Buy now and finance or wait and pay cash
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 ...
Forum Discussion
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).
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).
