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Old 08-18-2011, 09:59 AM   #1
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If you had

If you had $50,000 in the bank; just retired (your 65) and you were just starting to collect SS; and had a small penson, that would pay all your monthly expenses.

Would you:
#1 buy a new motorhome that cost $95,000, put $40,000 down and finance the rest.
#2 Look for a good used motorhome, pay $40,000 for it cash, and keep $10,000 in the bank.

I would add that you might be a good handyman.
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Old 08-18-2011, 10:21 AM   #2
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Not on your option list, but if I were a good handyman (which I am), I'd buy a MCI or GM bus (good engines only) for under 10,000 dollars, and convert it (which I did).

Much better, IMHO, than a stick and staple, or some glitter box.

Ed
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Old 08-18-2011, 10:32 AM   #3
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#2, in this economy and market (Dow down 501pts so far today), having cash on hand might be a good idea.
That's my 1 cent, use to be worth 2 cents.
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Old 08-18-2011, 10:39 AM   #4
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#2, in this economy and market (Dow down 501pts so far today), having cash on hand might be a good idea.
That's my 1 cent, use to be worth 2 cents.

That is GREAT plan! Take a look at the DOW today and economy in general. The European market is teetering on disaster and if it falls the US will not be far behind. Keep the money in your pocket. With the price of gold today, it might be an opportunity make some quick cash buy that.
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Old 08-18-2011, 10:41 AM   #5
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Buy used for $30,000. Put $10,00 in it to "perfect", both visually and mechanically.

The absolute best advice we were given was to be debt free when entering this lifestyle. It has been proven time and time again over the past five years to be the right advice.
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Old 08-18-2011, 10:57 AM   #6
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If the 50K was the sum total of my savings I would avoid a MH all together----perhaps a nice used TT would work fine, cost half to a third as much---if you already own a tow vehicle so much the better. Or just pass and find a cheaper hobby or interest.

Of the two options finding something for cash makes the most sense to me---but 40 K seems a lot spend given your circumstances.

Much depends on how you intend to use this thing fulltime? Part time? Occassional? For occassional usage (which most MH's actually get) there are some very fine vintage rigs that can be had for half the cash money you are talking about, they can serve as a nice hobby fixing them up----no matter what you get used it can eat up $10,000. in a hurry depending on circustances. Finding some thing for 20K, spending 10K leaves you with 20K savings.

Example new tires on a class A will run you $2,000. to $2,500 or so. Four good TT tires will be $450.

It is a buyers market out there a perfect time to get nice used RV's of all types at a bargain price no matter what you decide. Shop and deal.

Tooling around in a nice stylish well preserved vintage rig can be a joy in itself---go on the vintage site and just ask them----they can also steer you to what represents good buys.

Well there you go another 1 cents worth----I really wish you well what ever your decide and welcome to the ranks of the retired----remember when you are retired there is never a monday.
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Old 08-18-2011, 11:22 AM   #7
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Not wanting to absorb the depreciation of a new unit I would put less down on a used unit and stay liquid as possible. Interest rates are LOW now. I'd look for a dependable used unit and then research a reliable third party warranty.
At 65 the new unit you decide on now may be too big in a few years and you'd take a big hit trying to trade down..............or sell it if health issues arise.
Then imagine huge payments every month on something you won't or can't drive and you can't afford to sell, X2 cause your savings are gone.
Unless the pension has a COLA that accurately follows the economy it may not cover monthly expenses very long. SS seems to fail in the COLA department.
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Old 08-18-2011, 12:50 PM   #8
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OK guys here is what I did; I'm not 65 but I was 75, I bought a used motorhome (34 foot 1999 coachman one slide) had 32,000 miles, paid $25,000, motorhome looked to be very well taken care of, (recent owner kept records) I put $3000 in it; added a second air conditioner, replaced two jacks, and a bunch of nickle dime stuff. that was two years ago, I've put 15000 miles on the motorhome and it has been trouble free.
I think I made the right decision.
And I still have $20,000 in the bank
And I am debt free; house paid for, no credit card debt no debt, period.
Did I make the right decision?
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Old 08-18-2011, 02:10 PM   #9
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Originally Posted by melvonnar View Post
OK guys here is what I did; I'm not 65 but I was 75, I bought a used motorhome (34 foot 1999 coachman one slide) had 32,000 miles, paid $25,000, motorhome looked to be very well taken care of, (recent owner kept records) I put $3000 in it; added a second air conditioner, replaced two jacks, and a bunch of nickle dime stuff. that was two years ago, I've put 15000 miles on the motorhome and it has been trouble free.
I think I made the right decision.
And I still have $20,000 in the bank
And I am debt free; house paid for, no credit card debt no debt, period.
Did I make the right decision?

Sounds like you are happy with your choices---what else matters.
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Old 08-18-2011, 02:49 PM   #10
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We played the "bigger and better" game where you start out with something small and trade for something bigger and better. We started out in a 19' travel trailer and now have a 24' Class C and we love it. We're done playing Bigger and Better!

We have a small monthly income, no debt and are having a wonderful, stress free time.

After saying all that, go with option 2.
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Old 08-18-2011, 07:29 PM   #11
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If you only have $50K in saving, I'd not blow it all or even half of it on an RV. And I would never get a declining assets and payments with only limited retirement income. If the SS and pension only cover the normal monthly expenses, what will you do to pay for RV repairs and maintenance?

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Old 08-18-2011, 08:13 PM   #12
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I would stick with my $3800, almost 30 year old class A and pick away at it's issues. Otherwise I'd hunt and search for that perfectly maintained USED unit. I just don't like all the bells and whistles on new units that can and WILL eventually go wrong..
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Old 08-18-2011, 08:59 PM   #13
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If you had $50,000 in the bank; just retired (your 65) and you were just starting to collect SS; and had a small penson, that would pay all your monthly expenses.

Would you:
#1 buy a new motorhome that cost $95,000, put $40,000 down and finance the rest.
#2 Look for a good used motorhome, pay $40,000 for it cash, and keep $10,000 in the bank.

I would add that you might be a good handyman.
I would not go new or plan on financing. Making payments is going to subtract from your operating capital, and without that the nicest motorhome in the world is just going to sit in the driveway while you're making payments on it.

How old I went would depend on how I felt about my skill set as related to accurately scouting out a coach that's not going to turn into a bottomless money pit. You just can't afford much in the way of risks there, so you'll need to be pretty selective, even more so as you start looking at the older stuff?

Consider the toad question now. If you decide you'll have one in your future (highly recommended) you may want to set one up ahead of time to allow you to drive cross country to look at a coach that interests you. If everything goes well, you hook your toad on the back of it and drive it home?

Congrats on the retirement, and best of luck in your hunt! Have fun!
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Old 08-19-2011, 09:18 AM   #14
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I have to add to this thread something that got my attention yesterday:
I joined the Ecapees club forums; after reading many of their posts I found that a good many of them sell their homes and use that money to buy a motorhome or trailer. If they were to do that then they are homeless.
There are many that are full timers on the road.
Question?
Is this a wise thing to do? many spend all their money on a RV and have nothing left; seems that the escapees encourage this. To each his own I say, it just doesn't seem to me to be a wise decision.
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