What do you guys think of finance?

LeighBartolo 4/14/2017 3:25pm
4/14/2017 3:25pm
LeighBartolo wrote:
Hey riders, I'm looking at getting an enduro bike—KTM 500 EXC. I took a couple photos of what was advertised, since I've never bought brand new...
Hey riders,

I'm looking at getting an enduro bike—KTM 500 EXC. I took a couple photos of what was advertised, since I've never bought brand new I was looking to get some advice from more experienced people.

NOTE: I live in Australia.





**EDIT** I'm blown away by the amount of helpful responses. Thank you to everyone who has taken the time to give all the amazing advice you have!!
GoonSquad250x wrote:
So last year I wanted to get a dual sport bike really bad. I already had a YZ450F that I paid cash for that was used...
So last year I wanted to get a dual sport bike really bad. I already had a YZ450F that I paid cash for that was used. I was in no position to shell out another $3-5k for a used dirtbike since we were looking to move into a house this year and we had our baby in November. So after talking to my buddy that was the sales manager at Mountain Motorsports, I decided I was going to finance my first new dirtbike. It never really crossed my mind to go finance a new bike because I always paid cash for them, but at this point I was making good money and able to treat myself for once! I traded in two of our four wheelers for a down payment and didn't spend a penny out of pocket. I got a good deal on a leftover 350exc and have been happy with my choice every sense. Those bikes hold their value really well, so if I were to ever get into a pinch and need to get out from under it, I'm sure I could sell it within a reasonable time. But that's one payment I do not mind making every month because I love having a bike that was brand-new! If you can afford it and you want to new bike, go for it. It's your money and if you want to treat yourself that's your prerogative.
Thank you GoonSquad! I appreciate the time you took to write that. That was very helpful.
LeighBartolo 4/14/2017 3:32pm
4/14/2017 3:32pm
Sheriff245 wrote:
I have personally have always been against financing toys (cars and houses only), but I must admit I financed my current bike. I had the cash...
I have personally have always been against financing toys (cars and houses only), but I must admit I financed my current bike. I had the cash to pay it outright though, and went with financing because the interest rate vas very low (under 3%) and I could get more than that through investments.

I wouldn't guess it at nearly 10% interest though. I understand why prices are higher in Australia, but those rates are just crazy. I would pay the bike cash or get a good used one, or shop for a better rate through a bank or credit union.
Smart how you went about things. Good on you!
LeighBartolo 4/14/2017 3:37pm
4/14/2017 3:37pm
JBecker 72 wrote:
The whole "never finance a toy" thing is kind of silly to me. You can finance something at a good interest rate and be perfectly fine...
The whole "never finance a toy" thing is kind of silly to me. You can finance something at a good interest rate and be perfectly fine. If you're paying a low interest rate it's not a bad deal. If you're financing something at 15% interest for 7 years, well that's a bad deal. But a short term loan on a few thousand with a down payment at 4-6% for 3 years isn't a poor financial decision in my opinion.
agn5009 wrote:
If you finance a large purchase such as a car under 2% it's not a poor financial decision. If you have to take out a loan...
If you finance a large purchase such as a car under 2% it's not a poor financial decision.

If you have to take out a loan for a couple thousand dollars at 4-6% then you've probably already made a bunch of poor financial decisions which is resulting in you needing to borrow a few thousand dollars to buy something to begin with.

I'm not trying to be a dick, but please take a financial course such as one put on by Dave Ramsey. If there aren't any in your area, purchase a few of his books off of Amazon and read them. They can really improve almost anyone's finances.
JBecker 72 wrote:
Maybe people don't always want to spend all of their savings on a toy, and realize giving a couple hundred to the bank in interest for...
Maybe people don't always want to spend all of their savings on a toy, and realize giving a couple hundred to the bank in interest for the next couple years isn't a bad deal.

Im probably going to buy a new 450 tomorrow for $6800. Im planning on putting $3000 down, and finance the rest so I can keep the rest of my money in savings in case I need it. I could pay for it cash, but I'd be a little poor afterwards. And if something were to come up and I needed to sell it, I could easily and not be upside down on it.

