60k - buy a motorhome or pay off some mortgage?

[WetBench]

I know it’s a lovely problem to have, but most people are aware that people coming into chunks of money do not usually do so through happy means, and most people would rather give the money back to not be in that position.

So I I have the opportunity to buy a motorhome for £60k, or pay off some of the mortgage and reduce it down from 60% to 50% and take out a loan for 25k to pay for the motorhome. We have been on several trial holidays hiring different models and have narrowed down the one we want and think we would use it for short holidays and longer 1/2weeks.

Although maybe that’s just crazy and we should pay off more mortgage or keep it for a rainy day, and that’s a stupid amount to spend on anything. We spent 2 years umming and ahing about buying a garden bench so this is way out of our usual comfort zone and price range. Our savings would be down to zero buying this.

But circumstances mean we want to get as much out of life as we can in the next few years and this seems to be the solution?

Motorhome, memories are more important and so is the mental health support they provide.

Motorhome no doubt .. we bought ours just a couple of weeks before the first lockdown and so haven't used as much as we wanted so far , but its just brilliant and I can see us getting many fab years from her ..
We also bought new. Van conversion .. ( Westfalia Columbus ) ..has toilet , shower , heating.... everything
They dont depreciate as much as caravans ..

@Honeyroar unfortunately the layouts that work for us are only in the newer ones and can’t get them for lower prices that I’ve seen yet.

I really am arguing the heart side of things but wondering if I should agree with “head” DH. But he will go with buying it if I really want to spend the money that way.

@MrsPelligrinoPetrichor crazy expensive to hire, and more than double the amount we would usually spend on a self catering for a week easily.

I'd do neither of those things.

I would go for mortgage but to me, I wouldn't see the point unless it was a substantial amount of the mortgage. 10% doesn't seem very worthwhile to me.

I wouldn't waste money on a motorhome either as it's a depreciating asset.

I think I'd seek financial advice

Also worth considering solar panels .. we had ours fitted at new .. it means that you are less reliant on sites with electric hook ups ..

I now want a Westfalia Colombus 💜💜💜💜💜💜💜💜💜💜💜💜💜🙄

[quote WetBench]@Itsbeen84yearss we thought about that for longer term income generation, but that doesn’t make life more fun now and we’re happy with not making long term money.[/quote]
It sounds like you've made your mind up and want the motor home.

The only thing I would say is don't use the inheritance to pay off your mortgage and then take a loan for the motorhome!

The mortgage will be much cheaper borrowing than a loan. You would have to be mad to do that.

I do echo not buying one brand new though. That's really a luxury for people for whom money isn't really a consideration, and it doesn't sound like this is you. Look for a good second hand one.

In your circumstances I would buy the motorhome. Absolutely no question about it.

Life is for living.

You would have to use it an awful lot to make sense. If you only spend £1500 annually on a holiday, it just wouldn't be worth it. Spend the money on lovely travel and hotels instead.

What’s the obsession with the mortgage? Honestly buy the motor home and save some for a rain day too. Leave the mortgage trickle down and have some fun. Like you say there’s a reason you have this kind of cash and hopefully it won’t come around any time too. Make mementoes I’m sure the reason you have this money anyway would also encourage the memories idea. If it was wow 50k left on mortgage and you could pay it all off id day go for it, buts it’s not so enjoy the money while it last and explore

I know.. Mrs Pellegrino I fell in love at the nationa motorhome show a few years ago and never found any I liked better..

Btw OP the February motorhome show at NEC is definately worth a visit ..
We had lots of options in mind but it was going there and seeing them all together which really made us think of what would work best for us

@Laska2Meryls that does look a good VC, which version did you get? We’re looking at a 6m motorhome that’s only 2.1m wide to give the same park ability as the van conversions.

@yourestandingonmyneck I feel like it’s absolutely the right option to buy it, but I’m wondering if I’m getting carried away/want to hear the other side (which DH) is on. I also don’t want to dither for another few years when waiting lists are already 9months! You are right about it making more sense to keep the mortgage as it is and not take about a higher loan. I haven’t done the sums yet as to which would cost more money but it seemed more sensible to not take out a loan, and might not even get a loan on top anyway

@Laska2Meryls thanks, that’s a good idea. If we’re still undecided in feb and everything is back up and running then we’ll definitely try and go!

We bought the 601D Automatic ( would recommend Automatic , really good to drive - even though Ive driven manuals before)

its 5.99m 2050m

it has the transverse bed which we were unsure about to start with but really its fine.. (over 60s here) .. we dont have the pop up roof though ..

One of the hire motorhomes was manual and we wondered why on earth they would still make manual motorhomes these days! I can’t see why you would choose one apart from slightly cheaper.

I think I'd go with the motor home but would not want to spend all the money on it.

As for depreciation, if you're not going to be forking out for holidays besides you can take that sum off how much it depreciated each year.

We've got this model. Our main needs were short enough to park on our drive and in a car park. Fixed bed as got so fed up with making up the bed in our previous one
www.autotrader.co.uk/motorhome-details/202106304457825?sort=price-asc&model=APPROACH%20COMPACT%20520&radius=1500&advertising-location=at_motorhomes&price-from=12000&make=BAILEY&postcode=wf58rb&price-to=45000&page=1

Adria do one the same size and are are nice also and we liked Hymer Yosemite too.. (but with ours - Priscilla- , it was love at first sight!!)

In your circumstances I’d go for a motor home. We have one and it has made a huge difference to work/life balance. It’s an investment in mental health and it sounds much needed.

What specifically is it that you want in terms of layout? I’m just being nosey so please ignore me if you’d rather not say. Dh and I had very specific requirements too and rejected vans when we were shopping first, not realising that in most it was just a matter of shifting the cushions around!

If you do decide to buy a second hand van, insist on a full hab-check and get a mechanic to look over the engine. If the seller isn’t amenable, walk away!

Motor home. Life is too short. Treat yourself to something special.

@thelegohooverer 6m with an electric/drop down bed. So bed made up and ready to go and slightly bigger seating area for day use than those with fixed transverse beds.

@Raera that still seems a good price hold for something that’s 7 years old. What did you have previously?

@Ninkanink

In your circumstances I would buy the motorhome. Absolutely no question about it.

Life is for living.

This x a billion. Buy the motor home and enjoy every last second of it.