I borrowed about $18,000 on the trailer when I bought it and paid it off last fall. NADA says it worth $22,700.
The truck has been paid off for a long time. I think it took us 3 years to do it. It's about to turn over 10,000 miles and still looks new inside and out. I'm not sure what it worth, but I have no plans to ever sell it.
What just took place in this country is a direct result of credit buying beyond your means. I don't understand why it is so hard to understand, (not), financing an RV. I started 40 years ago with a tent, then progressed up but only if I could save enough to pay for the next rig. When my kids were very young, I couldn't afford one and so I did not have one, but I rented, I wanted my kids to experience RV life. I invested every cent I could, (money makes more money than I could working). Finally I could afford what I wanted, but did not owe anyone. I was fortunate not to have any really costly break downs, but still normal maintenance is very high even when you do the work yourself. Then pay some finance company or bank for the privilege of enjoying the RV is not in my lexicon. The American way of spending the future is over.
I very much agree with your post, we owe nothing on our C and it is probably worth 20k ish. Paid 33K used, 7 years ago, used, 45K miles, have seen and done so much. Started the same way you did
I hang around the C forum, every so often some young Dad or Mom posts how they want to buy a new class C for 80 or 100K or more.
I want to scream, are you crazy? do you make 300K per year? If not, Do you not understand, kids need braces, houses need work, cars break down, and on and on.
How will you make those 1K a month payments? When all this stuff comes up? RV's are Toys. Nice yes, but still toys. I want to say, but never do, get you priorites straight. Family first, house second, College etc third. An RV maybe 20th or so. Use a tent or whatever. Kids don't care they just want to be with you
We owe quite a bit less than it's worth. We're OK with a monthly payment. Everything is else we own is ours, free and clear. If we needed to, we could pay off the motor home but since the interest rate is low AND tax deductible, we haven't.
Cat (Jim just reads the forum once in a while)
2003 Damon Ultrasport 3873
(picture on profile)
Boat = ProCraft Fish & Ski
Working our way toward retirement...wishing it was soon.
I bought an almost new,(3600 miles), class C. It was at a bank auction, a rep-Po from a young family that just could not do the math. They bought it loaded to the teeth. In 3600 miles they lost it. I never drove that coach once with out thinking of them. The price I paid for it, they would have had a large balance to pay off even after the auction. I just hope to God they did not 2nd mortgage their home to get it. It haunted me all the time, even though it was a hell of deal for me.