chuckster11 wrote: "My opinion is you should not go into debt to buy an RV. Hearing all of the posters encouraging you to take on a large debt on a depreciating asset (liability) at the beginning of what is essentially a global economic crash seems to me to be dangerous thinking."
Finally, someone said it! Good for them. I have been a bit amazed with all the people encouraging debt--a 20 year loan for a 71 year old! Some of these same people have excoriated people who have taken cavalier attitudes at debt--blaming them and the lending institution for ruining the economy and now those people are telling a retiree to "go for it", to take on a loan that you know you will never pay back and for something that will, as we all know, depreciate faster than any single purchase a person is likely to make.
With all this advice from older, mature posters, please run by me again the approximate ages of that apparently elusive "me generation" we like to point at with such derision? After reading the responses to the OP, I still don't know who the "It's all about me" types are or their ages but I sure know who taught 'em lessons in self gratification first and to hell with the cost second.
I think you missed the point, the original poster asked if he was too old not if the economic times were right. Only he can know if he can afford to take on the debt.
Kids learn from their parents so if you think it is the "me" generation then guess where they learned it.
I didn't miss the point at all. Amongst the OP's concerns were the fact that the buy would have to be financed and that he probably wouldn't live to "pay it off". That sure sounds like he had the debt in mind, especially since his spouse is fighting the buy. Is she objecting because of his age or because of his age and the length of the probable loan? If so, why so? The economic times dictates what the potential widow might be stuck with a few years down the line--an highly depreciated alligator eating everything in sight.
If he "goes for it" and things don't work out financially, there might be bailout money available for them. Hey wait a minute....that's my money, and my kids money, and probably my grandkids money......
D.R.Bain wrote: "
"I don't know if I would live long enough to ever get it paid for."
This statement holds for all of us that buy anything on credit. The idea that some have said He could stroke out holds for all of us whether 41 or 91. So if we were all afraid that this could happen none of us should bought on time.
Didn't do it. We've had two MHs and paid cash both times, buying WELL within our means. The practice of buyimg well within our means leaves us in a secure financial position today, despite losing half our 7 figure savings in the stock market.
In all candor, I agree with the earlier poster that it is irresponsible to advise anyone in his situation (who has a GREAT motorhome already) NO MATTER WHAT THEIR AGE to get further into debt and possibly compromise their future financial welfare. It has nothing to do with age. It has everything to do with financial responsibility.
A lot of posters o this thread I feel have done so "tongue in cheek", just to provoke comment. (well, it has been fun, hasn't it?)
OP - great decision. And I think the wife would LOVE to redecorate.
I work for an agriculture fertilizer company. Last week one of our customers stopped in for coffee. He is 90 years old and farms by himself. He announced he had just ordered a New corn planter. A side note . . he has never been married.
Hayden & Jan
1994 Southwind 33L P-30 454
1998 Chevy Tracker 4x4 auto
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