Anyone ever been in an upside down situation and got out of it?

[Francesca]

Originally Posted by 5string71

Looks like we may have gotten ourselves in an upside down situation. We were looking to try and move up to a 40' coach in diesel but looks like it may be next to impossible in the situation we are in.

Has anyone had any luck getting out of a situation like this while trading up and if so who did you deal with?

We like the coach that we currently have we are just wishing that we has waited and gotten diesel and a few other amenities.

Thanks for the input.

I think the advice to power up on the payments to whittle down principle is sound. And who knows? You might get more fond of the rig you have the more you look at others. When you bought that 2011 beauty last November she only had 9500 miles on her. Sounds like you got a smokin' deal- she's practically brand new!

Also, though, here's a perhaps totally off-the-wall idea:
Maybe there's someone out there that wants to downsize some. Couldn't hurt to put out some "would like to trade" feelers. Not that I'd have the first idea as to how to go about that.


Good luck with whatever you decide...

[Dutch Star David]

Originally Posted by 5string71

Looks like we may have gotten ourselves in an upside down situation. We were looking to try and move up to a 40' coach in diesel but looks like it may be next to impossible in the situation we are in.

Has anyone had any luck getting out of a situation like this while trading up and if so who did you deal with?

We like the coach that we currently have we are just wishing that we has waited and gotten diesel and a few other amenities.

Thanks for the input.

I think the poster is looking for a solution, not bunch of unsolicited financial advice. If someone wants to go further into debt, that's his business and no one else's. What I suggested worked; it may well work for him too.

[PatrickJ]

The original poster was soliciting financial advise. The original post said he/she owned a motorhome that they owe more on than it could bring on a sale. Then the original poster asked how can they get rid of that motorhome in order to buy a larger, more expensive motorhome. To which one respondent suggested the original poster deal with the debt they have already. And another member promptly pummeled the sensible advise-giver with a litany of heart rending, but largely irrelevant, anecdotes meant to rationalize going into more debt.

The original poster asked for advise and a range of ideas were submitted. I happen to have some life experience with budgeting, saving, goal-setting, and personal financial planning and the best advise financially is to pay off and use the motorhome you already have.

[RULazy2]

+1 on dlovitt's comments. Find a good dealer. Find out what you are able to pay by looking at your budget. Find financing yourself (I was able to go through USAA) if possible, but no matter what know your credit score going into this thing. Everything else is numbers. I was able to secure my own loan, negotiated the terms I was comfortable with, the dealer gave me a price for my trade that showed 20% down and adjusted the selling price accordingly. Net result, I paid what I was comfortable with when I walked in, and I walked out a happy customer.

[CJBROWN]

Originally Posted by PatrickJ

The original poster was soliciting financial advise. The original post said he/she owned a motorhome that they owe more on than it could bring on a sale. Then the original poster asked how can they get rid of that motorhome in order to buy a larger, more expensive motorhome. To which one respondent suggested the original poster deal with the debt they have already. And another member promptly pummeled the sensible advise-giver with a litany of heart rending, but largely irrelevant, anecdotes meant to rationalize going into more debt.

The original poster asked for advise and a range of ideas were submitted. I happen to have some life experience with budgeting, saving, goal-setting, and personal financial planning and the best advise financially is to pay off and use the motorhome you already have.

Yes, obviously this is the BEST financial advice. And so much more relevant!

However your snarky comments are a direct insult at best.

[DGBPokes]

I believe I maybe a little under water in my 2004 rig, and would like to move up to a newer (used) D.P. Every year I have spent good money on major upgrades. I have hoping that this fact will narrow the gap.

I like the thought of making a few extra payments, and may pursue that option.

Not to steal this thread, but I get such good advise from the forum I want to ask a related question to the group. Part of my reason for wanting to trade up is: 1. My rig is a 2004, ten years old, depreciation goes down faster after model is 10 years old?2nd. Unit is gasser, has 67,000 miles, in excellent shape and good to 100,000 miles, but resale at $100,000 would be nothing.sell it now while it still has value?

[CJBROWN]

IMO we saw the worst depreciation of the last decade or two over the past 5 years. One could say the bottom fell out of the industry. I see a resurgence of interest and a lot of sales activity at the dealers and local shows, and the first thing people are interested in is a used RV of good quality in good condition, much like you and I have interest in. Right now there seem to be plenty, but if more buyers come to the market it will drive up values. And I see the equivalent new ones cost substantially more, some with questionable build quality. So I see a stabilizing of values, perhaps even values improving. I also agree it can be difficult to get enough exposure to bring a real buyer and close a sale yourself. Again, this is just my opinion.

