Community Forums

falconview · 01-22-2021, 09:28 AM

Quote:

Originally Posted by MichaelInNM

Okay, so we have the credit scores near 800. We have $40k-$50k in cash. We can easily afford $1800 payment. We plan on buying used.

Please help me understand what price range we should be looking in?

I know the folks that say if you can’t pay cash you don’t need it. Well, I’m financing. Probably 15-20 years too. I just have to find a way to get some peaceful vacation...

Edit: looking at class a diesel, tag axle preferred, under 10 years old.

You didn't say how much disposable income you have now and in the future. $1800 payment, how much does that cut into your disposable income.

To let you know where I coming from when it comes to financials, I'm tighter than bark on a tree, wife and I live way below our income. $50k isn't much these days and you hit a bump in the road kiss it goodbye. I would suggest you take a harder look at your financial situation.

Freqz · 01-22-2021, 09:34 AM

Quote:

Originally Posted by FrankenRV

Home equity loans may have better rates, but the Tax Cuts and Jobs Act limited the deductibility of the interest. Prior to the Act, you could take a home equity loan of $100K, use the proceeds for any (legal) purpose, and deduct the interest if you itemized. The Tax Cuts and Jobs Act now requires that you use the funds to buy, build, or substantially improve your home, AND that the money must be spent on the property whose equity is the source of the loan. So if you borrow against your home, you must use the money to buy, build, or substantially improve your home. See IRS Publication 936 for additional details.

True, but for the 1.5% delta between HE and new RV finance rates you could save the taxes (depending on your bracket) in interest and a HE loan is probably easier to write if you have a lot of equity.

okcnewbie · 01-22-2021, 09:56 AM

Quote:

Originally Posted by falconview

You didn't say how much disposable income you have now and in the future. $1800 payment, how much does that cut into your disposable income.

To let you know where I coming from when it comes to financials, I'm tighter than bark on a tree, wife and I live way below our income. $50k isn't much these days and you hit a bump in the road kiss it goodbye. I would suggest you take a harder look at your financial situation.

I'm afraid you're right and getting to the heart of the matter. What's the OP's net worth? Is his home paid off or soon to be. Is the 401k fully funded. Who even needs to ask strangers what my budget should be? Most people that are young should only spend an insignificant amount of money on an RV IMO.

RVPioneer · 01-22-2021, 10:22 AM

Quote:

Originally Posted by okcnewbie

I'm afraid you're right and getting to the heart of the matter. What's the OP's net worth? Is his home paid off or soon to be. Is the 401k fully funded. Who even needs to ask strangers what my budget should be? Most people that are young should only spend an insignificant amount of money on an RV IMO.

In the original post he asked about a price range. He’s budgeted $1800/mo for a loan payment. It does seem to be an elementary procedure to determine a loan amount and interest rate that would yield a monthly payment of $1800. That would then establish a price range which would allow them to begin shopping for a coach.

Perhaps we’ve all been hoodwinked into participating in this discussion. It isn’t up to us to determine whether or not he should spend a certain amount of money on an RV. He didn’t ask us if we thought he could afford one.

RDMJEM · 01-22-2021, 10:29 AM

We have a 40' 2001 Dutch Star that is in mint condition (less than 60K miles) and only cost $42K although We've been told we could get 50K plus for it. Deals like this can be found readily if you are willing to look and I recommend you look if this is the first time you are getting into the market. Also be aware that the newer models can come with a boatload of problems, as many of our friends have discovered where as we have had none.
Our 1sr RV was a 2001 34' Hurricane class A gas engine that we got for $15K. We did this to try out the lifestyle and see if we liked it before we spent a lot of money. We had it for 3 years and decided to upgrade. Sold the Hurricane for $16.5K and bought the Dutch Star.

gjbales · 01-22-2021, 10:54 AM

There is a quick program that you can access online (Mortgage-Loan Calculator with Amortization Schedule" where you can put in your estimated monthly payment ($1,800), an estimated interest rate (6%), and term in months (180 for 15 years, 240 for 20 years) and it will calculate the principal amount financed. For instance, if you put in 240 months (for 20 year mortgage), 6% interest rate, and monthly payment of $1,800, it will calculate out to right at $251K financed. You can go from there, adjusting your monthly payment amount, interest rate, and term.

gjbales · 01-22-2021, 10:58 AM

Quote:

Originally Posted by RVPioneer

In the original post he asked about a price range. He’s budgeted $1800/mo for a loan payment. It does seem to be an elementary procedure to determine a loan amount and interest rate that would yield a monthly payment of $1800. That would then establish a price range which would allow them to begin shopping for a coach.

Perhaps we’ve all been hoodwinked into participating in this discussion. It isn’t up to us to determine whether or not he should spend a certain amount of money on an RV. He didn’t ask us if we thought he could afford one.

