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Old 02-07-2012, 06:52 AM   #29
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Each person has to do what they can afford,some are bless more than other,s .
So that is hard to answer,I believe their is a lot of people with payments but just dont amity to it
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Old 02-07-2012, 09:13 AM   #30
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Something else that I haven't seen much here is the fact that the interest paid on the M/H is in most cases, (states) is tax deductable if you can go for the long form on Fed. As said many times on this forum, if it is something you want and can afford and still have money to support it, why not do it. It was also said that if you don't spend it, the children will. Oh, I know that there are a lot of you out there that just have to leave your fortune to your children and grandchildren, but it is not mandatory. One of our logo's is to spend and enjoy. I know I will get flamed for this but oh, well.
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Old 02-07-2012, 10:23 AM   #31
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mdy1950 - very accurate comment. Things are complex. I just got my interest statement yesterday on the motor home. It is a nice tax deduction. But you have to have income to use the tax deduction. Many on this forum have modest incomes so deductions for interest do not mean so much. About six months ago I paid off the loan I had and went to one that costs me 3.25%. I think the loan is now about 70,000. I could easily pay off this by cashing in some muni bonds that I get an average of 5% tax free on. What sense does that make?

As to the question, "Does it ever make sense to finance a depreciating asset?" Well 85% of the USA car buyer make that choice.
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Old 02-07-2012, 10:49 AM   #32
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Finhawk,

What you're soliciting an opinion for is really subjective, so you'll get alot of varying opinions but here's my swing on it: If you have the rig that's shown on your Avatar- I'd keep it and spend your cash on places to stay and things to do. It looks like you have some upgrades on your coach and it's a great looking one as well. Unless the floorplan doesn't fit you anymore or you're not happy with it- consider keeping it.
That was my thought.
We are making payments, less than $500 and paying down the principle as well.Taking the tax break helps our situation. This will be the last motorhome we buy so we went new. We have a cabin and are doing the same thing with it. Hopefully all will be paid for by the time we retire.
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Old 02-07-2012, 11:26 AM   #33
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Wow......This is the first time that only about 20% of the people said they only pay cash. Usually, it's about 75%, how refreshing....some honesty!. As others said, if you can afford it, go for it.
The only time I bought a camper with cash was when I bought a fairly old one. The two newer TT's I have owned were financed. I have no issues financing something if the payment is going to be in the range of affordable and not that high. I, too, wonder if 75% of folks have said before theybought with cash how truthful they are really being. Not that all are lying but I have a hard time believing 75% of folks with these nice rigs are paying cash for them.

But not at 1500 a month. That is what my mortgage costs. After down payment my TT payment is 165 a month.

If someone has 1500 extra per month floating around for something only used once in awhile, certainly more power to 'em! If I had that much extra each month after bills were paid and my trips camping, I'd just put that in savings to make up for the crappy gains my 401k seems to be earning.
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Old 02-07-2012, 12:00 PM   #34
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We found the coach of our dreams (My DW's dreams, actually) and are financing it with a hefty loan. It is probably the last one for us. The MH payment is the only recurring payment that we have, so I feel comfortable with it.
That is my advice. If you feel comfortable, go for it.
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Old 02-07-2012, 12:25 PM   #35
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I'll tell you one thing those payments seem to go on forever & ever, They seem to never end and are a constant drag on your life style. I would never go there especially on a moho that needs repairs constantly, and then we have this depreciating thing.. I wouldnt go there evn if I could afford it..JMHO
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Old 02-07-2012, 02:39 PM   #36
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Now, think for a minute and ponder this question.
If you lost your job tomorrow can you afford to keep paying that $1500 dollars a month payments?
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Old 02-07-2012, 02:51 PM   #37
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Hi 450Donn,
For me the answer is yes. I am solvent. I am a convenience borrower. Per my previous post, selective borrowing fits my plan.
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Old 02-07-2012, 03:20 PM   #38
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You need to look at how much interest compared to principle is being applied to your loan and it is shocking. We were fortunate to be able to pay cash for our new motorhome in 2006 but the payment would have been a little over $1800 a month for 20 years if we had financed it. As others have said if you can do it without the payment being a sacrifice on your lifestyle then go for it. I just do not like give away free money as interest payments.
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Old 02-07-2012, 03:31 PM   #39
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Quote:
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If you get 5% financing on a 20 yr note for $230,000 you can get a monthly payment of about $1517.

Is making payments on a deprecating asset crazy? Well the answer is; It Depends.

The op may have the money invested and may be making more than the interest and principal on the potential loan.

The op may have an annuity that will pay the payments.

The op may not have the cash now but may have it in the next few years. Waiting for the sale of a second home / investment properties, etc.

The OP may want the interest deduction for their taxes since the motorhome qualifies as a home or second home. Combine this with an annuity and they may be money ahead.

Bottom line. If the OP can borrow several hundred thousand dollars for an RV they have demonstrated fiscal responsibility and can do it however they want. They are the only folks that know if financing the purchase and having a $1,500 payment is crazy.

Good luck with your decision.
Repayment will be in the $365k neighborhood but its unlikely the loan term will run that long. Then you got fuel, cg fees, repairs, maint, insurance, tires yadda... so even if your scenario included a 1 time lottery winnings payout of $150k... its a very bleak picture. Think of it from a lenders stand point. A 50yr old person applying for a 20yr loan??
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Old 02-07-2012, 03:34 PM   #40
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mdy1950 - very accurate comment. Things are complex. I just got my interest statement yesterday on the motor home. It is a nice tax deduction. But you have to have income to use the tax deduction. Many on this forum have modest incomes so deductions for interest do not mean so much. About six months ago I paid off the loan I had and went to one that costs me 3.25%. I think the loan is now about 70,000. I could easily pay off this by cashing in some muni bonds that I get an average of 5% tax free on. What sense does that make?

As to the question, "Does it ever make sense to finance a depreciating asset?" Well 85% of the USA car buyer make that choice.
and this is why the industry is in complete shambles. $65k priced pickup trucks and $45k pencil pusher 4 door Japanese sedans.
I remember when auto loans lower than 11% were unheard of!
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Old 02-07-2012, 03:40 PM   #41
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If your are asking you can afford the payment. I say yes any amount you feel you can pay for what you enjoy is ok. Is it like a boat deep hole you keep throwing money into but love boating. We love camping and with a class A. Your question of to much is for you to know. If I could afford $2,000.00 or $4,000.00 and got a $1,000.000.00 rig I would go for it. You can't take it with you.
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Old 02-07-2012, 03:48 PM   #42
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I think the loan is now about 70,000. I could easily pay off this by cashing in some muni bonds that I get an average of 5% tax free on. What sense does that make?
And some can sit down and write a check out of one checking account to pay that off. We can, but still make the MH payment each month.
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