Summer is officially here, which means camping season is upon us. Buying a recreational vehicle is as big of a financial decision as buying a car or a house.
Here are a few points to keep in mind when shopping for your new or used RV:
- Have a budget prepared.
Having a set plan before you shop for an RV can protect you from taking on more debt than you can afford. AMVIC has a consumer guide on the six steps of setting a budget to remind you of some key financial elements when shopping. - Understand all-in pricing.
All-in pricing is the law in Alberta. This means the vehicle price you see advertised is the price you should be paying, plus GST and financing costs only. Advertisements come in many forms including social media (business website, Facebook, Twitter and Instagram), printed media (flyer, newspaper and magazine), television, radio, billboard, road signs, and signs inside an automotive business or a sign physically on the vehicle itself. Be sure to take a copy or screenshot of the ad with you when shopping. - Signing the contract.
Remember, there is no “cooling off” period. If you decide you don’t like the vehicle or you can’t afford the payments, you cannot return the vehicle after you have signed the contract. Even if you find a better deal or change your mind, an automotive business can enforce the contract that you have signed. - Know your financial rights.
Automotive businesses can choose how they accept payment, which can include only accepting financed deals. But that doesn’t mean that you have to pay off the financing agreement over an extended period of time. Actually, you can pay off any non-mortgage loan in full any time after you sign or make an extra payment with any scheduled payments without penalty under Section 68 of the Consumer Protection Act. - Motorized RVs have two VINs.
Always copy the Vehicle Information Numbers or VINs directly off the RV. Motorized RVs have two VINs: one for the chassis (primary) and one for the coach (secondary). The chassis includes the frame, steering and suspension, exhaust and powertrain. - Research the vehicle history if buying used.
For motorized RVs, check to see if it is from outside of the province, or was previously sold outside of Canada. Motorized RVs that have been registered outside Alberta must pass an out-of-province inspection before the licence plate is issued.
When in doubt, refer back to amvic.org for useful resources including the vehicle history checklist, the service and repair estimate and authorization checklist and the all-in pricing page.