I think I paid $580 in interest on my YZ250. And now I have the title sitting at home in the safe and I have the bike. To me that was a better alternative than having no bike, or getting a used one that needed serious work. I've spent $580 before in one month going out to bars back in my wilder days. That was much dumber than financing a dirt bike.

My .02
Goodluck with the 450 man!
I like what you said about spending $580 in a month going out to bars. I'm at a point where most my money I earn goes into savings so financing this bike would be my only liability.
LeighBartolo 4/14/2017 3:40pm
4/14/2017 3:40pm
mxb2 wrote:
I have done both,. Payed cash, finance. No biggie either way,. Steady job responsible. ,pay it off in 2 years build credit and have a fresh...
I have done both,. Payed cash, finance. No biggie either way,. Steady job responsible. ,pay it off in 2 years build credit and have a fresh bike. Most people don't have 7-9k to drop cash for a toy, and don't want to take a long time to save. Like someone said. People spend. $$$ on beer,cigs, out to dinner , way more than $150 . I never tell a grown adult how to spend their own money.
Love this. Thank you.

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Rdubs19
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Rdubs19 4/14/2017 3:48pm
4/14/2017 3:48pm
9.9% interest rate seems INSANE, am I missing something?? Fudge that, I mean that's way way way too much. You can save and pay cash, but you're (usually) not going to magically get some killer deal that way, the dealerships make more on the financing (aka the back end) than they do on MSRP over invoice. Yeah it gets a little more complex when you consider floor plan interest and yada yada yada....but in general you'll get a better price on the bike by doing the loan. However you'll lose your ass paying interest so it's not worth it and sometimes cash gets a good deal if the dealer really needs to get something off the floor that's been there forever.
My advice if you can't pay cash: save enough for a big fat disgusting down payment, haggle to the point of shame, and pay that mother off as fast as you possibly can. Make extra principal payments, and specifically request the extra goes to principal (some banks will just apply the extra to future interest payments, so be specific). If you can't do any of that, take a breath and consider something cheaper. I won't tell you to outright to not buy it cause in the future you'll remember having the sweet ass bike you were dying for more than the details of your finances and credit situation. In this situation maybe look for some leftover 350s or used 500s or 350s. You'll still be extremely stoked even if you have to "settle" for one of those. Hope some of this helps man.
Rdubs19
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Rdubs19 4/14/2017 3:52pm
4/14/2017 3:52pm
Moto331 wrote:
Since I follow Dave Ramsey with financial peace university, I'd say do ever go in debt. Save and get used
You and me are in the same club brother. Bout to be car loan and student debt free in time for my 27th birthday. Hella stoked about it.
LeighBartolo 4/14/2017 3:53pm
4/14/2017 3:53pm
Falcon wrote:
Finance if you want. It seems like you understand the deal; for the benefit of using someone else's money, they are going to charge you some...
Finance if you want. It seems like you understand the deal; for the benefit of using someone else's money, they are going to charge you some interest so it is worth their while. Back in the '90s the interest rates for toys used to be around 17%, so 10% is not horrible. I think you could do better at a local bank though. (Australia may be different.)

Here are some pointers:
-Pay the loan off quickly if you can. Time is where they get you. Ask for a "simple interest" loan, which is to say, they are only charging you for the time spent financing. If you pay the loan off early, there is no additional interest owed. Like mentioned above, make sure there is no prepayment penalty.
-Negotiate the price of the bike. If you are financing fewer dollars, the amount paid in interest will be a smaller total figure (a percentage of the purchase price.)
-Put the most money down that you possibly can. This also reduces the principal on the loan, like above.
-Offer a buydown. Most people don't know this, but motorcycle dealerships get a kickback from the loan companies to jack up the interest rates. In other words, you could have gotten 8%, but the dealership gets an extra $200 if they write you up for 10%, which will cost you more than $200 in the end. ($15,000 x 2 additional % over the life of the loan is substantial.) Offer the dealership the same amount of "participation" they would have gotten at the higher rate if they will give you the "buy" rate.

