Free 7 Day Trial RV GPS App RV Trip Planner Campground Reviews RV Maintenance Free 7 Day Trial ×
 


Reply
 
Thread Tools Search this Thread Display Modes
 
Old 08-02-2009, 11:31 AM   #21
2 Rivet Member
 
2008 23' International CCD
golden , Colorado
Join Date: Oct 2008
Posts: 74
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)
1cericks1 is offline   Reply With Quote
Old 08-02-2009, 11:50 AM   #22
2 Rivet Member
 
2006 16' International CCD
Niagara Falls , New York
Join Date: Aug 2006
Posts: 20
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.
ata3001 is offline   Reply With Quote
Old 08-03-2009, 09:48 PM   #23
1 Rivet Member
 
Currently Looking...
Charleston , South Carolina
Join Date: Jul 2009
Posts: 15
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
poems&songs is offline   Reply With Quote
Old 08-03-2009, 11:55 PM   #24
Rivet Master
 
Mikethefixit's Avatar
 
1977 27' Overlander
Trotwood , Ohio
Join Date: Jul 2007
Posts: 2,153
Send a message via Yahoo to Mikethefixit
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
__________________
Roger & MaryLou
___________________
F350 CREWCAB SW LONG BED
7.3 liter Power Stroke Diesel
1977 27ft OVERLANDER
KA8LMQ
AIR # 22336 TAC- OH-7
May your roads be straight and smooth and may you always have a tailwind!
Mikethefixit is offline   Reply With Quote
Old 09-29-2010, 06:20 AM   #25
mok
MOK
 
North Providence , Rhode Island
Join Date: Aug 2007
Posts: 44
Financing

Remember that you may be able to deduct interest as second home if you meet the IRS time limits.
mok is offline   Reply With Quote
Old 09-29-2010, 08:35 AM   #26
Rivet Master
 
HowieE's Avatar
 
1991 34' Excella
Princeton , New Jersey
Join Date: Aug 2003
Posts: 7,065
Images: 12
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
__________________
WBCCI 12156 AIR 3144 WACHUNG TAC NJ6
2004 Excursion 4x4
1991 34 ft. Excella +220,000 miles, new laminated flooring, new upholstery, new 3200 lbs axles

HowieE is offline   Reply With Quote
Old 09-29-2010, 11:35 AM   #27
4 Rivet Member
 
Currently Looking...
Weldon Spring , Missouri
Join Date: Jul 2009
Posts: 462
HowieE makes a good point: there is plenty of blame to go around.
fmr.capt.evi is offline   Reply With Quote
Old 09-29-2010, 12:40 PM   #28
2 Rivet Member
 
lylesgl's Avatar
 
2007 27' Safari FB SE
Springfield , Virginia
Join Date: Aug 2010
Posts: 82
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!
lylesgl is offline   Reply With Quote
Old 09-29-2010, 01:22 PM   #29
Rivet Master
 
Splitrock's Avatar
 
Currently Looking...
Sioux Falls , South Dakota
Join Date: Jun 2010
Posts: 2,403
Blog Entries: 20
I don't borrow money to buy depreciating assets. I don't mortgage my home to buy toys either. I pay cash or I don't buy. I started that in my 30's. It's worked well.

Gary
__________________
Click on the link to see a picture of the Sioux River falls near my home.
https://visitsiouxfalls.com/assets/i...uxfalls-og.jpg
Eastern South Dakota is very pretty with hills, rivers, and trees.
Splitrock is offline   Reply With Quote
Old 09-29-2010, 01:25 PM   #30
Rivet Master
 
dkottum's Avatar
 
2012 25' Flying Cloud
Battle Lake , Minnesota
Join Date: Jun 2009
Posts: 7,714
For the thrifty, get ahead of the credit game as soon as you can. That is, buy no toy you cannot pay for with cash.

For most that would mean a used or smaller camper; best is one that can be towed by your everyday transportation.

You will soon have the freedom of being your own banker.

