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 > 20 year loan for RV?

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Charlie D.

E. Texas-Orange

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Posted: 03/25/20 07:19am Link  |  Quote  |  Print  |  Notify Moderator

Desert Captain wrote:

"You can deduct the mortgage interest as a second home."

Not necessarily... recent changes in the new tax laws have restricted if not eliminated this deduction entirely for most folks. Better check with your accountant/tax advisor.

[emoticon]


[emoticon] With the new tax laws it is getting harder to use deductions. Married filing jointly has a stand deduction of $27,000. You must have deductions greater than that to claim anything.


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way2roll

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Posted: 03/25/20 07:27am Link  |  Quote  |  Print  |  Notify Moderator

Charlie D. wrote:

Desert Captain wrote:

"You can deduct the mortgage interest as a second home."

Not necessarily... recent changes in the new tax laws have restricted if not eliminated this deduction entirely for most folks. Better check with your accountant/tax advisor.

[emoticon]


[emoticon] With the new tax laws it is getting harder to use deductions. Married filing jointly has a stand deduction of $27,000. You must have deductions greater than that to claim anything.


Even if the deduction does not apply to you, the rest of the math still applies. If I get 10% ROI from my cash and spend 5% financing, I net 5%. I can't do that if I don't have my cash to work for me. That's the moral of the story.


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ksg5000

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Posted: 03/25/20 07:34am Link  |  Quote  |  Print  |  Notify Moderator

Your can buy newer RV with long payback periods ... but the interest rate will likely be higher than you expect.

If it were me I would prefer to buy a 10+ year well maintained low mileage RV that has already almost bottomed out on the depreciation curve. Of course you will have to pay cash or find creative financing.


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Ivylog

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Posted: 03/25/20 07:56am Link  |  Quote  |  Print  |  Notify Moderator

cougar28 wrote:

Ivylog wrote:

I wouldn’t even get a 20 year loan on a home that hopefully, will increase in value.

So if that was the only way of owning a home I guess you would just rent and lose money that way or just live under a tree or maybe with parents supporting till you save up the money? Not everyone is born with a silver spoon!


I apologize in advance as it’s probably not a good time to take on a older person who is limiting his outside exposure.

I’ve only rented while in the service. I then bought for cash a used single wide MH which I added to making it a double wide with polyester curtains. 10 years and 3 children later we moved into a paid for new home... much of which I built myself over 2 years while running my own business.

Do the math on the difference in a 30 and 15 year loan. If you can’t swing the higher payments of a 15, buy a less expensive home and then pay 1 extra payment/year and turn it into a 12 year loan.

* This post was edited 03/25/20 08:32am by Ivylog *


This post is my opinion (free advice). It is not intended to influence anyone's judgment nor do I advocate anyone do what I propose.

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Ivylog

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Posted: 03/25/20 08:03am Link  |  Quote  |  Print  |  Notify Moderator

time2roll wrote:

valhalla360 wrote:

That said, if you need a 20yr loan, you are spending more than you can afford, no matter how you try to justify it.
So do you take a lump sum out of your well funded retirement account and push yourself up a couple tax brackets or take out the low interest loan and pay over 4 to 8 years?

No, at 59.5 or older, with a “well funded retirement account” you’re not dumb enough to do that. You buy a less expensive used rig that you can more nearly afford.

Ivylog

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Posted: 03/25/20 08:17am Link  |  Quote  |  Print  |  Notify Moderator

troubledwaters wrote:

Ivylog wrote:

OMB, a 20 year loan on a depreciating toy. Even at 4% you’ll pay more than double for it. A trailer at the end of 20 years might be worth 1/10th of what you paid for it. [emoticon]
And in the meantime while you saved up for that RV, the kids grew up and were gone before they got the chance to see the country. One size doesn't fit all. Nothing wrong with resposible debt.

“Responsible Debt” on a depreciating toy... now that’s stretch.

We bought (for cash) a used 8 year old Aurstream, one of the few trailers that will last more than 20 years, and pulled it all over the country for the next 10 years with a used burb. Sold the Airstreams for more than I paid for it because the new ones cost so much more. Our kids have been in almost all the states and probably 30 NPs.

Like I said above “ I apologize in advance as it’s probably not a good time to take on a older person who is limiting his outside exposure.

* This post was edited 03/25/20 08:36am by Ivylog *

Matt_Colie

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Posted: 03/25/20 08:39am Link  |  Quote  |  Print  |  Notify Moderator

Millenials and GenXers have it right. Only look at the cost per month and only pay that. If things go bad just go Chapter 7 or 13 bankruptcy. That is how they sell 1000$ telephones and 1E6$ RVs.

