Ok honest question

[KRae33]

I think the decision to finance or not is all circumstantial. If you own a home and could spend $8k in upgrades and earn equity while paying 4% on a motorcycle loan, you're making out on the deal. The equity you're earning is far greater than what you're paying in interest. Too often people assume paying cash is the better option, but if you can make more money with your cash elsewhere, a low interest loan is the way to go.

Also, I second going through a credit union. They have great rates and offer lil perks. By paying an extra $20 throughout the life of my auto loan, they will make up to 12 payments in full on my vehicle if I am ever out of work on disability...and I wouldn't have to pay them back.

[R1]

Ok so another question since this has sparked some interest.

Who uses their bike as PRIMARY transportation...

I seen one response along these lines so far, those who voted "FUCK OFF" or "I WHEELIED IT TO DEATH" need not respond, you already win....

in other words, who has bought a motorcycle to alleviate public transportation costs, or sold a car to get a bike and use public transportation as the alternative to riding?

more specifically who has JUST a bike to commute?

[markbvt]

I know that not everyone can afford to pay cash, but when someone finances a bike and can barely afford the payments, you're just asking for trouble. What happens when something goes wrong mechanically? Insurance won't cover that.

The same argument could be turned around though -- what if you could easily budget in a $150/month motorcycle payment, but dropping $10k in one lump sum requires most of your savings, leaving little cash left over in the event of an emergency?

Personally I'd rather have a safety cushion in the bank and make monthly payments, even if in the long run it ends up costing me a little more.

--mark

[markbvt]

in other words, who has bought a motorcycle to alleviate public transportation costs, or sold a car to get a bike and use public transportation as the alternative to riding?

more specifically who has JUST a bike to commute?

I do own a car, but I've put about 5000 miles on it in the past two years, while I've put nearly 40,000 miles on my bikes. Does that count?

--mark

[fjrrider RI]

I have a commuter bike the fjr1300 and bought the ninja for my sport fun and taught my gf to ride it. I do have a truck and use it when necessary. So the FJR is not sole transport to work. It gets about 10,000 commuter miles a year and 2,000 weekend or NH miles. Bought the 04 FJR used in 05 for 9K cash and 1k miles on it. Sucker who owned it couldn't handle it-ha

[fjrrider RI]

The same argument could be turned around though -- what if you could easily budget in a $150/month motorcycle payment, but dropping $10k in one lump sum requires most of your savings, leaving little cash left over in the event of an emergency?

Personally I'd rather have a safety cushion in the bank and make monthly payments, even if in the long run it ends up costing me a little more.

--mark

add up the interest you pay

[R1]

add up the interest you pay

What does that matter to you in the grand scheme of bike ownership?

It might not be what you/others would do, but does that make it inherently irresponsible?

think about the 5k+ someone just dropped on their bike then suddenly you have a house fire or other major event that is going to cost huge amounts of money. what if you choose to not insure your bike when its winter so you can save $$$ and because you paid cash, if something happens you are out the cost of the bike plus the cost to replace it, doesnt that then add up to more than the interest would be if you had taken out a loan?

[JoeT]

Toys always get paid with cash.

I have a loan on my car (company pays me $1000 a month for it and gas) and my Mortgage only. . .

I buy most daily stuff with my AMEX or ATM card.

The only time I got any shit from the wife was when I bought the Confederate. . . seeing $35k leave the bank account for a "stupid motorcycle" upset her a little. The cobra was more money but it wasn't a one time purchase it was spread out over a year. I bought parts as I could "afford" them

[Pittenger5]

The same argument could be turned around though -- what if you could easily budget in a $150/month motorcycle payment, but dropping $10k in one lump sum requires most of your savings, leaving little cash left over in the event of an emergency?

Personally I'd rather have a safety cushion in the bank and make monthly payments, even if in the long run it ends up costing me a little more.

--mark

This.
Coulda bought my bike cash, chose to finance to keep a safety cushion. Really glad I did at this point

[NobodySpecific]

add up the interest you pay

Assuming I don't pay it off early, financing my Sprint will have cost me $367 over the course of 3 years, while allowing me to keep the $6k in my online trading account, which is currently up 23.4% since I bought the stocks. I have a feeling that keeping the money in that account will more than make up for those extra costs, without me having to worry about my savings level dipping too low for my liking. That may not be a trade-off you are willing to make, but I have done the math and I've decided I'm willing to spend $120 a year to make sure that I have enough savings for anything that might happen.

[obsolete]

Assuming I don't pay it off early, financing my Sprint will have cost me $367 over the course of 3 years, while allowing me to keep the $6k in my online trading account, which is currently up 23.4% since I bought the stocks. I have a feeling that keeping the money in that account will more than make up for those extra costs, without me having to worry about my savings level dipping too low for my liking. That may not be a trade-off you are willing to make, but I have done the math and I've decided I'm willing to spend $120 a year to make sure that I have enough savings for anything that might happen.

But then I couldn't masturbate while I tell people about my finances.

[The Magician]

financed 1 out of like 10 bikes that i've owned. rest were cash deals. Paid rent. Single. No kids. Etc. Even managed to pay cash for a couple bikes when I had a high maintenance girlfriend... not sure how... but my savings acct explained it to me later.

[davemon]

I'm with the cash folks. I don't buy things I haven't saved up for with the exception of one house. Since I got free of my last school loan in 1995 I've not borrowed or had a payment again. It's a personal decision and there have been a lot of things I had to wait for. On the plus side it does make what you are "really" paying for something very, very clear... or at least it does for me.

Dave

[R7]

Ok so another question since this has sparked some interest.

Who uses their bike as PRIMARY transportation...

more specifically who has JUST a bike to commute?

My R1 is my primary transportation and I don't own a vehicle at the moment. I have a company vehicle to get back and forth to work with, and I run all my errands to and from work. Most other stuff, it's on the bike

[markbvt]

add up the interest you pay

Perhaps you missed the part where I said even if in the long run it ends up costing me a little more.

--mark

[csmutty]

Last I checked there wasn't an age stipulation for loans there, champ.

Last I checked there was. When I bought the ZRX I was 17 and tried to get a loan...and couldn't without my parents signing. Plus I have no credit...which would make it hard regardless.

[Manny]

Sorry, this thread is dumbbbb

[Nate Dawg]

Paid $$ for my RSVR. And it felt so goooood to do so. It's mine...alllll mine!!

[dhuze]

I paid cash for the last two bikes I owned and still own. I bought them new and I hate payments. I haven't had a payment on a vehicle since 1987. All of my cars are bought used. My bikes are bought new.

[dhuze]

Sorry, this thread is dumbbbb

You have a payment huh?

[butcher bergs]

...and couldn't without my parents signing.

In other words, you *could have* gotten a loan.

[Manny]

You have a payment huh?

No, I don't.

But I would if my circumstances required it.

The point is we are all very different, different life circumstances, jobs and priorities so a thread asking the question and then having everyone rationalizing why they do or don't is stupid IMO.

Plus half the people who answered have pretty inexpensive used bikes, not really answering the question.

[drop]

i financed a few thousand less than the trade-in value of my bike. that way, if the shit hits the financial fan i can easily sell it and pay off the loan. to me it was a good compromise between putting up a large chunk of cash and having a liability i couldn't dump quickly if needed.

[Dieseldan]

did it twice and will continue doing it


hate bike payments in the winter

[csmutty]

In other words, you *could have* gotten a loan.

But I couldn't have gotten a loan by myself...which is the only way I would get a loan.