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?
Cash is the way to go. Then they can take everything else and you can ride away instead of walking away. And for the guy who thinks starting to ride at 50 means you don't have the reflexes an/or experience well nuts to you. One thing we do have is the wisdom of father time. We have seen alot and done alot and know the true value of things. Raised my family and got my kids off to college before I started. Began in 2007 when I turned 47and I'm glad I waited until I got all the piss and vinegar out of my system. :beer:
Theres nothing wrong with financing your bike if you ge ta really good rate. Honestly, some times i feel that too much of america does stretch themselves out too much. I try to stay away from putting things on my credit card cuz that'll just end up negative.
i had a credit card once,, lol,, sears. i was prolly 19 or 20,, after i paid 2 yrs of 19 bucks a month for a 99 dollar ted williams shotgun and still had a 46 dollar balance! lol,, (exaggerating a bit) .. i'm sure some of you know what i mean,, i don't do credit cards.
I never carry cash, have not in 10 years, my paycheck is electronically deposited and a pain in the ass to go draw money at a atm or the bank. my bike is paid in full
I just recently lost a six-figure year job, and I am also worried about keeping up the payments on my bike. I'm actually thinking of dipping into my 401(k) just to save my baby, i'd be devastated if I lost the bike, 2013 night Rod special.
Bought a 14 Limited in the spring and paid cash for it. My little house is paid for and have no debt. I have a modest income from pensions but manage to keep ahead of things.
You might get a more valid selection of replies with a blind poll. Most people aren't going to admit that they are defaulters.
The industry admits to 20+% collections actions on motorcycles. But they don't say how many are actually repossessed. The Repo auction in Harrisburg has hundreds, twice a year.
Never been behind on any vehicle. They have all been financed however the Road King I bought in June I paid cash for so no payments to deal with on it.
I have never been out of work, since I started working (1963) when I was 15 years old, 4 years military, 30.5 years with Halliburton, and 15 years with a school district in Texas, I am 67 now. I never bought anything that I couldn't make the payments on, but I can certainly understand how it can happen. I was not able to pay cash for cars or motorcycle when I was young, and if I had ever gotten laid off, I would have been in financial trouble quick. Now, if I choose, I can pay cash for things I need.
I finance less then I used to, but I also have more money now. I have never paid cash, but I pay things off fast. I don't like having my money tied up that long, usually want something else.
Interest rates are so low right now too. when I do get something I pay extra and usually end up throwing a bunch of money at it and getting it paid off early. I think I had around $1k on my first Harley in interest, the times I had were worth it.
To me it is important not to have to much debt out there, and not be upside down on it.
Though you could take the cash you saved up those 3-5 years and buy cash, then start saving again for the next toy. Sorta like I have never had a credit card balance once I paid it off years ago. I have the free cash I was paying on it.
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Related Threads
?
?
?
?
?
V-Twin Forum
2.7M posts
145.8K members
Since 2001
V-Twin Harley Davidson forum. Discussion on V-Twin Harley Davidson motorcycles including Dyna, Electra Glide, Softail, Sportster, and more.