View Full Version : How did you buy your bike?
lukemillar
15-08-06, 07:46 AM
I went out riding early on Saturday morning, only to have it chuck it down about half way round. So I did what most people would do.....swing by the local bike dealers, wait it out and look at new bikes. Anyway, this got my mind wandering especially since there are so many 0% finance deals on at the moment, maybe I should change my bike now. It had always been a plan next year, but now I'm wondering whether to do it sooner rather than later and get a better resale value on the SV and before the 0% deals run out.
The question. I have always bought things outright (laptop, bike - except for my flat :wink: ) without having to rely on any kind of finance, but with this, I'm going to need it. Now because I've never done it before, it is making me nervous. I earn fairly good money, and my job is pretty secure (I hope) so the actual paying for it isn't a problem, I just have big hang-ups with finance. Hang ups like paying for it for 3-4 years - what if I don't have a job then etc?
I'm (as you can read) seriously toying with this idea and I'm worried that a shiny new bike might be clouding my judgement!
So, how did you buy yours?
medwaysv
15-08-06, 07:56 AM
bought mine thru black horse finance...
£1500 pound px for my bandit 6 and the rest on the above...costs me £53 a month
21QUEST
15-08-06, 08:00 AM
I've only bought one bike(brand new ZX7R) on finance. I got a good deal on price(£5200), paid a big deposit(£1700?) took the shortest term possible(was paying something like £150-£200 pm ) even then paid it off paid it off early. I like to pay as little interest as possble if I can help it. So I guess you could say I've got hang-ups as well :lol:
You shouldn't have any hang ups with 0% anyways :? . All you got to do is pay the whole lot off if you decide at some point I would guess.
Cheers
Ben
Edit: Didn't even ask how you faired? Sorry :oops: :wink:
Bought mine outright, not keen on finance either.
However I too have been tempted by the 0% deals.
:-k
diamond
15-08-06, 08:23 AM
I bought my K5 on finance and included all the extras, exhaust, lowers, seat cowl hugger, lowering kit etc on the finance deal. It worked out at about £145 a month for 3 years. Luckily after a year my parents decided to pay it all of for me for my birthday so now it's all mine, and i don't have to worry about any more repayments.
What you could do, is make a separate bank account for the value on finance, and then you know you can always pay it back whenever. Also, you'll keep the interest!
I got tempted by the 0% too - they gave me £1600 for the SV and I took the remaining £2895 on the 0% - this works out at £79.02 a month for three years - my plan is to pay it off before then though...
It was too tempting to get a new bike - never had anything new before! :roll:
Split from girlfriend of 4 years, took 50% of the house deposit that was mine, went to Premiers in West Wickham, and said, i'll have one of those please, and i'll pay cash ching ching, ching ching!! Picked up 2 weeks later.
northum
15-08-06, 08:59 AM
Bought my K5 on 0%, 4300 over 3 years, £120 per month. 8)
northwind
15-08-06, 09:13 AM
I got mine private, but paid cash. I'm used to dealing with silly money from my work, but it's a bit mor nervous-making when it's your own ;) There's an inside pocket in my lookwell jacket which is perfectly constructed for carrying wedges of £50 notes though...
Jester666
15-08-06, 09:25 AM
Mine was the case of "Bend it, Buy it". I bent it so I bought it!
As soon as I passed my test I called in a the dealers. I had wanted a SV anyway and had looked at a few. With the price of second hand ones I thought it may be worth getting a band new one. I got mine brand new but pre reg for £3800. I put £1000 on it (sold my 125 private) and go tthe other £2800 on 0% finance. Its about £117 a month for 2 years. I was daft realy I should have left my £1000 in the bank to gain intrest and taken the lot on finance. But I hate having debt hanging over me.
DoubleD
15-08-06, 10:35 AM
I got a bank loan...... and with the cash I did DAS, bought all my kit and got my new SV.
