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RV loan vs. equity line Archived From: Finance

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   posted: Jul. 10, 2009 @ 2:13p

delzy said:
Why would you even go to a board called fatwallet. Perhaps there is a board called dailyreaffirmation, but I don't know. Your comments regarding maintenance are a joke, right? By your reasoning, it may be financially prudent to trade in an RV after every 1500 miles.

Again, it's called FATwallet.com. Not SKINNYwalledt.com, not IconfuseWANTSwithNEEDS.com or any variation. I'm sorry you bought an RV for too much and are deathgripping your justification. Maybe you should just admit to yourself that a 4 YO RV is still a rotten financial choice by most standards. Private parties are almost giving RVs away in Florida and Arizona. Please detail your "prudent RV investment" so we can all tear it to shreds and laugh at you.

Had you bought an older RV you may have not had substantially higher maintenance costs and could have save "thousands" on your purchase price. Again, your argument is sophomoric at best.

Wow, you seem to know a lot about my finances as well. I bought an RV that I like and still think was a great purchase. I'm certainly not looking for your acceptance of the deal (or anyone else's for that matter). I could have easily paid cash for it at the time. However, I would love for you to explain how spending 30k in cash would have put me further ahead than taking the 2.9% loan that my credit union gave me. I can assure you I made much more than 2.9% with the cash. Go ahead and "tear me to shreds and laught at me." I can assure you I didn't come for your approval. I've been smart enough with my money to allow me to be in a position to buy just about anything I want at this point, so I can give a damn if random strangers on the internet think buying an RV is stupid. Stay at home and count your money.

Furthermore, please post a link to all of these RV's that are being given away in FL and AZ. I will be happy to take several off thier hands and flip them for a profit.


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   posted: Jul. 10, 2009 @ 2:46p

delzy said:When SHTF in WalStMonky's example, do you really think the borrower is going to cash CDs to pay off the Heloc? No, when unpredictable loss of income comes, those CDs will be used to maintain the current standard of living "just a little bit longer". I think a lot of people on this board have never been broke. When there's nothing coming in and your savings are being wiped out, the last thing you will do is take your remaining cash and pay off a HELOC. If you did pay it off, then what?

Polaris, I think you are confusing arbitrage opportunities with borrowing for a want. They are completely dissimilar. While most here would do the first, most also would avoid the latter.

I'm not the one who is confused delzy. Logic dictates borrowing instead of paying cash for a want or need in the certain cases when it is a better deal. If one ignores the numbers and gets emotional about financial decisions, then I'd recommend signing up to be a UFF rep or maybe taking a couple of Midol.


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   posted: Jul. 10, 2009 @ 2:55p

drodge said:Furthermore, please post a link to all of these RV's that are being given away in FL and AZ. I will be happy to take several off thier hands and flip them for a profit.
Right here, or here.


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   posted: Jul. 10, 2009 @ 3:19p

drodge said: However, I would love for you to explain how spending 30k in cash would have put me further ahead than taking the 2.9% loan that my credit union gave me.

Oh, the OP is spending 30k on a motorhome at 2.9% and could otherwise pay with cash? Then there is no discussion! Oh wait, that's you and OPs situation is quite different. But we can talk about you some more if you would like.


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   posted: Jul. 10, 2009 @ 4:23p

VanceWade said:I don't understand RVers. At all. Right off the bat, all I can think of is the fantastic vacations I could take for the next 15 years of my life with $60,000 plus whatever you'll spend on putting gas in that thing. And I wouldn't be pumping out my own toilet on that trip and showering in a closet or visiting rural Alabama on those trips, either. I'd be staying at the Ritz in Dublin, Florence, Melbourne and Maui.

That's the beauty of America. Everyone of us find different things in life that add value to their lives. Some people love being pampered in a nice hotel in the middle of a busy city. Other people find a zest for life waking up in the middle of nowhere with nothing but the sound the of the wind and the chirping of birds. Each of us find our own path to happiness.


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   posted: Jul. 10, 2009 @ 4:38p

delzy said:drodge said:Furthermore, please post a link to all of these RV's that are being given away in FL and AZ. I will be happy to take several off thier hands and flip them for a profit.
Right here, or here.

Was that this one where the guy is trying to sell his 15 year old one for $50k, or this one, where the guy wants to trade his $150k house for an RV? Oh, it must of been this one, since this is the only type of RV you think anyone should buy. Ironically enough, I saw an RV listed that's the exact equivalent of the 4 year-old one I bought a couple years ago, and it's listed for more than I paid for mine. Taking into account the currently tanking RV market, I hardly think that qualifies as "giving them away."

