While the Covid-19 pandemic has taken a toll on many businesses and industries, some industries have actually seen some growth. One of those industries is the RV industry.
In spite of interest rates, RV sales are moving in a positive direction. Among millennials alone, 73% are interested in an RV vacation in the near future.
And there are several good reasons for this surge in RV popularity. There are certain freedoms and privileges that come with RV ownership.
Are you interested in the open road lifestyle that comes with buying an RV? here are three benefits to making the purchase to help you solidify the decision.
1. Buying an RV Has Tax Benefits
This may not be the most glamorous benefit to owning an RV, but it is a serious benefit nonetheless. According to the IRS’s Publication 936, mobile homes do qualify as homes.
Whether your RV is a primary or part-time home, you still have the opportunity to deduct the interest you owe on an RV. As long as your RV has a bed, kitchen, and bathroom, you qualify for interest on a loan.
Other tax benefits include sales tax deductions and, if you use the RV solely for business, deductions on business tax. There are also ways to mix both business and personal use, which just doubles the tax benefits of buying an RV.
2. Owning an RV Benefits Social Life
One of the benefits of an RV is being part of RV communities. These communities can come in handy for helping you park your RV, helping with repairs, or just providing company around the campfire.
RV campers are known for creating blogs and YouTube channels to help newbies figure out the way of the road. This says a lot about their desire to help fellow RV drivers do well on their road trips or ways of life. This community-building opportunity is a great benefit to buying an RV.
3. RV’s Can Help You Earn Money Through Renting Them Out
Even if you don’t live full-time in an RV, you can make some profit when you’re not using it by renting it out. Aside from the fact that this allows you to make extra money to pay off the RV, you also save on storage facility costs.
There are so many other benefits to RV-ownership related to travel, finance, and many other matters. Why not take a look at RVs for sale and start taking advantage of these benefits today.
More Tips for Purchasing an RV
Now that you know about some of the benefits of buying an RV, you have no reason to hesitate. From travel benefits to financial and tax benefits, the RV will eventually pay for itself.
For more tips for buying an RV, look into the Car Buying Guide and Tips entries of our blog. You’ll find advice on RV-buying as well as similar advice for other vehicles through these entries.