Doug K
dkottum is offline   Reply With Quote
Old 09-29-2010, 01:45 PM   #31
2 Rivet Member
 
Streamer Dan's Avatar
 
1989 29' Excella
Seattle , Washington
Join Date: Jul 2010
Posts: 44
I would have loved to buy a new 28' international, but I brought what I could afford to pay cash for. It needed a little work, some I could do myself, some I couldn't, like having it re-clearcoated. When I pick it up next weekend after having the clearcoat redone it will be exactly how I want it, and there's no way I would swap it for that new trailer now. I can understand wanting the new shiny one, but one you put your own stamp on is far more satisfying in the long run and once the honeymoon period is over, you don't have any payments.
Streamer Dan is offline   Reply With Quote
Old 10-11-2010, 07:28 PM   #32
Rivet Master
 
LawChick's Avatar
 
1992 29' Excella
1987 32' Excella
Morrilton , Arkansas
Join Date: Oct 2010
Posts: 591
Images: 55
Blog Entries: 10
Sometimes there is a tax advantage in financing. Especially if most of one has tax deferred investments. However, both financing and adequate insurance can be hard to get when we know what these babies are worth, but Nada, etc., does not agree. To them and the financial institutions, it's just an "old trailer."
There's always an option to buy a new one. They LOVE to finance those! But who wants a big ole payment - not me!
__________________
Carol
2004 Dodge Ram 2500 Cummins HD
1987 Excella 32'


"Besides, I'm a gypsy at heart
and I like to travel around."
Reba McEntire



LawChick is offline   Reply With Quote
Old 10-11-2010, 07:48 PM   #33
3 Rivet Member
 
Hansom-Man's Avatar
 
2009 23' FB Flying Cloud
The Woodlands , Texas
Join Date: Jun 2010
Posts: 131
Finance nothing & buy with cash. I second the idea of no loans on depreciating things. The only debt worth having is your home, and even that is questionable these days.

You will enjoy it more when there is no payment on it, especially when something breaks on it.

Be patient, the right one will come along.

Good luck.
Hansom-Man is offline   Reply With Quote
Old 10-12-2010, 07:24 AM   #34
3 Rivet Member
 
2007 31' Classic
holland , Pennsylvania
Join Date: Oct 2008
Posts: 190
if you can lock in a low interest rate on a long term basis and can afford the payments or have the cash to pay the loan off this will keep your finances flexible.of course you need excellent credit to get the lowest rates.once inflation kicks in,which is inevitable your decision going long will look like shear genious.as another poster mentioned lots of variables to consider when making financial decisions.with great credit you can get under 6 percent on an rv loan.depending on your tax rate after deducting the interest, not too bad.cash is king and i like to have a fall back position with some in reserve.
xonvldz is offline   Reply With Quote
Old 01-09-2011, 04:30 PM   #35
2 Rivet Member
 
Evergreen , Colorado
Join Date: Jul 2010
Posts: 68
I find the majority of posts on this thread very interesting. Either Airstream owners are more financially responsible than 90% of the US, the people posting here own older airstreams, the people that own airstreams are of the older set and have therefore saved up cash over time, or Airstream owners tend to have mored disposable wealth than the typical RV trailer owner.

A lot of people chimed in here to say "Pay cash". Ok that is of course great advice. That would be equally advisable to someone who wants to buy a house. But how many of you bought your house with cash? How many of you actually saved up $50k in cash for a late model 25 to 30 ft airstream?

Now before I get a lecture on "if you don't have the cash you can't afford it" - let me give you some background. I'm 37, I earn a solid income (I have for 10 years - and though I wont quote #'s solid means solid), I have no credit card debt, I have some decent equity in my house (amazing considering the economy), I have quite a bit saved in 401k, pension, and other investments, and am fairly responsible with my money. With that said, I want a late model 23 ft airstream to work out of and to vacation in. I don't have 50k in liquid assets lying around to pay for it, and I don't want to wait a couple of years to save it up. So I plan to pay 20% down and take out a 10 yr loan on the rest. Is that the best decision - well no. I could lose my job, have a health problem, get hit by a bus etc. any of which would put me in a bad situation with the trailer payments. But if I wait, in the meantime I have lost out on 2 years of enjoying the trailer.

It's like people that save everything for retirement - thinking "when I get to 65 then I'm going to have fun". Let me tell you, I know of many people that have had life changing events (especially with the economy) that meant they were not able to enjoy their retirement. Some lost life savings, some had health problems that meant they couldn't do much of anything. I bet now they wish they had taken that trip, earned that pilot's license, or bought that boat.

