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Old 01-01-2016, 12:20 PM   #11
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I literally paid cash. About gave the salesman a heart attack when I whipped all those 100 dollar bills out.
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Old 01-01-2016, 12:26 PM   #12
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Old 01-01-2016, 12:30 PM   #13
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My approach is the same as David Swartz. #3 post.
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Old 01-01-2016, 12:40 PM   #14
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Paid cash. If i want to up/down size i'll sell it. take the $ and then figure which is best way to go.
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Old 01-01-2016, 12:50 PM   #15
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Went looking thinking I would pay cash. Found out I could get 20 year loan at 3.5% through credit union, interest was deductible as 2nd home. Got what I thought was a good deal on a new motorhome that was sitting on the lot for awhile, less than 50% of suggested retail. Due to deal didn't think I would be upside down on the motorhome. My decision was based on a lot of factors. Seemed like the best option at the time. Good Luck!
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Old 01-01-2016, 12:51 PM   #16
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I once had a dealer say a unit was a great "investment". I said, No, an investment has the potential to appreciate. When I drive out of here I will lose t least a third of my "investment". I pay cash then make payments to myself until my funds are restored to my acvount. Works for me.

Had another dealer who was really trying to help me justify spending more for a much nicer unit tell me, "If I have a penny left when I die I miscalculated. Interesting.
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Old 01-01-2016, 12:58 PM   #17
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Old 01-01-2016, 01:18 PM   #18
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I've spent the last 20 years doing financial modeling for my own planning. My 6 MB Excel spreadsheet, which I began crafting in 1996, includes all types of income, retirement income, SS, inflation, COLA and an itemized annual expenditure projection, by year, for my wife and I, for our lifetime. Unfortunately, fortunately, wife's expected life span is 103 years, so finances have to project that far, even though I'm departed. What I have discovered is the enormous number of variables that affect economic outcome. I could write a book, but to simplify, I have observed that the TRUE COST of financing, verses, cash, usually runs about TWICE (2x) the actual financial cost. Hence, if financing cost is 5%, you need to be making 10% on the money you did not spend. But beware, there a numerous factors that could complicate this norm.

For those of us drawing SS, the huge distortion to all this is the TAXABLE SS computation. If you have to withdraw from a retirement account (401K or IRA) the tax rate escalates both because of the withdrawal amount, and the increased % of taxable SS. For my personal situation, contemplating a $200k DP, it means that the optimal finance term is 2 or 3 years, as opposed to cash, or longer period.
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Old 01-01-2016, 01:52 PM   #19
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We paid cash. Here in Canada the dealers suck you in with low monthly payments but the payments are spread out over 12 or more years.
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Old 01-01-2016, 01:54 PM   #20
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I paid off my first home in 10 years, and I was only 32 when we did that. I'm twice that age now and I have to say that the quickest way to financial freedom is to stop paying interest... on anything. The only way I've bought a vehicle on credit in the last 30 years was the last Ford I bought. It came with a $1,000- rebate if I financed through FMC. I had to keep the loan for 90 days to avoid payoff penalties. On day 91 I paid it off and ended up saving about $900- as opposed to just paying cash.

V-Lite Fun has the right idea... unless you go the Youroo route... We did that for years until the kids got out on their own... now we don't have to as the drain on the cash reserves has diminished to almost nothing. Ten months to retirement...

When we upgrade this year, we'll just pay for it... and hit the road...
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