Sold my bikes, to get out of dept

Um...wish i was young again to think there is "always more time"

father time is undeafted

Young fella here (21) Currently selling both of my bikes in order to pump money into a plumbing business between me and a buddy. Honestly I’ve been enjoying my break, but I do have a crf80 I moto. So I can somewhat scratch the itch. 
 

Mentally it’s better for me because I know when I do buy the stuff to get back into it full force I’ll be able to build a much better bike/program for myself. It’s also given me a chance to focus on training and taking care of my body. 
 

I agree the debt he had really must hv been nearly nothing. If a dirt bike paid it off.  You can’t sell a bike now . So that option is out. Since 96 I had aprox 600k in debt from work injuries . That’s the way it is if you hv a blue collar job . You get mangled they deny the comp claim. At 9 to 16 I worked for farmers. If I would’ve gotten injured I wouldn’t hv had 4k in my account in the early 80,s.  I would’ve gotten a 2nd job if I where him.  I work 130 weeks fing brutal junk, hand unld 46k inside a 180 degree trl. Etc   Medical bills if you pay 50 or 100 a month they leave you alone.  At the end of your life the state will control all your assets. To pay the 20k a month nursing home bill.  Where going threw that now with my dad.   They want you to keep living even tho you can’t live. Because your a huge paycheck . Rt now I hv numerous injuries from work the dr,s made pt appointments for injuries you can’t pt. 

Seriously you can’t sell a bike rt now people r broke. I,m trying to sell or more like give a van away. Someone wants to trade puppies, no I,m not kidding.  I hv my 05 cr125 on a showroom floor. Super clean with the bottom end rebuilt. Etc .  Nobody has 3,900 but they’ll buy a 10k bike with a 150 payment. Because they don’t hv 3,900 in there account.  Used vehicles r not selling either. What’s the name of that extreme sport injury insurance? There was a post on here about it. I searched for it & never found it. 

I don't think financing a bike is a bad idea if you have a low rate, and plan to hold onto it for a while. The problem is that if you find yourself in a financial pickle and the bike is financed you're not able to access the full value of the bike as cash since you have to pay off the loan - which is especially bad if depreciation exceeds loan principle paid off. So it's always a bit of a gamble.

I think it's generally a terrible idea to use revolving credit to finance a bike since you leave yourself the option to let it sit there indefinitely with perpetual interest. On the other hand, it is much more flexible when you sell,

If money is tight and you really want a bike buy a used bike you can actually afford.  Someone else will have eaten the depreciation and that's where the real cost is. If you buy new for 10,000 and it's worth 7,000 next year the depreciation cost is 3,000 but a used bike for 5,000 will probably be worth close to that in a year. I think it should be obvious what you should be buying if there's any chance you'll need to sell for financial reasons since when you buy an asset that depreciates minimally, your net worth stays basically the same.  

The weekly fees to ride, gas for the bike and to get to the track, food and drink that comes with owning and riding that chews through the money as quick or quicker than just the bike repayments. Stepping away for a year or two might be a blessing in disguise, bikes might be the be all and end all right now, but there are other things to do. I never thought I would enjoy fishing but I spend more time every year doing that now days than anything else. If you told 25 year old me that Im sure I would have spat my beer out!

For what it's worth, for those times in life where money is tight, Mountain Biking is an awesome sport that that costs practically nothing once you have a bike.

That can get out of hand too.  I've seen mountain bikes that cost more than dirt bikes, but a good deal can be found in the used market if you're patient.

Motocross is first in my book, but I do enjoy mountain biking immensely!

Oh God, yes. Several times over the years. You can always get another one when the waters are more calm. 

Yes. I regret selling a few but it is what it is.

There's no issue borrowing money at good rates. An example: If you borrowed at say 3% 2 years ago, that's beating inflation of today. If you borrow at good terms you can use the cash you have to make smart investments. 

Does this mean max out a 22% credit card? Definitely not but I would rather do a 2.5% 5 year auto loan during one of the specials on last year's models than tie up 30-70k in cash.

After you get 6months of living expenses saved up, look at setting up revenue streams. One of the best things I ever did was real estate. 20% down and turn the property over to a management company. Out of sight out of mind future equity.

I had a bike taken from me to pay off debt over 10 years ago... Life is a lot better these days.

We financed our trailer and rent it out almost every weekend. Makes us about $1,000 a month and the payment is like $200. We’re privileged to live in a time with technology that allows us to easily share our stuff for $$$