View Full Version : Decision time, please help
Good morning guys,
As you may not be aware, or be aware due to some of my recent posts (you maye also not give a fiddlers!) I am thinking of taking a big step financially. I have plagued myself with debt over the last 12/18 months. Its under control and i'm paying these debts off ok. Its only been over ther last few months i'm on my feet now with my debt. I've been planning my budget every month and I know where I stand with my wage.
Now, I'm now 24 settled with my girlfriend who has also recently got a good full time job. So i'm going to wanting to get a house of my own or at least start saving for one. I can't do this on the money I have to myself every month.
I've always wanted a big bike and have almost got one in the past. I've had a little scooter (she's a beast) for almost 5 years and when I bought my carcon HP over 18 months ago I kept it. Since last week i've moved back onto it. Why? Well because i'm planning on selling my car and moving to the big bike world. Why? Well I would pocket almost twice as much free money every month. This would help me save money, something i've never done before. Running the bike is cheaper and well, more fun! I know a little experience as in surviving 4 winters and commuting for almost 5 years on two wheels.
So i'm stuck at the minute. Do I give up all the luxuries of the car, bringing friends places, staying warm in winter and safer, or do I go with this and see the benefits financially?
At the moment its 70/30 in favour of the going to the bike. I have asked all the questions, planned ahead. I know I might sound like i'm getting ahead of myself or counting my eggs before they've hatched and all that, but I plan to sell the car next week if I can, settle with ford, use the scooter over the next month or two and in that time take the test for the bike then go and buy the SV with the free insurance. Thats the plan.
So what do you guys thing? Anyone done a similar thing before?
Thanks
Colin
SV aint that economical compared with small diesal cars. The advantage using bike as transporting tool is that it filters, no parking charges, can use bus lanes (some places), and most others on a bike will node to you, plus that much fun to ride it. Downside is that you can’t use it to carry much shopping, damn dangrous on diesals, and there are so many blind drivers out there. For me, the promise of no parking charges was enough for me to get a bike, at my work place, it’ll cost 1400 a year to have parking space booked in the carpark if i drive a car, so I am riding my bike on the expense of the concil parking charges. :lol: :lol:
Maybe I am being daft. Maybe i'll regret it all if I went through with it. But I feel I need the money, that extra money should really help me. I'm guessing most on here have access to a car so have the best of both worlds.
Running a bike isnt as cheap as you think.
Car
Service every 12000 miles - £200ish
Tyres every 15-20000 miles - £200 a set
Insurance - Generaly cheaper
Tax...ok, the bike wins
Petrol/Diesel - Depends on the vehicle
Warmer
Dryer
Safer
Radio
Can take friends
can wear jeans and a t-shirt all year round
Bike
Service every 4000 miles £150 approx av
Tyres - £80 front £110 rear approx every 6000 miles
Insurance - Expensive
Tax - £65
Petrol/Diesel - Approx 46mpg
Can filter
Nearly free parking everywhere
Selfish - only you and one passenger
Cold in winter...no matter what
Get wet
Noehere to sit when you have broken down
To be honest, its really what you want from transport. A bike in the long run, if you include finance, is probably more expensive.
To be honest, its really what you want from transport. A bike in the long run, if you include finance, is probably more expensive.
Really? From what I worked out the bike came out tops by a good bit. My car currently costs £1500 to insure per year and over £200 a month on HP plus around £100 on petrol a month. 30mpg average.
I don't mind being cold and wet, i've done it before with the scoot for 4 winters. But maybe changing back would be harder.
Also with the scoot I have 4 yrs NCB.
But I am losing all the comforts of the car if it goes. My lifestyle will change back again.
This is all driving me crazy!