Back in the day, I did the $0 down, $0 payments, $0 Interest for 12 months thing that Yamaha offered. I did the following and ended up having a new bike every year for a much smaller outlay:
-Bought the bike cheap after negotiating (in my case I worked at a Yamaha dealer and got bikes cheap.)
-Put $0 down
-Made small payments anyway
-Sold the bike early before interest kicked in, paid off the loan with those funds
-Repeat
This process usually cost me a net loss of less than $1,000 per year.
Thank you. Very smart. I'll take that information onboard.
fullfloater 4/14/2017 4:01pm
4/14/2017 4:01pm
Is there a time of the year in Australia / NZ when manufacturers offer lower finance rates to move bikes? I'd say 10% is the rate anyone with reasonable credit can get for any loan. In the US, you often see low, low interest rates at certain times of the year to move stock. It's autumn in Australia so maybe just wait a bit for mfg incentives.

Just checked out Yamaha Aus and it says 2.99 on wave runners. When do the deals happen for bikes? $15 grand is getting way up there and 3-5% versus 10% makes a big difference over 48-60 mos.

Look for a better deal so you aren't paying a higher rate than your mortgage but don't hold out forever waiting to build up your piggy bank. Do it and have some fun.

2WheelsForTheMasses 4/14/2017 4:05pm
4/14/2017 4:05pm Edited Date/Time 4/14/2017 4:08pm
JBecker 72 wrote:
The whole "never finance a toy" thing is kind of silly to me. You can finance something at a good interest rate and be perfectly fine...
The whole "never finance a toy" thing is kind of silly to me. You can finance something at a good interest rate and be perfectly fine. If you're paying a low interest rate it's not a bad deal. If you're financing something at 15% interest for 7 years, well that's a bad deal. But a short term loan on a few thousand with a down payment at 4-6% for 3 years isn't a poor financial decision in my opinion.
agn5009 wrote:
If you finance a large purchase such as a car under 2% it's not a poor financial decision. If you have to take out a loan...
If you finance a large purchase such as a car under 2% it's not a poor financial decision.

If you have to take out a loan for a couple thousand dollars at 4-6% then you've probably already made a bunch of poor financial decisions which is resulting in you needing to borrow a few thousand dollars to buy something to begin with.

I'm not trying to be a dick, but please take a financial course such as one put on by Dave Ramsey. If there aren't any in your area, purchase a few of his books off of Amazon and read them. They can really improve almost anyone's finances.
You don't know anyone's finances or decisions they have to make in life, so to say "take a course or go read a book to better finance" is just pure arrogant, not saying that in a bad manner....but c'mon man a lot of people want to ride and finance is sometimes the way of the buffalo

Oh and personal loans are pretty hard to obtain at 4-6%~you're credit worthiness is probably pretty darn good to get that % rate on a PL. question would be why would you need a personal loan if you can finance much cheaper at a better rate?

