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Old 02-25-2011, 09:51 PM   #43
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Paid cash for mine. Now I only have to take out 90 day loan for fuel!
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Old 02-25-2011, 10:01 PM   #44
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If you have the cash and don't need it as a cushion and you are not making as much on the money as the interest after tax deductions, then pay cash. If the aforementioned does not apply, finance.

It's kind of interesting, most RVs are underwater if financed and driven off the lot. If you bought a house in the recent past and financed the majority of the purchase price, you are underwater, but the bank will either let you do a short sale or possibly (maybe mandatory if the current administration has it's way) lower the principal you owe and the corresponding payments.

Ain't this a great country.

Own 2 cars, 1 motorcycle, 1 boat, 1 MH, 2 condos and an RV lot, all paid for. It was a combination of the Grace of God, hard work and a lot of luck. I think my generation got used to having a better life than we could afford using borrowed money. Now that the country is on borrowed time, me thinks the party is over.

By 2030, China will surpass the US as the largest economy, by 2050 we will be third behind India. In the future, a MH will cost $22 Million Yuan!
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Old 02-25-2011, 10:15 PM   #45
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I can say, the only thing good about the loan we had (well, other than the low rate from my CU) was deducting the interest on our taxes. It made making out the checks less painful, not much but some at least.

Lori-
I hate making out the checks, deductible or not...
We have 3 big loans... the 7.5% commercial real estate mortgage on the vacant property that is worth a hundred grand less than the mortgage, that's the tough one...

But my mutual funds are growing at better than 2% a MONTH, so my extra cash goes right in there.
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Old 02-25-2011, 10:22 PM   #46
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Bought ours new in 2000, still have it but still making payments. Don't plan on getting another as this one suits our needs just fine. Can't wait until it's paid off and have title in hand like you.

Safe travels,
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Old 02-25-2011, 10:27 PM   #47
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I took DW to an RV lot the other day. We looked at some very nice 100k plus MH's and she said she liked ours better. I couldn't believe my ears. So far so good, no payments!
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Old 02-25-2011, 10:29 PM   #48
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always pay cash not into making banks rich. If I cant pay cash I cant afford it.
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Old 02-25-2011, 10:30 PM   #49
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I took DW to an RV lot the other day. We looked at some very nice 100k plus MH's and she said she liked ours better. I couldn't believe my ears.
You can only do that so many times before she finds something. Trust me.

Lori-
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Old 02-25-2011, 10:39 PM   #50
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But my mutual funds are growing at better than 2% a MONTH, so my extra cash goes right in there.
That's some seriously good mutual fund picking Jim! With returns like that it's a no brainer. I haven't seen returns anything close to that for a while but my money is still going to go into investments rather than into a depreciating asset so I am financed and underwater... but don't seem to have any trouble breathing...

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Old 02-25-2011, 10:40 PM   #51
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You can only do that so many times before she finds something. Trust me.

Lori-
Uh oh, and I thought I was gonna get off scott free
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Old 02-25-2011, 11:56 PM   #52
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Fortunate enough to own the coach, the toad and the S&B in Montana. Gold is wonderful stuff when you find enough of it. Now we wanna sell the S&B in Montana and buy a place in Bullhead City, AZ. Don't do winters.
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Old 02-26-2011, 12:13 AM   #53
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Paid cash for RV. Also have 1998 Ford Escort (tow car), 1966 Mustang (Soon to be tow car), 1964 GTO, 2002 Yukon, and 2006 Ford F150 all owned, no payments. Just the house.
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Old 02-26-2011, 06:29 AM   #54
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I always buy things that depreciate with other peoples money rather than mine. If you have an A+ credit rating, you will always be ahead by financing rather than using your own money as long as you have the income coming in to make the payments.

Assuming you have the cash, if you take it out of your interest bearing investment to buy a depreciating asset, you loose. That compound interest will never reach that critical mass you had. I want to have as little as possible invested in an asset that is loosing value.

Now if I was retired and living on a fixed income, I may rethink some of this. But while still working and saving, I don't want my money in a depreciating asset.
I totally agree with your analysis of NOT paying cash for a depreciating asset. I would lose BIG time if I had to take the money out of my self directed tax deferred IRA. The IRA is making more money per year now than having it in my Credit Union's pocket, and I get to claim a tax deduction to boot. As I stated earlier, I'd rather give the interest to the CU versus having to pay more taxes to the US gov't.

I am retired but work a little on my schedule at various Workamping jobs around the country. I am sorta on a fixed income with SS but I can withdraw from my IRA anytime I need extra income. My IRA has been working for me staying way ahead of inflation and my needs currently. If I had not saved and planned ahead for my retirement, then I would have had to work the rest of my life as SS is like living on poverty. There would be no motor coach, traveling the country, visiting friends and family, etc.

For anyone reading this thread, if you intend on full-time RVing, you need to plan way ahead to make sure you have enough to provide the lifestyle you will want to live otherwise, you may have to make some sacrifices.

Dr4Film ----- Richard.
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Old 02-26-2011, 07:27 AM   #55
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I did it the old fashion way - saved up and paid cash - shopped around and bought what I could afford. As you proved, there are a lot of nice used RVs available that have already depreciated a lot.
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Old 02-26-2011, 07:31 AM   #56
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Our 94 vectra is almost vintage but she is paid for. And as my dh says we are laughing all the way to the bank.
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