Luckypants
20-10-06, 09:53 AM
Bike
Service every 4000 miles £150 approx av
Tyres - £80 front £110 rear approx every 6000 miles
Insurance - Expensive
Tax - £65
Petrol/Diesel - Approx 46mpg
Can filter
Nearly free parking everywhere
Selfish - only you and one passenger
Cold in winter...no matter what
Get wet
and that's not including leathers, lid, boots gloves (some or all of which you may have)
To be honest, its really what you want from transport. A bike in the long run, if you include finance, is probably more expensive.
In my situation, the SV on finance, when you take into account the service schedule, tyres, fuel etc etc.....
The SV is still cheaper for me to commute than use the Galaxy. And yup, I sat down & worked out finances for 3 months solid before I took the plunge to getting the SV, I made damn sure I hadn't made a mistake.
linco, if you're careful about it, and discuss it with the gf, there's only really the two of you that can decide, no-one else is in your unique situation. Sorry, doesn't help does it?
To be honest, its really what you want from transport. A bike in the long run, if you include finance, is probably more expensive.
In my situation, the SV on finance, when you take into account the service schedule, tyres, fuel etc etc.....
The SV is still cheaper for me to commute than use the Galaxy. And yup, I sat down & worked out finances for 3 months solid before I took the plunge to getting the SV, I made damn sure I hadn't made a mistake.
linco, if you're careful about it, and discuss it with the gf, there's only really the two of you that can decide, no-one else is in your unique situation. Sorry, doesn't help does it?
No it does. At the end of the day we will have a car between us. Well she'll drive. But that also asuumes we are together for the foreseable future. Finanically I know I will save money over my current situation. But the main question is can I live with just a bike for me over the next 3 years. I'll be buying the bike on a loan due to better interest rates. The first years insurance would be free if I buy the SV before 31st December.
I agree with Viney. While a bike initially seems a bit cheaper it isnt really by that much when you actually add in all the consumables like tyres, chain/sprox, oil etc etc. Take it from an ex-122 mile a day commuter that when you work out the cost of the services and consumables and the fact higher usage is going to mean replacing parts a lot quicker than normal wear and tear it comes in only slightly cheaper. Particularly if you get unlucky and get a few punctures in tyres. Couple of punctures and replacement of tyres will see any idea of bike being cheaper eliminated.
Also, if the cars on HP can you sell it? Check your agreement because IIRC the car belongs to the finance company until you pay it off in full. Equally it may put a buyer off if theres outstanding finance on the car. Not an issue if youve paid it off in full but may be if theres still an amount outstanding.
I agree with Viney. While a bike initially seems a bit cheaper it isnt really by that much when you actually add in all the consumables like tyres, chain/sprox, oil etc etc. Take it from an ex-122 mile a day commuter that when you work out the cost of the services and consumables and the fact higher usage is going to mean replacing parts a lot quicker than normal wear and tear it comes in only slightly cheaper. Particularly if you get unlucky and get a few punctures in tyres. Couple of punctures and replacement of tyres will see any idea of bike being cheaper eliminated.
Also, if the cars on HP can you sell it? Check your agreement because IIRC the car belongs to the finance company until you pay it off in full. Equally it may put a buyer off if theres outstanding finance on the car.
Basically have a settlement figure from ford. I can sell the car and pay off the creditors with that. I am sure I can sell the car for a value that will allow me to do that.
As for my journey to work, its a 15 mile round trip. If I have no bike it means a 2 bus journey to work. I've done that before too.
I'm getting the sense that this wouldnt be such a good move for me.
Hi Mate,
Do you have a Mortgage?
The reason i ask is that i tapped the purchase of my bike onto my mortgage, leathers the lot. It is now costing me £22.62 pcm to have my bike. It is on a seperate deal to my mortgage but the same interest rate. My mortgage is renweable in 2 years cos the fixed period is up, so when the time is up i remortgage include the extra for the bike which is swallowed up but the rise in value. Fingers crossed the payment will drop to below what it was originally.
Hi Mate,
Do you have a Mortgage?
