I'm still convinced these people are crazy.
Years ago, pre-2008 in fact, I posted something that lighted a firestorm of indignation - I questioned the sanity of people who buy new RVs and amortize the purchase over 20-25 years. I had been to an...
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To the OP. Yup they're paying 75% of the purchase price in interest with $s that are worth 60% less. That equals 15% of the purchase price for 20 years use. Buy a house with a 30 year mortgage,10 years ago, and you will pay 3X the purchase price over a 30 year loan, for a home that is worth 50% less today. But a home mortgage was a good deal and an RV loan was a rip off. Right!!! By the way, both are equal tax write-offs.
EDIT. It's easier to buy your way out of a 10 year old 20 year RV loan than a 10 year old 30 year mortgage.
EDIT. It's easier to buy your way out of a 10 year old 20 year RV loan than a 10 year old 30 year mortgage.