Saved for 2 years. Ordered new K5, paid the deposit with credit card, paid rest of balance with cash. Paid off the credit card bill at end of month.
Saved for 2 years.
Hmmm... a concept unfamiliar to me 2 years ago when I bought my GS500F brand new. ("Why buy one of those, and from new?" you may ask. Erm, I don't know, seemed like a good idea at the time).
Anyway, used one of my many loans to pay for it (and my DAS, gear, accessories etc) so that I was in even more debt than I was. Wiped it all out when I took voluntary redundancy last year though - :D .
I now have a clean slate (and a car and a bike - hooray) and absolutely no intention of ever getting in debt again (bar the purchase of property of course).
I think it's a personal choice - some people may be able to commit to that one purchase... for others it may be the start of a slippery slope. Unfortunately, when you're the latter, you're also often in denial - so it won't stop you anyway.
Saved for 2 years.
Hmmm... a concept unfamiliar to me 2 years ago when I bought my GS500F brand new. ("Why buy one of those, and from new?" you may ask. Erm, I don't know, seemed like a good idea at the time).
Anyway, used one of my many loans to pay for it (and my DAS, gear, accessories etc) so that I was in even more debt than I was. Wiped it all out when I took voluntary redundancy last year though - :D .
I now have a clean slate (and a car and a bike - hooray) and absolutely no intention of ever getting in debt again (bar the purchase of property of course).
I think it's a personal choice - some people may be able to commit to that one purchase... for others it may be the start of a slippery slope. Unfortunately, when you're the latter, you're also often in denial - so it won't stop you anyway.
Im not in an egyptian river!
Im not in an egyptian river!
Boom boom. :roll: :D
kwak zzr
15-08-06, 02:06 PM
nearly all cash and borrow'd abit off dad :oops:
Warthog
15-08-06, 02:21 PM
px my ER5, then debit card for the rest £2000. Then in dealership, had bank ring up during transaction asking for extra security checks cos it was a large amount. I got on the phone, "yes its me". No good, thats not secure enough, you haven't set a password at your bank. So have to scoot off on ER5 to nearest bank in the middle of rainy winter. Arrive at 5:35 pm. Bank closed at 5:30. Manager says through the door that the one in a far away town is open til 6. Speed off to random far away town without any clue where it is. Arrive after driving through a large bus depot by accident at 5:59. Get in, doors lock I am last customer. Ask for £2000 cash. "any proof you are you?" they ask. "Yes, look, its me, I am waving at you". Here is bank card and drivers licence. No good apparently! They ring head office. Head office drag up a list of my past activities. They come back, "right, list 3 direct debits that you have cancelled 4 years ago". Bloody hell. *scratch head*, Er maybe some water bill, er some gas probably, I used to live in coventry. By now it is 6:20. Finally they say its ok. Get £2000 cash, stick it in bag with hole in and speed back to bike shop. Bike shop is now closed, but they let me in anyway (how nice of them). Pay for bike. Sit with bike outside closed shop in the rain on the phone to insurance company trying to get insurance changed so I can ride it home.
Easy as pie 8)
px my ER5, then debit card for the rest £2000. Then in dealership, had bank ring up during transaction asking for extra security checks cos it was a large amount. I got on the phone, "yes its me". No good, thats not secure enough, you haven't set a password at your bank. So have to scoot off on ER5 to nearest bank in the middle of rainy winter. Arrive at 5:35 pm. Bank closed at 5:30. Manager says through the door that the one in a far away town is open til 6. Speed off to random far away town without any clue where it is. Arrive after driving through a large bus depot by accident at 5:59. Get in, doors lock I am last customer. Ask for £2000 cash. "any proof you are you?" they ask. "Yes, look, its me, I am waving at you". Here is bank card and drivers licence. No good apparently! They ring head office. Head office drag up a list of my past activities. They come back, "right, list 3 direct debits that you have cancelled 4 years ago". Bloody hell. *scratch head*, Er maybe some water bill, er some gas probably, I used to live in coventry. By now it is 6:20. Finally they say its ok. Get £2000 cash, stick it in bag with hole in and speed back to bike shop. Bike shop is now closed, but they let me in anyway (how nice of them). Pay for bike. Sit with bike outside closed shop in the rain on the phone to insurance company trying to get insurance changed so I can ride it home.
