Forum Discussion

rollindownthero's avatar
rollindownthero
Explorer II
Mar 02, 2019

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 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.
Seeking Advice
  • wildtoad's avatar
    wildtoad
    Explorer II
    Mar 02, 2019
    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.
  • toedtoes's avatar
    toedtoes
    Explorer III
    Mar 02, 2019
    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).
  • jfkmk's avatar
    jfkmk
    Explorer
    Mar 02, 2019
    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.

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