Jayco-noslide wrote: Feel much better debt free. I also notice that many RVers just don't like to talk about the depreciation of their RV as part of the cost- Denial maybe?
De Nile not just a river in Egypt.
I financed my fifth wheel I paid cash for my truck. Once the wife and I figured out what payments would be on a new or newer truck and fifth wheel there was no way to make that work in our budget.
So the truck was bought with cash and we redid the truck interior to give it more of a newer truck feel.
But the fifth wheel was bought as an aught seven leftover (I like leftovers). Got it during a manufacture sell down of inventory (one discount), got it with the dealer having a number of 08s on the lot and 09s coming so he was discounting it (two discounts), and I didn't get hit with any of the 08 or 09 price increases that the manufacturer has had to pass on.
So yeah I got a good price am I upside down on my long term loan? Yes. Is my total annual cost of ownership less then what I used to pay for a one week vacation every year for me and mine? Yes as well.
So now instead of going to the beach once a year we go where ever we want once a month. Simply by spending our money on different things then we used to.
I do see my fifth wheel not as a toy but as a second home. One that has no fixed address and goes with me when I need to work out of town, or to go sight seeing or to go camping. Whatever we want to do with our second home we do.
Is my second home a poor investment. Yep I won't make money selling my vacation home, but then again if I get tired of one place I'm not forced to sell my second home the way a fixed location vacation home I would have to do.
Some folks buy a cabin in the woods, some folks buy a time share, we bought a fifth wheel.
Mallo
Eloise - 2000 F350 7.3 DRW XL, Reading Flatbed, King Ranch Leather, AIS, MBRP 4" Ex
The Chinese Princess - 2007 Hitchhiker II LS 32.5 LKSBG
Your Kung Fu is weak!
As far as I am concerned, anyone can buy whatever they want, pay however they like.
That said anyone who buys a rig that they have to finance for a long term to be able to afford same, should not come on forums like tis complaining about fuel prices, campground costs etc.
The extra cost involved in buying a newer, fancier, larger rig will pay for a lot of fuel and camping fees.
Wow, there must be a lot of sprained arms in here from patting selves on the back for paying cash... lol.
Both the DW and I worked like a dog for our children to become responsibile adults and all 6 of them and their siblings are good citizens proud of our country and able to make it on their own. Now, after 35 years, we're having some fun for us, and how we do it is nobody's business but our own.
People who generalize about someone's financial condition and wisdom kill me. You go out in public not looking like Cooter Brown and you are a snob. Don't ask that we sold our house and moved closer to work and into a smaller home to save fuel and keep RV'ing. Don't ask that we own a 10 year old car and a 5 year old car without payments. Don't ask that we have incandescent bulbs in the house, an extra energy savings package and other improvements that are all cost saving because we understand the balance of our budget. Don't ask if we bought fuel efficient cars long before it became chic. Don't ask that we put 4 kids through college and had to chose between going on a vacation or buying books. I can in no way pity you youngsters of today because you are having to make some sacrifices. That's nothing new, so grow up and get with the program.
Here's how it plays out if you manage to live to retirement age or are just ready to get out and experience life. Carry enough insurance to cover your losses in case you don't both die at once. If you both go at once, let someone else clean up behind you after the tears have dried. That's life.
Michael, Kay, Hans (our Mini-Schnauzer co-pilot) and Prissy (Hans' Malti-Poo co-pilot)
'05 Coachmen SportsCoach SE 372DS a.k.a. "Mana's Cabana"
outdoorsman2007 wrote: If this was the only problem our dollar had it would be very strong.
Are you saying that all who finance their RVs are subjecting themselves to possible future bankruptcies and foreclosures? Are you insinuating someone who finances their RV is irresponsible? Don't lump me in with those who take loans they can't afford - and stop looking down on me because I financed my RV.
Actually, economically, a properly managed lending industry strengthens the economy. So that means that everyone on this forum who financed their RVs and can afford to make the payment are actually strengthening our economy.
Now why would you have to twist my general observation to your specific case? What I am saying is that we are living in a time where too many are making poor financial decisions. Read the paper? Then you should be well aware of the numbers in the US right now - and it's getting worse daily. Now if you have decided to finance your camper, that's your call. All I am saying is that everyone who does pull lines of credit cannot necessarily afford them. Your last paragraph is spot on, basic economics, but the absolute key is not just "properly managed" but also responsible consumer. If you are the latter, bravo and enjoy all of the family memories you make. There is nothing wrong with responsible financing!
I had neighbors that are the opposite example. Very nice couple, but felt they had to have it all... We met when they were 28 years old and moved into the neighborhood, he a NJ State Trooper, and she worked as a retail store manager. They bought a $325K home with one of those specialty mortagages where they paid interest only for the first few years. He bought himself a nice new F150 right after moving in, and the following summer they came home with an AquaSport 255 Explorer, installed an in-ground pool with gorgeous paver work and BBQ island and landscaped. Two years ago, she became pregnant and they immediately bought a new Toyota minivan with the works for her to drive. Then they found out they were having twins. Her pregnancy became difficult and she could not work, and the twins were delivered slightly premature requiring more doctor care, hospital time, etc. So, they're down to his trooper income to support all of this, and the mortgage kicked-in. Skipping to the end of the story now another two years later... The boat was reprocessed, the truck was sold (fortunately at break-even), the house was taken by the bank (it just went on the auction block last week), they were forced to file bankruptcy due to the debt and medical bills. They were divorced 4 months later. Sharon and the twins live with her mother now and I see them every once in awhile at the supermarket. Last I saw her she was still looking for steady work, but pumping gas by day and working at WaWa by night. Tom quit the force and went into the marines and is currently serving abroad.
* This post was
edited 05/23/08 12:00pm by Scott_C *
Scott_C wrote: I had neighbors that are the opposite example. Very nice couple, but felt they had to have it all... We met when they were 28 years old and moved into the neighborhood, he a NJ State Trooper, and she worked as a retail store manager. They bought a $325K home with one of those specialty mortagages where they paid interest only for the first few years. He bought himself a nice new F150 right after moving in, and the following summer they came home with an AquaSport 255 Explorer, installed an in-ground pool with gorgeous paver work and BBQ island and landscaped. Two years ago, she became pregnant and they immediately bought a new Toyota minivan with the works for her to drive. Then they found out they were having twins. Her pregnancy became difficult and she could not work, and the twins were delivered slightly premature requiring more doctor care, hospital time, etc. So, they're down to his trooper income to support all of this, and the mortgage kicked-in. Skipping to the end of the story now another two years later... The boat was reprocessed, the truck was sold (fortunately at break-even), the house was taken by the bank (it just went on the auction block last week), they were forced to file bankruptcy due to the debt and medical bills. They were divorced 4 months later. Sharon and the twins live with her mother now and I see them every once in awhile at the supermarket. Last I saw her she was still looking for steady work, but pumping gas by day and working at WaWa by night. Tom quit the force and went into the marines and is currently serving abroad.
That's a sad story. I'd sure like to see pictures of the BBQ island and paver work.
I have a sweet tender nature, however I enjoy sharing my thoughts and opinions.
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