LeighBartolo 4/14/2017 4:14pm
4/14/2017 4:14pm
Rdubs19 wrote:
9.9% interest rate seems INSANE, am I missing something?? Fudge that, I mean that's way way way too much. You can save and pay cash, but...
9.9% interest rate seems INSANE, am I missing something?? Fudge that, I mean that's way way way too much. You can save and pay cash, but you're (usually) not going to magically get some killer deal that way, the dealerships make more on the financing (aka the back end) than they do on MSRP over invoice. Yeah it gets a little more complex when you consider floor plan interest and yada yada yada....but in general you'll get a better price on the bike by doing the loan. However you'll lose your ass paying interest so it's not worth it and sometimes cash gets a good deal if the dealer really needs to get something off the floor that's been there forever.
My advice if you can't pay cash: save enough for a big fat disgusting down payment, haggle to the point of shame, and pay that mother off as fast as you possibly can. Make extra principal payments, and specifically request the extra goes to principal (some banks will just apply the extra to future interest payments, so be specific). If you can't do any of that, take a breath and consider something cheaper. I won't tell you to outright to not buy it cause in the future you'll remember having the sweet ass bike you were dying for more than the details of your finances and credit situation. In this situation maybe look for some leftover 350s or used 500s or 350s. You'll still be extremely stoked even if you have to "settle" for one of those. Hope some of this helps man.
Fk yes that helps man. Thank you. Everyone has been so helpful. I'm blown away by the response.
LeighBartolo 4/14/2017 4:15pm
4/14/2017 4:15pm
fullfloater wrote:
Is there a time of the year in Australia / NZ when manufacturers offer lower finance rates to move bikes? I'd say 10% is the rate...
Is there a time of the year in Australia / NZ when manufacturers offer lower finance rates to move bikes? I'd say 10% is the rate anyone with reasonable credit can get for any loan. In the US, you often see low, low interest rates at certain times of the year to move stock. It's autumn in Australia so maybe just wait a bit for mfg incentives.

Just checked out Yamaha Aus and it says 2.99 on wave runners. When do the deals happen for bikes? $15 grand is getting way up there and 3-5% versus 10% makes a big difference over 48-60 mos.

Look for a better deal so you aren't paying a higher rate than your mortgage but don't hold out forever waiting to build up your piggy bank. Do it and have some fun.

Thank you, I will look into that.
smoothies862 4/14/2017 4:20pm
4/14/2017 4:20pm
I have done several new bikes this way. finance for the best amount. not payment. pay it off after 3-4 payments.
that deal might eat at you when the shine wears off.
fullfloater 4/14/2017 4:36pm
4/14/2017 4:36pm
Does it have to be a KTM? Had a look at Suzuki Australia and the RMZ450 is $8990. That's nearly half the price of the KTM you're looking at. You can't save that kind of money haggling over 2.99% versus 9.99%.
JW381
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JW381 4/14/2017 5:22pm
4/14/2017 5:22pm
This is one of those wormholes best not to discuss on Vital. I haven't ready any of the 3 pages, but I'd be willing to bet money that there have been some overly serious posts about liberals and work ethic and morals blah blah blah Laughing
Pollock580 4/14/2017 5:35pm
4/14/2017 5:35pm
Financing is fine, but you have to make sure you finish the loan before going onto the next, that's where people get caught. Also, don't pay a 12% comparison rate, shop around, those are terrible interest rates in this climate.
jpred
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jpred 4/14/2017 5:42pm
4/14/2017 5:42pm
Moto331 wrote:
Since I follow Dave Ramsey with financial peace university, I'd say do ever go in debt. Save and get used
Rdubs19 wrote:
You and me are in the same club brother. Bout to be car loan and student debt free in time for my 27th birthday. Hella stoked...
You and me are in the same club brother. Bout to be car loan and student debt free in time for my 27th birthday. Hella stoked about it.
Same here. About to pay off the house. Never borrowing again on anything. Dave Ramsey is the man!
Plugga
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Plugga 4/14/2017 6:33pm
4/14/2017 6:33pm
fullfloater wrote:
Does it have to be a KTM? Had a look at Suzuki Australia and the RMZ450 is $8990. That's nearly half the price of the KTM...
Does it have to be a KTM? Had a look at Suzuki Australia and the RMZ450 is $8990. That's nearly half the price of the KTM you're looking at. You can't save that kind of money haggling over 2.99% versus 9.99%.
He's after an enduro (dual sport) bike. I gather road registration is a requirement?
Sheriff245 4/14/2017 6:42pm
4/14/2017 6:42pm
JW381 wrote:
This is one of those wormholes best not to discuss on Vital. I haven't ready any of the 3 pages, but I'd be willing to bet...
This is one of those wormholes best not to discuss on Vital. I haven't ready any of the 3 pages, but I'd be willing to bet money that there have been some overly serious posts about liberals and work ethic and morals blah blah blah Laughing
Not yet actually. The maturity in this thread is impressive.

