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Savvy advice on should I buy a new or used caravan?

October 06, 2015
Savvy advice on should I buy a new or used caravan?

Let's say you have decided the time is right to buy a caravan. Apart from all the options – RV, traditional, old school, pop-top or pop-out and camper trailers, you have to decide whether you are going to buy something factory fresh or pre-loved.

Second-hand caravans have one major advantage over new caravans, they are a lot cheaper. Since they are a lot cheaper, you might feel less wary about taking a used caravan off road and bashing it about a bit. After all, the resale value is only downhill from when you bought it. Unlike cars, caravans don't have an in-built odometer to check how many kilometres it's done.

Unless you ask the right questions or your second-hand dealer has some kind of insight, you won't know if it's been repaired or been sitting outside for many years, exposed to the elements.

The upsides to buying new are many, they have had no previous owners (and no unexplained stains or smells), they have the latest mod-cons, water tanks, safety features and also come with a manufacturer's warranty in case anything goes wrong.

That means greater certainty for the holidaymaker. You can't really "road test" caravans before you have bought them, you have to figure out if they are best for you once you have taken them on holiday. Feeling buyer's remorse as rain drips on your head through a ceiling crack is a particularly bitter pill to swallow.

Of course, the sacrifice you are making is your hard-earned, which can cost a pretty penny for some of the bigger rigs.

There is, however, a silver lining. Financiers and banks love financing new caravans.

They love financing new stuff in general.

Why?

Because new products have high value, and higher value means lower risk for your lender. Lower value items such as used caravans don't retain their value and are useless to a bank if people can't keep up repayments. Remember: banks hate risks, buying old is a bigger risk and they pass that risk on to the customer in the form of higher interest rates.

Whether you buy new or second-hand, it's far superior to renting one since you will own a caravan outright. That means you can take it out at a moment’s notice, whenever you feel like. Or, you could "time share" it with other families so you spread the cost around. Whatever you choose, a caravan is always a great investment in your leisure time.

Feel free to visit Savvy for a free and no obligation caravan loan quote.


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