How very boring of me ;-)

[mobilemike]

Originally Posted by 1stMH

We were all set to purchase another class A, instead now thinking of keeping our older one and using the 1000$ a month the loan would cost to either pay off our mortgage early or invest it (already max out 401k and save).

How very boring of me ;-)

Let me throw a wrench in the mix.
Its an old coach 13years. Things will start to go wrong with it at a faster pace. Bigger items will break and need replacing. When you spend some good cash on a big fix then something else breaks you are already committed to spend more by the prior repair. At what point do you begin to see larger repairs and decide the old coach is not worth it. Usually after spending too much and that money is wasted.
I am just saying a newer coach should have less potential for major repairs and will be worth more to make it reasonable to spend the $$$$on.

[IBDAGRIZ]

Originally Posted by 1stMH

Thanks all for the great replies.

If we were retired or full time then a newer coach would be nice. We will live in Michigan so only get to use the coach 7 months of the year for about 35 nights.

That $1000 per month works out to $342.86 per night at 35 nights per year.
That's just sittin in the driveway uninsured too.. Keep the Bounder..

Griz

[Gordon Dewald]

What did you work and save for during your life?

If you are going to enjoy the remainder of your life with things you enjoy now is the time to do it.

Neighbors just financed a coach for 25 years. Unlikely they will live 25 years but they will enjoy it in the style they have chosen.

[Superslif]

Originally Posted by Old-Biscuit

DEBT FREE.......

Oh what a feeling of FREEDOM

And then there is that 'extra' monies that can grow and grow and grow

Plus I got to RETIRE at 50 yrs old ....WOO HOO!

Darn, you got me beat. I got out of prison at age 53, two years ago. Only by living a debt-free lifestyle could we ever even have thought about cutting the "work-chain".


Far far too many people don't understand the long term consequences of a RV loan. Especially where it's now heading towards 12 to 15 year RV trailer loans. It's not a issue if your one to buy on credit, knowing you are going to use that RV for the next 10-15 years, without the need to trade it in for another new one 3-5 years after purchase. It's that time period where someone is so underwater on a load, you feel trapped...

[nothermark]

Originally Posted by 1stMH

We were all set to purchase another class A, instead now thinking of keeping our older one and using the 1000$ a month the loan would cost to either pay off our mortgage early or invest it (already max out 401k and save).

How very boring of me ;-)

We are finding out in our 70's that it would have paid to keep more out of our 401K fund. The deferred tax bit has come due with minimum withdrawals creating large tax bills with no significant deductions. It's also a tax issue if one taps the deferred accounts for a large purchase.
I'm not saying not to invest or not to use 401K's but to be aware of the end game. It's handier to have a nice nest egg that can be tapped without regard to tax ramifications and to have an idea of how the minimum requirements will be met. Among other things I'd be investing a significant part of that $1000/mo in taxed investments so I had a chunk of taxed cash later if I decided to buy something newer or needed a chunk for repairs.

[baraff]

Originally Posted by G.G.

Agreed. Our 40 yr. old son and 33 yr. old DIL are on a mission to pay off their mortgage. Should have it paid off in a few years. I think that's a very noble goal to have. It opens up as whole lot of options if nothing but to breathe easier.

Boring is good!!!

Yep. And you sleep better at night too!

[winniman]

Some people have the cash to lose 50 percent of the value of a new rv in the first 10 years. For most that equates to possibly several hundred thousand dollars. I guess thats why I will never have a new one. Dont have that kind of money to lose. I have done 30000 miles of rving in a different rvs that were older than 10 years old. The fun is just getting out there, and seeing the sights. Doing it in a new coach might give you a few extra bragging rights, but the difference in fun in minimal. You might actually have more fun knowing its not costing you your life savings to do it. There are a lot of rvs for sale that the owners owe 70000 more than its worth. This is because they are upside down on the loan. Lots of people think full timing is for them, but get bored or broke after half a dozen years of it. It makes for some very expensive years if you lose a hundred grand in value, and it cost you fifty to get out of the loan. I think I will stick with the older models I can pay cash for. jmho

[Old-Biscuit]

Originally Posted by Superslif

Darn, you got me beat. I got out of prison at age 53, two years ago. Only by living a debt-free lifestyle could we ever even have thought about cutting the "work-chain".