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fullfloater 4/14/2017 7:07pm
4/14/2017 7:07pm Edited Date/Time 4/14/2017 11:05pm
Plugga wrote:
He's after an enduro (dual sport) bike. I gather road registration is a requirement?
RMX? Looks like it's dual sport in Australia. Just saw 1.99% on CRF250. I know that's not what the OP is looking for but just pointing out that $15k and 10% finance is not the bees knees in Australia.

BTW: I'm considering financing myself so I've been into it lately. I've been buying bikes since the paper route days so I'm pretty shocked that I'm considering financing a bike that's as expensive as a truck. Who do I blame for this?

kxfracer108
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kxfracer108 4/15/2017 6:22am
4/15/2017 6:22am
Moto331 wrote:
Since I follow Dave Ramsey with financial peace university, I'd say do ever go in debt. Save and get used
Rdubs19 wrote:
You and me are in the same club brother. Bout to be car loan and student debt free in time for my 27th birthday. Hella stoked...
You and me are in the same club brother. Bout to be car loan and student debt free in time for my 27th birthday. Hella stoked about it.
jpred wrote:
Same here. About to pay off the house. Never borrowing again on anything. Dave Ramsey is the man!
Congrats to all of you. My wife and I did the same thing 1.5 years ago, and trust me, it is awesome living debt free. 30 years old, and nothing left but the mortgage!

I would recommend to the OP to save cash, buy a decent used bike for now, and when you're ready, buy that bike a year from now as a left over and enjoy the discount you got and never making a payment on it. My wife and I did that with our cars last year, so don't tell us crazy Dave Ramsey followers it can't be done!
blusmbl
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blusmbl 4/15/2017 7:49am
4/15/2017 7:49am
I went through a good 15 year span of poor financial decisions, and have had loans + credit card debt on a bunch of things I didn't need.

Everybody needs a place to live, and almost everyone needs transportation to get to and from work. Nobody absolutely needs a dirtbike, While I agree that there are situations where financing makes sense (any interest rate less than 3% is essentially free money), 10% on an already $15k dirtbike is not one of them.

I second all of the recommendations to save up some cash and buy used. It isn't like an automobile where buying new gets you a decent warranty or any other major perks, you just have the opportunity to be the first dude to fart on the seat or get mud in the nooks and crannies.
BobPA
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BobPA 4/15/2017 8:49am
4/15/2017 8:49am
blusmbl wrote:
I went through a good 15 year span of poor financial decisions, and have had loans + credit card debt on a bunch of things I...
I went through a good 15 year span of poor financial decisions, and have had loans + credit card debt on a bunch of things I didn't need.

Everybody needs a place to live, and almost everyone needs transportation to get to and from work. Nobody absolutely needs a dirtbike, While I agree that there are situations where financing makes sense (any interest rate less than 3% is essentially free money), 10% on an already $15k dirtbike is not one of them.

I second all of the recommendations to save up some cash and buy used. It isn't like an automobile where buying new gets you a decent warranty or any other major perks, you just have the opportunity to be the first dude to fart on the seat or get mud in the nooks and crannies.
Have you ever owned a new bike? There is nothing like it. You can freshen up every single part of a used ike and it still will not have the new bike feel. I would never buy a used 4 stroke, ever...you just never know what people do.
kkawboy14
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kkawboy14 4/15/2017 9:25am
4/15/2017 9:25am Edited Date/Time 4/15/2017 9:27am
blusmbl wrote:
I went through a good 15 year span of poor financial decisions, and have had loans + credit card debt on a bunch of things I...
I went through a good 15 year span of poor financial decisions, and have had loans + credit card debt on a bunch of things I didn't need.

Everybody needs a place to live, and almost everyone needs transportation to get to and from work. Nobody absolutely needs a dirtbike, While I agree that there are situations where financing makes sense (any interest rate less than 3% is essentially free money), 10% on an already $15k dirtbike is not one of them.

