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View Poll Results: What's the current financial status of your RV?
Paid Cash 221 60.55%
RV is on a Lease agreement 0 0%
Took a loan out from a financial institution 103 28.22%
Had a loan, but it's since been paid off (hurrah!) 41 11.23%
Voters: 365. You may not vote on this poll

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Old 12-06-2018, 10:01 AM   #99
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Quote:
Originally Posted by Finance View Post
I believe you are correct. This topic comes up regularly.

The all cash buyers are a vocal demographic, proud of their accomplishment. Nothing wrong with that.

The borrowers who HAD to sit quietly on the sidelines. Just look around a campground, this is a lot of people.

The minority with the means to pay cash, and the financial acumen not to, try to share some insight.

It's a good window into the failure of our educational systems to help people achieve a high level of financial literacy.
Well, the poll results thus far are 3 to 1 in favor of those paying cash and 4 to 1 if you count those who have paid off their loan. Are owners with loans fearful of voting? Itís anonymous. so your fellow campers will never know.

The failure in the system, actually the great success of the system, is that people are conditioned to spend more than they make and borrow more than they should. For the few that end up on the winning side of the table itís fantastic, everyone else will be chasing the dragon.
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Old 12-06-2018, 10:21 AM   #100
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Small loan. We'll pay it off in 2019... Picked her up at a truly awesome price as a non runner.. It took a fuel pump to get her going again... After that.. Straight to the tire shop for new shoes... Now Home with us going thru all the systems one at a time.. She slept for 8 years...
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Old 12-06-2018, 03:48 PM   #101
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Both

When I was buying MH guy told me about finance options...if I financed they would take $2000 off the price...so I financed and then paid it off 2 weeks later. There was only about $60 interest accrued and so I saved over $1900 on the deal. Worked for me.
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Old 12-06-2018, 03:52 PM   #102
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Paid cash with a trade in for our current MH (3rd); we haven't had a payment on any vehicles in 20 yrs cars, trucks ets...only have a small mortgage which we could quickly pay off we built in The Villages FL;not super rich but smart in buying;we tend to keep vehicles for a long time (10 plus yrs and keep them in excellent shape), Makes life easier and more fun not having a payment.
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Old 12-06-2018, 03:56 PM   #103
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I stole mine. So I guess there needs to be another choice on the poll.
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Old 12-06-2018, 04:06 PM   #104
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Buy cash only. If I can't, I can't afford the toy. Swampy
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Old 12-06-2018, 04:18 PM   #105
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If you donít pay cash you canít afford it or youíre buying too new of a coach. Either way you should still pay cash. RVís arenít any different than boats/yachts. Take it from a man of experience. Currently have three boats, a diesel pusher and 5 motorcycles. The maintenance alone is taxing to anyoneís retirement plan.
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Old 12-06-2018, 04:19 PM   #106
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Lucky

We are on our 4 RV in 6 years. Started out with tiny Flair (all units were used) then a pull, then an A- class, to a C- class now back to another A- class. Each time prices went up and included a trade-in. For us it was a matter finding the right one that fitted our needs.So never buy new until you really know. Unless your rich !
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Old 12-06-2018, 04:23 PM   #107
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Paid cash for my current mh 4 years ago. I don't have any other debt. Made the mistake in 2006 to finance a mh and regretted it. It kept on getting older with increased repairs. I wasted a lot of money on interest payments.
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Old 12-06-2018, 04:27 PM   #108
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Originally Posted by lrsses View Post
Sounds like fishing to me so wouldnít answer that question at all.
I didn't give fishing a thought, thanks for the heads-up. I was hoping we wouldn't be subject to that on this site.
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Old 12-06-2018, 04:33 PM   #109
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Originally Posted by RVPioneer View Post
Well, the poll results thus far are 3 to 1 in favor of those paying cash and 4 to 1 if you count those who have paid off their loan. Are owners with loans fearful of voting? Itís anonymous. so your fellow campers will never know.

The failure in the system, actually the great success of the system, is that people are conditioned to spend more than they make and borrow more than they should. For the few that end up on the winning side of the table itís fantastic, everyone else will be chasing the dragon.
My point is these types of information collection techniques are not by any stretch a valid poll. It's just voluntarily self reporting. About as accurate as asking people on Facebook if they're happy in their marriage.
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Old 12-06-2018, 04:37 PM   #110
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Cash Is King!

Paid cash. If you don't have the cash, you can't afford it. Those who finance it because they are "making more on their investments" are not being truthful. Just like the folks who always leave Las Vegas with more than they came with.
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Old 12-06-2018, 04:41 PM   #111
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We have a loan and planned for more than two years before we purchased. Sold our house, have no debt other than the coach, and a very good interest rate. Our plan is all based on retirement in 15 years. Fully funded emergency fund (8 months of income), fully funded short term savings (1-2 years), fully funded mid term savings (5 - 6 years) and on plan for fully funded retirement. I agree with previous poster that the interest on the loan is less than I make on long term retirement investments. I also benefit from the fact that my company pays for travel expenses, which I travel 2 weeks per month, so instead of flights, hotels, restaurants, and rental cars, I get to travel in my home, and have it paid for while I work. The single best part, get my best friend to travel with me while I work, a lot of the time.

It's obviously a very personal decision on how one makes a move toward a coach or 5th wheel, etc. There are a lot of ways to skin the cat. Just told my wife today that if I had only known this was an option in my 20's, how things could have been different.
I agree 100% that this is a much more financially responsible option for those in thier 20s rather than renting or putting bare minimum into a down payment for a home that they will live in for 5-7 years, of which is mostly interest that they pay.

I am 38, fill timer, no debt other than rv, am making triple payments(equal to rent I was paying prior), reduced my living expenses to 1/6 of what they were, and am saving more than half 1/2 my salary every month, and max out my contributions to my 401k. Also I am now able to help financially support my parents (have my 5th on their property so I can be close to care for them) who are stuck in a house they technically canít afford.

I very much enjoy this state of financial security/freedom rather than what social norms tell me is ďliving the lifeĒ for someone my age, married, no kids. Majority of couples I know my age that make what I make have a whopper mortgage, 2 car payments, student loans, credit card debt, and honestly live in utter excess just because they can. Mind you... I did splurge and got a decked out 5r with dishwasher, residential fridge, upgrade amenities, etc. but I still work full time and am not in vacation mode so I need a fully function house. Just have realized I donít need a 3000 sq ft one, and am perfectly happy in 500sq ft one, and I work from home to boot.

I hope, and believe that itís happening, that most singles and/or couples my age will get back to the mind set that money saved is key, and to pay the price now to ďlive smallĒ so you can be a little more carefree later.
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Old 12-06-2018, 04:49 PM   #112
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My daddy once told me,

ďBuy appreciating assets, lease depreciating assets.Ē
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