A budget may be the main factor when choosing between new and used static caravans however, there are other factors to take into consideration too.
When people buy brand new static caravans, they are usually intended for the owners own private use. Brand new caravans and holiday lodges can have a level of luxury, they tend to come complete with; bathrooms, fitted kitchens, and central heating. Some with double glazed windows and fitted wardrobes in bedrooms making a new modern caravan a home from home. New static caravans can provide other potential opportunities such as a higher rental income in comparison to used caravans when not using the second home.
Used caravans can generally cost anywhere from £5,000 to £50,000 in the UK 1. These caravans may not have the most recent fixtures and fittings as well as brand new appliances however, these can be great starter holiday homes. Even though used caravans may be more affordable they can still be a big investment, many dealers may offer finance packages allowing you to spread the cost subject to terms and conditions.
Although this may be an investment, you could still rent out your caravan during times when you are not using it. If you do, the income could help with any site fees, maintenance and other potential finance costs.
Beware, some holiday parks could limit the age of caravans on their sites to 10 years. This would then mean that owners may have to move their holiday homes to different sites where older caravans are accepted or upgrade every 10 years.
The average depreciation rate of static caravans can be thought to be similar to that of a car. Newer caravans depreciate quicker than older/used caravans. Meaning as soon as you open the door of your brand new caravan, it will start to depreciate. However, going for a second-hand static caravan can allow you to avoid the first few years of depreciation. Although, the lifespan will be reduced.
Static caravan insurance is not a legal requirement in the UK however, it is something to think about considering. The cost of your insurance premium can vary depending on the location of the park, size, value of the caravan, and the amount of contents cover required. Parks may make it a compulsory condition of having a static caravan on the site.
For more information on static caravan insurance click here
*The opinions and views expressed in the above articles are those of the author only and are for guidance purposes only. The authors disclaim any liability for reliance upon those opinions and would encourage readers to rely upon more than one source before making a decision based on the information.
Author: Lucy - FP1055-2020
Published by: intasure
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