Financing for a new van? Yikes

Steve_382

Active member
I hadn't really thought about what the payments would be if a person was buying a new van. This info from StoryTeller is a bit scary. What will the van be worth after 20 years on the road.


What's my cost per month?
You can enter information in a loan calculator to get the most accurate information.

Here's an example of what your cost per month would be for each of Storyteller Overland's MODE adventure vans. These monthly payment estimates** are based on a 20% down, 20-year RV loan at 6.99% APR:
MODE LT: $1,062.84/month
Classic MODE: $1,124.14/month
Stealth MODE: $1,205.36/month
Beast MODE: $1,391.28/month



 

ace944gs

Member
Rent that van out 1x/ month and you're covered! /s

?

guessing the play is use van for X years and sell at a price that covered remaining financing and then you've got the van for 1k+ month. All dependent on the used price being palatable for a cash buyer of course....which is why 2-3 yo sprinters are still a house down payment!
 

vintageracer

To Infinity and Beyond!
According to recent surveys in the auto industry the average person these days keeps a vehicle right at 4 years. IF you are average you would be on your 5th different vehicle by the time your pay off a 20 year loan on a then worn out POS van.

What will the van be worth in 20 years? Less than 10% of the new vehicle cost.

Folks need to quit drinking the Bank Cool-Aid of always being a Payment Buyer.

Just think with 20% Down Upfront AND $1062.84/month x 12 months/year x 20 years = $255,081.60 PLUS that 20% you put down upfront you too can NOW Own Your Free and Clear 20 year old POS van worth far less than $10,000.

Great Deal!

HOPE YOU LIKE THE VAN!
 
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Wyuna

Observer
I wouldn’t get a loan for a a RV, if I can’t afford a hobby/recreational purchase with cash, I can’t afford to buy it, it’s as simple as that

for the majority of hobby/recreational purchases, I would deem them depreciating assets, a little fun is going to cost dearly in the long run.
 

calicamper

Expedition Leader
I wouldn’t get a loan for a a RV, if I can’t afford a hobby/recreational purchase with cash, I can’t afford to buy it, it’s as simple as that

for the majority of hobby/recreational purchases, I would deem them depreciating assets, a little fun is going to cost dearly in the long run.
Yup
RV is just a toy in this case an expensive one.
live in it? Pffft I rented a room in the most insane.com housing market I have ever seen. My coworkers we’re living in vans, boats probably boxes for all I know. Several of them discussing costs the van and boat dwellers had 2x the living costs I had with my rented room. ?.
 

jreddy

Member
I wouldn’t get a loan for a a RV, if I can’t afford a hobby/recreational purchase with cash, I can’t afford to buy it, it’s as simple as that

I'm always curious what people mean when they say this. Would you consider an investment account "cash"?

Before our current economic climate, I financed two vehicles at various times. One was at 0% APR for the first 12 months. I could've paid cash if I'd sold mutual funds, but instead I just made triple payments and paid it off before the rate went up. Another was at something like 1.2% for 36 months. I just made the standard payments because the market was doing WAY better.
 

clintium

Member
No one buys an RV as an investment, you rationalize hotel vs RV costs vs convenience,,,, period. Then you add in being off grid, remote, boon docking vs being in the heart of New York and seeing plays, the opera, shopping with room service and never needing to cook and decide should I pay $100K for an RV over 10 years or book hotel rooms at $150 a night.... honestly driving a Honda Hybrid and staying in the Hilton is the bargain..... unless ya wanna be off grid and remote.

OR

ya buy a cheap 4x4 and a cheaper 12' trailer. ya do an axle under swap and go RVin' for under $20K...... so many options

OR

ya just sign on the bottom line so you can park a shinny new Expo Camper and Tremor in the driveway.
I’m really interested in learning more about going the trailer route you described. Thanks for your insights. Do you have any further recommended reading to continue my quest? I’d love to find something that could basically start as a mobile workshop that allows me to slowly build it into my off grid home/RV. I’ll be towing behind a 4x4 tundra with alu cab.

this whole post was so timely for me. I’ve been debating selling my tundra and using the proceeds to finance a luxury van. The idea of a monthly payment was really weighing on me. and these comments pretty much cemented my direction to stick with a 4x4 truck and build out a trailer. Next up… re-gearing this tundra to 5.29s!
 
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Mat Mobile

Adventurer
I've had a similar "opportunity" presented to me in the past week.

So I'll be the devil's advocate and say that it's not necessarily a bad idea. Credit is a tool (like @jreddy 's example). If used wisely, it allows you do things that you couldn't do without it. Like a chainsaw you can cut things you couldn't any other way... just don't drop it! ?

