Quote:
Originally Posted by JMEZARIC3
A RV is not an investment.After 5 years your RV is worth a lot less than you paid.A RV is a life style.If you cannot afford the monthly payments without using your retirement funds,don't buy.You can stay many nights at the Holiday Inn for the cost and expense of a RV.
Do not finance the RV for 15 years,the most commonly quoted monthly payment in the RV dealer ads. You will be upside down for 14 years.Payoff the loan in 5 years.
But if you have money in your retirement fund that you will never need.Buy the RV.Don't worry about the kids.
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Wow, ok. I'm going to try to take this as an attempt to be helpful rather than condescending, but it won't be easy. As you'll see above, we have been RVing for years, so we know that it is not the most economical means of travel. We are not considering buying new, and thanks to our depth of experience, we know what a good deal is and won't accept a bad deal.
And no, we "cannot afford" the motorhome without using our retirement funds... that is our ONLY source of income (well, except the pittance I extract from my Santa activities). Where does this advice come from? Isn't this the purpose of "retirement funds", to fund our retirements? Pension was a lump sum, rolled into IRA, and we are delaying SS so what other source would one tap for such a purpose? We don't have a fat trust fund, and we aren't selling a $2M house moving into a $300K 2/3+den. For us, either we draw from the IRA monthly to pay a note, or we draw once and pay cash... I don't see a third way.
We have no interest in paying off a motorhome, or treating it as an investment. We want to buy it as cheap as we can, enjoy it for a few years, and sell it for as much as we can; and hope the difference between the two is one we will consider worth the expense in memories and time together.
Finally, no, I'm not worried about the "kids"... he will be in his 60s by time we kick, and our granddaughter will be about 40. As long as we don't linger into our upper 90s they will inherit too much, in my book, enough to really screw up their sense of self-reliance. Thank you for being so concerned about them, though.