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  1. #21
    Setting Up Camp
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    Quote Originally Posted by Jerryr View Post
    Good luck with your quest. What are you trading in?

    The used and new truck market today is crazy. It’s tough to find a deal on a truck on a dealers lot. When ordering new there’s more of a chances for a deal but the wait time is real long. You will enjoy your F-250 diesel.
    Thank you. The things we do for RVing right? LOL
    2017 Ford F250 6.7 Diesel
    2023 Grand Design 315rlts

  2. #22
    Site Team Second Chance's Avatar
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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.

    Rob
    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

  3. #23
    Rolling Along
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    Quote Originally Posted by Johnww View Post
    My opinion it's a bad idea to finance these RV's for 20 years. I doubt it will last that long and as previously stated you will be upside down in your equity for most of the loan period. I would suggest looking for a used trailer 2-3 years old. Pay less, finance less for a shorter period.
    Totally agree there. I've been told that buying an RV is like setting fire to your wallet. It's even worse if you finance it for a long time..... Lol
    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

  4. #24
    Big Traveler
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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)

  5. #25
    Setting Up Camp
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    Quote Originally Posted by Second Chance View Post
    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.

    Rob
    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

  6. #26
    Site Team Second Chance's Avatar
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    Quote Originally Posted by ruffeo324 View Post
    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.
    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.

    Rob
    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

  7. #27
    Long Hauler huntindog's Avatar
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    Quote Originally Posted by ruffeo324 View Post
    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.
    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 commision
    Last 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
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  8. #28
    Site Sponsor NB Canada's Avatar
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    Quote Originally Posted by huntindog View Post
    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 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 commision
    This is just not realistic

    Might as just well give up on life if we can’t borrow money
    2021 Imagine 2400 BH
    2018 GMC Sierra 4x4 Crew 1840lb payload

  9. #29
    Site Team Second Chance's Avatar
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    Quote Originally Posted by NB Canada View Post
    This is just not realistic

    Might as just well give up on life if we can’t borrow money
    I disagree whole-heartedly. Being debt-free is a liberated feeling.

    Rob
    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

  10. #30
    Site Sponsor NB Canada's Avatar
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    Quote Originally Posted by NB Canada View Post
    This is just not realistic

    Might as just well give up on life if we can’t borrow money
    I think mods need to get this thread back on topic instead of financial bashing

    Just remember folks who think cash is the only option that the RV industry would NOT exist for YOU if it wasn’t for the people who finance
    2021 Imagine 2400 BH
    2018 GMC Sierra 4x4 Crew 1840lb payload

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