I'm doing the extra payment thing and fixing and using it as has been described. I think we'll be in a much better position to sell or trade in two to five years. As one smart sales guy told me, save the diesel for when you're ready to retire and spend more time in it. A gas motorhome is less costly for weekending and vacations.

As far as value as the miles add up, I would agree there is a diminishing return. It's hard to quantify though. One has to decide when it makes sense to make a move, on their own terms. I'm in a very similar situation but with just 30K miles, so I figure I have a long way to go. The added dollar value isn't as much as the marketability or sale-ability is improved. I have always said a used car should be sold well under the 100K mile mark, or just keep it and run it out. But then people are willing to buy those hi-milers all day long if the price is right.

The used car market is a good example of this trend. The market is propping up the value of well used cars because there are a lot of people around the country that can't afford a new one, or they have poor credit.

[nova 42qd]

Some of the financial advise here reminds me of the movie "Its a Wonderful Life" when Potter chastises George Bailey for giving a mortgage to the cab driver to buy a house. Potter says they should save their money and pay cash. As pointed out by George, the problem is that by the time they save that much money they are told old to enjoy the house!

Does anyone really want to be like Potter!?

If you can swing it go for it and live life now.

[Brian W]

Originally Posted by nova 42qd

Some of the financial advise here reminds me of the movie "Its a Wonderful Life" when Potter chastises George Bailey for giving a mortgage to the cab driver to buy a house. Potter says they should save their money and pay cash. As pointed out by George, the problem is that by the time they save that much money they are told old to enjoy the house!

Does anyone really want to be like Potter!?

If you can swing it go for it and live life now.

Reminds me of my parents. They saved, and saved, and saved to be able to RV when they retired. It was their dream. Only one problem, my dad got sick and died one year before their plan was to take place.

Ask my mom how she lives her life now.


Sent from my iPhone using iRV2 - RV Forum

[nova 42qd]

Our RV was previously owned by a recently retired couple. Not long after the purchase the man fell ill and could not drive the MH anymore. They sold it back to the dealer. We bought it from the dealer.

I am sure the MH was their dream as they had ordered it with every option.

We are planning to retire in the next 10 years. In the interim we can enjoy the RV with our children.

[CJBROWN]

Originally Posted by Brian W

Reminds me of my parents. They saved, and saved, and saved to be able to RV when they retired. It was their dream. Only one problem, my dad got sick and died one year before their plan was to take place.

Ask my mom how she lives her life now.

Thank you. That was my point. But it was deemed "heartrending" (yes, it's one word, sheesh) and "largely irrelevant".

[Jim T.]

The OP owns a 2011 36' Tiffin Allegro. He just wants another coach. Only he can decide his course of action after careful review of his options.


FMCA Local Chapter Secretary - Bay Area TravelerS (BATS)

[Southpark]

CJ, I liked your "heartrending" story so much I read it out loud to my wife. Despite being moved by what I consider a compelling argument, I hope everyone understands balance is required.

My personal and "largely irrelevant" anecdotal story involves my grandparents who early on determined their plan was to live life to its fullest, travel, spend money with reckless abandon with nothing but good memories to show for it, and die with ten cents left to their name.

Their plan went almost perfectly. When my grandfather died they had about ten cents to their name. But a few years later my grandmother is in her nineties, still alive, suffering dementia and, as a result, living in a care home that costs thousands a month that my mother and I pay for. Since my wife and I have our own worries -- and a new baby -- and my mother is retired, you might imagine that more than once we've wished my grandparents didn't live life quite as fully, so that we could. And, in case this wasn't clear, there is no inheritance at all -- this comes out of my and my mother's pockets.

So enjoy yourselves, but don't become a burden to your kids and, perhaps worse yet, your grandkids later. Or, for that matter, taxpayers who don't even know you!

I'm not out to berate anyone, or argue anyone is right or wrong. And I agree with CJ and Brian, but only if you've otherwise planned for your future and won't be burdening others. Hopefully this can be taken without anyone being upset as I truly did not mean to upset anyone by voicing this opinion.

[Jim T.]

"I'm not out to berate anyone, or argue anyone is right or wrong. And I agree with CJ and Brian, but only if you've otherwise planned for your future and won't be burdening others. Hopefully this can be taken without anyone being upset as I truly did not mean to upset anyone by voicing this opinion."

Well said!!!



FMCA Local Chapter Secretary - Bay Area TravelerS (BATS)