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02-28-2023, 08:00 AM #21
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02-28-2023, 08:40 AM #22
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I've been watching this thread for a while and am late to the party - just wanted to put an old guy's two cents' worth in: Any of the financial gurus will tell you that financing a depreciating asset for 20 years at 8% is unwise. You'll be underwater from the get-go.
RobU.S. Army Retired
2012 F350 DRW CC LB Lariat PS 6.7
2020 Solitude 310GK-R, MORryde IS, disc brakes,
Sailun LRG tires, solar, DP windows, W/D
(Previously in a Reflection 337RLS)
Full time since 08/2015
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02-28-2023, 08:59 AM #23
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40+ Year Camping Enthusiast--Living in CO
2022 GMC Sierra 3500 AT4 CC-LB D-Max Payload 3865#--- 5000 Air Springs w/Wireless Comp
2022 GD Reflection 303RLS-- 565 watts of solar/560aH of LIPO4 batteries, 2000w inverter,
DC Starllink- Comfort Ride Shock System and Lippert Air Pin Box
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02-28-2023, 09:11 AM #24
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Some just have to have their toys.... Planning for those financially events can be a hard way to find out just how bad you dont really want them...
Not planning, kinda makes you wonder what the next national financial crisis will be.......Jim and Annette
2019 Reflection 150 295RL
US Army Veteran
Missouri (AKA Misery)
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02-28-2023, 10:18 AM #25
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Ok, what do you suggest? The RV community is very knowledgeable and self-sufficient, but I don't hear a lot of solutions. I know that monthly payment shopping is bad. I just wanted to know what is possible for the total price for the unit. I'm 100% responsible for the outcome if I'm upside down in the future. There are no payoff penalties, so a solution can be refi when rates drop and make extra payments as soon as possible.
2017 Ford F250 6.7 Diesel
2023 Grand Design 315rlts
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02-28-2023, 10:47 AM #26
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If you are absolutely determined to buy an RV in your current situation (i.e. financing), I would recommend finding a good used unit that will suit your purposes and that you can better afford - especially if this is your first RV. First-time RV buyers rarely keep their units more than a few years and the the RV depreciates about 10% per year after purchase. Add that 10% to the 8% interest rate and the financial add-on cost (above and behond the actual principal) of owning a non-essential item is staggering. Let's assume you do get 30% off the MSRP (no guarantee theese days), put 10% down, and finance $52,605. At 8% on a 20 year loan, you would be paying $5,845 down (plus tax, title and tags), $105,602 to pay off the loan ($52,997 of that in interest), plus the 10%/year in depreciation. Will you have that much fun in the RV?
I don't know your age, family, or financial situations but, when I was younger and had kids at home, we camped in tents and then a pop-up. The "have-to-have" appetite for RVs is a relatively recent phenomenon and, in the past few years, I've seen an increasing number of sales listings for "barely used" RVs as people have run into employment and financial issues brought about by the pandemic and the current economic and employment environment. Hindsight is 20/20... thinking ahead is more difficult and sometimes painful. Some old-timers will tell you that, unless you're planning on living in the RV full-time, if you can't afford to pay cash for it, you can't afford the RV. I realize a lot of younger folks don't see things that way.
RobU.S. Army Retired
2012 F350 DRW CC LB Lariat PS 6.7
2020 Solitude 310GK-R, MORryde IS, disc brakes,
Sailun LRG tires, solar, DP windows, W/D
(Previously in a Reflection 337RLS)
Full time since 08/2015
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02-28-2023, 10:57 AM #27
the best solution is to only buy what you can pay for in full.
i am on my 4th RV. in 1992 i bought a 1975 prowler for 2300.00. 2000 a 2001fleetwood wilderness, for 15,500, 2010 a 2010 a palomino sabre for 24,400, and in 2020, my present momentum for 105,000. paid cash for all of them.
we never made a lot of money either. we just hated debt and rarely had any for long. that thinking meant that went thru life without paying all of the interest that most americans do and that our trucks and toys got better as the years went by.
it is a simple system that WILL work over time. along with that we never traded in an RV. i know this is not what you asked. delaying gratification is not something many people want to do.
And we are just a couple of grocery store workers that most people look down on. not someone that most would want financial advice from.
apologise for thr typing had surgery and rt hand is out of commisionLast edited by huntindog; 02-28-2023 at 11:15 AM.
2021 398M Full Body Paint 8k axles. LRH tires. Disc brakes.
Two bathrooms, no waiting 155 fresh, 104 black, 104 grey 1860 watts solar.
800AH BattleBorn Batteries No campgrounds 100% boondocking
2020 Silverado High Country 3500 dually crewcab Duramax Allison
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02-28-2023, 11:06 AM #28
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02-28-2023, 11:07 AM #29
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U.S. Army Retired
2012 F350 DRW CC LB Lariat PS 6.7
2020 Solitude 310GK-R, MORryde IS, disc brakes,
Sailun LRG tires, solar, DP windows, W/D
(Previously in a Reflection 337RLS)
Full time since 08/2015
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02-28-2023, 11:09 AM #30
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2021 Imagine 2400 BH
2018 GMC Sierra 4x4 Crew 1840lb payload
Re-pack bearings necessary?
Today, 09:25 AM in Axles, Brakes, and Suspension