Bumpyroad
Virginia
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Joined: 12/01/2005
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quark wrote:Bumpyroad wrote:but you are only really affected by "this economy" if you handled things wrong over the past few years. If you are OK, you are in the driver's seat, so to speak.
bumpy What's that suppose to mean? If the small company I work for fails due to "this economy", does that imply there was something I handled wrong in the past few years to cause it to affect me??
About the only way to be truly insulated, is to be retired with enough to live on in a savings account and even that doesn't protect you from inflation.
I mean if the OP is in a position healthy enough to buy it, go ahead and do so. don't let the fact that other people might be losing their job, overextended on a house, etc. affect her. If she is teetering on the brink of bankruptcy, of course she should not buy it, I sort of thought that was obvious.
and yes, absolutely a lot of these people in trouble handled something wrong in the past few years, and now Uncle santa is going to bail them out.
and no, if someone had their job eliminated, that is probably not their fault, but I don't think the OP is in that position.
but if you are in a shaky position, you are the only one that can answer the question whether or not it is your fault.
bumpy
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quark
Hillsborough NJ
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Joined: 08/05/2008
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The fact that the OP mentioned the economy at all suggests to me that her situation might not be bulletproof. (Is anyone's?)
I have been lucky so far, and my company has weathered several recessions, but If this turns into a real 1930's style depression, I'm not so sure. I do know I wouldn't be taking out a 40-50K loan in this economy. On the other hand, like you said, this is a good time to buy with the prices so low.
This sounds like a good question for the Suzie Orman "can I afford it" segment. 
MH: 96 Ford E350 7.5 Fleetwood Jamboree Searcher
TV: 1995 Nissan Quest
VTT: 16' 1963 Yellowstone "Canned Ham"
Controller: Tekonsha P3
Hitch: Equil-i-zer .
http://www.vintage-yellowstone.com/
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CA Mom
California
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Joined: 09/26/2007
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quark wrote:The fact that the OP mentioned the economy at all suggests to me that her situation might not be bulletproof. (Is anyone's?)
We would be okay buying a used motorhome, but have to question the timing and also wonder whether it would be better to keep some cash around and not have a small loan. We don't have $40K cash, and if we did, it would probably be frivolous for us to spend it all in one place. So anyhow, we'd use cash for part and take out a small loan for the rest. Given that this motorhome is considered a "luxury item" to us, we are just trying to decide what to do. That said, if we find one that we absolutely think is *the* perfect one for our family, we would probably buy it because we want the memories of great trips while our kids are young.
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Bumpyroad
Virginia
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Joined: 12/01/2005
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CA Mom wrote:quark wrote:The fact that the OP mentioned the economy at all suggests to me that her situation might not be bulletproof. (Is anyone's?)
We would be okay buying a used motorhome, but have to question the timing and also wonder whether it would be better to keep some cash around and not have a small loan. We don't have $40K cash, and if we did, it would probably be frivolous for us to spend it all in one place. So anyhow, we'd use cash for part and take out a small loan for the rest. Given that this motorhome is considered a "luxury item" to us, we are just trying to decide what to do. That said, if we find one that we absolutely think is *the* perfect one for our family, we would probably buy it because we want the memories of great trips while our kids are young.
I will repeat my previous comment, do not let the fact that some people took ridiculous massive adjustable rate mortgages, had jobs selling slide rules or installing TV aerials, affect your purchase. Yes, I guess my motorhome, boat, etc. are "luxury items", so let them eat cake.
You should make the decision based on Your situation.
bumpy
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