Okichewy1
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Re: Looking at purchasing an RV
livemusic wrote: Okichewy1 wrote: Yeah, when I bought my brand new 2012 Jayco TT, we paid 13,500 out the door at a dealer, 2 years later sold it for 12,000 to a couple. Thought it was a good investment for the 2 years. I have never heard of anyone buying anything new, using it for 2 yrs, then selling it for 89% of what you paid for it. I can't believe you asked that price and can't believe they paid it! No offense, I've just never heard of anything like that. Obviously, it can happen. I bought a 2008 Nissan Titan truck for an absolute steal due to the horrific recession and they couldn't get rid of trucks, but I didn't sell it, still have it. Cheers! Yeah, when we bought it, we drove 6 hours to Montana to purchase it. It was the last one of that model and was mid August. The dealer took off another $1,000 since we drove to get it. When I sold it, I figured I would ask high and see what I get brought down too. They only asked me to reduce my price by $500.00.515Views0likes0CommentsRe: Looking at purchasing an RV
Jayco-noslide wrote: Have you considered going used to bring the price way down and attempting to pay cash. Any new RV really depreciates and isn't any better than one of good quality and well cared for 3 to 5 years old. We bought a 30 ft. Class C which was 10 years old at the time and it had depreciated from around $75000 to $23000(what we paid) in that 10 years and we still have it. We are debt free and will only buy a car or RV cash. Probably going way too far in advice giving but I wish you the best and you will enjoy whatever you get. Yes, we have talked about used also. I have just been looking at new cause it's easier to get the floor plans to look at online. Once I find some floor plans we like am going to do some searching for used ones of those models. I just used the 20 year loan as an example since we can afford up to a 20 year loan and about 144,000.00. Don't necessarily want to go that high, my thought was even if we purchase new at about 80k, with 1200.00 monthly for max payment we could pay off within 10 years or so. Goal was to not have an RV payment by the time I hit age 60 for retirement which would be about 12 years. We are in the researching phase now, don't plan to purchase anything for 3 more years. Have so much information so far, planning on writing up a spread sheet so I can take it all in. Biggest goal is to not have an RV payment when I go into retirement.515Views0likes0CommentsRe: Looking at purchasing an RV
Optimistic Paranoid wrote: Okichewy1 wrote: I at least have 3 more years before we even purchase, but want to make sure we are doing the right thing. Me personally, I wanted to purchase a 2nd home on The Big Island, HI since I have found some for less than 200k. But the wife wants an RV. Any way you could swing buying the home in Hawaii and turning it into a rental property? Done right, this would give you an APPRECIATING property to offset the depreciating motor home, and one that the rent could cover the mortgage and property tax costs. Maybe you could rent it to a military officer assigned to Hawaii, I would assume they would be a better class of renters, which is the one big problem with being a landlord. Understand that you need an exit strategy. Your motor home will be depreciating, and sooner or later you will either get tired of being on the road, or you or your wife will get too old or ill to continue living in a motor home. You've got time. Was I you, I would be exploring something like this with a certified financial planner to figure out all the angles. Will get with my financial planner and see what they say. Thanks for the information.515Views0likes0CommentsRe: Looking at purchasing an RV
donn0128 wrote: Okichewy1 wrote: thanks for the information. It helps a lot with search process. Yeah, plan is to purchase with a 20 year loan and payoff within 12 years. Big, BIG mistake. With a DEPRECIATING asset it will mean you will absolutely up side down for at least 12 years. Maybe more. At the end of 5 years you could still owe almost what you paid for it, and it could only be worth maybe 50%. Unless you like throwing your money away,or have a lot of disposable cash look again at value. You pay 200K for a new MH, 5 years down the road you sell it for a hundred K. Can you absorb that much of a loss? This is one of the big reasons I came on this forum, to gather information about MH's. I at least have 3 more years before we even purchase, but want to make sure we are doing the right thing. Me personally, I wanted to purchase a 2nd home on The Big Island, HI since I have found some for less than 200k. But the wife wants an RV. So looking at RV dealer sites, they show the MSRP as say 200k, but sale price is 150k, then I emailed them and they say their online deal is 129k for a new 2018 model. If RV depreciation from the MSRP or the sale price? I am a pretty good negotiator when it comes to auto's and my boat. Didn't really need to negotiate when I bought my TT except the dealer dropping 1000 off the price to drive 6 hours to pick it up. There is so much to research in purchasing a MH I have found out.412Views0likes0CommentsRe: Looking at purchasing an RV
Optimistic Paranoid wrote: Okichewy1 wrote: Yeah, plan is to purchase with a 20 year loan and payoff within 12 years. Have you actually talked to a bank or credit union about this? FWIW, the credit union I belong to will only give a loan for an RV for 10 years (120 months) MAX, and will only finance up to 90% of the purchase price up to $60,000 for a NEW RV and up to 80% of the purchase price up to $50,000 for a USED one. This, of course, is using the RV as collateral. Not yet, this was talking with a couple dealers when we were window shopping to see if there was any models we liked. The dealers around where we live use the same banks/CU's we already have accounts with. So just assumed 20 years would be good, also, I understand it depends on the amount financed will dictate the years financed. My plan was to budget 1200.00/month and hopefully purchase something with a 700-800/month payment, then dump the extra up to 1200 into the principle of the loan. The CU's and banks I use have loans up to 20 years for RV's.371Views0likes0CommentsRe: Looking at purchasing an RV
thanks for the information. It helps a lot with search process. Yeah, plan is to purchase with a 20 year loan and payoff within 12 years. thanks again for the information and things to think about, I didn't budget for maintenance. Budgeted for monthly payment, storage, annual insurance and vacation money to get us places.371Views0likes0CommentsRe: Looking at purchasing an RV
Thanks for the info. We used to own a 26' TT that was good when the kids were little, then they grew and it was cramped. With my monthly budget I have planned, the max I would like to finance is about $144,000, we plan on putting down at least $5k, maybe more. That was the other option was purchasing used from a dealer. The ones I have looked at were were priced between 85k -130k. Similar in size from 33' - 38'. The larger one was a Class A toy hauler.371Views0likes0CommentsLooking at purchasing an RV
Little about myself. Married with 2 young adult children in college and 2 large dogs (75 and 90lbs). Live in southern Idaho but have family in Michigan, Georgia, Alabama and Florida. I am 46 y/o and wife is 43. I retired from the Marines and currently work for the US Forest Service. Have about 14 years till I plan on retiring at age 60. We are looking to purchase an RV in 2021 when we have our car, truck, boat and home heating system paid off. I already have budgeted about 1200.00 max a month for the RV loan payment, 100.00/month for storage and then have a couple quotes for insurance so have that money budgeted in. We initially will be using this for random vacations due to working still, but would like to have something paid off prior to my retirement. We have looked at Class A and Class C's and think were hooked on the Class A's. Any pointers for a new couple looking into these would help. Sorry this is so long. Thanks, Ken3.8KViews0likes27Comments
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