cancel
Showing results forย 
Search instead forย 
Did you mean:ย 

Buy now and finance or wait and pay cash

rollindownthero
Explorer II
Explorer II
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.
44 REPLIES 44

travelnutz
Explorer II
Explorer II
Locked in secure storage fees/month in both Michigan and Florida run from $20 to $50 per month as we have been checking them out for the last 2 years as we were thinking about leaving a 30 something foot 5th wheel or TT RV at both locations should we sell our big home so we wouldn't have to tow both ways. We are 77 now and thinking about it just being easier a little down the road. The yearly cost at the present fuel cost would be about a wash. I don't know where the $250/month storage number came from but that's beyond insane. We would never even remotely consider such a ripoff price even if it included a 30 amp hookup!

Here at the fenced in CG resort we winter at in Florida for 2 to 2-1/2 months (second week of January till the ~3rd week of March) the monthly storage cost is $30 on grass/dirt/or gravel storage ground and $40/month on the paved or asphalt additional fenced lockup area inside the fenced CG area. Michigan price was quoted about the same monthly. Upstate New York should be somewhat the same but not around NY City area of course.
A superb CC LB 4X4, GM HD Diesel, airbags, Rancho's, lots more
Lance Legend TC 11' 4", loaded including 3400 PP generator and my deluxe 2' X 7' rear porch
29 ft Carriage Carri-lite 5'er - a specially built gem
A like new '07 Sunline Solaris 26' TT

zcookiemonstar
Explorer
Explorer
Don't forget you will also have yearly registration/license fees, insurance cost and some areas may require safety inspections.

rollindownthero
Explorer II
Explorer II
Grit dog wrote:
โ€œ Also has very little resources to reduce โ€œoverheadโ€ costs.


Funny how I have never mentioned "my resources" just wondering how you come to the conclusion that I have very little?

toedtoes
Explorer III
Explorer III
rollindowntheroad wrote:
Even if I were to buy a small TT there is still the issue of storing it when not using it. I am not willing to pay a couple hundred dollars a month for storage.


With a small TT, you might find a cheaper lot at the low rate range. But, since you are planning on living fulltime in the RV upon retirement, I think renting is a better path.

You can rent a rig that is more what you want for fulltiming and see what works and what doesn't.

A small TT will let you go out for your vacations, but won't give you as much sense as to what fulltiming will be like. Use your vacations and the money saved on storage fees to try different rigs, different lengths, and different floorplans.

Then look to buy within the last year of work.
1975 American Clipper RV with Dodge 360 (photo in profile)
1998 American Clipper Fold n Roll Folding Trailer
Both born in Morgan Hill, CA to Irv Perch (Daddy of the Aristocrat trailers)

toedtoes
Explorer III
Explorer III
See my post above with the numbers. I used numbers directly off internet searches for going rates.

This isn't about owning vs renting or waiting vs now in general. This is about the OP's specific situation.

For HIS situation, he would pay more out on interest and storage fees by buying now to use it for 3 weeks a year for these 6 years than he would by waiting until he's at, or at least much closer to, retirement to buy and renting for those 3 weeks per year instead.

For someone else, the numbers would be different and I'd wholeheartedly say "buy now". But in the OP's situation, it doesn't make sense.
1975 American Clipper RV with Dodge 360 (photo in profile)
1998 American Clipper Fold n Roll Folding Trailer
Both born in Morgan Hill, CA to Irv Perch (Daddy of the Aristocrat trailers)

Grit_dog
Navigator
Navigator
I just looked, and Moho rentals start at about $250/night bare rental cost. Say $300 all in for 20 nights. How does that save money? If you only have 6 grand and need 7 with no other options, then....I guess.
I couldnโ€™t spend 6 grand a year average keeping up and owning a reasonable priced RV if I tried.
Therein lies the difference. Itโ€™s not a god given right to be able to have a RV.
You have to be willing to be resourceful or willing to spend to not be resourceful.
2016 Ram 2500, MotorOps.ca EFIlive tuned, 5โ€ turbo back, 6" lift on 37s
2017 Heartland Torque T29 - Sold.
Couple of Arctic Fox TCs - Sold

Grit_dog
Navigator
Navigator
โ€œJust not worth paying that much to have an engine sit unused for 6 years.โ€
I must have misinterpreted that.....
To your point though, even though the RV could be used a lot in the coming years prior to retirement, The OP appears single, lots of I and no WE in the posts, so itโ€™s solely his decision (or hers). Also appears to not really be into camping/outdoors/ RVing, but rather looking to full time it when retired. Also has very little resources to reduce โ€œoverheadโ€ costs.