I second all of the recommendations to save up some cash and buy used. It isn't like an automobile where buying new gets you a decent warranty or any other major perks, you just have the opportunity to be the first dude to fart on the seat or get mud in the nooks and crannies.
BobPA wrote:
Have you ever owned a new bike? There is nothing like it. You can freshen up every single part of a used ike and it still...
Have you ever owned a new bike? There is nothing like it. You can freshen up every single part of a used ike and it still will not have the new bike feel. I would never buy a used 4 stroke, ever...you just never know what people do.
Truer words have never been spoken!

Ok here is a plan for you Bartolomo, move home with your parents, don't pay them anything, when you save double of what you need for the new bike, buy it, stay there till your truck is paid off, then move back into whatever you live in now. Smile
JBecker 72
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JBecker 72 4/15/2017 9:34am
4/15/2017 9:34am
blusmbl wrote:
I went through a good 15 year span of poor financial decisions, and have had loans + credit card debt on a bunch of things I...
I went through a good 15 year span of poor financial decisions, and have had loans + credit card debt on a bunch of things I didn't need.

Everybody needs a place to live, and almost everyone needs transportation to get to and from work. Nobody absolutely needs a dirtbike, While I agree that there are situations where financing makes sense (any interest rate less than 3% is essentially free money), 10% on an already $15k dirtbike is not one of them.

I second all of the recommendations to save up some cash and buy used. It isn't like an automobile where buying new gets you a decent warranty or any other major perks, you just have the opportunity to be the first dude to fart on the seat or get mud in the nooks and crannies.
BobPA wrote:
Have you ever owned a new bike? There is nothing like it. You can freshen up every single part of a used ike and it still...
Have you ever owned a new bike? There is nothing like it. You can freshen up every single part of a used ike and it still will not have the new bike feel. I would never buy a used 4 stroke, ever...you just never know what people do.
The smell they put off the first half hour is amazing.

Oh, and YOLO!

doghouse
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doghouse 4/15/2017 9:46am
4/15/2017 9:46am
blusmbl wrote:
I went through a good 15 year span of poor financial decisions, and have had loans + credit card debt on a bunch of things I...
I went through a good 15 year span of poor financial decisions, and have had loans + credit card debt on a bunch of things I didn't need.

Everybody needs a place to live, and almost everyone needs transportation to get to and from work. Nobody absolutely needs a dirtbike, While I agree that there are situations where financing makes sense (any interest rate less than 3% is essentially free money), 10% on an already $15k dirtbike is not one of them.

I second all of the recommendations to save up some cash and buy used. It isn't like an automobile where buying new gets you a decent warranty or any other major perks, you just have the opportunity to be the first dude to fart on the seat or get mud in the nooks and crannies.
BobPA wrote:
Have you ever owned a new bike? There is nothing like it. You can freshen up every single part of a used ike and it still...
Have you ever owned a new bike? There is nothing like it. You can freshen up every single part of a used ike and it still will not have the new bike feel. I would never buy a used 4 stroke, ever...you just never know what people do.
I understand the sentiment, but some of us prefer used. I am almost pathologically opposed to buying new cars, motorcycles or boats. I just prefer lightly used.
305FC250
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305FC250 4/15/2017 10:20am
4/15/2017 10:20am
blusmbl wrote:
I went through a good 15 year span of poor financial decisions, and have had loans + credit card debt on a bunch of things I...
I went through a good 15 year span of poor financial decisions, and have had loans + credit card debt on a bunch of things I didn't need.

Everybody needs a place to live, and almost everyone needs transportation to get to and from work. Nobody absolutely needs a dirtbike, While I agree that there are situations where financing makes sense (any interest rate less than 3% is essentially free money), 10% on an already $15k dirtbike is not one of them.

