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Buying a new motorhome


nightrider

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Whenever i read a post where someone says they are buying a new motorhome costing about £50,000, i often wonder how they are purchased? from cash they have in the bank, selling their home and downsizing or taking out a second mortage or some other loan facility? So how are they bought?
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Hopefully by what meets your needs best at the time Malc.

 

We were quite young (combined age 65) when we shelled out £24k for our 1st new van. We'd every intention of keeping it long term so it made sense for us to borrow against our home on which we owed relatively little to its value.

 

This isn't known today as "2nd mortgage", merely additional borrowing - although it makes no difference.

 

When we bought new again in 2003 we needed about £7k I think to swap. I just received an inheritance so that was an easy deal, paid cash and a large dollop off our mortgage at the same time.

 

Just as an aside, my Father In Law invited us round the other evening. He handed me an envelope which I passed to Lady T to open, as I would out of courtesy.

 

Inside was a card with a cheque for a not inconsiderable sum. It was 100% out of the blue and unexpected. Father In Law was 65 in December and received his private pension options, (on which he sought my unqualified advice).

 

Anyway, he took my advice and a professionals I'm happy to report and the resulting cheque was from the lump sum he took from his fund. What a lovely gesture.

 

Martyn

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Saved up in a Tessa/ISA and paid £32.000 cash havent changed it for coming up 10 years :-S which might or might not have been a mistake!! were thinking we might get a smaller van in the next year or two not sure what we will do though cash in my ISA or what??
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LordThornber - 2012-01-29 11:02 AM

 

Hopefully by what meets your needs best at the time Malc.

 

We were quite young (combined age 65) when we shelled out £24k for our 1st new van. We'd every intention of keeping it long term so it made sense for us to borrow against our home on which we owed relatively little to its value.

 

This isn't known today as "2nd mortgage", merely additional borrowing - although it makes no difference.

 

When we bought new again in 2003 we needed about £7k I think to swap. I just received an inheritance so that was an easy deal, paid cash and a large dollop off our mortgage at the same time.

 

Just as an aside, my Father In Law invited us round the other evening. He handed me an envelope which I passed to Lady T to open, as I would out of courtesy.

 

Inside was a card with a cheque for a not inconsiderable sum. It was 100% out of the blue and unexpected. Father In Law was 65 in December and received his private pension options, (on which he sought my unqualified advice).

 

Anyway, he took my advice and a professionals I'm happy to report and the resulting cheque was from the lump sum he took from his fund. What a lovely gesture.

 

Martyn

Martyn,

What a fabulous thing to happen, I bet you were cock-a-hoop, bet you were doing cart wheels on the way home.

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There are times when I go into a motorhome showroom and see motorhomes priced up at £50,000, £60,000 and a £100,000 plus, and I wonder what kind of person or what kind of job they have to be able to afford something like that? Well out of my league, but good luck to them.
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My very first campervan was a VW type 3 which cost £8,500 my cousin could not believe that I spent that kind of money on what he referred to as a glorified van, he said I could have bought a flash Merc or a BMW, my 2nd van was a type 4 VW panelvan, my next purchase was a VW Compass Calypso which I still have, lovely motor and does all we want, all my vans were bought by trading up and paying off the rest in cash, my other cousin has had 3 campervans in total and bought them on the knock, the amount of interest he has paid is enormous.
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Malc, we were very happy I can tell you, a lovely windfall, far better than an inheritance which of course only comes from the loss of a loved one, usually.

 

Father In Law said he hoped we'd spend it on a "bloody good holiday", well it would be a bloody good hoilday if we did I can tell you :D :D

 

Martyn

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First camper I borrowed £100 off my brother for a month, then spent most of that month welding it back together :-S .

 

2nd and 3rd vans paid cash (not a lot of) .

 

4th van was our first and only coachbuilt to date and we took out a modest loan.

 

Present van was bought with cash as was all the equipment and materials needed to convert it.

 

D.

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Being poor pensioners we can't afford to pay interest so we always pay cash. A policy over the years that has saved a fortune in interest hence ensuring that we have the cash! I think you will find that many older people take a tax free lump out of their pension pots and use that to buy a new motorhome for their retirement.

 

Incidentally the ability to take a tax free lump sum should always be taken advantage of even if you don't need the cash it can always be invested. If you don't you will finish up paying income tax on the money later.

