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Old 06-02-2018, 06:09 PM   #1
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Default Did you finance or pay cash for your Class B?

WOW....the sales folks make this sound so easy... just finance it over 20 years.... trouble is..I realized that it would cost another $60,000 in interest charges just for that!

So, after 7 months I found a way to "retire" the loan...

Still, I could not do that again..one time thing..

Is it worth financing an RV for 20 years..? Just because you can doesn't mean you should?

And, these things are really toys... depreciating assets like cars...

Unless something changes.. I'll probably keep my used RV until I decide not to have one!
These things are so insanely expensive to purchase and maintain...

I'm lucky that I like my RV... turning it around for another one is not a good idea.. especially if you just acquired it...
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Old 06-02-2018, 06:24 PM   #2
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The only financial advice you ever need:
"Never borrow money to buy a depreciating asset."
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Old 06-02-2018, 06:32 PM   #3
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Quote:
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The only financial advice you ever need:
"Never borrow money to buy a depreciating asset."
That's un-American!!!
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Old 06-02-2018, 06:44 PM   #4
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Default Probably should have known this would be a controversial topic....

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That's un-American!!!

YES... people do that every day on cars......in fact. Leasing is a prime example of this.... you're paying for the first three years of deprecation when you take possession and you don't even own the car!

On the other hand...you can't take it with you...so, why not drive the nicest vehicle you can afford to make payments on......A LOT of people definitely feel that way....
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Old 06-02-2018, 06:47 PM   #5
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.

The smartest person is the one who died with the most debt

Enjoy now... pay later.
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Old 06-02-2018, 07:19 PM   #6
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The only financial advice you ever need:
"Never borrow money to buy a depreciating asset."
Personally, my m/o truncates this advice to: never borrow money, period, but that said:

Maybe. Maybe not. It depends on the cost of borrowing and what you do with the resources conserved by borrowing plus the potential tax deduction advantage of an RV qualifying for a second home. The inputs to the equation and the resultant financial bottom line will be different for everybody.
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Old 06-02-2018, 07:41 PM   #7
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Has anyone kept a Class B for 20 years?

I've paid cash for my three Class Bs and traded them in at 65,000 and 61,000 miles and already have 63,000 miles on my current one in 3-1/2 years. At my rate I would put well over 400,000 miles on one in 20 years and I doubt it would last that long. And I certainly wouldn't want to own something that was stored in a garage unused for several years. But I may not live another 20 years and it is a depreciating asset unlike a house.
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Old 06-02-2018, 08:18 PM   #8
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Cash, but we bought it when it was 7 years old. (But then put a great deal of additional money into it.)

The median home price in my area is $250,000. House plus Class B combined is still dramatically cheaper than the median home price in many other areas of the country.

I don't believe in debt. I'm an immigrant who came here and had no credit rating and no citizenship, so I wasn't able to borrow for many years regardless of whether I wanted to or needed to. I learned to live in perpetuity without borrowing.
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Old 06-02-2018, 08:43 PM   #9
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It's a question that I've been asking myself. I'm not fortunate enough to throw down 80k cash. The lure of 20 years and low payment is tempting, but I just can't let myself do it. I will need to finance but am aiming toward 10 years. I have excellent credit and no other debt, so I should be able to score a decent percentage rate. We'll see...
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Old 06-02-2018, 09:00 PM   #10
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Quote:
Originally Posted by Roadtrek Adventuous RS1 View Post
These things are so insanely expensive to purchase and maintain...
This one line is is not what my brain needs to read until after I finally purchase one.
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