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The inflation rate is making headlines, gas has reached record prices, and personal loan interest rates are steadily rising. It's more expensive than ever to own, drive, and maintain an RV, so who would anyone want one? Amazingly, despite these factors, RV sales are way up--they rose by 19% in 2021 and have continued the trend in 2022, according to Fortune. Why do people love their RVs so much, and how can so many afford to buy an asset that loses value so quickly? Read on to learn more about the current draw of RV life and learn more about financing.

What's So Great About An RV?

Buying an RV is expensive. Then, they need lots of repairs. All vehicles end up at the mechanic's now and then, but RVs require an even higher level of maintenance--they have electric wiring, plumbing, home furnishings, and appliances. Add the constant vibration of highway travel causing lots of wear-and-tear. RVs get terrible gas mileage. Finally, when it's time to park, prime camping spots are pricey and sometimes require reservations months ahead of time. There are plenty of reasons not to own an RV, and yet people love them.

Related: Everything You Should Know Before Renting An RV For The First Time

RVers answer this question simply. For example, Frances Williams spoke to Alaska Public Media about her experience driving back to Idaho from the most northern state in the country: "It’s been fun. We’re outdoorsy people anyway. So seeing Alaska that way, not being stuck to a hotel or anything, it’s been cool, just being flexible and being like, ‘Oh, let’s stop here."

Modern nomads highlight this preference for freedom and flexibility over price. John Ferguson, who's camping out in Alaska, didn't mince his words, "It’s been on my bucket list for 40 years... And I said I don’t care how much the price of fuel is. I’m going... Here’s the credit card, fill it up — bingo, bango, boingo, I’m as happy as can be." That said, filling his tank costs him about $500 a week.

Related: Is It RV Life All That? What It’s Really Like To Live In One

Rising housing prices and mortgage rates are another reason some people find themselves in an RV. Families and couples may choose to live in an RV while they wait for housing prices to drop. Owning a motorhome or fifth-wheeler means they can forego expensive rent and find a semi-permanent parking area. Forget the trailer park stereotype: some of these spots are gorgeous, along riverbanks or near lakes. If RVers get tired of one view, they don't even have to pack up (that much). They can drive to the next destination and set up camp there. The expanding availability of remote work has made this more feasible now than ever before.

Finally, some people dream of owning a vacation property, or cabin in the woods, but don't have the budget for it. They may do the math and find that setting up a fifth wheeler at a nice RV park is the perfect alternative for regular weekend getaways.

I'm Convinced, But How Do I Pay For An RV?

New travel trailers start somewhere around $12,000, and prices go way up from there according to CamperReport. This source lists the luxurious Thor Motor Coach Tuscany at more than $400,000. That means that there's some kind of camper or RV for almost every budget and there are plenty of loan options.

People usually get loans to buy an RV through dealers, a bank, or an online lender. These financial products are far more varied than car loans since they can be secured or not. Having a secured loan means that if borrowers do not make their payments, the lender repossesses the motorhome. Some customers choose to take out specifically designed RV loans and others select more general personal loans. Borrowers with low credit scores, hoping to add a cosigner, will be able to find loans as well, although not all lenders offering RV loans allow for this option.

The numbers and interest rates can seem overwhelming. Fortunately, Nerd Wallet, a financial advising company, has come up with a list of their favorite unsecured RV loans as well as an RV loan calculator. Both of these tools are indispensable to anyone shopping around for financing. The page also has reviews of each lender. Ultimately, though, shoppers should ask about loans at sever lenders, compare the deals they're offered, and trust their judgment.

Two final tips for anyone looking to buy a camper. 1) Many RV dealers put a high markup on their products. They expect buyers to haggle with them, so don't feel embarrassed to ask for a lower price. 2) Check the quality of the carpentry in the RV. Do the cabinets have quality hinges and screws or are they held together with staples? Often, the woodworking is indicative of the quality of the entire build.

In conclusion, even though the current economy seems like a setback to owning an RV, travelers shouldn't let that keep them from living their dream. Lots of people are purchasing and traveling in RVs despite the financial obstacles in their paths. On the other hand, if RVing is more of a passing whim, it's probably best to wait it out for a year or two.

Next: Cost-Efficient Nomadic Living: The Complete Breakdown Of What Life In An RV Will Cost You