Matt Baker runs into trouble after parking his caravan
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With continuing train strikes and airport delays, thousands of Britons will turn to caravans to avoid travel chaos. Searches for new caravans are up 69 percent in the last month as drivers look for alternative holiday choices this summer.
From March to April, searches for “last minute caravan holidays” nearly tripled.
Prices are rising across the board, but new research from Norton Finance shows that caravans have been less sensitive to inflation than other sectors.
The average cost of a new caravan rose by 14 percent in the 12 months to February this year.
In comparison, used cars have seen a 32 percent price increase, with the price of foreign holidays also increasing and the cost of European hotel prices increasing 23 percent.
Demand for caravans remains high despite inflation, with 2022 models expected to sell out and an increasing number of people searching for used caravans.
Norton Finance estimates the average cost of a new caravan exceeds £25,000, with used caravans coming in at around £15,000.
Paul Stringer, Director at Norton Finance, advises drivers to make sure the finances work for them, as with any large purchase.
He said: “Many of our clients opt to buy caravans as long-term investments as they’re likely to provide considerable savings on accommodation for future holidays.
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“Look out for loans specifically designed for caravans.
“You’ll usually need to have a particular vehicle in mind before applying, and it’s crucial to consider your budget beforehand, so you can be sure you’re able to meet the monthly payments.”
Almost 20 million nights were spent in a caravan in the UK in 2019, and with travel chaos mounting, this number could grow by the end of the year.
Drivers are being warned to remain safe, however, with around 4,000 caravans stolen every year.
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As a result, Norton Finance is urging drivers to pay for the relevant insurance against theft.
The average cost of insurance for a touring caravan is around £300 for a caravan valued at £20,000.
While there are no legal requirements for insurance, being insured against theft, accidental damage, contents cover and European touring if relevant are all wise choices.
The biggest financial commitment is purchasing the caravan itself, but it’s just as important to keep maintenance and other recurring costs in mind.
Research from Ripe Insurance found that the average annual cost for owning a caravan is £2,266, based on storage costs and 60 nights of pitching fees.
When parking the caravan, drivers should also be cautious, especially when the vehicle is being left for an extended period of time.
Usually, drivers have to choose between parking in the street or on their property.
However, both of these options have the potential to cause problems, so be sure to check the deeds of your home and local authority rules before committing to either one.
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