I second all of the recommendations to save up some cash and buy used. It isn't like an automobile where buying new gets you a decent warranty or any other major perks, you just have the opportunity to be the first dude to fart on the seat or get mud in the nooks and crannies.
BobPA wrote:
Have you ever owned a new bike? There is nothing like it. You can freshen up every single part of a used ike and it still...
Have you ever owned a new bike? There is nothing like it. You can freshen up every single part of a used ike and it still will not have the new bike feel. I would never buy a used 4 stroke, ever...you just never know what people do.
This. Doesn't mean it's for everyone, but I don't understand why people feel the need to down others for buying a new bike. It's extremely comforting that I know my bike's history from day one. I do not trust people to maintain their bikes properly and have seen a lot of people end up screwed with used bikes. My idea is buy new, take care of the bike, and enjoy it long term. I do my own work including engine work so that helps keep costs down when it's time for top ends and things of that sort. I'm not planning to be going through bikes every year so buying new and keeping long term is more my thing. Other peoples opinions and preferences may vary and thats all this entire thread is... Personal preferences. That said I wouldn't take the deal the OP is considering. I wouldn't be willing to finance a dirt bike for that much nor would I take the 10 percent interest. Again just my preference.
blusmbl
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blusmbl 4/15/2017 12:41pm
4/15/2017 12:41pm
BobPA wrote:
Have you ever owned a new bike? There is nothing like it. You can freshen up every single part of a used ike and it still...
Have you ever owned a new bike? There is nothing like it. You can freshen up every single part of a used ike and it still will not have the new bike feel. I would never buy a used 4 stroke, ever...you just never know what people do.
Kinda. Not a new dirtbike, but my Harley and Grom were both new when I bought them. My dirtbikes ranged from well used POS's, to a nearly new CR500 and a CRF450X.

Definitely agree that a used 4 stroke is a risk, but that doesn't change the idea that paying 10% interest on an already expensive dirtbike is a good financial move either. If the OP is going to do it anyway, try to pay it off as quickly as possible.
Moto331
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Moto331 4/15/2017 1:00pm
4/15/2017 1:00pm
Moto331 wrote:
Since I follow Dave Ramsey with financial peace university, I'd say do ever go in debt. Save and get used
Rdubs19 wrote:
You and me are in the same club brother. Bout to be car loan and student debt free in time for my 27th birthday. Hella stoked...
You and me are in the same club brother. Bout to be car loan and student debt free in time for my 27th birthday. Hella stoked about it.
Exactly. There were hundreds of interviews with millionaires done recently, where they were asked what the number one way to get out of the middle class and build wealth, 87% said have no debt. Mark Cubin (billionaire) said if you have a credit card you don't want to be rich...

I think I'll listen to these people over anyone...
YouTube Dave Ramsey if you haven't seen his stuff. He has a million videos
doghouse
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doghouse 4/15/2017 1:09pm
4/15/2017 1:09pm
This Dave Ramsey guy sounds mildly autistic.
LeighBartolo 4/15/2017 4:51pm
4/15/2017 4:51pm
blusmbl wrote:
I went through a good 15 year span of poor financial decisions, and have had loans + credit card debt on a bunch of things I...
I went through a good 15 year span of poor financial decisions, and have had loans + credit card debt on a bunch of things I didn't need.

Everybody needs a place to live, and almost everyone needs transportation to get to and from work. Nobody absolutely needs a dirtbike, While I agree that there are situations where financing makes sense (any interest rate less than 3% is essentially free money), 10% on an already $15k dirtbike is not one of them.

I second all of the recommendations to save up some cash and buy used. It isn't like an automobile where buying new gets you a decent warranty or any other major perks, you just have the opportunity to be the first dude to fart on the seat or get mud in the nooks and crannies.
BobPA wrote:
Have you ever owned a new bike? There is nothing like it. You can freshen up every single part of a used ike and it still...
Have you ever owned a new bike? There is nothing like it. You can freshen up every single part of a used ike and it still will not have the new bike feel. I would never buy a used 4 stroke, ever...you just never know what people do.
Not a bike, but a new car I've paid off. Man it feels amazing knowing that everything nut and bolt is original, clean and new.

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