We are interested in the foretravels and have a change to buy a 1994 grand villa 35ft diesel, 130,000 miles, needs some work, he wants $20,000 for it. Our credit union will only loan 90% of the retail value according to NADA, so they will loan us $9,000....in searching we have seen everyone asking way over book value, and we just don't understand it, hoping all of you here can help us in our learning journey on buying a motorhome, hopefully a foretravel. thanks
Nada is just a formula and a coach that Old is valued by its condition and maintenance records and how it surveys out. Call Motorhomes of Texas and ask them a ballpark figure for that coach model and year. I am sure they have sold one not long ago.
Financing a 20+ year old motorhome is going to be difficult. As you have observed, the book value does not equate well to real world prices. You might be able to find other sources of funds unrelated to the value of the coach, such as unsecured bank or credit union loans, but the interest rates will be higher.
I will tell you this, not to discourage you but to save you from getting into a bad financial situation. If you cannot afford to pay $20,000 cash for this coach, then you would be better off waiting until you can. The initial cash price of any old motorhome only gets you in the door. I can almost guarantee that a coach of that vintage will require additional cash infusions to make it road ready. Around here, we toss out a figure of $10,000 as the average amount a new owner might expect to spend in the first year of ownership, over and above the initial purchase price. This is based on the actual experiences of many members who have been in your shoes. No matter how good a coach looks to you, in all likelihood it is going to need work. Some (if you are very lucky) need only a little work...some end up needing a complete ground-up restoration. The point is, you have to go into the deal with enough cash held in reserve to cover the unforeseen expenses. If you stretch your finances to the limit just to scrape up the purchase price, then anything else that comes up will put you in a real bind.
My advice: save your money so you can pay cash for the initial cost of coach (including liability and roadside breakdown insurance) plus have a substantial cash reserve fund. You will get a lot more enjoyment out of your new RV if you are not sweating every dollar it costs to keep it running safely down the road. But, of course, this is only my opinion... Others may chime in with different advice.
Whatever you decide, we applaud your interest in Foretravel coaches, and hope you are able to find a deal that works (comfortably) for you!
Not familiar with a 35' Foretravel in 1994. 36' yes. If you post a link or more info, someone here may have some first hand information on it.
And at that age, it could be a great find or a huge money pit. Its "care and feeding" over the last 24 years will help determine which it is.
That's a scary line, sounds like a inspector/experienced owner ought to take a look. As mentioned, you can plow through CBs ("CB" means "Coach Buck", which equals $1,000.00) real fast. We bought ours a few years ago for cash, we knew what we had to spend and that was the factor, no loans, and enough to keep traveling and maintain unseen problems (they happen, even a well-maintained coach like ours). They are some of the best coaches made, just don't get in over your head. Welcome to this forum! ^.^d
Seriously, with all due respect consider what Chuck suggested as this too would be my suggestion. It could cause major financial difficulties for you by the sound of it.
Wish you the best in your search for an affordable FT.
JohnH
I just bought a 1997 U270 and I gave a descent price for it but I knew it needed some thing to make it a good driver. so after I put 6 tires on it, got the brakes serviced and a bulkhead repaired I will have about a extra $6k in it.
Of course your mileage may very but it is worth considering the extra cost.
Another factor worth mentioning is "how much time and energy YOU are going to put into it, (ie, what work will you do yourself and how much time do you want to take to do it?)" Could be a pay as you go and take your time doing it. Hope it all works well for you. ---- Have a great day ---- Fritz
Explain your financing issue to the seller, you might be surprised and get some help thru a reduction in price. If not, this is not the end of the world. I would definitely recommend having anything you buy checked out first so you know what you are getting into. Also the $6K to $10,000 the first year is a real number from my experience also. You've found the best brand value for the dollar and the best forum for you if you end up an owner. It is worth the effort.
$6-10 k is very realistic as you are not buying a Yugo, This coach cost $275k new in 1994 and some of the systems are wearing out, or worn out.
Ditto all the above comments. A small number of RVs, and I mean small, cannot usually be purchased by NADA pricing. For example: Foretravels, some Bluebirds, Lazydazes, Airstreams, Casitas, Scamps, GMC, Roadtrek, They tend to be high quality, low volume and manufactured by people who are RV enthusiasts. Bought my son a 1997 16' Casita last year and during the walk around the sellers phone rang about every 10 minutes with an inquiry. It was priced double NADA. There were three buyers lined up behind me. Still needed tires, brakes, hot water heater repair.
Zero response from "Gremlin63" in almost a week. Perhaps they didn't like our answers?
In the 5+ years we have owned our coach it has cost us six new tires and $1548 in repairs for a plugged fuel line, new alternator, and greasing the front wheel bearings. God does look out for us idiots!! :) O:)
Times 2 Nighthawk. Going on a year plus full timing and have only had to replace door handle (which I broke) and two oven lights. No rust anywhere, bulk heads in great shape and no engine leaks. Like you say, God loves idiots. I think of it as just pure dumb luck on my part.
We got a good deal last year, knowing that we would have to put some work into it. We've spent close to $18,000 and still have the fuel lines and house batteries to replace. Major expense was replacing radiator and trans. coolant with me doing the labor. No regrets, since we would never have found the features we were looking for in another coach.
Like the others, I can't over emphasize the importance of following a pre-purchase check list and studying what the PO has already done.