Far far too many people don't understand the long term consequences of a RV loan. Especially where it's now heading towards 12 to 15 year RV trailer loans. It's not a issue if your one to buy on credit, knowing you are going to use that RV for the next 10-15 years, without the need to trade it in for another new one 3-5 years after purchase. It's that time period where someone is so underwater on a load, you feel trapped...

Mom did the 'bills' in our household
Dad was an 'independent' businessman (Oil Field Welder--no sick/vacation pay or pension)
She wrote out a check every month to 'them' ----an actual check---and that got deposited into the savings account.
She said "ALWAYS pay yourself first!"

Because of her I was able to retire so early and financially OK----that was 14 yrs ago.

[glarnold]

"I'll still continue to look at the diesels. It can't hurt to look....right?"

That's the part that always gets me in trouble...
The hurtin' comes later...

[crb478]

I think you are wise to keep what you have. I retired at 52 with a pension! Get paid the rest of my life no matter how long I live. I am not very good at retirement and have worked the last 7 years at a part time job that came to me that was to good to turn down. I have decided to end that job by the end of the year, but another job has found me with less days and more money. Still not really retired!
We bought an older Class A DP that needed updating and a little repairing. Luckily I am handy with things like that so I don't plan to seek newer, just keep fixing anything that breaks or replace/improve problematic systems.
I should have my house paid off in a few years, and most of our investments go toward funding my wife's retirement. IRA's 401's and Roth! On paper we could afford to buy a new RV. In real life I can afford to walk away form the RV that we have. Don't want to, and don't need to as it runs great and soon should look like new inside and out. For us this is a want not a need. When done I will probably have about 15 to 20% of what it cost new plus a lot of my time.
How much of a better time are you going to have if you get an new RV? Will you end up sleeping better, or will you sleep better with extra money and no debt?

[Unicorn Driver]

Originally Posted by mobilemike

Let me throw a wrench in the mix.
Its an old coach 13years. Things will start to go wrong with it at a faster pace. Bigger items will break and need replacing. When you spend some good cash on a big fix then something else breaks you are already committed to spend more by the prior repair. At what point do you begin to see larger repairs and decide the old coach is not worth it. Usually after spending too much and that money is wasted.
I am just saying a newer coach should have less potential for major repairs and will be worth more to make it reasonable to spend the $$$$on.

Hi,

I have an extended warranty which runs until Nov 2020.

[Unicorn Driver]

Originally Posted by IBDAGRIZ

That $1000 per month works out to $342.86 per night at 35 nights per year.
That's just sittin in the driveway uninsured too.. Keep the Bounder..

Griz

Good point.

[Unicorn Driver]

Originally Posted by Gordon Dewald

What did you work and save for during your life?

If you are going to enjoy the remainder of your life with things you enjoy now is the time to do it.

Neighbors just financed a coach for 25 years. Unlikely they will live 25 years but they will enjoy it in the style they have chosen.

I am only 42, havd at least another 13 years to retirement.

[palehorse89]

One thing non of us can do is "Replace Memory's" ....especially if you have Kid's still...........sounds like you are doing well with your 401k status..........if you can, buy and enjoy it now and make sure in your plan that everything is paid off when you retire.............only you know what you can do......and help from a Advisor right now would help , never to early to get one and consult with him.........
Life is short, we are just on vacation on this earth.........and the vacation will soon come to a end.........and our visit will be over. Enjoy to the fullest extent you can while on your vacation, and be wise and get a Financial Advisor to guide you if you don't have one.........
I can borrow money for less that my money is making in retirement........Cash is NO longer King in today's world........hasn't been for quite some time now......
I am debt free.......but when I upgrade soon........I will use someone eles's money........and if my "Vacation" happens to come to a end.......hope they enjoy what I bought..........
Three certain things in life........Death and Tax's and can't back up time..........enjoy the time you have between them....