What's It Really Worth?

Rocket Heart · 06-16-2011, 06:43 PM

I am well aware of the beating we all take in depreciation of our MH's every year but not to the extent the "bank" say it's worth. My 07 Sundancer bought new in 08 was what I thought, a pretty good deal. List was $165000 and I got it for $131000 after my trade.

The last time I checked it looked to be worth around $99000 - nope I am way off - only worth $76000. I am really not cryin' the blues, other than I have lost my dream, I am just expressing surprise in just how much the "fall" really is...........

Despite that - I will be back into a MH as soon as I can.

Safe travels out there.

Dixieray53 · 06-17-2011, 06:23 AM

Did you sell it for the $76,000....I have always believed...Everything is worth what someone is willing to pay right this minute. So are you talking about book value, $99,000 or real value, $76,000. Did you "have" to sell it. My brother needed to unload his and he "took" alot less than book value...Peace...D

Rocket Heart · 06-17-2011, 11:08 AM

No unfortunately I had to claim bankruptcy and gave it back to the bank. Stinking economy!!

Dixieray53 · 06-18-2011, 05:17 AM

Quote:

Originally Posted by Rocket Heart

No unfortunately I had to claim bankruptcy and gave it back to the bank. Stinking economy!!

Crap man...That bites...I know how you feel...Back in the past it happened to me too...Good Luck and hang in there...

..Peace...D

clarkgriswold · 06-19-2011, 02:22 AM

Sorry to see you're having a rough time in this economy. I hope you can get back in Rving quickly. Best of everything.

GPW · 06-19-2011, 04:24 AM

Makes you wonder if the economy is really that bad , or folks have just bought stuff they couldn't afford, encouraged by irresponsible lenders only going for the short bucks ... Bankers seem to be at the root of our current economic evils...

clarkgriswold · 06-19-2011, 10:32 AM

To address your question "what's it really worth" let me say that we just puchased a used MH and we bought it for many thousands less than LOW NADA. That seems to also be the experience of others buying at this time. It is unfortunately or not, one of those things that it is worth what someone is willing to pay - and that changes with the times. Again, best to you and your family.

4Knights · 06-19-2011, 10:47 AM

Can't afford a newer rig yet but any rig is worth what you can sell if for. Ours booked at $18,500.00 and I offered $9,500.00 cash (bank repo) drove home with it 25 minutes later. It's old but in great shape and only needed new awning fabric all around $600.00 got lucky this time but have been duped in previous deals.

MHingFun · 06-19-2011, 10:58 AM

I'm not sure that I see an inconsistency here.

The unit was purchased for 79% (131,000/165,000) of its list price, and was subsequently surrendered for 77% (76,000/99,000) of the value that you found. 77% vs. 79% is a minimal difference.

If the question is the 42% fall-off over three years from the actual purchase price (131,000) vs the surrender value (76,000), then it is a different discussion. I'm not sure that that is an inordinate fall-off, given that the surrender value is in a bankruptcy, given the associated costs that the bank must incur to actually dispose of the RV.

I don't mean to be critical here of filing bankruptcy or any other aspect of this, I just don't see a major issue with the numbers as presented.

MHingFun · 06-19-2011, 11:05 AM

Quote:

Originally Posted by GPW

Makes you wonder if the economy is really that bad , or folks have just bought stuff they couldn't afford, encouraged by irresponsible lenders only going for the short bucks ... Bankers seem to be at the root of our current economic evils...

Interesting that you list two issues (folks and banks), but then conclude that only the banker is accountable.

resqguy · 06-19-2011, 12:54 PM

Quote:

List was $165000 and I got it for $131000 after my trade.

This tells me that you had little or no equity in your trade. The 20% under list will not cover the depreciation of going from new to used. Next time plan on having at least another 20% to put into the deal. With a low interest rate and short terms you will have a better chance of keeping up with depreciation.

Rocket Heart · 06-19-2011, 02:58 PM

Quote:

Originally Posted by resqguy

This tells me that you had little or no equity in your trade. The 20% under list will not cover the depreciation of going from new to used. Next time plan on having at least another 20% to put into the deal. With a low interest rate and short terms you will have a better chance of keeping up with depreciation.

Yes all of this is of my own doing. I owned a 99 LaPalma that I wanted out of really bad - it was under powered and I felt it was also somewhat unsafe. I bought that unit on "feelings" Just had a heart transplant and MHing was my dream - I had to retire and that was my retirement.

We were able to make a trade with negative equitiy in 08 on our 99 - can't blame the bank - I blame me - I think wisdom and judgement took a vacation. We did well for 4 years - then just couldn't keep up. That's my boo hoo story. My wife makes good money and was getting great bonuses from work - as you all know - that just stopped - as a matter of fact we took a 9000 loss in income last year. That too was a very big factor.

It's hard to give up your dream but if I had to do it all again I would have done it right the first time.

Glassalley52 · 06-19-2011, 03:41 PM

Life sometimes throws you a curve or two, but always try to keep getting up. I didn't go into work two and a half years ago and ask to be laid off. Our income was literally cut in half. My dream RV may be in my future, but it may not. We had to take a delta on our house and now live in a "dump." we are grateful for the weekend get-a-way we do have until we can full-time.

Hope to see a RV in your signature some time sooner rather than later.