through a peer-to-peer system.
No matter how you choose to rent your RV, you will be making more money than you would have otherwise. As far as we’re concerned, that’s definitely a win, so why not give it a try?
Blog Author Details
Chelsea has the amazing opportunity to take part in full-time RV living and traveling with her tiny tribe. She homeschools her five-year-old son as they travel, and takes full advantage of their unique situation by using the entire world as her son rsquo;s classroom. A group of total Disney fanatics, Chelsea and her family often find themselves in the Orlando area in order to visit the Disney parks, but they have also visited over 25 of the 50 states with plans to see many more along the way. No matter where her travels take her, Chelsea enjoys riding bikes, gazing at beautiful sunsets, finding new coffee shops, Irish dancing, and sitting around a campfire with her family. Check out her blog Wonder Wherever We Wander.
Making money with your RV sounds pretty appealing! There’s nothing quite like the freedom that comes with owning an RV. A travel trailer or motorhome gives you the ability to hit the road whenever you see fit and travel on a budget. It makes it possible to sleep, eat, or shower no matter where you happen to be, and can make you feel comfortable even in the middle of nowhere.
The problem? Owning an RV is expensive. Even the cheapest travel trailer can be pretty pricey, and on top of the purchase price, owners must also worry about upkeep, storage, and insurance. Don’t get me wrong, I think these costs are totally worthwhile, especially if you use your RV on a regular basis. That said, many people can’t simply afford to keep an RV they only use on weekends or during the summer.
Related Read: Budget & Expenses as a Full-Time RVer
In most cases, the best advice would be to skip the RV and try tent-camping instead. However, a true RV enthusiast knows this is easier said than done. If you crave the comforts and freedoms offered by an RV but struggle with the financial aspect of owning a trailer or motorhome, you might want to look into ways your RV can pay for itself.
Yes, you did read that right! There are ways your RV can actually work for you, resulting in a vacation home-on-wheels that essentially pays for itself.
Wondering how in the world this can be? The answer is renting your RV. There are a couple of ways to go about this, and the one that is best for you is completely dependent on your situation.
Read on to learn about each option so you can make the best choice for your RV.
Dealership Consignment Rentals
The first and often easiest option is to offer your RV for rent through a dealership. This allows you to drop the rig off with the dealership and hand all the work over to them.
This is an awesome option for a number of reasons. Below are the top benefits attached to dealership consignment rentals.
Pros of Dealership Consignment Rentals
No Physical Labor on Your Part
When renting through a dealership you don’t have to handle any of the cleaning after each rental. Additionally, you will never be required to show or deliver the rig, or even communicate with customers in any way.
In addition to taking the physical labor off of your hands, a dealership will also take care of all advertising for you. No drumming up your own business.
Finally, I have to admit that it is pretty nice that renting through a dealership means your bookkeeping is simple and straightforward, making filing taxes a cinch at the end of the year.
Sounds great, right? It is pretty awesome, but there are a few cons to this option. These are as follows:
Cons of Dealership Consignment Rentals
More Difficult to Use Your Own RV
Leaving your RV on a dealership lot means handing over the keys and leaves you without a rig for the majority of the time. You’ll probably have to plan pretty far out to use your own RV, and will definitely need to give advance notice.
Storage and Insurance Fees May Come Into Play
Some dealerships will actually charge you their storage fee while your RV lives on their lot. Additionally, there are some dealerships that require RV owners to purchase rental insurance for their rigs rather than providing insurance as part of the deal.
Finally, and most importantly, dealerships tend to charge quite a lot for their services. You can likely expect to pay 50%–60% of whatever your RV brings in.
The second option is to use a peer-to-peer rental service. There are a number of these out there, and several are dedicated purely to the rental of RVs. This option is a bit more work, but may be worth it to you.
Here are some of the amazing pros of peer-to-peer renting.
Total Control Over Your RV’s Schedule
Renting on a peer-to-peer website gives your total control over when your RV goes out and when to stay with you. This makes it much easier to plan for your weekend getaways and family vacations.
Know Your Renters
Additionally, renting through one of these sites gives you the opportunity to meet your renters and pick and choose who gets to take your RV out. This is a wonderful perk for those who are nervous about renting anyway.
Renting on your own through a peer-to-peer website means you’ll only pay around 15% commission as opposed to the 50%-60% mentioned above. This means more money in your pocket which is never a bad thing.
All three of the major peer-to-peer RV rental companies offer good insurance coverage to everyone who uses them. None of them charge an additional fee for insurance. This is definitely a major bonus that every RV owner will love.
Of course, there are a few cons of going the peer-to-peer route. Here are the drawbacks you may want to consider before you dive in.
Related Read: Renting Your RV 101
More Elbow Grease
Renting through a peer-to-peer website means you’ll be putting in more elbow grease for sure. You will need to clean the rig before and after each rental. You’ll also need to make sure to keep up with all maintenance in order to ensure a good experience for every customer.
Advertising is Up to You
Another thing you’ll have to deal with when choosing to rent through a peer-to-peer site is advertisement. Sure, these sites offer you a listing, but they aren’t likely to do much more than that. This means you’ll need to find ways to get the word out about your rig.
Potentially Complicated Bookkeeping
Finally, depending on which site you choose to use—and if you use more than one—your bookkeeping could be a bit more complicated when renting through a peer-to-peer system.
No matter how you choose to rent your RV, you will be making more money than you would have otherwise. As far as we’re concerned, that’s definitely a win, so why not give it a try?
Comment
Author : Chelsea Barron
Chelsea has the amazing opportunity to take part in full-time RV living and traveling with her tiny tribe. She homeschools her five-year-old son as they travel, and takes full advantage of their unique situation by using the entire world as her son’s classroom. A group of total Disney fanatics, Chelsea and her family often find themselves in the Orlando area in order to visit the Disney parks, but they have also visited over 25 of the 50 states with plans to see many more along the way. No matter where her travels take her, Chelsea enjoys riding bikes, gazing at beautiful sunsets, finding new coffee shops, Irish dancing, and sitting around a campfire with her family. Check out her blog Wonder Wherever We Wander.
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