Payments

[Finhawk]

Just wondering. How many have payments in excess of $1500? Is it worth it? I'm considering upgrading and really have no idea of what the payments might be.

[450Donn]

FOR WHAT?
1500 dollars is way more than my house payments. A person would have to be nearly crazy to spend that much a month on a depreciating asset. Heck for 18K a year you can stay in some pretty nice 4 star hotels for weeks at a time.

[Mr_D]

Nope, not us, but we can easily do it if we wanted.

[Finhawk]

Quote:

Originally Posted by 450Donn FOR WHAT? 1500 dollars is way more than my house payments. A person would have to be nearly crazy to spend that much a month on a depreciating asset. Heck for 18K a year you can stay in some pretty nice 4 star hotels for weeks at a time.

That's not the kind of comment I was looking for!

[bsirby]

I do not have a payment on my MH. We couldn't afford to retire with a payment of $1500, let alone travel anywhere. We tried to pay down all our debt before we retired and started fulltiming, so we wouldn't have to worry. To me even if I could afford it, it would not be worth it to me. Hope that helps.

[chaunclm]

There are some reasons why one might spend money on payments. Tax planning would be one where one's money was in an IRA and one didn't want to face a significant tax liability from a large withdrawal in a single year or where one had a large pension or where one had a structured settlement that paid a large sum annually.

If one's income is large enough to support the payment why not.

We don't have any payments now. But next year we will have to start withdrawing money from our IRAs and that will change our tax situation enough that we might consider payments again.

As to spending time in nice hotels. I prefer to sleep with my own bugs. The EPA has restricted access to so many insecticides that today many hotels and motels have bed bugs. UGH, UGH. No I would not stay in any public facility today unless it was really necessary.

[SarahW]

Quote:

Originally Posted by chaunclm If one's income is large enough to support the payment why not.

I agree with this; however we didn't finance our motorhome, either. $1500 sounds like a large payment...but I guess if it's a relatively short-term loan that would make sense. It all depends on an individual/couple's comfort level and personal financial situation.

[sc3283]

No payments here, bought what I could afford with a cash 1 time payment for full amount.

[Frantz]

It certainly depends on each individual's financial plans for their future. If you have the ability to live the life you want & afford the payments that get you the level of comfort you seek then, yes, it might be the correct decision for you. Your tax, investment, income, & estate situation is known only by you & your accountant. Others might only be secure with guaranteed no debt and a cash only life style. I'm not sure any of us can answer for any other person's situation.

After all, you can't take it with you.

That said, there always needs to be a brutal examination of our wants vs needs. It sometimes comes as a shock what price we really pay for our desires.

As an aside, financing/refinancing can be a REAL issue if you are full-time w/o a S&B address...speaking from our experience this past week.

[Arch Hoagland]

Why don't you do it the new American way?

Buy it, then discover you are upside down, so quit paying for it and use it for free until they catch you and throw you out.

Seems to work just fine for houses. Why not for motorhomes? Or cars?

What in the heck is going on?

[dons2346]

Quote:

Originally Posted by Arch Hoagland Why don't you do it the new American way? Buy it, then discover you are upside down, so quit paying for it and use it for free until they catch you and throw you out...............

Guess I'm a little slow, I never thought of that. I'm off to the dealer for a new coach

[Steve N Sal]

I guess if ones income can support that they can do whatever they want. I know mine cannot. Glad we were able to purchase ours before I retired and were able to pay for it in full. I don't miss not having to make any monthly payments as well.

[Cat320]

You can Bing "payment schedule" and get a form that you can fill out, with various options (interest rate, amt down, length of payment, total owed, etc) and it will compute your monthly payment.

My personal policy is that I don't make payments for toys...it's either cash or I don't get it.

[Finhawk]

Quote:

Originally Posted by Arch Hoagland Why don't you do it the new American way? Buy it, then discover you are upside down, so quit paying for it and use it for free until they catch you and throw you out. Seems to work just fine for houses. Why not for motorhomes? Or cars? What in the heck is going on?

Because I'm from the "Old School" of accepting responsibility for what I do. My rig has been paid for for 3 years and like I said, I'm thinking of an upgrade and asking for opinions on that. Nothing else!!!!!!