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06-09-2015, 09:10 PM
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#71
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Senior Member
Winnebago Owners Club
Join Date: Apr 2013
Posts: 1,061
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Quote:
Originally Posted by MPH
It's been a while ... What did you decide to do? Did you purchase your RV yet?
Friend of mine said if he had it to do over again, he would never buy a brand new Motorhome. He has taken a beating on his coach ... All kinds of problems as soon as he drove it off the lot and he still has problems! I think his mh is around a '11 or '12. It wasn't cheap, either. He bought a beautiful, higher end coach.
He said if he could do it over again, he would buy a pre-owned, well cared for Motorhome. That's what we did and we have no regrets. Our coach is lovely and has all the bells and whistles we need or want.
Anyway, hope you found your ideal RV!
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Yep, +1
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06-12-2015, 09:37 PM
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#72
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Senior Member
Forest River Owners Club Ford Super Duty Owner
Join Date: Dec 2014
Posts: 1,024
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Raiding 401k for RV Purchase
That is exactly what I did. Paying cash was much less painful than trying to squeeze a loan into a budget with no room. Not much tax pain, since it came from a taxable account - not IRA. Praying that the markets will hold up, to make the money back within a reasonable time. Also, you may want to think about when you will take social security and how that factors in. Theoretically, I am a lot closer to it than you. I hope you have an excellent financial planner and accountant. Those are the folks you need to consult.
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06-13-2015, 02:15 AM
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#73
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Registered User
Winnebago Owners Club Ford Super Duty Owner
Join Date: Apr 2015
Location: Jamestown, NM
Posts: 1,262
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If you already have a home and you buy a MH, can you still deduct the interest payments off your taxes on the motorhome as it qualifies as a second home? I did this 25 years ago on the first motorhome we bought. Worked out great.
With the above in mind, getting a bank or credit union loan would be better than to dip into your 401k.
Note: I have heard rumblings that a certain political party is scheming to nationalize 401k plans.
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06-13-2015, 10:17 PM
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#74
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Senior Member
Forest River Owners Club Ford Super Duty Owner
Join Date: Dec 2014
Posts: 1,024
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Raiding 401k for RV Purchase
ArmandV: That is a question for an accountant. laws constantly changing. The political party you mentioned - does not start with R - is a good reason to start moving out of 401k's. for a picture of the final outcome of such, check out Chairman Mao, the Castros and others. This will probably get me kicked off of here.
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06-13-2015, 10:34 PM
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#75
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Senior Member
Country Coach Owners Club Solo Rvers Club iRV2 No Limits Club
Join Date: May 2011
Location: Vancouver, WA
Posts: 37,725
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Quote:
Originally Posted by ArmandV
If you already have a home and you buy a MH, can you still deduct the interest payments off your taxes on the motorhome as it qualifies as a second home? I did this 25 years ago on the first motorhome we bought. Worked out great.
With the above in mind, getting a bank or credit union loan would be better than to dip into your 401k.
Note: I have heard rumblings that a certain political party is scheming to nationalize 401k plans.
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Yes, it is considered a 2nd home, been doing it ever since it was legal and we've been buying RV's.
We've only got a couple 401's, most of our money is in an annuity, can draw over $25,000 a year out and never touch the principle.
__________________
2009 45' Magna 630 w/Cummins ISX 650 HP/1950 Lbs Ft, HWH Active Air
Charter Good Sam Lifetime Member, FMCA,
RV'ing since 1957, NRA Benefactor Life, towing '21 Jeep JLU Rubicon Ecodiesel
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