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Old 01-13-2018, 06:07 AM   #81
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We bought our current 5ver 10 months ago. Not from CW, independent dealer. The finance guy told us we could finance for 15 years, AND get an extended warranty for only $12.00 extra a month. Sounded pretty cheap to me. Then, I got to thinking. The extended warranty was for five years, starting on the day of sale. Well, FR covers the first year, so that leaves the warranty company on the hook for only 4 years. Now, $12.00 a month for 15 years, plus 6% sales tax, comes out to roughly $2300.00! I think I can fix or replace a lot of stuff with that kind of money in my pocket. Sorry, no extended warranty for me.
I did finance the 5ver for a specified period of time. Want to know why? Because I'm 65 years old, and I can do any darn thing I please! (within the law)
Lol!!! 😋😎
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Old 01-13-2018, 11:56 AM   #82
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Lol!!! 😋😎
Don't know if that makes you a cranky old guy or not, but I like it!
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Old 01-13-2018, 12:06 PM   #83
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Actually, cash doesn't always get the better price. For example, if you finance a new vehicle, you can often save thousands thru incentives. You can obviously pay the note off, but you have to finance to save up front. The fallacy in your assessment of those that finance is the idea that if you finance items you're ignorant and lack "common sense", as you state it. I'm under no illusions that when I finance something it is costing me more than paying cash. However, if you are able to finance at a low rate and actually account for inflation over the time period it would take to save up for a big ticket item like an RV, the difference will likely be less than you think. In cases of a new vehicle, if you also account for the additional expense of maintaining an older car, it can often be less expensive to pay the interest. For example, say I can buy a new vehicle and spend $5,000 over the next 6 years paying it off in finance charges. In 6 years time, that same new vehicle could very well cost several thousand more. If you are currently driving an older, less fuel efficient car that is requiring regular repairs, it's not hard to see how you could actually SAVE money over that 6 years by financing. According to the "experts", I should be working in a much more time consuming and higher paying career- which I'm fully capable of- in order to stash back large amounts of money into retirement accounts, college savings funds and so on. My wife should also be working and focused solely on chasing the almighty dollar while someone else raises our children. We've chosen a different route- thoughtfully and intentionally. I may have to work longer than some. I'd much rather be sitting at a desk at 65 surrounded by pictures of the awesome experiences I had with my family over the years as opposed to sitting in some luxurious Class A wondering why the kids never call or come around anyway. Different strokes for different folks, right?
YOU use the word Ignorant not me. Cash is King. But you go right ahead and help keep the Financial Institutions profitable.
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Old 01-13-2018, 02:06 PM   #84
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"Babock" Congratulations on the retirement. I've been retired for almost ten years. My wife and I retired at the same time. Took us almost 5 years to get used to it. More difficult than I thought, more changes than I thought and I planned for it years in advance. Your working day is a lot of time to fill. We are now doing things that I never would have guessed doing before retirement. My biggest change was when I hooded up with a go-kart racing group three years ago and still enjoy it.
My fiance, who I am getting married to in 2 weeks, is 55 and has been retired for 1 1/2 years. She has no problem filling her days. In fact, she often says she wonders how she was able to do much of the normal every day things she does now when she was retired. We have a couple vacation homes as well to occupy our time.
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Old 01-13-2018, 02:15 PM   #85
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Me wrong? Man, I ain't been wrong in like.........maybe 3 minutes!

CONGRATULATIONS.

Suggestion: Do what I did. Take your watch, and throw it as far as you can. Never buy another one. And NEVER pick up that first list!

P.S.
I retired at age 63. I did so by financing everything, apparently!!! LOL But paying them off early, and having a credit score of like 9,309,320.
I haven't worn a watch since 2001
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Old 01-13-2018, 02:20 PM   #86
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Smile

Congrats on that too. No regrets here. So many things to see and do. Glad we retired healthy, active and willing to try new things.
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Old 01-13-2018, 02:44 PM   #87
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I haven't worn a watch since 2001
I used to wear a normal watch...now have a fitbit watch. Have to stay healthy to enjoy retirement!
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Old 01-13-2018, 03:31 PM   #88
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I used to wear a normal watch...now have a fitbit watch. Have to stay healthy to enjoy retirement!
I know, but, I use my phone to count my steps and all that stuff. I think I am beyond worry now, just fat and happy lol
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Old 01-13-2018, 03:35 PM   #89
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I know, but, I use my phone to count my steps and all that stuff. I think I am beyond worry now, just fat and happy lol
Me too!!! And I don't use anything to count my steps, or anything else, including calories.😋
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Old 01-13-2018, 03:59 PM   #90
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Time? I dunno know.......
BTW what day of the week is it?
Travel safe
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Old 01-13-2018, 07:59 PM   #91
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Time? I dunno know.......
BTW what day of the week is it?
Travel safe
It's January. Does that count?
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Old 01-13-2018, 09:12 PM   #92
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If I wanted to pay cash, perhaps I could or would. But why would I withdraw cash from an investment paying, let's say, on average 6% to avoid taking out a loan at 4.125%. Leaving the money invested where it is brings me a bigger return than the interest cost I'm paying on the loan.

