I'm still convinced these people are crazy.

whywait wrote:
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 RV show where I saw lots of people happily signing purchase contracts and wondered how these young families were able to pay $20-25K for a new trailer. Then I read the small print which stated that yes, it's only $120 per month but that's because it's amortized over 20 years! Lets do the math folks - $120 per month at 6% for 240 months means your actually paying nearly $15K in interest, or 75% of the original purchase price of the trailer. In 20 years I imagine most of these trailers would be worthless for consideration of resale or trade.

So it turned out that lots of these hard working young folks were borrowing against the equity in their homes. Some were outraged that I would suggest that it might not be a wise decision, suggesting that the time they spent and the memories created were worth far more than money. Then came 2008 and look what happened to so many hard working, honest people - they became upside-down on their mortgages, defaulted and lost everything.

I'm still convinced - young families with tight budgets should buy used, rent, borrow or maybe just save for that new(er) RV. It may be only $120 a month but in the long run, it's a heck of a lot of money!

I know my signature might be whywait? But we're older, have no kids, own a 1991 trailer and a 2004 truck and owe not a cent to ANYONE!

....have no kids.....yeah, can make a HUGE difference....We raised 3 kids, I financed a paid off everything up to this point and I'm now 64...depends on how you handled things that life threw at you.

Got out of the USAF in 75'...got a job, in 86', plant was shut down, so I'm 36, wife and 3 kids, house payment, car payment and monthly bills, (can't finance those:))...I never missed a payment on anything....until I found another job, oh...in another state, I worked for others...found a job in another state, moved....bought a home, 5 yrs 6 months later, I get laid off, now I'm 42...wife and 2 kids with bills...oh, never missed a payment on anything and to add to all this, NEVER TOOK UNEMPLOYMENT, FOOD STAMPS OR ANY KIND OF ASSISSTANCE!!....(Sorry, but felt kind of good about that)...Now I started all over at 42 (one month shy of my 43rd. birthday and ended up where I am today.....everything paid for except a couple of bills that will be good in about a year....

SOOOOO IF I had WAITED to where I could have afforded to pay cash for all the fun I had with my THREE CHILDREN and wife, we wouldn't have ALL the cherished memories we have today...started in tents, went to pop-up and then a TT...funny how much more money wife and I had when children started leaving home:B HUGE DIFFERENCE for those who haven't had to raise, support, clothe, and pay for everything for children from the time they're born until they "leave the nest"....

To each his own...if one is responsible and budget's....and uses simple math and common sense...they should be able to do what their budget will allow...

My dad told me when I got married, (had JUST turned 20, DW had just turned 18)....He told me to buy what I could "AFFORD", NOT what I "WANTED"...never forgot that and have never had an issue...( I had just turned 20, wife had just turned 18 when we got married in 1970:)).

So, "live and learn"...you can tell someone all you want about "paying cash" or not financing or whatever, but in the long run....it's their money and their decision..part of growing up...some make good decisions, some don't....part of life...you tell them and if they listen..good...if they don't.....it's one of life's learned lesson's...hopefully one learns from their mistakes....

again, if I hadn't financed, I wouldn't have been able to have purchased first pop-up camper that I did and memories with 2...then 3rd child would have never been made... Not everyone has cash to pay for things...don't recollect being loaded at the age of 20 when I got married back in 70, but I had been raised right and to accept responsibility for my actions...thanks to my late mom and dad.....they were right....