the big problem with Gap Insurance !
If you buy gap insurance on a new RV you are acknowledging right from the purchase that you owe more than it is worth ! Why would you buy and finance something that has less worth the instant that yo...
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It's also stupid/not-wise to pay cash for something instead of using that money otherwise invested at an interest rate higher than the interest rate of borrowed money to buy that same something.
Personal example: Instead of taking the money out of our IRA to pay cash for our RV, I borrowed someone else's money at an interest rate of 3.5% buy our RV. Over several years my IRA has returned a rate of growth greater than 3.5%. It's been a good thing that I didn't pay cash for our RV.
It may convey convoluted bragging rights ... but slavishly paying cash for things - toys or otherwise - may not always be the wisest way to use your money.
Personal example: Instead of taking the money out of our IRA to pay cash for our RV, I borrowed someone else's money at an interest rate of 3.5% buy our RV. Over several years my IRA has returned a rate of growth greater than 3.5%. It's been a good thing that I didn't pay cash for our RV.
It may convey convoluted bragging rights ... but slavishly paying cash for things - toys or otherwise - may not always be the wisest way to use your money.