Am I suggesting that people go up an run up their credit now while there is still time? Obviously that is a bad idea. But I do think there is a balance to the suggestion "Pay Cash only". I plan to continue to invest in my retirement and be responsible with my debts, but I also want to enjoy my life while I am still young and able to enjoy it.

Just my 2 cents. If you are doing other things right with your finances, I see no reason that you can't take out a loan to buy an airstream.

By the way - if I lose my job or get hit by a bus (and survive it) I'll come back here and post that I was wrong and you shouldn't listen to me.
Nightwatch is offline   Reply With Quote
Old 01-09-2011, 04:55 PM   #36
Rivet Master
 
Splitrock's Avatar
 
Currently Looking...
Sioux Falls , South Dakota
Join Date: Jun 2010
Posts: 2,403
Blog Entries: 20
I'm a banker so I like it when people borrow money to buy depreciating assets:-) Go!
__________________
Click on the link to see a picture of the Sioux River falls near my home.
https://visitsiouxfalls.com/assets/i...uxfalls-og.jpg
Eastern South Dakota is very pretty with hills, rivers, and trees.
Splitrock is offline   Reply With Quote
Old 01-09-2011, 04:57 PM   #37
Moderator
 
blmitch5's Avatar

 
2006 19' International CCD
Olathe , Kansas
Join Date: Oct 2009
Posts: 4,224
Images: 1
Quote:
Originally Posted by Nightwatch
I find the majority of posts on this thread very interesting. Either Airstream owners are more financially responsible than 90% of the US, the people posting here own older airstreams, the people that own airstreams are of the older set and have therefore saved up cash over time, or Airstream owners tend to have mored disposable wealth than the typical RV trailer owner.

A lot of people chimed in here to say "Pay cash". Ok that is of course great advice. That would be equally advisable to someone who wants to buy a house. But how many of you bought your house with cash? How many of you actually saved up $50k in cash for a late model 25 to 30 ft airstream?

Now before I get a lecture on "if you don't have the cash you can't afford it" - let me give you some background. I'm 37, I earn a solid income (I have for 10 years - and though I wont quote #'s solid means solid), I have no credit card debt, I have some decent equity in my house (amazing considering the economy), I have quite a bit saved in 401k, pension, and other investments, and am fairly responsible with my money. With that said, I want a late model 23 ft airstream to work out of and to vacation in. I don't have 50k in liquid assets lying around to pay for it, and I don't want to wait a couple of years to save it up. So I plan to pay 20% down and take out a 10 yr loan on the rest. Is that the best decision - well no. I could lose my job, have a health problem, get hit by a bus etc. any of which would put me in a bad situation with the trailer payments. But if I wait, in the meantime I have lost out on 2 years of enjoying the trailer.

It's like people that save everything for retirement - thinking "when I get to 65 then I'm going to have fun". Let me tell you, I know of many people that have had life changing events (especially with the economy) that meant they were not able to enjoy their retirement. Some lost life savings, some had health problems that meant they couldn't do much of anything. I bet now they wish they had taken that trip, earned that pilot's license, or bought that boat.

Am I suggesting that people go up an run up their credit now while there is still time? Obviously that is a bad idea. But I do think there is a balance to the suggestion "Pay Cash only". I plan to continue to invest in my retirement and be responsible with my debts, but I also want to enjoy my life while I am still young and able to enjoy it.

Just my 2 cents. If you are doing other things right with your finances, I see no reason that you can't take out a loan to buy an airstream.

By the way - if I lose my job or get hit by a bus (and survive it) I'll come back here and post that I was wrong and you shouldn't listen to me.
Ok I get the finance part but if you buy used you could save a ton of cash and depreciation. 50 K seems high for a used unit I bought a 06 CCD Bambi and paid cash (40 at the time) and we love it. I wanted newer with the brown wenge but I didn't want to pay interest etc. Have you considered borrowing against a CD? It's lots cheaper on interest. Financing is an option and I agree Life's to short not to have fun while your young and able. search long and hard for the right unit at the best price and financing options. Keep us posted on what you get.
__________________
Get involved and sign up for a Rally!
https://www.airforums.com/forums/calendar.php
WBCCI 4973
blmitch5 is offline   Reply With Quote
Old 01-09-2011, 05:10 PM   #38
3 Rivet Member
 
