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How Do "We" Pay for These Toys?

 
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Old 02-03-2018, 03:38 PM
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Question How Do "We" Pay for These Toys?

Let me start by clearly stating that I'm not passing any judgment or trying to start any fights. I'm just curious...

So, a loaded F350 diesel and a nice big fifth wheel add up to $150K (more?). Then there are after-purchase expenses for registration, insurance, maintenance and repairs, property taxes, fuel, campground fees, and the endless list of other “necessities”, improvements, and upgrades.

How do “we” pay for these things? My wife and I are retired with a comfortable income (more than we need, but the usual "less than we'd like"), and we own our home. We have notes on our two vehicles, but we carry no credit card debt. Our net out-of-pocket cost to buy the new truck (after trade-ins), a gently used slide-in camper, and necessary hardware was ~$55K. That amount is manageable, but we did have to think about it before hitting the “Go” buttons.

So, what sort of financial model(s) and/or lifestyle choices are involved in making such a large purchase? For example, did “we” downsize and use home equity, do “we” carry big notes for long periods, did “we” use an inheritance, are “we” spending our kids' inheritance, are “we” full-timing”, do "we" have a reverse mortgage, or what?

Again, I'm just curious, and I'm fine with general answers.

Thanks!
Jim / crewzer
 
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Old 02-03-2018, 04:45 PM
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Used,

2012 F 250.. 'x' fleet/lease
trailer.. 2005.. clean...

less then 30k.. complete... for both and add-on's.
 
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Old 02-03-2018, 07:15 PM
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I'm in a completely different position than you are (33 with wife and 18 mo. old), but I think it all truly comes down to making smart decisions based on your income. I've worked my *** off since i was 16 to get to where I'm at, avoided a lot of stupid temptations, and been bit by some. I'm a heavy equipment mechanic now shop foreman and my wife is a 9-12 special ed teacher. As Chuck pointed out it doesn't take a pile of gold to go camping and have fun.

Taking a 180 month loan on a camper is an absolute joke IMO, you'll always be upside down on it. I saved the money and paid cash for my camper. Financed 1/4 of truck and paid remainder in cash, paid remainder of note a year early. Like you I carry zero credit card debt. I have a mortgage and have been very aggressive in paying it back over the last 3 years, expect to have it paid off in under 2 years.

In my eyes, it all really comes down to financial discipline and wants vs needs. I can have just as much fun camping in my 30k trailer as i can in a 90k one. But I've got plenty of friends that would rather have the super flashy 90k trailer and a boatload of debt.
 
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Old 02-03-2018, 07:37 PM
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I guess all the years of saving is now paying off for me and the wife. Good retirement plans and smart investments over the years. We owe very little on the truck and the trailer and she's the one who pushed to buy the camper anyway! I've been retired 6 yrs and she still works and draws her social security. We enjoy taking the kids (mid 40's) and the grandkids camping while we're still in decent health. Getting ready to roll in a month or two and hit some new campgrounds!
 
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Old 02-03-2018, 09:04 PM
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Originally Posted by SDcrewzer View Post
Let me start by clearly stating that I'm not passing any judgment or trying to start any fights. I'm just curious...

So, a loaded F350 diesel and a nice big fifth wheel add up to $150K (more?). Then there are after-purchase expenses for registration, insurance, maintenance and repairs, property taxes, fuel, campground fees, and the endless list of other “necessities”, improvements, and upgrades.

How do “we” pay for these things? My wife and I are retired with a comfortable income (more than we need, but the usual "less than we'd like"), and we own our home. We have notes on our two vehicles, but we carry no credit card debt. Our net out-of-pocket cost to buy the new truck (after trade-ins), a gently used slide-in camper, and necessary hardware was ~$55K. That amount is manageable, but we did have to think about it before hitting the “Go” buttons.

So, what sort of financial model(s) and/or lifestyle choices are involved in making such a large purchase? For example, did “we” downsize and use home equity, do “we” carry big notes for long periods, did “we” use an inheritance, are “we” spending our kids' inheritance, are “we” full-timing”, do "we" have a reverse mortgage, or what?

Again, I'm just curious, and I'm fine with general answers.

Thanks!
Jim / crewzer
Lucky, or blessed, or what ever term one wants to use!!!!! I drilled, completed, oil wells for a lot of other people, hauled a lot of crude oil for other peoples oil wells for a lifetime.............about the time I retired somebody else started doing all of the above for me!!!! But, I still ain’t Jed Clampett!!!!!!!
 
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Old 02-03-2018, 10:12 PM
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My toy hauler isn't a 5th wheel and I bought it used. I paid more for the ATV than the trailer!

My wife and I have been working for almost 30 years, straight out of college. I'm probably one of the top twenty in the world for what I do. (It's really strange that the higher ups in my company have no idea but my clients know exactly what they're getting.) My wife and I live within our means. Very few out-of-state vacations. We keep our new vehicles at least 10 years. But I'm not afraid of buying used when it makes sense. The only loan is our mortgage and that should be paid off in a couple years.