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As I've stated in posts before, we don't own a motorhome, but when we decided to take up touring I did look at both options having read up on it and asked people we knew. A caravan won because it suited our needs best and we paid cash for a secondhand 1999 Abbey and borrowed a bit to upgrade our car to a Passat Estate.

Later when I finished work I had a lump sum payout and used some to buy a new Abbey. Five years later I bought a Kia Sorento because we had bought a new Bailey Senator which was heavier than the Abbey.

Now the downside. Sometime in the future when I'm even more decrepid than now I realise that the caravan will become a bit too much, especially erecting the awning, so we intend hopefully to go for a motorhome and with caravans not holding their price like motorhomes when we sell we will need quite a bit of dosh. Due to the cost of living, especially fuel, our money is whittling away at a faster rate than we thought so this time I'm not too sure if we will be able to pay cash :-(

My late MIL, God bless her, left us a considerable sum of money but this has been used or allotted for other purposes.

What we aren't doing any more is helping the kids. They've had many thousands off us so what's left is ours. When we've gone at least they will have the bungalow between them.

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In our case, sheer luck. Made a good profit on our first house which enabled us to buy a 3 bed semi in the mid 70's. We sold that 5yr ago and made a v/good profit. Kids had gone so downsized to a small 2 bed town house in a nice cul d sac and paid for cash, so no mortgage. I never buy new so had enough cash in 2002 to buy a v/good A/S Duetto which a couple who were going living in Brittany were desperate to sell, got it at £5k under book price.

 

Part/ex the Duetto 18 month ago for £1k less than we bought it for in 2002 and managed to beat the dealer down on a 4 berth A/S Pollensa by £1500 so did well on the deal. The dealer was needing some cash, they are no longer dealing. We are now looking at p/ex for car and caravan. I think we will miss the M/H side but I want to slow the pace down a bit after HGV driving for most of my working life.

 

So luck and being in the right place at the right time and unfortunately an inheritance. Would sooner have mum than the money :'( But I feel fortunate that I had her for 64yrs good, bad and fun times, which a lot of folk are unable to.

 

Dave

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After having paid of the mortage saved for several years with the view to buying a second hand motorhome. After hiring to try out the chosen layout we decided we needed a bigger vehicle. We just could not find a nice clean second hand model so took the plunge and dug deep into the savings for a brand spanking new model. Paid cash and got a good discount with all the extras we thought we needed.

We have had to forgo replacing the car but when the motorhome is loaded up and we turn out of driveway I know how Toad felt.

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pelmetman - 2012-01-30 4:14 PM

 

Inherited Horace when he was just 18 months old with 1800 miles on the clock.........

 

You've had some good service out of him then Dave.

 

Are you home yet?

 

See you are keeping up to your usual standards, sponging of Bruce and Kathy. :D :D

 

Dave

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Guest pelmetman
nowtelse2do - 2012-01-30 5:24 PM

 

pelmetman - 2012-01-30 4:14 PM

 

Inherited Horace when he was just 18 months old with 1800 miles on the clock.........

 

You've had some good service out of him then Dave.

 

Are you home yet?

 

See you are keeping up to your usual standards, sponging of Bruce and Kathy. :D :D

 

Dave

Me sponging!!!............All though I was tempted to a spot of minesweeping whilst everyone else was up Daddy dancing...........but i resisted as I had a long drive the next day.

 

Now at Le Crotey overlooking the harbour.......nearly out of water and my gas bottle gauge that hardly moved since last May has now gone South at an alarming rate.

 

Sorry for the lack of emoticons as they're a right fiddle on the Kindle :D

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Guest pelmetman
nowtelse2do - 2012-01-30 6:53 PM

 

Ah thou't thi'd gen ti' Spain not Kindel, call yin as thi pass'in. :D :D

 

Dave

Blimey Dave that took me a while to translate into English..........

 

Who needs to travel to learn how to speak a foreign language?.......... :D

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Guest Tracker

My first van was Bedford CA Dormobile camper from around the mid to late 1950s which I bought as a non runner in Brighton in 1969 for the grand sum of £15 - then with the aid of two friends we towed it to Ashford in Kent where my mate had a barn where we could rebuild it. The tow took about 5 hours, partly because the brakes on the van were siezed and we had to keep stopping to cool them and partly because the tow car was a Mini Cooper S and was itself overheating despite it being a bloomin cold winters evening!

 

And I've been camping and motorhoming ever since almost non stop apart from a couple of years when we tried both camping in a tent and a touring caravan - but soon reverted to being nomadic!

 

Happy daze!

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