Easy as pie 8)
Great story! :lol:
Blue_SV650S
15-08-06, 07:50 PM
You need to ask yourself if owning the new bike is worth more to you than the millstone round your neck?? What is the advantage of having a brand new bike and one that is say 6months old and already had the depreciation hit?
What bike is it BTW?
andyaikido
15-08-06, 08:36 PM
I stole mine, am I a bad person? :oops:
Biker Biggles
15-08-06, 09:19 PM
I always pay cash for consumables.I have a fear of debt and other than the mortgage I avoid it.I would borrow for a specific reason if I had to,but generally I reckon that if I ain't got the readies I can't afford it.
MR UKI (1)
15-08-06, 09:30 PM
Bought mine on finance from dealer, £100 deposit, rest on finance including Datatool Alarm. Bought from George White in Swindon, so got 1 bus and 3 trains to get there from Macclesfield and first ever ride on my brand new SV was Swindon to Macclesfield on a Saturday afternoon in July in 35 degree heat :lol:
lukemillar
16-08-06, 08:16 AM
You need to ask yourself if owning the new bike is worth more to you than the millstone round your neck?? What is the advantage of having a brand new bike and one that is say 6months old and already had the depreciation hit?
What bike is it BTW?
True, but after the SV (which bought with only 900 miles on the clock) I thought I was getting a virtually new bike. However as/when I do work/mod/service it I keep on finding more and more things that would suggest that the bike has had a slightly more chequered past than was let on. Nothing major - just little bits and pieces. Even though I know it will depreciate massively in the 1st year, I very miuch like the idea of having a bike from new this time around!
As for the bike - nothing in particular, there are a few of the SS600 variety that take my fancy - will have to arrange some test rides.
Anyway, looking at the poll, I have decided to wait until earlier next year, save up so I'll either have enough + the money from the SV, or almost enough to not have to worry about finance. Plus, the last thing I want to do is buy a new bike and then have it garaged up for the winter!
SoulKiss
16-08-06, 08:47 AM
Now that I can answer this - signed the paperwork last night.....
Could have bought right-out - still sitting on some redundancy cash from the tail end of last year.
Went finance as its nicer to know I have the ability to pay the bike off out-right, but still have the cash in the bank.
Got a new one instead of a second hand, as to get a pointy it was not a huge jump, and with a new bike you get options like Gap insurance.
So if anything happens that rights my pointy off in the next 3 years, the gap insurance will top up whatever pittance the insurance company pays as "book value" up to what I paid for it.
It was little things like that that made me go new, with finance.
David
px my ER5, then debit card for the rest £2000. Then in dealership, had bank ring up during transaction asking for extra security checks cos it was a large amount. I got on the phone, "yes its me". No good, thats not secure enough, you haven't set a password at your bank. So have to scoot off on ER5 to nearest bank in the middle of rainy winter. Arrive at 5:35 pm. Bank closed at 5:30. Manager says through the door that the one in a far away town is open til 6. Speed off to random far away town without any clue where it is. Arrive after driving through a large bus depot by accident at 5:59. Get in, doors lock I am last customer. Ask for £2000 cash. "any proof you are you?" they ask. "Yes, look, its me, I am waving at you". Here is bank card and drivers licence. No good apparently! They ring head office. Head office drag up a list of my past activities. They come back, "right, list 3 direct debits that you have cancelled 4 years ago". Bloody hell. *scratch head*, Er maybe some water bill, er some gas probably, I used to live in coventry. By now it is 6:20. Finally they say its ok. Get £2000 cash, stick it in bag with hole in and speed back to bike shop. Bike shop is now closed, but they let me in anyway (how nice of them). Pay for bike. Sit with bike outside closed shop in the rain on the phone to insurance company trying to get insurance changed so I can ride it home.
