Financing a new bike

fourfourone
Profile picture for user fourfourone
Posts
2961
Joined
10/14/2017
Location
86oh, CT US
fourfourone 12/10/2021 5:21am
12/10/2021 5:21am Edited Date/Time 12/10/2021 5:21am
Lifes too short. Buy the bike you want even if you have to finance it. It's easy for all these established 50+ year olds to say pay cash, don't finance blah blah blah. $150 / month is nothing now a days. Most people I know pay more than that per month to have an Iphone.

13
3
Ryan625
Profile picture for user Ryan625
Posts
1674
Joined
9/14/2019
Location
Lynnwood, WA US
Ryan625 12/10/2021 5:46am
12/10/2021 5:46am
I try to always pay cash on bikes. I don’t like payments on toys. Minimum I’ll do is half down when buying new though
1
brocsdad
Profile picture for user brocsdad
Posts
922
Joined
8/9/2010
Location
Thompsons Station, TN US
brocsdad 12/10/2021 9:44am
12/10/2021 9:44am
If he's being offered 6% on a recreational loan then his credit is not bad.

1
3
brocsdad
Profile picture for user brocsdad
Posts
922
Joined
8/9/2010
Location
Thompsons Station, TN US
brocsdad 12/10/2021 10:06am
12/10/2021 10:06am
I have paid cash and financed many bikes over the years. My son races so we would normally flip the bikes every 6-12 months. I would get help from the dealers and pay a little less so when it was time to sell I didn't really loose anything. Sitting out a year or two was not an option to save because you loose to much speed.

Life is short and if $150 a month is difference in riding or staying at home then go get the bike. Your happiness is worth more than the 6% interest rate.

I see the comments about $150K homes. I live in Nashville and you cannot find anything under $350K unless it's a fixer upper. Home values have more than doubled in the past 7 years. Everyone from Cali, NY, NY and Chicago are moving to the Nashville area buying homes site unseen on the internet. They are cash buyers getting into bidding wars. It's crazy!

10
1

The Shop

See All »
fourfourone
Profile picture for user fourfourone
Posts
2961
Joined
10/14/2017
Location
86oh, CT US
fourfourone 11/16/2022 9:40am
11/16/2022 9:40am
fourfourone wrote:
Lifes too short. Buy the bike you want even if you have to finance it. It's easy for all these established 50+ year olds to say...
Lifes too short. Buy the bike you want even if you have to finance it. It's easy for all these established 50+ year olds to say pay cash, don't finance blah blah blah. $150 / month is nothing now a days. Most people I know pay more than that per month to have an Iphone.

My comment still stands lol.
2
1
akmx17
Profile picture for user akmx17
Posts
2708
Joined
3/5/2007
Location
Palmer, AK US
akmx17 11/16/2022 11:41am
11/16/2022 11:41am
I put a good amount down on my bike, finance it, pay it off then sell it take the money from sell and do it again 2 years later.

I take a loss but its more like renting the bike for 2 years, you're gonna take a loss buying it out right anyways.

Just pay more than your minimum and enjoy it.
4
fourfourone
Profile picture for user fourfourone
Posts
2961
Joined
10/14/2017
Location
86oh, CT US
fourfourone 11/16/2022 12:01pm
11/16/2022 12:01pm
akmx17 wrote:
I put a good amount down on my bike, finance it, pay it off then sell it take the money from sell and do it again...
I put a good amount down on my bike, finance it, pay it off then sell it take the money from sell and do it again 2 years later.

I take a loss but its more like renting the bike for 2 years, you're gonna take a loss buying it out right anyways.

Just pay more than your minimum and enjoy it.
I do pretty much the same. I'll cycle the bike out before it hits 100 hours.

It's really nice to not have to worry about any sort of motor work or big $$$$ repairs.

I'll gladly pay 100 dollars a month to always have a fresh bike.
1
thatswhathappens 11/16/2022 1:00pm
11/16/2022 1:00pm
Just bought my first freshie, a ‘23 CRF250R. Financed $3,000 with a personal loan at 6.99% over two years, only about $230 in interest which is worth it to me. Got our first baby due in January so I figured I’d go ahead and lock down the dream bike I know I’ll be happy with in the long term, even if that means making some payments for the next couple years.

As others have said, life’s too short, you could get hit in traffic and die tomorrow. If you can manage the payments, get the bike you want.

(Pic because I’m still stoked on having a new red bike in my garage, lol)


28
endurox
Profile picture for user endurox
Posts
1886
Joined
3/22/2014
Location
Garden City, ID US
endurox 11/28/2022 10:49am
11/28/2022 10:49am
Falcon wrote:
Here's how it works for me: I identify efficiencies in my life that I can leverage for more money. Don't buy $5 coffee at Starbucks =...
Here's how it works for me:

I identify efficiencies in my life that I can leverage for more money. Don't buy $5 coffee at Starbucks = there's $10-$15-maybe $100 per month. Take a bag lunch instead of buying = there's another $100-$200 monthly. Don't buy a new car every couple years = now my truck is paid off = there's $400 per month.

My wife then "magically" identifies absolute must-have necessities that somehow equal precisely the same amount of money I saved. It really is magical how precisely those figures line up. It's almost like she just looks at the bank balance as "must spend" dollars. ...Oh wait, that's exactly what she does. Angry

I'd rather secure some of my own hard-earned money for myself. I commit to financing, which then becomes a monthly bill that we must pay. It subtracts from her "slush" fund and adds to my "get to spend a few of my own dollars on myself" fund.

I think I'll be financing a new bike soon!
In 17 years we have saved 68,000$ on lattes so far. Bought a nice espresso machine made in Italy in 2005 and enjoy the taste much better than the chain places. A bunch less paper cups in the landfill also. Brown bagging saves another giant chunk of change. Why finance a hobby unless you can write the bike and interest off.
4
King_George_III 11/28/2022 1:17pm
11/28/2022 1:17pm
gt80rider wrote:
Or... you could just buy the bike... and ride a bike that you own, not some bank.... that's called doing it the right way... the American...
Or... you could just buy the bike... and ride a bike that you own, not some bank.... that's called doing it the right way... the American way... but then... we've all forgotten about stuff like that...
Pretty sure the American way is to max your credit on everything, we all remember 2008.
1
2
Zycki11
Profile picture for user Zycki11
Posts
5997
Joined
4/1/2008
Location
Ankeny, IA US
Zycki11 11/28/2022 1:27pm
11/28/2022 1:27pm
Fuck it, just swipe the card 😂
1
chuck356
Profile picture for user chuck356
Posts
74
Joined
1/27/2019
Location
Danville, IL US
chuck356 11/28/2022 2:12pm
11/28/2022 2:12pm
Don't get too hung up on the 0 percent financing, not many will qualify for it, it is a teaser rate for a small percentage of the people squeaky clean enough to achieve it.Most will be bought at 5-15%. I only saw a hand full of buyer get 0% when I had my shop.

Pit Row

See All »

Post a reply to: Financing a new bike