Another reason I may not pay cash is the knowledge that converting cash into an asset (say an RV) is very easy thing to do. However, converting that or any other asset back into cash may be much more difficult and time consuming. In a serious pinch, I'd rather have cash on hand to meet my needs than be forced to sell an acquired asset at a loss to raise needed cash or worse, default on the obligation.

I say each situation and person is unique and one must find their own solution that suits their needs at the time with a watchful eye to the future.

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Old 01-13-2018, 09:25 PM   #93
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If I wanted to pay cash, perhaps I could or would. But why would I withdraw cash from an investment paying, let's say, on average 6% to avoid taking out a loan at 4.125%. Leaving the money invested where it is brings me a bigger return than the interest cost I'm paying on the loan.
Unfortunately, many people buying on time are NOT choosing between financing and investment - because they have no investment.

They're just buying on time. Can't wait to save up, for reasons many provided earlier.

I'm not condoning it, just stating the facts.
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Old 01-13-2018, 09:57 PM   #94
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Unfortunately, many people buying on time are NOT choosing between financing and investment - because they have no investment.

They're just buying on time. Can't wait to save up, for reasons many provided earlier.

I'm not condoning it, just stating the facts.
Gotcha! I understand some finance because cash for them truly isn't an option. Might be that for them that the enjoyment obtained from acquiring the asset now is worth the added cost of paying for it over time (i.e. sick child, spouse or parent that they want to spend quality time with).

Although more rare, it also might be that inflation is outpacing the loan rate and in that case they are paying back the loan with dollars that are worth less than the actual cost of the interest on the loan...i.e. 5% inflation rate versus a 4.125% loan rate.

I'm still all in for deciding what is best for me and in turn, letting others decide what is best for them.

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Old 01-13-2018, 10:32 PM   #95
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I wouldn’t need my wife to tell me that paying almost $30k over 12 years at that rate was a bad idea.

I took the $2000 discount RVW was offering and paid more than 90% back the first month (sold the old tt). They didn’t force it on me or try to hide any details. When the loan was paid off, I had paid less than $200 in interest. Saved $1800.

Just got $1200 off from Ford for using their financing at 6%. I’ll use my line of credit at 3% and pay it off next month. Save over $1100.

Nothing wrong with financing things. You just have to use your head a little. Think outside the box.
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Old 01-13-2018, 11:19 PM   #96
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I'm about 15 years till retirement, so that is still a ways off.

I do not mind financing a RV. Can I save for a few years and pay cash, sure I can. However, that's a few years I will not be camping with my family. Do I pay interest to spend time camping sooner with my family, Absolutely! I just try to pay the least amount of interest.

I see it as buying time, I'm only on this earth once with my family and if it cost me to spend on interest.....Well worth it!!!
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Old 01-15-2018, 08:11 AM   #97
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I'm about 15 years till retirement, so that is still a ways off.

I do not mind financing a RV. Can I save for a few years and pay cash, sure I can. However, that's a few years I will not be camping with my family. Do I pay interest to spend time camping sooner with my family, Absolutely! I just try to pay the least amount of interest.

I see it as buying time, I'm only on this earth once with my family and if it cost me to spend on interest.....Well worth it!!!
X2
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Old 01-15-2018, 09:14 AM   #98
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I haven't had a watch for years, but something that showed the days of the week so I don't miss anymore garbage days would be handy.
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Old 01-15-2018, 09:40 AM   #99
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The "buy with cash" argument is not universally correct. Look at automobiles. If you finance with a dealer, they might give you $4,000 (in some cases more) off the price, when you finance through them. So what is a better financial move:
A) pay $60,000 cash at the time of purchase
-or-
B) buy the same $60,000 vehicle, using dealer financing, for a price of $56,000. And then pay off the loan in the first payment.

If you have the cash in hand to buy it outright, why not use the financing to get a big chunk off the price, and then pay it off immediately? Seems foolish to me to pay more money, pay it off immediately after gaming the system to get money off.
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Old 01-15-2018, 10:11 AM   #100
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X2
X3

Don't judge others because they can't pay cash. Everyone situation is very different. We lost a lot nearly everything, due to NAFTA and free trade agreements our jobs went overseas.................... the unemployment rate went to over 25% in our area.

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