How?

texfamvan · 07-02-2021, 07:14 AM

Guys,

How can anybody afford a ~$70,000 vehicle?

Even a 10 year loan/note would be ~$800/month.

Maybe everybody is living in their vans?

$800 is a reasonable rent payment.

Any advice would be appreciated, I would love to have such a cool van.

Texfamvan

2011 ford e350 van bought 1 year old for $17,000 with $400 chateau bed/seat from craiglist, Thule box, Thule bike racks, Thule roof rack, front and rear trailer hitches with hitch hauls for gear, an affordable sportsmobile, at least for me.

Oh yeah, how am I prepared financially? Undergraduate degree in geology, graduate degree in geophysical engineering, 40 years in Texas oil and gas industry, likely highest paying industry in America, and,,,,,,,,,,first generation American, no inherited wealth, maybe that's the rub?

simplesez · 07-02-2021, 10:20 AM

You seem like a smart person. So you know there are lots of ways to pay for a $70k van. For some it is easy for some it is hard. Either way it isn't my business or worth my time to ponder it. All I know is that there isn't some universal hand out getting people rich. Get that paper however you need to...or don't.

clicker44 · 07-02-2021, 10:58 AM

Instagram and social media are the culprits to the current economic conditions in the van market. Simple economics....low supply and high demand. Right now, people will literally do anything to have a van, and that includes making highly irrational financial decisions.

If the "rule" was that each person had to pay for their van in cash and had to earn all of that cash themselves I am sure things would be much different. Just like housing...its up to you to decide how far you want to extend to play the game against the people that truly just don't give a s*** about being financially responsible.

My best guess is that based on the way things have been trending I think most people think there are no consequences for financial implosion....perhaps they are right ��!

gahamby · 07-02-2021, 11:21 AM

Start yourself a Van Fund. I like a low fee, passively managed, S&P 500 index fund. (Opinions may vary) Start putting in money. Reassess your priorities. What are you spending money on that is less important than that full dress Sportsmobile?
You have a van already, so there's a start.

N147JK · 07-02-2021, 11:25 AM

I've always guessed people somehow have the cash to pay for these vans. Making payments for any type of expensive vehicle does not make any sense to me.

simplesez · 07-02-2021, 11:49 AM

The current generation doesn't see cash as important as the elder generation. Expecting to change their mind will only find you frustration. Payment plans are normalized from a young age. Things like cryptocurrency and the stock market as legal gambling has more power than paper money to them. Now with massive inflation you'll see them see cash as even less important. What the old generation needs to be teaching the kids is how tax evasion works because every rich person I know pays as little tax as possible with some creative money management

Twoxentrix · 07-02-2021, 04:01 PM

"Any advice would be appreciated, I would love to have such a cool van.
Texfamvan"

**daveb** · 07-03-2021, 09:46 AM

It's the same way someone purchases a cabin as a second home or a big boat. I paid 120K in 2006 for my van. Took out a second on my house.

rescuejg · 07-08-2021, 10:04 AM

Try buying a house in southern California where anything decent starts at a million dollars. So. You've worked hard and saved up 200k for your 20% down payment...... But

Then when you make an offer you are competing against people who are making ALL cash offers. You might think I'm exaggerating, but that is not the case.

I'm not sure where all this cash comes from these days, but it's out there and somehow lots of people have it.

DosMars · 07-08-2021, 10:14 AM

Quote:

Originally Posted by texfamvan

Oh yeah, how am I prepared financially? Undergraduate degree in geology, graduate degree in geophysical engineering, 40 years in Texas oil and gas industry, likely highest paying industry in America, and,,,,,,,,,,first generation American, no inherited wealth, maybe that's the rub?

I'm guessing with your job and years in the industry that you've got money invested somewhere.
My wife and I decided the interest we were making on the money we had saved up was worth less than the memories we were going to make with the SMB. She was on board and after looking at a few we picked up a 7.3 pop-top with most of my "wish list" items ticked off for $50k.
Best investment we've ever made...