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Old 03-28-2014, 10:24 PM   #71
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I just bought mine for 85K, 0 down and 15 years. USAA financed it in a 1/2 hour conversation the other night. I had all the documentation on my laptop and downloaded to their site. Received the check 2 days later. They said its value was around 120K so it was an easy finance. Feeling kind of lucky. All the other banks would finance but wanted 10% down. So now I have an emergency fund for the Beaver.
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Old 03-28-2014, 11:46 PM   #72
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Quote:
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I just bought mine for 85K, 0 down and 15 years. USAA financed it in a 1/2 hour conversation the other night. I had all the documentation on my laptop and downloaded to their site. Received the check 2 days later. They said its value was around 120K so it was an easy finance. Feeling kind of lucky. All the other banks would finance but wanted 10% down. So now I have an emergency fund for the Beaver.
Now that's the kind of deal I like. I too would be using USAA. They have the best rates and terms for an older coach and didn't seem a bit concerned that it was ten years old.
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Old 03-29-2014, 07:26 AM   #73
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I just bought mine for 85K, 0 down and 15 years. USAA financed it in a 1/2 hour conversation the other night. I had all the documentation on my laptop and downloaded to their site. Received the check 2 days later. They said its value was around 120K so it was an easy finance. Feeling kind of lucky. All the other banks would finance but wanted 10% down. So now I have an emergency fund for the Beaver.
X2! Exactly what I did 3 years ago.
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Old 03-30-2014, 10:40 PM   #74
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To speak to the cost of money, as mentioned earlier, it is at historic lows. Stock market average is 8% and recently much higher. Why use my cash when I can get >10% and borrow for 5%?
For several reasons.

#1 If you borrow at 5% you have to make approx 12.5% return on your investments to break even. This take into consideration taxes (federal only) and depreciation of your cash. (exact calculators are available on the internet but the rule of thumb is 2.5X's the interest rate of the loan.) If you don't make at least that amount the loan is costing you more than you are making.

#2 If you use your cash wisely you will be able to buy your RV for much less than any dealer will finance it for. So by going to cash only auctions, buying it directly from a bank or going to estate sales will save you big $$$$ on the purchase price which makes it almost impossible to get even close to earning enough on your investments to break even.
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Old 03-31-2014, 12:33 AM   #75
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@StevenNSteph on number 1, I would agree and would be concerned if I was 40 years old or less. At just under 60, don't care for the reasons I put in my prior post. For number 2, I don't believe that for a minute. Dealerships make more money off finance and extended warranty than they do on the coach. Estate sales are fine if you get lucky and find something for a good price that hasn't been sitting in storage for several years. I doubt that happens very often, and redoing systems in the coach that are damaged by sitting will likely erase the savings.....
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Old 03-31-2014, 08:33 AM   #76
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For several reasons.

#1 If you borrow at 5% you have to make approx 12.5% return on your investments to break even. This take into consideration taxes (federal only) and depreciation of your cash. (exact calculators are available on the internet but the rule of thumb is 2.5X's the interest rate of the loan.) If you don't make at least that amount the loan is costing you more than you are making.
I am unaware of that rule of thumb. I does not seem intuitive. Perhaps you could provide some further information?

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2 If you use your cash wisely you will be able to buy your RV for much less than any dealer will finance it for. So by going to cash only auctions, buying it directly from a bank or going to estate sales will save you big $$$$ on the purchase price which makes it almost impossible to get even close to earning enough on your investments to break even.
No doubt cash give you access to buying options otherwise unavailable. There is also no substitute for prudent use of your resources, that is, using a low interest loan so as to have a bigger pile of money to set fire to makes no sense.

That all said, money is simply a tool. Money on its own merit brings me no joy. I've chased it plenty, so I know this from experience. I have accumulated memories and experience no money can buy although I worked for wages my entire life. I've a window of 10-15 years, if I'm lucky, to enjoy this life style. As Scarsdale says, you must apply a different strategy if you are 40 rather than 60.

On edit: Money discussions almost never include the cost of lost opportunities, as if they had no value. We are all RVer's here, so we all agree that this thing we do has value. The value of an opportunity is a personal decision and altogether different than the cost of that opportunity. IMO
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Old 03-31-2014, 09:31 AM   #77
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Coma - well said ^^. Many people know the price and can quote cost of everything, and know the value of little to nothing. And even when you think you have all the answers, life has a way of correcting you. You can't buy back time or lost opportunities. Neither can you eat them nor clothe yourself in them. Each must find their way to happiness.
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Old 03-31-2014, 12:39 PM   #78
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Even tough the discussion has reached close to a end. We just bought our coach with out credit union. The will go up to 15 years on a used coach. 12 years @6.75% we chose 10 on our 2005. We did throw the cash left over from the toyhauler and freightliner.

My wife always says" buy the best and only cry once" I wish we would have bought something like we have now a few years ago. We looked at a few more expensive coaches but looked at the monthly outlay along with taxes and related use costs. This coach seemed like a good fit for us.
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