Bird's Nest's Avatar
 
2007 19' Bambi
2005 18' Westphalia
Evans , GA
Join Date: Feb 2009
Posts: 218
One problem with financing a late model Airstream..."Book Value" is nowhere near actual market value with an AS. We found this to be true when we purchased and sold our CCD. I have seen others post on the forum who have found this to be the case as well. I have never seen the opposite opinion.
You can check this out by choosing a model, checking book value and then comparing it to the asking prices on RV Trader, the AS forums classifieds and any other source you may find. Don't be surprised if you find that the average asking price of the model you want is as much as twice the book value.
This can certainly put a hitch in your financing giddy up.
We didn't finance but quickly realized in our initial hunt not to put any stock in the book value. We had a couple potential purchasers who where shocked when they contacted their finance companies.
And yes, we have paid cash for a home. 5 bedrooms, 3 baths, both formals, brick in upscale neighborhood with amenities, less than 2 years old. I was 40 at the time.
Bird's Nest is offline   Reply With Quote
Old 01-09-2011, 05:54 PM   #39
2 Rivet Member
 
Evergreen , Colorado
Join Date: Jul 2010
Posts: 68
Good replies - thanks. Fantastic that you bought your home with cash. I have no doubt there are other that have as well. I'm just saying that the vast majority of people in the US don't (and can't). Even those with relatively high paying jobs. To buy a 5 bedroom home in a upscale market (or at all for that matter) at 40 is quite an accomplishment. I'm not there, but I can honestly say I'm in good shape for my age bracket financially and I'm proud of that fact as I was not handed anything. (Well that's actually not true at all -I had the benefit of a great upbringing with a solid education which many don't have the benefit of and for which I am truly grateful. But I wasn't handed any money or a job etc.)

Anyway I don't want to get into too big of a derail here. I just wanted to provide a balance to those who were saying cash is the only answer. Regardless of precautions, we all risk financial ruin every day - as we risk getting hit by a bus, getting cancer, or seeing our 401k evaporate due to over zealous bankers. You never know what life will bring, and while it pays to be prudent and take some precautions, it's also important to take some risks in life. I moved twice across the country with no job and landed on my feet with an upward movement in my career. Many warned me to "stick with what I was doing - this was the safe bet" but if that were the case I'd not be where I am today.

To the banker who responded - you are welcome. I am sure you have never financed a car, because it would be foolish to finance a depreciating asset.
Nightwatch is offline   Reply With Quote
Old 01-09-2011, 06:24 PM   #40
Rivet Master
 
Splitrock's Avatar
 
Currently Looking...
Sioux Falls , South Dakota
Join Date: Jun 2010
Posts: 2,403
Blog Entries: 20
Quote:
Originally Posted by Nightwatch View Post
To the banker who responded - you are welcome. I am sure you have never financed a car, because it would be foolish to finance a depreciating asset.

Hahaha! Funny post. Thanks for the laughs. Hope you have a happy, healthy, new year:-)

Gary
__________________
Click on the link to see a picture of the Sioux River falls near my home.
https://visitsiouxfalls.com/assets/i...uxfalls-og.jpg
Eastern South Dakota is very pretty with hills, rivers, and trees.
Splitrock is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
08.airstream 19' bambi.pwr hitch.new.low res.we finance eBay Watch Airstreams on eBay 0 06-26-2009 05:40 PM
Rv Finance Question gc24 Financing 19 04-28-2009 08:04 AM
Our long, long trailer (AKA 19' CCD) crazylev 1997 - 2004 Bambi 60 05-11-2006 12:53 AM
has anyone tried to finance and Old A/S lately? volvophile Financing 16 11-20-2005 11:17 AM


Featured Campgrounds

Reviews provided by

Disclaimer:

This website is not affiliated with or endorsed by the Airstream, Inc. or any of its affiliates. Airstream is a registered trademark of Airstream Inc. All rights reserved. Airstream trademark used under license to Social Knowledge LLC.



All times are GMT -6. The time now is 11:00 AM.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, Jelsoft Enterprises Ltd.