Easy as pie 8)Easy then!
Ceri JC
17-08-06, 10:40 AM
I always pay cash for consumables.I have a fear of debt and other than the mortgage I avoid it.I would borrow for a specific reason if I had to,but generally I reckon that if I ain't got the readies I can't afford it.
That's my view too. I could have a black '06 Speed Triple and a Focus ST within a fortnight. The reason I don't is that I don't need either and the pleasure derived from them would be marred by the debt associated with them. If you need something it's a different case; you have to get it and loans are useful for that. I can even see why people borrow money for the odd luxury. I wouldn't trust myself not to let it become a habit though and living beyond my means could soon become the norm. :?
px'd my Aprilia and paid the rest in cash
SoulKiss
17-08-06, 01:10 PM
I always pay cash for consumables.I have a fear of debt and other than the mortgage I avoid it.I would borrow for a specific reason if I had to,but generally I reckon that if I ain't got the readies I can't afford it.
That's my view too. I could have a black '06 Speed Triple and a Focus ST within a fortnight. The reason I don't is that I don't need either and the pleasure derived from them would be marred by the debt associated with them. If you need something it's a different case; you have to get it and loans are useful for that. I can even see why people borrow money for the odd luxury. I wouldn't trust myself not to let it become a habit though and living beyond my means could soon become the norm. :?
Another reason (that just occurred to me thanks to Biggles Mortgage comment) for taking credit.
Helps establish a credit history.
I am looking to buy a place in the next 12 months - I cleared all my debt (except for a small loan that would cost more to pay off early than finish the term).
So for 9 months I have no real credit history.
Using credit responsibly (I can pay off the bike whenever I want, the cash is in the bank) is a good thing if you want to borrow more ;)
David
Scooby Drew
17-08-06, 03:22 PM
Just remember that with a finance deal, the finance company own it until you have made the final payment.
This causes problems if you want to change bikes but don't have the cash to settle it - so you end up trading in at less than you would get privately and going through the finance company again and may not get a good deal on the interest.
And you need to insure fully comp cos if you trash it and don't have something for the finance company to reposes, you gonna be in trouble.
Split from girlfriend of 4 years, took 50% of the house deposit that was mine, went to Premiers in West Wickham, and said, i'll have one of those please, and i'll pay cash ching ching, ching ching!! Picked up 2 weeks later.
You know they hate people like you don't you :?: :wink:
fizzwheel
17-08-06, 03:33 PM
I got a bonus from work 2 years ago that paid for the SV.
The GSXR I took a loan out for secured on my house. The finance monthly payments that the dealer was proposing were ridiculous as was the APR, got a much better deal sorting out my own finance.
The honda I took a loan for and then paid it off 3 months later.
The SV - sold the shares (just before they crashed) and paid outright.
I too have a fear of debt so both bike and the car are paid off and all i pay is running costs. Though I do get quizzical looks when I say that I'm keeping both bikes
Tim in Belgium
17-08-06, 04:25 PM
Cash all the way for all/any of my toys, be it bikes, skis or holidays, for me doing the finance thing would be a slippery slope I think. I know some people can justify almost anything to themselves (well I can), but I've realised that you can't really claim to deserve or need a toy such as these...as nice as they are to have. Although if it was your only way of getting to work it might be a different matter, but then an old honda cb250 could do that for you.....
Was thinking about upgrading my bike on my return to the UK but have realised there is no real point, I'm still learning a lot, and for an extra 2-3 k (or 100-150% more cash) I'll probably only up the enjoyment by 5-15%
Vtwinlover
17-08-06, 06:20 PM
I saved up & bought my first SV with cash :riding: .......wrote it off just before its 1st birthday, lost a sh*t load in the deal with the insurers :evil: .......had to save up the difference & paid cash for the current SV :riding: . I wouldn't be inclined to get finance at anything other than 0%.
