Interest rates on the rise. Hard to finance anything. Especially toys

[work2play2]

This post may be all over the place. I like many of you like nice things. I make pretty decent money but do have a slew of kids. I bought a camper last yr and doing my best to pay it off. Should be paid off very soon. But looking at interest rates for cars. Not to mention campers and other fun stuff makes me nauseas. Financing toys goes against everything I'm against. But looking at these luxury 60k dollar campers pulled by 80k dollar diesels... I'd love to buy one my family can enjoy. But at what cost. Sure I can make the payments. But at 7% Interest? I am trying to max retirement savings out for my future. I guess I'm alittle envious which is not a good thing. What's y'alls take on financing toys and going into massive debt to live for now and mortgaging the future? I just can't allow myself to do it.

 

[Miguel Cervantes]

When 6.5 or 7% interest hits the Mortgage Market we will be in the sweet spot. Money has been too cheap for too many years, which is part of how we hit the last crash. Perhaps higher toy interest rates will slow the purchase market down and cause some of these manufacturers to adjust the price of those toys downwards to a more realistic level.

 

[Robert28]

Theres a fella in Atlanta that sells used Ford diesel trucks that he completely rebuilds and gives a lifetime warranty on the engine. Even does the interior and paint. His name is Bill Hewit. Has trucks for sale all the time between $20,000-$35,000. The frame might have 200,000 miles but the whole rest of the truck is basically new. He's VERY legit. No need to buy an $80,000 rig when you can get one for less than half of that.

As for the $60k trailers. No way I'd ever buy a new camper. No sir. There's too many used on Craigslist going for less and they just sit. Guy that runs a junkyard has a video on YouTube showing the build quality of some of these trailers that come in to his place. Cheap cheap cheap! Most don't even have properly rated axels for anything but the trailer itself. It was very eye opening to watch his video.

 

[Timberman]

What's y'alls take on financing toys and going into massive debt to live for now and mortgaging the future?

A really stupid idea

 

[work2play2]

A really stupid idea

Pretty much my exact thoughts. But so many do it

 

[Da Possum]

I don't finance toys at all

 

[GoldDot40]

I don't finance toys at all

This right here. Finance necessities...cars, home, real estate, and doctor bills in a pinch. Everything else...If I can't pay cash for it or get it at 0% financing, I don't need it.

 

[notnksnemor]

Wants and needs!!!!!

What do you need and what do you want?

 

[NOYDB]

If a diesel is required to haul it, it's not a camper.
But if that is what you want, Keep in mind that most campers have been hauled by gas engines.

 

[PappyHoel]

I pulled my 27' with my z71 no problems all day long.

 

[walters]

You don't have to spend that kinda money, u seen my package, have less than 60k in truck and camper, most in truck but it's a f350 with only 11000 miles on it, bought truck 1.5 yrs old and camper the same way, save alot that way, but interest rates are going up, I seen campers have went from , 4.9 to 6.9 on used,.
It's all about what u like, me and my wife have been camping for 23 yrs, it's worth every penny,.
Tell u what a man said to me at the dump station the other day, he said I like your set-up, talking about truck and camper, I said thanks, he says buy there's no way I would that kinda money in one, I look at his rig, he's got a 2018 Ford F1504x4 and a new 26 ft bumper pull, I guarantee you he's got more money in his than I got in mine, all about how u buy

 

[walters]

Let me add to my post above by saying, I'm in a place in my life where my home and about all I have is done paid for, so if u don't feel comfortable don't jump. We had alot of fun in our 4000 dollar camper and truck years ago, we just trying to get setup where when my wife retires we will have something nice and dependable to travel in, just my 2 cents

 

[treemanjohn]

Pay Cash you'll thank us later

 

[The mtn man]

I agree that debt is bad, ive always been a penny pincher, I've always been the type that thought I would retire at a certain age, get a boat/camper or whatever and enjoy the rest of my life. In the past few years there have been several things that came across my plate that made me rethink that. I now have a decent camper, an almost new boat that I never thought I would get until I retired. I didn't go deep into debt, and I will barely notice the payments,I always wanted to buy these things outright, debt make me stress, my thinking is, I might never enjoy my retirement, I'm going to live while I'm alive.

 

[specialk]

I want the last check I write to bounce....

 

[walters]

The idea of an RV is great, and will allow you to experience different places, but like a truck.... it is a depreciating asset that will also cost you maintenance. (Basically throwing money into the air and taking away that money's ability to work for you as time goes by.)

Consider instead, financing some land. An appreciating asset that will give you and your family priceless memories, create wealth and leave a legacy that will carry through generations while the RV and diesel are scrapped in a junkyard.

True but u have to have a vehicle one way or the other and land is not always an appreciative item, I know from experience, but is a good investment.
As far as pay cash for everything that's not gonna happen if u wanna have anything, enjoy life all u can, especially with your Family

 

[mguthrie]

True but u have to have a vehicle one way or the other and land is not always an appreciative item, I know from experience, but is a good investment.
As far as pay cash for everything that's not gonna happen if u wanna have anything, enjoy life all u can, especially with your Family

If I can't pay cash for it,I don't need it. Just my .02

 

[LTZ25]

The idea of an RV is great, and will allow you to experience different places, but like a truck.... it is a depreciating asset that will also cost you maintenance. (Basically throwing money into the air and taking away that money's ability to work for you as time goes by.)

Consider instead, financing some land. An appreciating asset that will give you and your family priceless memories, create wealth and leave a legacy that will carry through generations while the RV and diesel are scrapped in a junkyard.

Agree .

 

[walters]

Agree .

Agree.... U have a 40k dollar boat in your avatar

 

[MudDucker]

To finance anything that is a depreciating asset is not a good idea, unless it is an asset that makes positive cash flow after debt service. Debt=Slavery to the lender. These people who keep trading vehicles that they are upside down in only to go further upside down are doing themselves no favor, with the exception of a new car with a warranty does bring some stability to the cost of owning a vehicle. I knew I was on the way to financial success when I started paying cash for my vehicles.

As of today, I will totally debt free. Selling my old big house. Last chain of slavery will be gone.