View Poll Results: Cash or Credit
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Bought from a dealer - financed
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28 |
17.39% |
Bought from a dealer - cash
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67 |
41.61% |
Bought from a private party - financed
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10 |
6.21% |
Bought from a private party - cash
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56 |
34.78% |
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01-16-2022, 04:30 PM
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#29
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Senior Member
Nor'easters Club Holiday Rambler Owners Club
Join Date: Oct 2016
Location: Monadnock Region of New Hampshire
Posts: 1,519
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Quote:
Originally Posted by arcaguy
Did you pay cash for your rig? Did you buy it from a dealer or a private party? Inquiring minds want to know.
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From a small exotic car and RV dealer, paid cash with a trade in. Wrote him a check, and drove out with our "new" RV.
__________________
My name is Peter, and I'm never going to grow up.
- Winnebago Era 2010 Class B
- Holiday Rambler 2006 Ambassador 40-DFD Class A
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01-16-2022, 04:47 PM
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#30
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Registered User
Join Date: Feb 2020
Posts: 519
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Seems to me that if someone has the choice of cash or finance, they have the option of choosing what suits them at the time. No right or wrong. On the other hand, if they are thinking of buying an RV and have no choice but to finance, as in they just don't have the funds or it would significantly deplete their savings, they should probably reconsider.
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01-16-2022, 04:54 PM
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#31
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Registered User
Join Date: Aug 2007
Posts: 434
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Another vote for loan versus cash from retirement funds. It just doesn't make sense to use my money for a depreciating asset.
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01-16-2022, 04:55 PM
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#32
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Registered User
Join Date: Feb 2020
Posts: 519
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Quote:
Originally Posted by BikesAndGuns
Like many owners, we won't be able to participate in this poll. We paid mostly cash to the dealer for our RV, but financed $10,000 through our credit union. Any valid poll will include an "Other" category, ideally with a field to explain.
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You would go in category #1. You bought it through a dealer and financed it. Doesn't specify who gave you the financing. Yes, you can participate!
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01-16-2022, 05:13 PM
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#33
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Senior Member
Join Date: Jun 2016
Location: SW Louisiana
Posts: 8,849
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Quote:
Originally Posted by ShelbyM
Seems to me that if someone has the choice of cash or finance, they have the option of choosing what suits them at the time. No right or wrong. On the other hand, if they are thinking of buying an RV and have no choice but to finance, as in they just don't have the funds or it would significantly deplete their savings, they should probably reconsider.
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I agree with this completely, in our case the purchase of our used class A coach 5-6 years ago amounted to roughly on the order of 2-3% of our net worth at the time, yet we opted to finance over 4 years for liquidity / investment / tax reasons.
__________________
2002 Safari Trek 2830 on P32 Chassis with 8.1L w/ 400 watts solar 420Ah LiFePo4
2017 Jeep Cherokee Overland & 2007 Toyota Yaris TOADs with Even Brake,
Demco Commander tow bar and Blue Ox / Roadmaster base plates
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01-16-2022, 05:26 PM
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#34
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Member
Join Date: Oct 2016
Posts: 54
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My father told us kids if you can not afford to buy what you want wait until you can. After a long search for the right coach we bought a nice older well maintained low mileage Prevost Country Coach that we figured was at the bottom of the Depreciation list from the second owner who's health had diminished . After negotiating on a price we Paid Cash . We have enjoyed seeing America for the past 7 years . If I had purchased this from a Dealer I am sure there would have been a major markup due to the condition of the coach. If something were to happen to me then my wife can sell it without have to satisfy a Loan. Because we bought from a Private Individual we have kept in touch with them and they have been most helpful when I have had questions about systems.
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01-16-2022, 05:29 PM
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#35
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Senior Member
Join Date: Oct 2020
Location: Michigan
Posts: 109
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In Aug. 2020 as COVID was on the rise we decided we needed to be more self sufficient and sell our 19' TT.
We found the new HR Invicta [36' gasser] on a dealers lot in Mich. 60 miles south of us. This was the absolute last new class A within 400 miles!
