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Old 05-29-2015, 09:06 PM   #11
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Originally Posted by EricRom View Post
That being said I brought mind trade into the equation and they gave me ACV (actual cash value) of $16500. With putting $4000 down put me right at 70% of MSRP to finance of the 375 which I didn't think that was too bad of a place to be
If you were to purchase a 5th wheel straight up, without a trade-in, the price should be in the neighborhood of 70% of MSRP.
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Old 05-29-2015, 09:47 PM   #12
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It went into the deal backwards as I got a quote from RVOne and took it to a local family owned dealer and they came in within a $1000 of RVOne which I was happy with since it was a lot closer. That being said I brought mind trade into the equation and they gave me ACV (actual cash value) of $16500. With putting $4000 down put me right at 70% of MSRP to finance of the 375 which I didn't think that was too bad of a place to be. I would have no problem doing a 4-5 yr loan on a camper in the mid 20's but at $60k just not doable. The dealer also told me if I sold my unit before the new one came in they would do a courtesy trade so it would save me on taxes and they would only charge the person buying mine doc fees. I know many people spend their money in different ways. Camping is the only thing that we do, I do not have hobbies nor do I drink or have other habits that I spend money on. A friend that we camp with said he would never spend that much money on a camper (they just bought a new one last year for @ $20k) but he spends $250 a month on cigarettes. My wife and have very good jobs, I have been with UPS for 25 years and my wife has been at her job for over 20 yrs as a system engineer. We use our camper at least 8-10 times a year with a trip or two to the beach for a week at a time which in turns saves us a fair amount of money where we used to spend $1500-2000 on a hotel room now we only pay @600 for a campsite at the beach. Thanks for the comments and advice. i will also ask some more questions about the loan structure. I guess in the end if the monthly payment is worth the entertainment and time spent with family and friends is worth it then I am glad to pay it. I would think some families spend $6000 a year on entertainment and vacations for their families and that's how I kinda look at it. Yes the RV depreciates but the memories never fade away. Thanks again
I see you point as a vacation expense and I have felt the same way at times. If you'd spend several grand per trip a couple of times per year, what's the difference if you do this instead.

Nobody can tell you what to do with regards to your personal finances. I think the moral of the whole thread is be careful financing for that long because RVs depreciate quickly and you will be in negative equity for the vast majority of the loan. I'm not saying it's a stupid decision, I'm just saying you will be in that debt until it's paid. Whereas when you mentioned a vacation home, at least you could sell it and get your money back. If you ever get in a situation where you can make the payment, you will have to cover the negative equity to sell it and then you won't get anything back. Good luck. Exciting times and difficult decisions ahead.

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Old 05-29-2015, 10:28 PM   #13
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Warning I am officially going to rain on your parade!

Troutslayer has a really good point. Regardless of financing, I think you should be able to get a better price than what you shared. 30% off MSRP is possible, often achieved, but 25% off MSRP should be absolutely no issue for you to achieve.

MSRP of $64,500 @ 25% = $48,375 or @ 30% = $45,150
MSRP of $84,500 @ 25% = $63.375 or @ 30% = $59,150

You are talking about financing $50k and $60K respectively after the trade in and down payment. IMO opinion this is not a good deal for you.

On the 314DBS, is there any equity due to you after "ACV" trade-in of $16,500? I really hope so, because $4k is not even in the ball park of a reasonable downpayment for the 5r you are looking at. I don't know where you live, but in most places that isn't even enough to cover the sales tax and title. Your risk meter should be going off so loud that you can't see straight.

We don't know each other, and I have nothing to gain nor lose by you making this deal, but I am seriously concerned. You need to understand there is no way to call this a good financial decision based on the information you have shared so far. I can appreciate the security you feel in your positions, but its not job loss I would be hedging for. Jobs are easy replace; its how you handle a major medical situation, a legitimate housing emergency, putting kids through school, etc.

You can justify the payment by saying we would take X number of trips per year and stay in hotels at $X with out the TT all you want. But you are NOT committed to take those trips. If you things change in you life and you don't take that trip one year, nobody is going to call you for the $. Nobody is going to take anything away from you. You just don't do it.

Think back how different your life was 10-15 years ago. Would you have predicted how your life is today? Can you predict what your life will be like 15 years from now. Of course NOT -- so why commit yourself for that unknown life today, especially for a deprecating liability?

IMO you need to take a very cold shower and stop this fever. Your 314BDS is a very nice TT, with a great family friendly floor plan. I know it well, a new 2014 314BDS was my fever a couple years ago till I took the same cold shower. I ended up with a private party used '12 29QBH, very similar floor plan. It was the last thing I financed before fully committing to a debt free life. I financed $12,000 of the $16,000 purchase price for 48 months and paid it off in 9 mths. Thanks to the Dave Ramsey snowball strategy.

Unless you have been there, you have no idea how liberating no payments are. I wouldn't trade it for anything and wish with all my heart everyone would experience it.
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Old 05-30-2015, 07:49 AM   #14
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Dave should be everyone's hero. His financial strategy can change your life and life style.
We were debt free when we traded in our last rig. Financed it for 60 months, that sounds better than 5 years, we doubled and tripled up on paying down the principal, even dumped any tax refund into the principal and paid it off in two years.
What a load to be completely debt free. We make car payments to our savings account before the car is bought and then pay cash.
Work towards it and it can change your life!
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Old 05-30-2015, 09:36 AM   #15
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... lots of sage advice given in this thread. And of course it is just that--- advice. The OP has shown humility and courage in asking for it... very few do.

Plenty of folks here have (like myself) experienced the burden of mountains of debt and now know the freedom of a debt free life and are no longer willing to trade that for the promise of gratification from a monthly payment. (Ever notice how dealers (cars, RVs) now only advertise the "monthly" and you need to ask now what the actual purchase price is!?!)

I think most of us posting are 40+. Hard lessons learned from youth. This thread should be required reading before attending any RV show ;-)

"Wise men learn from their mistakes, but wiser men learn from the mistakes of others!"

I think when the OP makes the final decision on this possible purchase and if he goes for it in the end, at least he should be able to negotiate a better deal based on the discussion. And yes, plenty of people have blown far more than 60 or 70K with absolutely nothing to show for it and a new camper is a pretty wholesome place to spend money if you are able to afford it. Just need to step back, do an honest evaluation of finances, and try to leave out the emotion and decide if you really can afford it (not just the "monthly").
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Old 06-05-2015, 09:47 PM   #16
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A lot of your decision may be based on your age. I financed for 15 years for 3%. I make a lot more than that on my investments. I am retired so I look at this RV as a lease. Minimum down. I may or may not live long enough to pay for it. If I don't live long enough to pay for it I guess I won't care. If I do or decide to change Rv's I can take the same depreciation hit then as well as I can now except I will have less years to think about it. If you can actually afford the RV or TV use someone's money besides yours if you can.
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Old 06-05-2015, 11:55 PM   #17
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Well said. That is when using cheap credit is wise. When your money is better parked elsewhere. :-)
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Old 06-06-2015, 04:25 PM   #18
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Please PM me on where or with whom you "make a lot more" than 3% on your investments. I think it's time we Jayco people help each other out.
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Old 06-06-2015, 06:36 PM   #19
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For years there was a program called "Build America Bonds" sponsored by the US government to encourage purchase of municipal bonds. I invested a chunk of my change in them they all pay 5-6.5% interest with very little risk.
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Old 06-06-2015, 10:55 PM   #20
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U Should easily be able to get at least 30% off msrp. I bought a new 2015 for 46% off msrp.
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