To RushnRockt, I only mentioned my situation because of the number of people who made ridiculously broad stantements about depreciating assets and financing purchases in general. Certainly the OP's situation is different than mine. His is more of a subjective choice because it depends more on risk acceptance than pure economics. I never said that everyone should buy an RV, and you certainly won't hear me say that financing one is always, or even usually, the best choice. In some cases, however, it may be. I'm working on the assumption that the poster is old enough to make thier own choices and has already decided they are going to finance. I'm sure they have already taken the buy/keep/wait options into account.


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   posted: Jul. 10, 2009 @ 8:29p

delzy said:Solipsist said:socalgirl1 said:delzy,
i appreciate your opinion, but we are very seasoned rv'ers and currently have a 1986 motorhome that we have owned for 9 years after purchasing it from my parents who owned it since it was new. we use our existing motorhome a minimum of 1-2 times a month - we definitely get our use out of it! i'm simply asking which way it would be best to finance, not whether or not to buy it.The OP has made it pretty clear that the topic is not whether or not to buy this thing.

Many of you have ignored that & shared your off topic opinions anyway.

Please try to put that behind us now, and stay on the topic of financing as we move forward from here.

Thanks! I think the overwhelming majority has answered her question: The best way to finance it is to save while using the one OP's already got. Do we need to bite our tongues every time someone comes for moral support regarding a potentially unsound financial decision. It's almost comical how drodge says we made her feel inadequate. Strike that, it is comical. The only reason she should feel inadequate is because she hasn't accepted our advice as valid. I sometimes wonder why people come to a site called FatWallet to get advice on how best to make one skinny.Agreed. The majority of posts have been on topic & "finance using the old one" is advice on financing which is on topic.

Don't buy stuff you can't afford is a universal truth that can be (and has been) applied to just about every topic.

I don't believe that it is necessary to bite your tongue on this subject, and some people haven't. However, this advice has been offered a few times here & doesn't seem to be getting anywhere in this discussion. It just doesn't seem necessary to beat a dead horse either.

Now I am going off topic to address these concerns.
/self ban/

Please feel free to PM me or send in a support ticket if you would like to continue discussing this issue.


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   posted: Jul. 11, 2009 @ 10:25a

VanceWade said:I don't understand RVers. At all. Right off the bat, all I can think of is the fantastic vacations I could take for the next 15 years of my life with $60,000 plus whatever you'll spend on putting gas in that thing. And I wouldn't be pumping out my own toilet on that trip and showering in a closet or visiting rural Alabama on those trips, either. I'd be staying at the Ritz in Dublin, Florence, Melbourne and Maui.

Alabama is Beautiful, but We don't have that filth, smog, overrun people that other states have, so you may not want to visit here


RVing is all about camping in the woods/beach/park and taking in nature on your terms. NO check out time, NO strange toilet, NO bothering service people, All the comforts of hotel with comfort of home.

RV is a good investment in happiness.

SOME people here just like to imagine they are high and mighty for their ego, because in the end after the hotels, caviar dreams, That's all they really have.


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   posted: Jul. 13, 2009 @ 3:23p

VanceWade said:I don't understand RVers. At all. Right off the bat, all I can think of is the fantastic vacations I could take for the next 15 years of my life with $60,000 plus whatever you'll spend on putting gas in that thing. And I wouldn't be pumping out my own toilet on that trip and showering in a closet or visiting rural Alabama on those trips, either. I'd be staying at the Ritz in Dublin, Florence, Melbourne and Maui.

Let me paraphrase that for you. "I can't understand why other people don't enjoy the same type of vacations I do".

Some people enjoy driving. If you like seeing natural wonders (as I do) driving is the best way to catch lots of stuff. The same would be true if you like seeing lots of other things. I don't like seeing all those gimmicky tourist traps (largest ball of twine, etc), but I don't think less of someone just because they do enjoy that stuff, and driving is often the best way to do that, too. Now, it's just me and my wife, so we get along fine in a car. If you've got a couple of kids to take along, the longer the trip lasts the more difficult that can be (I imagine). Also, if you've got more than a couple kids, or if you are bringing along others (like maybe your family of 4 and your best friend's family of 4 taking a group vacation), then driving a regular vehicle can really start to lose the appeal fast. Sharing an RV and having 4 people taking turns driving could be very much preferable.

Now, whether it would be better to rent an RV, buy an older/cheaper used RV, or get something newer and more luxurious, that's up for debate (and largely depends on a lot of factors like how often, how long, how far, how many people, etc). But to simply write off the whole idea of RVs completely just seems a bit close minded.


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