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Old 07-17-2009, 11:26 AM   #15
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bought a 2007 new.financed for 15 yrs.added additional principal each month to accelerate paying off the trailer in 55 months.have 23 pymts left,with the ability to fall back to a lower pymt if need be.as aprevios poster said it gives you flexibility.plus after the unit is paid off im good to go for many moons to come.
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Old 07-17-2009, 01:51 PM   #16
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... before the money runs out
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Old 07-18-2009, 03:04 PM   #17
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My plan for June of 2010 is to buy something outright, as you suggest. However, I've been thinking lately that perhaps I ought to get one now and make payments for the year to get the tax benefit and the new tax credit. The unit will not be a real "toy," since I do plan to live in it exclusively for the first year of my retirement. I know that no one can advise an individual on taxes, but does anyone have a general idea of whether I should wait and pay outright or buy now and finance (then pay it off at retirement)?
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Old 08-01-2009, 04:51 AM   #18
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Originally Posted by poems&songs View Post
My plan for June of 2010 is to buy something outright, as you suggest. However, I've been thinking lately that perhaps I ought to get one now and make payments for the year to get the tax benefit and the new tax credit. The unit will not be a real "toy," since I do plan to live in it exclusively for the first year of my retirement. I know that no one can advise an individual on taxes, but does anyone have a general idea of whether I should wait and pay outright or buy now and finance (then pay it off at retirement)?
One question about yoiur statement.
I'm aware of the tax benifit of the unit being used as a second home, but not aware of possible other new tax credits available. Please share. I have been waiting on the sidelines also for the best time to purchase and don't know of all the tax rules.
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Old 08-01-2009, 06:21 AM   #19
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I agree with the cash method - save all you can for a couple of years while you are looking - you probably will come up with a good deal from someone who had to sell because they were upside down in their loan. Good luck.
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Old 08-02-2009, 10:58 AM   #20
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hey crusty,remember money is a renewable resource there is more where that came from.the only thing you are going to run out of is time.my time is the most valuable thing i need to manage.when available i want to roam this great country.
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Old 08-02-2009, 12:31 PM   #21
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Buying used is good. If you buy new and do 100% you can expect to be underwater for the first several years (if you didn't like it, you would sell it for less than the loan amount and need a couple thousand to pay the bank the differnce).

I'll take a slightly differnt stance to the only use cash and say "Only use cash unless you have a lot of cash, in which case consider financing and go for 15 years." Borrowing at 7% and taking the tax deduction and investing the cash at a 7% return should put you ahead in the long run.

But since investment returns are not guaranteed, some people who follow this strategy will end up worse off (not every 15 year period of the market generated above 7% annualized returns)
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Old 08-02-2009, 12:50 PM   #22
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Thumbs up paying cash

Yes, I too could pay cash if I wanted to quit camping for the next 10 years & just save for a camper & pay cash. The question was for how long do you finance for & I think you'll find most people opt for 10 yrs.
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Old 08-03-2009, 10:48 PM   #23
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I don't know. That's why my post is so vague. I'm trying to find out everything from financing to what kind of trailer hitch. I think I've decided on financing the tow vehicle fairly soon. I figured I'd better start driving the truck at least to get used to it before hooking on a trailer. Yet the tax benefit would come from the interest on the trailer. As for "other" benefits--I'm wondering whether the "first time buyer" credit ("up to 8,000" applies: a new or second home when you haven't bought a home in x number of years (don't remember the number). It's part of the stimulus package. If you get that, would you not have that as one benefit and another of deducting the interest? Let me know whether you find out anything. Nice to meet you, and thanks for responding. Paul
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Old 08-04-2009, 12:55 AM   #24
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Paul
I'm fer payin CASH. Reduce you expectations. NEW is NOT BETTER.There are older units out there is Excellent operating condition which would require no attention for several years of living in full-time. Trust me they are out there. Just be patient and do your home work.
We,because of our age opted to buy a older AS,it has a few issues which all can be overcome. We own it, we pay no one.Its a great feeling. Save the interest for other things.
Good Luck with your search.
Roger
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Old 09-29-2010, 07:20 AM   #25
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Financing

Remember that you may be able to deduct interest as second home if you meet the IRS time limits.
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Old 09-29-2010, 09:35 AM   #26
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A good rule of thumb that most have forgotten or never learned is "Never Finance A Depreciating Asset".

The fact that too many ignored that is what caused the current world banking problems. Yes the banks offer insanity but also the public bought it.

Cash is King
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Old 09-29-2010, 12:35 PM   #27
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HowieE makes a good point: there is plenty of blame to go around.
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Old 09-29-2010, 01:40 PM   #28
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emotions

It was an emotional purchase for me and I figured at 35 years old I'd have the thing paid for by 40...long before retirement. Since the Airstreams are fabled to last a couple generations at least, with attentive maintenance, I decided to take the plunge. Currently at 38 years old, I don't regret my decision. I'm on schedule to payoff at 40 and the tax benefit claim of a second home is sweet!
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