Just curious how many of you are given the current economic conditions. Anyone had their bike repoed or hiding it because you know it's targeted to be repoed?
Sure, a guy can make money investing while paying interest on the bike, but as you say most don't do all of the math and it's not that many who can make a profit after taxes successfully over the term of the loan.
I agree, it just aint worth it for the amount of money we are discussing factored in with the likelyhood of a worthwile profit. But hey, if it floats someone's boat...good luck with that.
It was beaten into me at an early age by my parents that went thru the 1930's," If you don't have the money to buy things you don't need it!"......Been stealing ever since.
when should I wait to get a bike, when I am dead and gone...geez sorry I did not have the bucks when I picked up mine...get the feeling there is some looking down their nose at people like me. hey I got a house in NY and rent one in SC have a bike payment and a car payment TFB for me.
I could have paid cash for my wifes 09 Heritage in Jan of 09. Instead I took a 4.75% 48 month load out on it for 50% the cost of the bike, put 50% down. Which I would have financed it all now, hind sight is 20 /20. I used the other 50% to by 10K stock in the company I work for. I finished paying her bike off in 26 months, or April of this year. My company was just bought out, I have 11,400 in stock in the new company, and I got a check for 6800 dollars for the shares that did not transfer to the new company.
Sure looks like I made money by investing the other 50% I could have used to pay her bike in full.
My 03 Fatboy, was a 48 month note, paid it off in 34 months.
My 09 CVO road glide, I owe less than 12K on it now, bought it Feb of 09.
I could pay it off next week, if I wanted to. However the money in my mutual fund is earning more than the interest on the bike.
With the exception of my Mortgage I could pay off every loan I have with out touching my 401K, or my IRA, just getting into mutual funds for the money.
If I lost my job today my Navy retirement check and my wifes Navy retirement check would pay the mortgage and the utilities with a very little left for food.
So yep, in 12 or 13 when I will have to replace the wifes bike, I will get a loan.
Questions should I trade her bike before it hits 75K this winter? She is at 67K on it now.
just started making payments, they are automatically taken from account ea month. I am sure I will trade it in for a new one in a couple years. Thats about as long as I hold on to any of my vehicles.
I have two loans, a home loan at 3.2% and an auto loan at 0%. Won't have any other. Toys get paid for with cash or are not purchased. . . . . Wow, this thread is over two years old, I guess everyone must have gone out and gotten those reverse mortgages on their bikes (hilarious!).
I take loans out for toys, interest rates are 5% or less. I usually pay most stuff off 2-4 years, depending on size. I have a 500 month placard in my budget for toys.
When interests rates go up again, I dunno. I am pretty tight with my money, but I will take out a loan. I think you just need to be reasonable.
My first Harley I spent around $1300 on interest, I look at those years, and I was ok with that.
no loan on toys here, being self employed it's hard enough to borrow money now days for the critical stuff. obongo's new banking laws pretty much screws us little guys.
I Went through this in 2003 when the Dot Com world crashed... Not to mention a nasty divorce and the decision was give it to the ex and battle her in court for the payments or let the bank have it back, I actually had it ready for the repo man, and told him to take care of it... My recent bike I paid cash for it. I don't ever want to go through that again
I am glad I didn't waste my life waiting. It is ok if you were riding something else. But you see people that wasted there life, and then start riding at 50.
A new rider at 50 doesn't have the reflex or experience. Plus I am just glad I enjoyed my life. I would ride 78 Honda if I had to.
Gotta hand it to the OP even if he is a troll. His threads just keep on going....motorcycle gang start, missed payments,......etc. he knows how to stir the pot.
Actually went in Monday and Paid mine off. Paid first note April 2013. Had profit from odd jobs so instead of just peeing it away on crap I decided to say I bought the bike with it.
I've owned over 45 motorcycles since 1969. Never had a payment on any of them. I've always paid cash for my bikes. My dad always told me, "if you can't pay cash, you can't afford it". Great advice, it has served me well in my life. I'm debt free.