Buy with Cash, Lease, Loan or Paid off?

[Dav L]

Curious on how people buy their toys. Haven't seen this discussion specifically.

What's the current financial status of your RV?
Did you pay Cash, have a Lease, A Loan from a Bank? or had a loan but it is now paid off?

Thought a poll would be best for anonymity.

[WinnieView]

Only pay cash. If we can't we can't afford it.

[sdennislee]

At 60 I want no debt, paid cash

[Dav L]

sdennislee, interesting point. Wonder if there is an association with age.
Like: more time to accumulate wealth, grew up in the depression, sold the sticks and bricks and retired to the RV etc.

I do remember seeing a poll on age and we are a bunch of older folks in general

[Mr_D]

Could have paid cash but I make more on the money where it is than the loan costs.

[Skiddy]

cash another reason I have an older coach. I want to and stay debt free now and after retirement.

[Wbonsell]

Originally Posted by Mr_D

Could have paid cash but I make more on the money where it is than the loan costs.

Ditto that for us as well. Great investment pays more than loan costs. Small monthly and principal keeps growing until the day we spend it ALL

[Bahamaniac]

We just don't want an RV payment. That gives us more for travel experiences.

[brandss]

We have a loan and planned for more than two years before we purchased. Sold our house, have no debt other than the coach, and a very good interest rate. Our plan is all based on retirement in 15 years. Fully funded emergency fund (8 months of income), fully funded short term savings (1-2 years), fully funded mid term savings (5 - 6 years) and on plan for fully funded retirement. I agree with previous poster that the interest on the loan is less than I make on long term retirement investments. I also benefit from the fact that my company pays for travel expenses, which I travel 2 weeks per month, so instead of flights, hotels, restaurants, and rental cars, I get to travel in my home, and have it paid for while I work. The single best part, get my best friend to travel with me while I work, a lot of the time.

It's obviously a very personal decision on how one makes a move toward a coach or 5th wheel, etc. There are a lot of ways to skin the cat. Just told my wife today that if I had only known this was an option in my 20's, how things could have been different.

[RVPioneer]

Cash for the coach. House has been paid off for 8 years. Cars paid for. Still working for a couple more years. Ridiculously easy to save, invest and spend as needed.



It all comes down to the comfort level of each individual. It does seem that those who choose to have a mortgage, a boat payment, 3 car loans, a Harley loan, a motorhome payment and a couple of time shares, now known as vacation ownership, may be just a tad overextended and have an increasingly difficult time justifying how well off they are. IMHO.


Just remember, no matter how much you have it's never enough and someone else has a whole lot more.

[lrsses]

Sounds like fishing to me so wouldn’t answer that question at all.

[Outbound]

Paid cash, to easy to be under water with value at sell time the way RV's depreciate, rather take my pain up front.

[Forkyfork]

Paid cash.

Also paid cash for my boats, motorcycles and 2 trucks. The only thing with a loan is my husbands car. My 3rd truck and SUV are long paid off.

[Dav L]

Originally Posted by lrsses

Sounds like fishing to me so wouldn’t answer that question at all.

Nope, not fishing at all.
Just I have noticed lots of posts talking about loans, financing, etc but didn't have any idea if that was typical or exceptional.
And it really doesn't make any difference to me on what the outcome is. Just hadn't read that discussion before. And I do recognize that no individuals decision indicates their well being. And I really don't care about that either if you aren't a personal friend
So far, I am surprised how few are financed based on the number of discussions about financing.