Here's an example:

I'm 45, my condo is paid off, I saved up enough to travel, I've saved up enough for retirement... (I worked hard and sacrificed a lot!) But darn it... In the past 4-5 years, van prices have shot through the roof and I can't afford a new campervan. I can barely afford a used overland capable van. I don't have the space or tools to build a van on my own (remember, I live in a condo).

But I can rent out my condo for 2,000$/month and buy a van for 1,000$/month (per OP) and sell the van after 5 years. At 45 it's the perfect time to live out my #vanlife/pan-american highway dream, learn how to surf, etc.

Sure... I can work another 4-5 years. Or sell the condo. Or pull out some 401ks. But what about carpe diem? ?‍♂️

Is it the best way? Probably not.
Is it the only way? For sure no.
Is it that bad of a solution? I don't think so. It's a reasonable plan.

Oh, and if you're curious... Am I going to take that opportunity? No. ?
 

calicamper

Expedition Leader
I've had a similar "opportunity" presented to me in the past week.

So I'll be the devil's advocate and say that it's not necessarily a bad idea. Credit is a tool (like @jreddy 's example). If used wisely, it allows you do things that you couldn't do without it. Like a chainsaw you can cut things you couldn't any other way... just don't drop it! ?

Here's an example:

I'm 45, my condo is paid off, I saved up enough to travel, I've saved up enough for retirement... (I worked hard and sacrificed a lot!) But darn it... In the past 4-5 years, van prices have shot through the roof and I can't afford a new campervan. I can barely afford a used overland capable van. I don't have the space or tools to build a van on my own (remember, I live in a condo).

But I can rent out my condo for 2,000$/month and buy a van for 1,000$/month (per OP) and sell the van after 5 years. At 45 it's the perfect time to live out my #vanlife/pan-american highway dream, learn how to surf, etc.

Sure... I can work another 4-5 years. Or sell the condo. Or pull out some 401ks. But what about carpe diem? ?‍♂️

Is it the best way? Probably not.
Is it the only way? For sure no.
Is it that bad of a solution? I don't think so. It's a reasonable plan.

Oh, and if you're curious... Am I going to take that opportunity? No. ?
Why not air bnb the condo get a 10yr old truck with a camper for 20k from some old dude that put 15,000 mi on it in 12 yrs. Drive it all over hell and back crash at the condo between airbnb guests and save $95,000?
 

Mat Mobile

Adventurer
Why not air bnb the condo get a 10yr old truck with a camper for 20k from some old dude that put 15,000 mi on it in 12 yrs. Drive it all over hell and back crash at the condo between airbnb guests and save $95,000?
Because the condo association doesn't allow AirBnB. Also, I have no idea where you find those 20k deals!?!

Anyways, the plan is to buy an old truck with a new camper.

Like I said, it's not the ONLY solution... but it is a somewhat reasonnable solution in those conditions!
 

Ozarker

Pontoon Admiral
No one buys an RV as an investment, you rationalize hotel vs RV costs vs convenience,,,, period. Then you add in being off grid, remote, boon docking vs being in the heart of New York and seeing plays, the opera, shopping with room service and never needing to cook and decide should I pay $100K for an RV over 10 years or book hotel rooms at $150 a night.... honestly driving a Honda Hybrid and staying in the Hilton is the bargain.....

:unsure: :LOL::LOL::ROFLMAO::ROFLMAO::ROFLMAO::ROFLMAO::ROFLMAO::ROFLMAO::ROFLMAO::LOL::LOL::):rolleyes:

$150 a night? It's been awhile since you stopped by a Motel 8, hey?

New York Hiltion 2nd floor, $350+ a night, off season.
 

clintium

Member
you had me till the regearing a Tundra to 5.29s.... You are an idiot or a troll bye bye you just triggered my ignore thread.....
Really? Idk maybe you’re ignoring me now but I’d love to know why you say that. I have added an extra 1000 lbs or so in gear and put 35” tires on. Everything I’ve read tells me this is exactly the circumstance to re-gear. Admittedly I’ve never done this before and I’ve been skeptical for a while, but I keep seeing positive reviews and direction to do that for the sake of the drive train components and gas mileage. I think one of the most impactful inputs was this article posted on ExPo just a couple weeks ago. https://expeditionportal.com/why-you-want-to-re-gear-especially-modern-4x4s/
 

RVflyfish

Fishing is life. The rest is details.
Great article, Clintium. Thanks for the link. At first I thought 5.29 seemed high but maybe it’s right for your Tundra with 1,000 extra pounds riding on 35’s.
 

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