Hello All! I want to full time when I retire in 6 years. Wanting to hear your opinions on whether I should buy something now and finance it or wait until I retire and pay cash. If I finance it I probably would not finance it for more than 6 years as I want to be debt free when I retire.Here is what I would be looking at to buy: Used, Class A, gas in the 35' range. Looking at the $50,000 price range. I know many of you are probably going to say that I won't get much for $50,000 but that is the price range I would feel comfortable in.I currently live in upstate NY. To use it now would only be 6 months out of the year as there are no camp grounds that are open during the winter here. There is also the issue of storage. I live in an apartment and they don't allow motor homes, TT's etc. to be parked in the parking lot. So I would have to find a location to store it when not using it.Here in upstate NY there are not a lot of used MH's that I have found fit my criteria. I use to live in FL and found that there are far more MH's there. I would more than likely buy something in FL and bring it back to NY. I have a Jeep Grand Cherokee that I can use as a toad.So let me know what you think. Also, if there is a better forum that this should be under please let me know.Thanks.

Ah, Schenectady. Bring fond memories of traveling to Vermont as a kid to ski, and my dad trying to pronounce Schenectady!Anyway, I think it boils down to doyou want to use it now. If yes, go ahead and get it now and enjoy it. It is a great way to travel!If you dont think you’ll use it, then it’s a waste to get it now. You’ll pay interest, it will be 6 years older when you retire, and you’ll pay storage fees.

I would wait and buy cash in this instance. Look at it this way:If you buy now, you will pay out about $8-10,000 in interest. You will also pay out about $18,000 ($250 per month for six years) on storage fees.If you put that $8-10,000 you would have paid on interest away each month now and put that $250 you would have been paying in storage fees away each month now, you would have an additional $28,000 towards your MH. That means you will have the extra money to do repairs (which will be needed) and upgrades during your full-timing. It will also give you money set aside for unexpected issues that may come up.Focus on your goal (fulltiming at retirement) - rather than on a short term pleasure (summer trips).

I’d wait and buy used in Florida when you are at or near fulltiming. Decide then how much you have to spend. We don’t full time but decided it was better for use to finance rather then selling cash producing assets.

How much RV experience do you have? I would rent a small class C for a week or two in the summer to see if this is really the dream you think it is.

Buy now and finance or wait and pay cash | Good Sam Community

travelnutz
Explorer II
Mar 06, 2019
Locked in secure storage fees/month in both Michigan and Florida run from $20 to $50 per month as we have been checking them out for the last 2 years as we were thinking about leaving a 30 something foot 5th wheel or TT RV at both locations should we sell our big home so we wouldn't have to tow both ways. We are 77 now and thinking about it just being easier a little down the road. The yearly cost at the present fuel cost would be about a wash. I don't know where the $250/month storage number came from but that's beyond insane. We would never even remotely consider such a ripoff price even if it included a 30 amp hookup!

Here at the fenced in CG resort we winter at in Florida for 2 to 2-1/2 months (second week of January till the ~3rd week of March) the monthly storage cost is $30 on grass/dirt/or gravel storage ground and $40/month on the paved or asphalt additional fenced lockup area inside the fenced CG area. Michigan price was quoted about the same monthly. Upstate New York should be somewhat the same but not around NY City area of course.
zcookiemonstar
Explorer
Mar 06, 2019
Don't forget you will also have yearly registration/license fees, insurance cost and some areas may require safety inspections.
rollindownthero
Explorer II
Mar 04, 2019
Grit dog wrote:
“ Also has very little resources to reduce “overhead” costs.

Funny how I have never mentioned "my resources" just wondering how you come to the conclusion that I have very little?
toedtoes
Explorer III
Mar 04, 2019
rollindowntheroad wrote:
Even if I were to buy a small TT there is still the issue of storing it when not using it. I am not willing to pay a couple hundred dollars a month for storage.

With a small TT, you might find a cheaper lot at the low rate range. But, since you are planning on living fulltime in the RV upon retirement, I think renting is a better path.

You can rent a rig that is more what you want for fulltiming and see what works and what doesn't.

A small TT will let you go out for your vacations, but won't give you as much sense as to what fulltiming will be like. Use your vacations and the money saved on storage fees to try different rigs, different lengths, and different floorplans.

Then look to buy within the last year of work.
toedtoes
Explorer III
Mar 04, 2019
See my post above with the numbers. I used numbers directly off internet searches for going rates.

This isn't about owning vs renting or waiting vs now in general. This is about the OP's specific situation.

For HIS situation, he would pay more out on interest and storage fees by buying now to use it for 3 weeks a year for these 6 years than he would by waiting until he's at, or at least much closer to, retirement to buy and renting for those 3 weeks per year instead.

For someone else, the numbers would be different and I'd wholeheartedly say "buy now". But in the OP's situation, it doesn't make sense.
Grit_dog
Navigator
Mar 04, 2019
I just looked, and Moho rentals start at about $250/night bare rental cost. Say $300 all in for 20 nights. How does that save money? If you only have 6 grand and need 7 with no other options, then....I guess.
I couldn’t spend 6 grand a year average keeping up and owning a reasonable priced RV if I tried.
Therein lies the difference. It’s not a god given right to be able to have a RV.
You have to be willing to be resourceful or willing to spend to not be resourceful.
Grit_dog
Navigator
Mar 04, 2019
“Just not worth paying that much to have an engine sit unused for 6 years.”
I must have misinterpreted that.....
To your point though, even though the RV could be used a lot in the coming years prior to retirement, The OP appears single, lots of I and no WE in the posts, so it’s solely his decision (or hers). Also appears to not really be into camping/outdoors/ RVing, but rather looking to full time it when retired. Also has very little resources to reduce “overhead” costs.

I say wait 6 years, so you don’t have a liability if you change your mind.
rollindownthero
Explorer II
Mar 04, 2019
Even if I were to buy a small TT there is still the issue of storing it when not using it. I am not willing to pay a couple hundred dollars a month for storage.
toedtoes
Explorer III
Mar 04, 2019
Grit dog wrote:
Lol, "engines sitting for 6 years = bad". Could any of you be more dramatic?
You're acting like the OP is signing a contract with the devil or something.
Yes there are considerations with moving forward now, or later, but this site or its members can be a little fickle sometimes. Like now....

Not quite what I said. I said the storage fees are too much to pay just to have it sit for 6 years. The OP would have more money for a rig if he simply rented those 3 weeks per year for 6 years. And he'd be able to see what floorplan and size will work best for fulltiming.
Grit_dog
Navigator
Mar 04, 2019
Lol, "engines sitting for 6 years = bad". Could any of you be more dramatic?
You're acting like the OP is signing a contract with the devil or something.
Yes there are considerations with moving forward now, or later, but this site or its members can be a little fickle sometimes. Like now....

Forum Discussion

Buy now and finance or wait and pay cash

About RV Tips & Tricks

Related Content

Cash Vs. Finance

Financing Rates These Days

Financing

Don't Wait

Motorhome financing