In weighing new vs used I did this math:
"NEW 2018 WINNEBAGO MINNIE WINNIE 22M offered by Bill Plemmons RV in NC
MSRP: $91,716 - Plemmons' RV Discount: $22,730 - Your Price: $68,986
PAYMENTS FROM: $387 /mo. - 20.00% down - 5.74% apr, 240 months"
My price $68,986
$13,797 = 20% down
$92,880 = 240 payments
$106,667 cost of unit
If I decide to sell after 36 payments I will still owe $50,362
$13,797 = my down-payment
$13,932 = 36 payments
$27,729 my 3 year cost in owning motor-home (not including insurance, tags, taxes, service, etc, etc, etc )
I went to NADA and searched for a similar 3 year old Winnebago and came up with average retail $45,804
If I decide to sell at the end of 3 years I won't even get the payoff let alone the $27,729 out of pocket.
And heaven help me if I traded in at a dealer because my underwater costs will be rolled into my new unit and financing.
My decision is buy used and balance out the cost of the unit + repairs needed and hopefully I'll be in for $25,000 +-
#1 does my thinking & math sound right?
#2 assuming the unit with repairs is 99.9% dependable would you drive such a used unit across country?
Thanks!
"NEW 2018 WINNEBAGO MINNIE WINNIE 22M offered by Bill Plemmons RV in NC
MSRP: $91,716 - Plemmons' RV Discount: $22,730 - Your Price: $68,986
PAYMENTS FROM: $387 /mo. - 20.00% down - 5.74% apr, 240 months"
My price $68,986
$13,797 = 20% down
$92,880 = 240 payments
$106,667 cost of unit
If I decide to sell after 36 payments I will still owe $50,362
$13,797 = my down-payment
$13,932 = 36 payments
$27,729 my 3 year cost in owning motor-home (not including insurance, tags, taxes, service, etc, etc, etc )
I went to NADA and searched for a similar 3 year old Winnebago and came up with average retail $45,804
If I decide to sell at the end of 3 years I won't even get the payoff let alone the $27,729 out of pocket.
And heaven help me if I traded in at a dealer because my underwater costs will be rolled into my new unit and financing.
My decision is buy used and balance out the cost of the unit + repairs needed and hopefully I'll be in for $25,000 +-
#1 does my thinking & math sound right?
#2 assuming the unit with repairs is 99.9% dependable would you drive such a used unit across country?
Thanks!