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

Grit_dog
Navigator
Mar 03, 2019
OP, you have a bunch of things to juggle to make this decision. Some objective , like costs. Some subjective like your desire to use it.
There are much less costly ways to get out and camp, if the purchase of this is a huge decision financially and emotionally. Sounds more finiancal but I don’t understand the 6mo only argument. We’re lucky to spend a week or 2 a year, not retiring though.
Good luck in your decision.

One bit of good advice to the wait a few years argument is I believe the same, economy and rv prices aren’t likely to keep up like this indefinitely and there’s a strong chance prices will be lower in the future for a while.
wa8yxm
Explorer III
Mar 03, 2019
With out talking about the posibility you coudl die before you read this .. I will talk about a class I took many moons ago in college.> Economics

How are you going to save
Method one: Put money in a saving's account. Back then they paid 5% interest today more like 0.01% Might as well stuff a matress.. Inflation however is much higher than that so your money is shrinking shrinking shrinking.

NOW... If we go into a recession. than that stuffed matress is good.

Or you can invest. A good mutual fund can turn as much as 10-15% which is better than inflation (Today's rates) but ..... You can also lose it. BIG TIME (Think of the folks who invested in ENRON's 401K)

OR you can borrow and buy at say 3-5% interest if you have good credit.
With inflation running higher than that your bill shrinks and you are actually SAVING money plus you get to enjoy it NOW.

SO my professor's advice. and I stress this is HIS advice. was BORROW.

WHich I did. and happy I am.
docsouce
Explorer II
Mar 03, 2019
So here is a thought.. Seems that with the current RV "bubble" folks that never camped, or camped very little are before, are buying RV's. I'm thinking that in a couple of years some of these people are going to put their slightly used rigs on the market and there is going to be a glut, and prices for used rigs is going to drop. Sure some will have been parked and ignored to become moss covered, but some will be in new condition and ready to roll at a much lower price. So waiting might be a good choice. OH.. Again this is just a though, I am not doing a "Jean Dixon" imitation.
rollindownthero
Explorer II
Mar 03, 2019
Thank you for all your replies.

I am still working full time and get 3 weeks vacation a year. Again, live in upstate NY and camp grounds are not open in the winter. This is why I could only use it 6 months out of the year.

I am really leaning toward waiting until I retire before getting anything. Will just keep saving and adding to my RV fund. I had thought about getting a small TT in the meantime but my Jeep will only tow 3,500 lbs. I have looked in my area and can't seem to find a whole lot available in the weight range I can tow. There are pop ups in my weight range all though I would prefer a TT.
rollindownthero
Explorer II
Mar 03, 2019
I had thought about getting a TT, my jeep is rated to tow a max of 3,500 lbs. I looked but doesn't seem to be much out there, at least where I live, that are in the weight that I can tow.
rexlion
Explorer
Mar 03, 2019
Let someone else pay for upkeep, insurance, storage etc. for those six years while you save up. If you had to finance it six years from now it might be a little different, because I believe interest rates could rise substantially by then... but you will be paying cash anyway.

If you want to camp or travel a bit during the next few years, I agree that a used TT your JGC can tow makes more sense; upkeep and insurance on a TT are far lower than a MH.. If you get a used Scamp or Casita I bet you can resell it for what you paid. But there again you probably have the storage expense issue.
mike_brez
Explorer
Mar 03, 2019
rollindowntheroad wrote:
mike brez wrote:
You could be dead in six years.

Guess I wouldn't need any thing if that's the case.

I guess but you would at least of got six years of rving in before you croaked.
DrewE
Explorer II
Mar 03, 2019
philh wrote:
rollindowntheroad wrote:
Ductape wrote:
Would you get pleasurable use from it the next six years,or would it be a burden? That's the issue IMO.

I would only get 6 months use out of it where I live, upstate NY. Now if I was still in Florida or some where where it was warm all year long I would definitely get much more use out of it. Otherwise while I am still here it would sit for 6 months while I am still making payments, paying insurance, paying for storage.

Why only six months? Funny thing, with an engine and wheels, there are warmer climates :)

I suspect it's directly related to the part about retiring six years hence. The RV could live in Florida for half the year, but the poster presumably would still be stuck working in upstate New York.
philh
Explorer II
Mar 02, 2019
rollindowntheroad wrote:
Ductape wrote:
Would you get pleasurable use from it the next six years,or would it be a burden? That's the issue IMO.

I would only get 6 months use out of it where I live, upstate NY. Now if I was still in Florida or some where where it was warm all year long I would definitely get much more use out of it. Otherwise while I am still here it would sit for 6 months while I am still making payments, paying insurance, paying for storage.

Why only six months? Funny thing, with an engine and wheels, there are warmer climates :)
MDKMDK
Explorer
Mar 02, 2019
Full-time RVing forum?
Buying/financing one now:
In six years, motorhomes will be more expensive. Interest rates could be higher, so cost to purchase may be higher.
Quality may not be as good in 6 years, as it is now. This has been debated regularly for all makes and models forever. Newer is not necessarily better.
In six years if you buy now, you'll have had a chance to meld with your rig, and you'll know every little idiosyncrasy it has, and they have many. It will be like an extension of your body if you buy it now, which can be an advantage when you're "out there". You may be able to handle problems better, because you may have had the same problem already.
Waiting:
Newer technology may be available to make camping easier. Better batteries, solar charging, construction, better chassis options, AI operational assistance, who knows what etc.
Warranty may still help with repair issues, if you buy a used rig with some transferable warranty left.
I'm still thinking.......

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