I say wait 6 years, so you donโ€™t have a liability if you change your mind.
2016 Ram 2500, MotorOps.ca EFIlive tuned, 5โ€ turbo back, 6" lift on 37s
2017 Heartland Torque T29 - Sold.
Couple of Arctic Fox TCs - Sold

rollindownthero
Explorer II
Explorer II
Even if I were to buy a small TT there is still the issue of storing it when not using it. I am not willing to pay a couple hundred dollars a month for storage.

toedtoes
Explorer III
Explorer III
Grit dog wrote:
Lol, "engines sitting for 6 years = bad". Could any of you be more dramatic?
You're acting like the OP is signing a contract with the devil or something.
Yes there are considerations with moving forward now, or later, but this site or its members can be a little fickle sometimes. Like now....


Not quite what I said. I said the storage fees are too much to pay just to have it sit for 6 years. The OP would have more money for a rig if he simply rented those 3 weeks per year for 6 years. And he'd be able to see what floorplan and size will work best for fulltiming.
1975 American Clipper RV with Dodge 360 (photo in profile)
1998 American Clipper Fold n Roll Folding Trailer
Both born in Morgan Hill, CA to Irv Perch (Daddy of the Aristocrat trailers)

Grit_dog
Navigator
Navigator
Lol, "engines sitting for 6 years = bad". Could any of you be more dramatic?
You're acting like the OP is signing a contract with the devil or something.
Yes there are considerations with moving forward now, or later, but this site or its members can be a little fickle sometimes. Like now....
2016 Ram 2500, MotorOps.ca EFIlive tuned, 5โ€ turbo back, 6" lift on 37s
2017 Heartland Torque T29 - Sold.
Couple of Arctic Fox TCs - Sold

Roy_Lynne
Explorer
Explorer

Veebyes
Explorer II
Explorer II
Rent for the time being & start allocating money for the future purchase now. In four years time start doing the RV shows like Hershey & the dealers to see what the latest is then. Narrow the choices down to only a few.

In six years time go shopping. Look for a lightly used unit only a few years old in one of the models in your possibility list. Don't let anyone offer a super deal on what you don't want. You will regret buying it. Don't be afraid to deal direct with the seller or travel some distance for the right one. Take your time. The right one will come along.
Boat: 32' 1996 Albin 32+2, single Cummins 315hp
40+ night per year overnighter

2007 Alpenlite 34RLR
2006 Chevy 3500 LT, CC,LB 6.6L Diesel

Ham Radio: VP9KL, IRLP node 7995

toedtoes
Explorer III
Explorer III
rollindowntheroad wrote:
toedtoes wrote:
I think some points to be made:

A quick search of storage fees in New York gave this range of storage costs between $140 and $650 per month. Mid rate of $355 per month. And that's for a space to fit a short motorhome of less than 25ft.


I hadn't even done a search yet for storage facilities and costs. There is no way I would be willing to pay those kind of storage fees.


Yeah, that's what would have stopped me too. Just not worth paying that much to have an engine sit unused for six years. A trailer might make a bit more sense.
1975 American Clipper RV with Dodge 360 (photo in profile)
1998 American Clipper Fold n Roll Folding Trailer
Both born in Morgan Hill, CA to Irv Perch (Daddy of the Aristocrat trailers)

wanderingaimles
Explorer
Explorer
I'll suggest a third option,,,
Start setting the money from the payments aside now, and buy one year ahead of your planned retirement.
You should be nearly able to pay cash, you will have a year to get the bugs out of the systems and make any changes it turns out you desire, and you wont be paying for maintenance and upkeep for the time that you cant get much if any use from it.