My wife is scheduled to retire at the end of 2018. I'll probably do the same a couple years after that but I might go part time instead just to keep some non-retirement funds coming in.
 
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Old 02-04-2018, 02:17 PM
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fyi, I have been retired for a few years.. Wife retired in 2015.

3 winters we have been away from home...Snow-birds

now in Texas.. with trailer..... since 11/04/17
today (2/4/18)... high of 83... going to wash truck in a few

RV park.. at 300 a month.. lots of things to do... outside.
 
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Old 02-04-2018, 03:57 PM
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I'm 31. Picked up my 99 F450 for 3k not running and have done all the work myself with help from a friend and my Dad. I have another 4k in it including all oil changes. My toyhauler was about 10k.

I borrowed around 14k from my 401k. I'm paying interest to myself and it cost me a 1 time $95 fee. It has had comparable returns as my lower performing investments. This bought the toyhauler and 13 KTM 250 motocross bike. I race vintage motocross and wanted something newer that I could get replacement parts for easily. Now I only ride the vintage bikes at races and ride the new one with the kids and play riding.

Sold our old travel trailer and stuck the cash in the checking account

This spring I will build a loft above the garage for the older 2 boys. It is not perfect but it works very well for the 6 of us .
 
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Old 02-05-2018, 01:49 PM
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We saved like crazy for many years so that we could live debt free. We pulled the money for the truck and trailer from our discretionary savings.
 

Last edited by backtrack2015; 02-09-2018 at 02:02 PM. Reason: Original answer was terribly long-winded.
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Old 02-05-2018, 08:14 PM
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I sell my body.






Lead tech at a Mercedes shop. Wife's in business management. We were pretty modest on our house purchase, allows us to pay for the toys we enjoy to get out and travel while maintaining a proper savings rate.
 
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Old 02-05-2018, 08:41 PM
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Interesting thread!
I have been lurking through the 5th wheel threads for several months. Amazing how many brand new rigs pop up! I must admit that I am new to a lot of this camping and traveling stuff, the wife and I haven't even taken a weekend trip yet. I have been retired for 4 years and the wife is now not having to watch the grand kids and great grandkids as much.
We may go to the local camper show next week.
How do we pay for stuff:
First used truck in 40 years was purchased Sept 2017. Making payments on a pretty nice 2015 F250 PSD. (I am a Ford guy, havent driven anything else sine mid 70's)
We inherited a antique 5th wheel which we don't owe anything on but is very small. Not very comfortable.
So I am thinking about maybe traveling some but haven't taken the plunge to just pack up and go.
Don't really feel like spending a bunch of money on a new 5th wheel that we make not like or use.
Open to comments too.
Here are some pictures as we went to some local events last fall. Don't laugh too much! I like old cheap stuff too!







Getting back on topic: we have about $35K in it as it sits. I use the truck for other hauling in a hobby business and hauling tractors to pulls several times during the summer.
Regards,
Chris
 
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Old 02-05-2018, 09:25 PM
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Imho one of the worst thing that can be done is to buy a brand new RV. First the depreciation is so big it is not even nice. Second the quailty control on most of them is just plain bad. And if the mfg. will cover something under warranty, the shop will have it forever. We bought a 2009 Grand Junction in 2014 for $29k, found the orginal paperwork where the guy paid over $86k.
 
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Old 02-05-2018, 09:32 PM
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Originally Posted by 03psd73 View Post
Imho one of the worst thing that can be done is to buy a brand new RV. First the depreciation is so big it is not even nice. Second the quailty control on most of them is just plain bad. And if the mfg. will cover something under warranty, the shop will have it forever. We bought a 2009 Grand Junction in 2014 for $29k, found the orginal paperwork where the guy paid over $86k.
Agreed 100% 4 people in my wife's family bought new campers in the last year. 1 of the 4 has not had it back for repairs. That trailer has less than 500 miles on it.

On the other 3 Multiple roof leaks and electrical problems. Yep they look nice but I don't see quality. 1 is still at the shop and not sure when it will be done. Granted they don't care as it would be in storage if they had it now.
 
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Old 02-05-2018, 09:34 PM
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Originally Posted by 03psd73 View Post
Imho one of the worst thing that can be done is to buy a brand new RV. First the depreciation is so big it is not even nice. Second the quailty control on most of them is just plain bad. And if the mfg. will cover something under warranty, the shop will have it forever. We bought a 2009 Grand Junction in 2014 for $29k, found the orginal paperwork where the guy paid over $86k.

Good suggestion to control the cost, unless that's not a issue in your house!
Maybe we will look for something used to keep the cost reasonable.
Regards,
Chris
 
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Old 02-06-2018, 05:03 AM
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Another tip, don't ever pay msrp. A good deal on a new trailer is 30-35% off MSRP. I was right around 33% off on mine. "Show specials" aren't that good of deals. A good dealer will turn service work around in a reasonable time. From the top of the line to the bottom they are mostly poorly constructed and cheaply built junk. I'd rather have a warranty and get the issues fixed. Buying a year or 2 old trailer could just be buying up someone else's headache they traded.
 

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