Finally a conclusion to our Motorhome saga!! And although it is not the outcome we were wanting or expecting it has provided some clarity at least. Our plan was to part ex both the caravan and motorhome at the same time because i didn’t want to have to deal with tyre kickers and people making ridiculous low ball offers. We were going to come back in June swap them both and get the motorhome and drift through Europe to be back in Morocco for October and then sit here for the next 6 month until Feb/ March 2024. That was the plan but the update changes all that.
Here is where the dilemma lies. Across both vehicles through a dealer we would have negative equity so any motorhome would be the cost of said MH + the negative equity. The best offer we had was £3500 negative equity. The MHs we had seen were older ones because we wanted something that we could do up and put our mark on it and not worry about getting the cushions muddy because of the expensiveness of MHs. The problem with that is anything younger than 2013 couldn’t be financed over 10 years which much means that a £35k MH is about £1000 a month and then trying to prove the affordability measures for that is difficult.
So we then have to look at MHs which are much newer than the 2007 we had looked at but then obviously it is a larger loan and then paying it off over a longer period paying less each month but then paying more overall, if that makes sense. Which is fine but it is one of those things, the problem then is that because of the negative equity it dramatically reduces the panel of lenders that we could use to borrow in the first place. So it does feel a little bit like we are cornered so the next few days will be looking at alternative options or whether we stay as we are for another 12 months and reduce the negative equity on the vehicles. We will have to sit down and work it out.