You are absolutely right, RVPioneer. Asking questions about net worth, disposable income, etc. is totally unnecessary. None of our business.

outdoorplay · 01-22-2021, 11:43 AM

Quote:

Originally Posted by Isaac-1

If this is your first motorhome, I really would suggest buying something cheaper and use it as a learning tool, with the plans of selling it in a year or two when you have a better idea of what fits your lifestyle best. The problem is if this if your first motorhome, you don't know what you don't know. You can try to get it right, but the only experience over time will tell you what features are really important for you.

I have to concur with this,

It's what I did, I bought a 3-year rig. I have now been to just about every state in the US and even made my way to Whistler Canada. the pic is of 2 of 3 trips I made this last year.

on your learner rig, make sure to camp in the heat and In the extreme cool, my travels this last year took me from -4 to 105 degrees. every rig will have its +'s and -'s you have to know what is yours, this will tell you what you have to look for in your long term rig, you will learn what you thought you had to have and what you really needed, storage is very important, if you don't use it don't bring it, you will learn this within a few trips. I see a lot of class A that are beautiful, but storage was really a waste.

one more thing you might want to hold off for 3 years on buying one, and just rent for now, this will also tell you a lot about what you have to have and what you don't need.

I say 3 years, for this reason, the price of coaches right now is high. (Supply and demand) but a lot of people bought rigs and had no idea of what they wanted or needed, a lot will not really use them and after 3 years of paying storage fees, and not using them. Will be put up for sale, (once again, supply and demand) you will have more on the market than buyers, the prices will drop this one move can save you 100k in a coach. and that's a whole new level in coach.

Mudfrog · 01-22-2021, 12:54 PM

Quote:

Originally Posted by RVPioneer

In the original post he asked about a price range. He’s budgeted $1800/mo for a loan payment. It does seem to be an elementary procedure to determine a loan amount and interest rate that would yield a monthly payment of $1800. That would then establish a price range which would allow them to begin shopping for a coach.

Perhaps we’ve all been hoodwinked into participating in this discussion. It isn’t up to us to determine whether or not he should spend a certain amount of money on an RV. He didn’t ask us if we thought he could afford one.

Thinking the same thing here, wondering from the start why the OP couldn't come up with the numbers himself. Yep, I too was possibly hoodwinked but it didn't hurt anything to reply.

I took his opening question as being a how much can I finance to stay at the $1800 type question. However, I suppose the question may have been more involved with not only a monthly payment, but the cost to actually use (campsite, fuel, maintenance, repair costs) the motorhome. If so, then we could reciprocate with some insightful opinions covering all that.

RVPioneer · 01-22-2021, 02:05 PM

Quote:

Originally Posted by Mudfrog

Thinking the same thing here, wondering from the start why the OP couldn't come up with the numbers himself. Yep, I too was possibly hoodwinked but it didn't hurt anything to reply.

I took his opening question as being a how much can I finance to stay at the $1800 type question. However, I suppose the question may have been more involved with not only a monthly payment, but the cost to actually use (campsite, fuel, maintenance, repair costs) the motorhome. If so, then we could reciprocate with some insightful opinions covering all that.

Thanks, I agree. We have offered many brilliant suggestions. In the midst of all those, the OP responded with information indicating that he can afford it and that’s what he wants. He may have bailed out of this discussion and started a new one with more specific questions on brands, floor plans and model years.

I would. The price range question has been answered.

TUCSONRAIL · 01-22-2021, 03:46 PM

The OP says he wants a DP, and there are a bunch of cheapskates on this thread trying to talk him into a cheap travel trailer or some piece of crap 20 year old gasser. Look how much I saved!

Isaac-1 · 01-22-2021, 04:15 PM

No, we are just trying to say that a DP may not be the right tool for the job, particularly if he himself is not even sure what the job is.

RVPioneer · 01-22-2021, 04:19 PM

Quote:

Originally Posted by TUCSONRAIL

The OP says he wants a DP, and there are a bunch of cheapskates on this thread trying to talk him into a cheap travel trailer or some piece of crap 20 year old gasser. Look how much I saved!

There’s nothing wrong with a TT, 5er or older gas or diesel coach it that suits ones needs. It isn’t what the OP wants and all too often people recommend what they have, whether or not it is even remotely close to the topic at hand.

Dr. Mike · 01-22-2021, 04:51 PM

You all are a “tough room.”
One can tell that the honesty and experiences that all of you share are genuine. There are those that say save your money and rent or wait a few years for the cycle to come around and others to say “go for it!!”
For me, like I said in an earlier post (~64), I am in the exact same position (looking for a nice coach). I have been practicing medicine for 35 years and I just want to do something besides be at the hospital 7 days a week. Even if I take the coach for a weekend getaway a few times a month, I think just the down time would be worth it.
On the topic of repairs and maintenance- I am not intimidated by a task, but I also do not want to compound the problem with my lack of skills. It actually may be fun to change the oil or install a solar system.
To close- for the past eight months I have been a daily reader of this forum and find it fascinating with everyone offering only their best intentions and the sharing of knowledge. Keep up the great work and if I do obtain a coach, then I will add it to my nameplate.