Red ones
17-08-06, 06:44 PM
What you could do, is make a separate bank account for the value on finance, and then you know you can always pay it back whenever. Also, you'll keep the interest!
Spot the Motley Fool!
I did 0% as I get to keep any interest. If you can defer payment - now theres an option (sadly most dealers don't do it)
The rule should be - don't do finance and keep debt solely for your mortgage (says I the worst in the world at the moment, but improving)
I needed a solution to a new pair of tyres, a service and a new tank for a 5 year old 19,000 mile beast. My solution was get the 0% on a new bike with a new tank and tyres. Then pay for it over a long period - it solved the problem of finding £500 in the short term.
My intention then is to reduce the 0% next time.
If you are not sure whether to pay for a bike, or get 0% AND you have any other debts, the smart solution is simple. Take the 0% and pay off the other debts. Always head your financing towards the lowest possible interest rate!
Ceri JC
18-08-06, 08:24 AM
I stole it.
Well, you ride it like you stole it at least. :wink:
Ceri JC
18-08-06, 08:38 AM
Spot the Motley Fool!
I did 0% as I get to keep any interest. If you can defer payment - now theres an option (sadly most dealers don't do it)
Ha ha, I'm a Motley Fool too. Only financial advice (other than from accountants in the family) I'll listen to. :)
I'm doing what you described on a bed I'm buying at the moment; we've got the cash to buy it outright, but instead, the cash is going in an ISA. Defered payments for 6 months and then 18 monthly payments. I've worked it out and we'll save about £70 doing this way, as well as putting off the payment.
We didn't pay list price either, mwahahaha! :lol:
seedy100
18-08-06, 08:50 AM
Bought mine on the credit card.
Had to answer some "Security questions" from them though, because it was a large amount.
I was advised to let them know in advance if I planned unusual purchases!
Paid it off in full when the bill came in.
£0.00 interest, and I didnt have to carry any wads of £50 notes around.
I have had a credit card for over 25 years and neven paid a penny in interest!
I bet they love me!
Red ones
18-08-06, 12:58 PM
Spot the Motley Fool!
I did 0% as I get to keep any interest. If you can defer payment - now theres an option (sadly most dealers don't do it)
Ha ha, I'm a Motley Fool too. Only financial advice (other than from accountants in the family) I'll listen to. :)
I'm doing what you described on a bed I'm buying at the moment; we've got the cash to buy it outright, but instead, the cash is going in an ISA. Defered payments for 6 months and then 18 monthly payments. I've worked it out and we'll save about £70 doing this way, as well as putting off the payment.
We didn't pay list price either, mwahahaha! :lol:
Are you my wife?
We did that with a new bed and a sofa and armchair. She negotiates the cost - demon Sales Manager the wife - she knocks them down as far as possible then hands the salesman in the shop over to me to negotiate the payment terms. Always 0% always defer payment. My trick is then calculate what the payments would be if you hadn't deferred. (ie 6 months deferred, then 18 payments - calculate the cost of 24 payments and put money into an ISA at that rate, then reverse the standing order after 6 months to keep the 'effective' repayment from your current account the same. The amount I make from the interest almost pays for my car insurance in a lump sum which in turn avoids the need to pay the 30% the insurance company levy on installment payments!
Fizzy Fish
18-08-06, 01:31 PM
if you can keep debt free then that is a great way to go - no matter how affordable the finance is, it'll always be a millstone to some extent
that said, don't take a test ride on anything that you don't have the cash to buy!!
Red ones
18-08-06, 06:48 PM
don't take a test ride on anything that you don't have the cash to buy!!
Excellent!
Must remember that as financial advice!
Part x'd one bikr for the SV new and paid the rest on 0% deal
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