Posts
119
Joined
5/7/2019
Location
NY
US
Edited Date/Time
11/28/2022 2:12pm
Hey I’m looking into buying a new bike soon. Was wondering how much do you finance guys pay per month for them? I know it’s not a good idea but I don’t want/ have the money to pay 6-7k right now. Just wondering out of curiosity.
about 120 a month...a cell phone bill.
sell it when its paid off for 3500 and start the cycle again. (17 250sx)
The Shop
I don't ride as much as I used to but I try to sell the bikes before the hit 90 hours. Sell them while they still have good value. Yes I always have a small payment but i'm always on a fresh bike. Never have to worry about major repairs or anything like that. Worth it to me to know Im always ready to ride.
I would never finance one at a rate any higher than that.
laughing out loud at 20% + down and 6% interest... for a toy.
I didn’t want to dump $9,000 cash so I got a 0% 12 month credit card on my last bike. I put $4000 down and $420ish a month for 12 months.
If you can get good finance and have a steady job a dirt bike is mellow. I have some friends who are paying $200 a month with 0 down. It’s mind blowing.
Some people on here are fortunate enough to have ten grand lying around and they feel it's imperative to instruct you on how stupid it is to finance a toy, but they aren't living your life. If you can afford the payment and you fully understand that you'll be paying more for your bike, go for it.
For example, I used to work at a Yamaha dealership. I financed a new YZ every year. I had the benefit of employee pricing and made good use of their $0 down/$0 Interest, $0 payment plan. How? Well, reading the fine print, I saw that the buyer could still make payments if he wanted to... so I did. $100 per month, so I paid off $1200 of the loan by the time interest was about to become due. After no more than 11.9 months, I sold the bike, usually for about what I owed on it. (Assuming the regular depreciation and the fact that I got it cheap to begin with.... buy low, sell high!) I paid no interest, never had to lay out a big wad of cash, and never found myself upside-down in a worthless asset. AND, I got to ride and race a brand-new bike each year for $100 per month. (I bought two in 1999!)
You may not have access to all those factors but the idea should be the same. Structure your purchase so it makes sense.
Your future self is welcome.
Pit Row
Also, one annoying thing about the Yamaha card is that it will give you 10k in credit, but you end up using close to 8k for the bike, so it hurts your credit score for a bit, until you have less than 2k (10 percent) on the credit card. If you are looking to buy a home soon or something, be aware of this.
This forum is full of older established riders and ex riders who have set themselves up well financially and can afford to buy toys cash. For most of us with high living expenses, average jobs etc... financing is the only way. I rather live with a bit of debt and enjoy the hell out of motocross then sit back and worry about paying 500 extra dollars because I financed something.
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