Walked through the rig then wife and I nodded and wrote the check and walked out. Had to wait 2 weeks for the washer-dryer installation. Then another 2 days for Blue Ox tow gear to be installed on our Ford Explorer.
This was a major Mich. RV dealer and it was NOT until May of 2021 before they had ANY new class As available.
Would have preferred a diesel pusher but nothing was available in the state < $600K. Looked a a used low mileage Tiffen of similar size but it had been poorly maintained, needed house batteries, tires etc. so passed on that from a private seller.
__________________
2020 HR Invicta
Blue Ox towing package
2019 Ford Explorer Toad
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01-16-2022, 06:10 PM
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#36
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Junior Member
Join Date: May 2021
Posts: 13
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I paid cash because of my age ( 71) I wasn't able to get a loan
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01-16-2022, 06:16 PM
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#37
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Member
Join Date: May 2019
Location: Houma, Louisiana
Posts: 43
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Just bought my nicely used 2007 Georgetown 37' with 3 slides with 29000 miles from a private party and financed it all thru the bank at 5.5 % interest as it was over the 13-year mark, but still my investments are making more than me paying off the motorhome.
__________________
Motorhome- 2007 Georgetown 370 XL V10 3 Slides
Toad- 2020 Chevrolet Colorado Crew Cab LT V-6 4 X 4/ Cricket RX5 Mini Golf Cart
Tow Bar- Blue OX Aventa II/ Brake System- RVibrake 3
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01-16-2022, 06:16 PM
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#38
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Senior Member
Join Date: Jul 2021
Posts: 826
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I paid cash from a private party. It just made sense given the rates for borrowing at the time. I got zero percent on my truck when I bought it so why not use their money. Every situation is different
__________________
2012 32’ Tiffin Breeze
2007 29’ Winnebago Aspect (Sold)
1983 35’ Bluebird Wanderlodge (Sold)
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01-16-2022, 06:25 PM
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#39
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Junior Member
Join Date: Aug 2020
Posts: 12
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Bought our 2017 Coachmen Apex Nano 193BHS from private party in August 2020 for $13k cash. We thought we got a great deal. They were getting out of camping (kids outgrew the bunks), and they told us they had one issue with freezing before they winterized for 2019 and had to replace kitchen faucet.
Ending up replacing the kitchen sink with stainless steel (had leak from a nearly invisible hairline crack) and the bath faucet/shower line/head.
Still think we got a deal.
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01-16-2022, 06:31 PM
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#40
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Senior Member
Join Date: Jun 2016
Location: SW Louisiana
Posts: 8,849
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Quote:
Originally Posted by tackmister
I paid cash because of my age ( 71) I wasn't able to get a loan
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It is against the law for lenders to discriminate based on age, in theory if a 95 year old wants to take out a 30 year loan, the banks have to treat them the same as a 45 year old
__________________
2002 Safari Trek 2830 on P32 Chassis with 8.1L w/ 400 watts solar 420Ah LiFePo4
2017 Jeep Cherokee Overland & 2007 Toyota Yaris TOADs with Even Brake,
Demco Commander tow bar and Blue Ox / Roadmaster base plates
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01-16-2022, 07:04 PM
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#41
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Senior Member
Join Date: Nov 2018
Posts: 113
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Quote:
Originally Posted by terntes
Another point of view!
We financed, bought from Camping World and we had to buy the $$$$ warranty package. The finance officer told us we could not buy the motorhome without the warranty package because if something happened requiring warranty work it would look bad on Camping World if they would not fix the problem. Would this still happen if we paid cash? Has anybody had this experience?
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You were taken advantage of on that one. Good luck with your extended repairs. If they looked bad for not fixing, thats on them. Not on you!
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01-16-2022, 08:05 PM
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#42
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Junior Member
Fleetwood Owners Club
Join Date: Sep 2021
Posts: 22
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We purchased from a private party and financed it through the credit union. This was done about six months before I retired.
It's on a ten year loan but will be paid off this year, 3 years.
The DW is scheduled to retire early next year so it will paid off before she gets there. I suppose I could have paid cash but the interest at about 4% doesn't make it worth selling investments. It's just whatever makes best sense in an individual's circumstances.
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