Methods of purchasing a new bike? - Sportbike Forum: Sportbike Motorcycle Forums
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post #1 of 27 (permalink) Old 02-12-2003, 01:17 PM Thread Starter
 
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Question Methods of purchasing a new bike?

Here's the question: How do you prefer to pay for your new bike? Do you prefer to pay cash or finance your bike? If you financed your bike, did you go to an outside lender or did you finance through the bike manufacturer? Would you do everything the same way on your next bike? What advice would you give a newbie looking to purchase his first bike?
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post #2 of 27 (permalink) Old 02-12-2003, 01:38 PM
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I am being honest here.

If I buy new again...
No Matter what, and I mean No Matter what, I will never take a loan out for over 3 years(other than mortgage) again. Whether it is a car, truck, bike etc...

Me myself, I probably will never buy new again. It is in no way worth it. I am buying my next bike from ebay(which will hopefully be soon).

So you want that new 600RR.... sweet ride.

http://www.bikerplanet.net
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post #3 of 27 (permalink) Old 02-12-2003, 04:30 PM
 
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My first bike was a Ninja 250. I bought it new and paid cash for a few reasons:

1. I had no idea what to look for in a used bike.

2. Nobody would let me test drive a used bike because I had no experience. (I know, I did it backwards and bought the bike a couple weeks before I took the MSF course.)

3. The bike was a leftover 2001 so I got it cheap.

4. There were no used 250's for sale in my area except a 1996 that some dealer wanted $2200 for.


My current bike, 99 F4, I bought used, with cash, for the same reason that I always buy my cars used. The same reasons that duessel mentioned. IT IS NOT WORTH IT. You can pay $8,000 for a new 600 and the second you sign the paperwork it becomes a used bike and loses 10%-20% of its value.

I would not take ANY loan out for a bike. I don't believe in getting loans for toys. And in the Midwest, a bike IS a toy, not your primary means of transportation.

Sure, I would like to have the latest and greatest, but it just is not worth the money you lose.
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post #4 of 27 (permalink) Old 02-12-2003, 04:44 PM
 
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Re: Methods of purchasing a new bike?

Quote:
Originally posted by slaintedan
Here's the question: How do you prefer to pay for your new bike? Do you prefer to pay cash or finance your bike? If you financed your bike, did you go to an outside lender or did you finance through the bike manufacturer? Would you do everything the same way on your next bike? What advice would you give a newbie looking to purchase his first bike?
if you got the cash use cash if you dont then finance, but beware of INTEREST!!!!! it will hurt in the long run if your interest rate is high, so if your going to finace go for the shortest loan time/years that you can afford and look for low interest rates hope this helps

Last edited by yzfR666; 02-12-2003 at 04:51 PM.
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post #5 of 27 (permalink) Old 02-12-2003, 04:49 PM
 
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cash
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post #6 of 27 (permalink) Old 02-12-2003, 05:27 PM
 
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Money is so cheap nowadays, that I would use the dealer incentive financing till it runs out, then transfer the balance to a low teaser credit card, and keep revolving until I pay it off (all the while making higher than minimum payments).
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post #7 of 27 (permalink) Old 02-12-2003, 05:40 PM
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Cash will usually be the least expensive. A loan from the dealer will probably be the most expensive. A loan from the manufacturer, OTOH, can be inexpensive. Honda, for example, is currently offering low rates on sportbikes. It's important to understand the difference. On a dealer loan, they're basically reselling--and marking up--financing provided by an outside lender. But if the manufacturer is providing the financing, I don't thing the dealer has an opportunity to mark it up.

Interest is, in general, not tax-deductible. But there are some special cases where it is, and that may give you the opportunity to let Uncle Sam help you buy a bike. Mortgage interest on your house and margin interest on a brokerage account may be tax-deductible. So a second mortgage or margin loan may be the least expensive way to borrow. But see an accountant (I'm not one) before you take out that kind of loan .
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post #8 of 27 (permalink) Old 02-12-2003, 05:50 PM
 
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If you have the cash, then that would be the most econmical
way of buying a bike; however, money does not grow on
trees (at least not for me). I have mine financed through
People First and got a rate of 6.75%. I would absolutely
stay away from the dealer brand financing if I were you.
Yamaha, Honda, or whatever the brand have good deals
until you look into it. Yeah, 17.9% after the intro is done
which may be only six months or so. It's a credit card from
the bike maker. Unless you could get if refinanced at a much
lower rate it might be worth it. I would only go 36 months
for a loan though. LIke I say People First have good terms
and rates if you want to finance. Good Luck.
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post #9 of 27 (permalink) Old 02-12-2003, 06:06 PM
 
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I recommend paying cash, especially for the newbs. For most folks, a bike is a toy. I don't see any reason for folks to get creative in financing to get a toy they can't afford in the first place. I hate hearing about a younger guy paying $200 or more a month in a payment then another $200 on insurance to ride an R6 less than 4000 miles a year.
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post #10 of 27 (permalink) Old 02-12-2003, 06:55 PM
 
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I just bought a 2003 R6.. Financed it through Yamaha.. 6 months 0 down 0 interest 0 payments. Am I going to do that? no. It will be paid off in 6 months. I put money down, and I'll make payments for 6 months. Basically cash, but without the advantage of being able to talk them down a few Benjamin Franklins. Was it worth it? Who knows? I'm young. The bike starts up effortlessly in the morning and revs at a smooth 1000-1200 to warm up. I have the peace of mind of a 4 year unlimited mile warranty (after I buy the extended warranty), and peace of mind that it hasn't been beaten or abused.

Later
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