Posted on 07/06/2017 12:18:39 PM PDT by yetidog
How do people afford RV's?
If that’s what you want to do you save your dough and go for it.
Thou shalt not covet.
“How Do People Afford This”
Saved and invested their money down thru the decades, is my guess.
After 25 years well funded IRA/401k annual yields can be obscene.
maybe if it a big RV it’s their house.
Worked their ass off.
My husband and I paid cash in 2009 for our 36’ motorhome. He invested some money inherited from his uncle in stock from a steel company that was started by former executives from another steel company he worked for. The stock split several times and went up quickly in a short span of time. We used the profits to purchase the RV. Only mistake we made was not withholding taxes and selling without holding for at least a year. We owed $20K+ on our taxes that year. Ouch!!!
Is that a beam in your eye?
How do they afford it...seems a fair question to me. I'll guess they sold their house or drew on the equity, because they don't really want a big house anymore, and yet they're healthy and vigorous enough for the demands of rv life.
I'd do it if I could, and I'm in my 20s. But I'm single and that lifestyle looks to me like it takes some teamwork.
There is not really a “limited” amount of wealth nor savings in the world. Just like there is not really a “maximum” price that a stock may sell for.
Your rig is about 25 shares of Amazon AMZN, there are people who trade AMZN 500 and 1000 shares at a time. Your rig, there are folks who wear that amount of value and more in a wristwatch.
WHY do you wish those big rigs aren’t financed? Does it matter? I have seen some deluxe RVs go in the $350K range.
There are people who owned ten oil wells from the 1910’s. Or fifty. There are folks who receive royalty payments amounting to your rig per DAY. And whose families have done so for 65 years.
The point is, or one point is, there are plenty of ways to accumulate wealth, not just the way you did.
I’m not trying to tell you how to think or how not to think.
401k, downsizing in house, finance the truck at “0%” interest.
Gubmint and teacher pensions.
Quite a few are financed, along with the vehicles.
https://www.usaa.com/inet/wc/bank_loan_rv_main?0&akredirect=true
The upkeep is minimal since the only cost is storage fees. Or keeping the weeds and grass cut around it.
Lots of people have lots of money to spend on things that are of dubious value. My wife ane I have have done the financial analysis of owning a motor several times and the answer comes up the same each time. Don’t buy one. We did our analysis based on using the RV 60 nights a year (which is a lot) and compared it with car camping (tent) or modest hotels (or a combo). With depreciation, storage, gas, RV park fees and maintenance (an RV is a complicated piece of machinery), we decided that the best option for us is, in order, car camp/hotel combo, or rent an RV if necessary.
We have gotten really good at it and can set up our camp faster than someone in a RV.
Everyone is different, but this is our best option.
Seriously, many of them live in RVs full time. No house payments.
I’ve given some thought to upon retirement 10-15 years buying a modest house and a decent fifth wheel. Free camping at Wal-Mart.
Haven’t run that by my wife yet.
We currently live in a modest house, but in outrageously expensive Maryland.
I think we could pull that off.
I should re-evaluate my 401K and add more. Last kid just graduated, we’re only helping one with college and he’s almost done. We loaned him much of the money and will start seeing it returned in a year or so. (aerospace engineer-real job)
We inherited one from my Dad.
It took a beating on depreciation.
When you factor in insurance, taxes and storage fees, he lost tens of thousands of dollars.
He put less than 3,000 miles on it.
We were so glad to get rid of it.
RV dealers make used car dealers look like saints.
I think an RV is the main home for a lot of empty nesters. Sell the house etc. But a co worker of mine who is always complaining about money, I know what they make, they have the big ass truck, 5th wheel sized camper, house and car all financed. Those are the people that baffles me on how they can afford it.
Perhaps they only had two kids to put through college and not three. Just one college education alone will also buy a lot of high dollar recreational living.
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