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...
Forum Discussion
winnietrey wrote:Water-Bug wrote:winnietrey wrote:Water-Bug wrote:
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.
Well except in 20 years the RV is worth ABOUT ZERO, and the house has tripled in value, other than that small fact you are correct
I just bought a house, completely refurbished by the bank, for under $90K. It sold for $215K ten years ago. Don't think it will be worth $645K , in 20 years. It isn't in California.
Don't know what the house will be worth, in 20 years but I can guarantee your RV will be worth about 0, that is where your argument goes south
Tell that to the guy who bought my house for $215K. He walked away $125K+ refurb costs, over his head. As far as he was concerned, it was worth a lot less than "$0".