I can never again advise anyone to try to save for retirement. I had done this. No big toys and no great vacations for the last 28 years (after the kids moved out was our first chance), it all went into an account to make retirement comfortable.

Then came the abrogation. The regime decided that since they couldn't legally reward the labor organization that supported them well enough, they have to do something else. They did.

Until that time corporate bonds had been treated as real property, like I owned a piece of a building or a 1Kton stamping press. Even if the company was forced to liquidate, I would still get most of my money back. That is not what happened. They decided that they could buy out our (the plan's) interest for 5¢/$. Then they put rules in place that made the cost to recover that 5¢ to be 3¢$.

It was a little too late in my life for me to recover, so I have done the best I could with what I had left and lots of sweat.

Matt


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way2roll

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Posted: 03/25/20 09:08am Link  |  Quote  |  Print  |  Notify Moderator

Ivylog wrote:

troubledwaters wrote:

Ivylog wrote:

OMB, a 20 year loan on a depreciating toy. Even at 4% you’ll pay more than double for it. A trailer at the end of 20 years might be worth 1/10th of what you paid for it. [emoticon]
And in the meantime while you saved up for that RV, the kids grew up and were gone before they got the chance to see the country. One size doesn't fit all. Nothing wrong with resposible debt.

“Responsible Debt” on a depreciating toy... now that’s stretch.

We bought (for cash) a used 8 year old Aurstream, one of the few trailers that will last more than 20 years, and pulled it all over the country for the next 10 years with a used burb. Sold the Airstreams for more than I paid for it because the new ones cost so much more. Our kids have been in almost all the states and probably 30 NPs.

Like I said above “ I apologize in advance as it’s probably not a good time to take on a older person who is limiting his outside exposure.


Doesn't sound like your Airstream was a toy.

GTO66

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Posted: 03/25/20 09:22am Link  |  Quote  |  Print  |  Notify Moderator

I have a post a few pages back that I stand by, but will add this loans are a tool and are like a pair of shoes not one size fits all. I agree with way2roll folks should enjoy there life but not live above there means. If you can make a payment without over exstending that's your choice. Some people don't have anyone they wish to leave there assets to so who cares if the bank takes it after your gone at least you enjoyed it for a period of time.

Grit dog

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Posted: 03/25/20 09:44am Link  |  Quote  |  Print  |  Notify Moderator

Matt_Colie wrote:

Millenials and GenXers have it right. Only look at the cost per month and only pay that. If things go bad just go Chapter 7 or 13 bankruptcy. That is how they sell 1000$ telephones and 1E6$ RVs.

I can never again advise anyone to try to save for retirement. I had done this. No big toys and no great vacations for the last 28 years (after the kids moved out was our first chance), it all went into an account to make retirement comfortable.

Then came the abrogation. The regime decided that since they couldn't legally reward the labor organization that supported them well enough, they have to do something else. They did.

Until that time corporate bonds had been treated as real property, like I owned a piece of a building or a 1Kton stamping press. Even if the company was forced to liquidate, I would still get most of my money back. That is not what happened. They decided that they could buy out our (the plan's) interest for 5¢/$. Then they put rules in place that made the cost to recover that 5¢ to be 3¢$.

It was a little too late in my life for me to recover, so I have done the best I could with what I had left and lots of sweat.

Matt


While that is a horrible occurrence for you Matt, I love the value in your situation when it comes to how to "prepare" for retirement.

I am having similar issues currently (not near the magnitude you experienced) in that one of our investments in an employee owned company is appearing very shaky (nothing to do with the economy or the covid, just p!ss poor upper management).
While we are nowhere near physical retirement age, technically, we are much closer financially, but this snafu above could affect that in a 6 figure fashion, pretty easily. And the regulations surrounding it, are of no help to the investors (employees).

I'm working to mitigate that situation, but it does beg the questions...
What good is saving all your life just to lose it or have someone other than yourself benefit from it?
And would you rather enjoy your money earlier while you're younger and have the ability to enjoy it, or risk loosing it or getting dead earlier than planned, thus never reaping the fruits of your labor?

Not that we have scrimped and scrounged by any means, but sometime's life's situations (any or all of them) change one's priorities.


So bottom line, the rest of you can get off your financial high horses....


"Yes Sir, Oct 10 1888, Those poor school children froze to death in their tracks. They did not even find them until Spring. Especially hard hit were the ones who had to trek uphill to school both ways, with no shoes." -Bert A.

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