Secured loan for Motorhome purchase

MinuteNoodles

foxy-stoat said:

Its going to be his daily driver.....

Believe me that'll grow old real quick and it won't take many weeks of struggling to park it everywhere he goes before he realises how bad a decision it is. My wife daily drives a Renault Trafic van but it's not a problem as it's not actually that much larger footprint than my Mondeo was so easily fits in on street parking places and places like Tesco etc but a motorhome is a much larger thing. It also means that when you come to sell it'll be much higher mileage than everything else on the market so will be worth less.

p00hsticks

humey86 said:

Will the loan be secured against the van?

The van's a depreciating asset that in a few years will almost certainly be worth less than the outstanding loan.

If a secured loan is required it will be need to be secured against a bricks and mortar property. Do you own your own house ?

burlingtonfl6

Brock_and_Roll said:

<rant>

Dont do it for several reasons....

1) Depreciation monsters - my late father had a £40k motorhome bought nearly new from a dealer. As you may have noticed private sales are short supply and the dealers drive a very had deal when selling. Despite being hardly used I eventually sold his van for £13k two years later.....so that's £13.5k of depreciation per year. Put another way for the same price of "freedom of the (clogged) road" and crapping in a plastic toilet, you could have had 77 nights in 4 star hotels of your choice !!

2) Environmental  - these vans are basically large quantities of plastic and mdf built onto the chassis of a standard long wheelbase vans. With their diesel engines and the aerodynamics of a brick these are pretty bad environmentally all round

3) Driving - Unless you are planning to tour Europe or the USA, what's the point? British roads really are not suited to these vehicles. Here in the new forest we groan every year when the influx of middle aged couples in their large plastic vans trying to negotiate narrow lanes!

/rant over!

Complete rubbish.
OP, talk to someone with actual knowledge of motorhomes. They hold their value like no other vehicle on the road.
Currently prices are sky high and people who bought a couple of years ago would easily get their money back.
No isn't the time to buy one though. Everyone has had the same idea so there's no stock out there, prices are through the roof and so is demand.
You've missed the boat this year.

jjdc

Agree, my parents bought a near new motorhome a good 12 years ago, for around £30k, sold it last year for £20k. That motorhome will probably never drop below £15k , and in todays climate probably worth more than £20k.

DCFC79

Are you sure you want to do this, 1 its a secured loan and 2 how long will it last as its an expensive mistake to make if you decide you have had enough.

Brock_and_Roll

burlingtonfl6 said:

Brock_and_Roll said:

<rant>

Dont do it for several reasons....

1) Depreciation monsters - my late father had a £40k motorhome bought nearly new from a dealer. As you may have noticed private sales are short supply and the dealers drive a very had deal when selling. Despite being hardly used I eventually sold his van for £13k two years later.....so that's £13.5k of depreciation per year. Put another way for the same price of "freedom of the (clogged) road" and crapping in a plastic toilet, you could have had 77 nights in 4 star hotels of your choice !!

2) Environmental  - these vans are basically large quantities of plastic and mdf built onto the chassis of a standard long wheelbase vans. With their diesel engines and the aerodynamics of a brick these are pretty bad environmentally all round

3) Driving - Unless you are planning to tour Europe or the USA, what's the point? British roads really are not suited to these vehicles. Here in the new forest we groan every year when the influx of middle aged couples in their large plastic vans trying to negotiate narrow lanes!

/rant over!

Complete rubbish.
OP, talk to someone with actual knowledge of motorhomes. They hold their value like no other vehicle on the road.
Currently prices are sky high and people who bought a couple of years ago would easily get their money back.
No isn't the time to buy one though. Everyone has had the same idea so there's no stock out there, prices are through the roof and so is demand.
You've missed the boat this year.

Still not going to stop you being loathed most places you go in the UK - we watched one yesterday on a narrow lane near the beach........there was almost 40 minutes of backing up, angry shouts etc - almost came to blows!