The reason i ask is that i tapped the purchase of my bike onto my mortgage, leathers the lot. It is now costing me £22.62 pcm to have my bike. It is on a seperate deal to my mortgage but the same interest rate. My mortgage is renweable in 2 years cos the fixed period is up, so when the time is up i remortgage include the extra for the bike which is swallowed up but the rise in value. Fingers crossed the payment will drop to below what it was originally.
No mate I don't have a mortgage. This is why I want to move to the bike. Basically making a sacrifice to allow me to save some money to get to that point.
No mate I don't have a mortgage. This is why I want to move to the bike. Basically making a sacrifice to allow me to save some money to get to that point.
Have you considered a 100% mortgage? Or a cash back where the cash back acts as your deposit? Was the only way I managed to buy my flat in Croydon with no deposit.
Have you also looked into this new scheme for first time buyers where you buy a percentage of the property and a company buys the remaining percentage. Then when you sell you split the equity on that basis too?
mysteryjimbo
20-10-06, 11:06 AM
Selfish - only you and one passenger
Cold in winter...no matter what
Quite the opposite IMO. 90% of traffic on the roads is cars with single occupants. Thats selfish for the environment and other road users..
Cold, not if you know what to do in winter.
No mate I don't have a mortgage. This is why I want to move to the bike. Basically making a sacrifice to allow me to save some money to get to that point.
Have you considered a 100% mortgage? Or a cash back where the cash back acts as your deposit? Was the only way I managed to buy my flat in Croydon with no deposit.
Have you also looked into this new scheme for first time buyers where you buy a percentage of the property and a company buys the remaining percentage. Then when you sell you split the equity on that basis too?
Well atm I don't have a house but thats what I want to work towards. In my current situation I can't put money away to save for this.
No mate I don't have a mortgage. This is why I want to move to the bike. Basically making a sacrifice to allow me to save some money to get to that point.
Have you considered a 100% mortgage? Or a cash back where the cash back acts as your deposit? Was the only way I managed to buy my flat in Croydon with no deposit.
Have you also looked into this new scheme for first time buyers where you buy a percentage of the property and a company buys the remaining percentage. Then when you sell you split the equity on that basis too?
Well atm I don't have a house but thats what I want to work towards. In my current situation I can't put money away to save for this.
Northern Rock will allow a 100% mortgage PLUS 25% loan on top. Really easy to get on a 2 year fixed rate even with CCJs and Arreas etc. My mate looked at a flat for 86K offered 83k got the mortgage and a 18K loan on top he is still £336 pcm better of even with a higher mortgage payment. :shock:
Worth a look
Would a second hand bike of about £1500 not make more sense than brand new? Would only need 3rd party insurance then.
Would a second hand bike of about £1500 not make more sense than brand new? Would only need 3rd party insurance then.
With the higher risk of a self induced spill riding in winter I would always cover fully comp. If its a struggle to get the cash for the bike why risk loosing the lot for an extra £50-£100 per year.
Only my opinion :)
Would a second hand bike of about £1500 not make more sense than brand new? Would only need 3rd party insurance then.
With the higher risk of a self induced spill riding in winter I would always cover fully comp. If its a struggle to get the cash for the bike why risk loosing the lot for an extra £50-£100 per year.
Only my opinion :)
£1500 for car insurance - i reckon the bike insurance would be close to a £1000 fully comp??? So consider a hack if you get a bike.
15 Miles to work - how about selling the car and just keeping the scoot for a year.
Save the money for your house then.
Would a second hand bike of about £1500 not make more sense than brand new? Would only need 3rd party insurance then.
With the higher risk of a self induced spill riding in winter I would always cover fully comp. If its a struggle to get the cash for the bike why risk loosing the lot for an extra £50-£100 per year.
Only my opinion :)
£1500 for car insurance - i reckon the bike insurance would be close to a £1000 fully comp??? So consider a hack if you get a bike.
15 Miles to work - how about selling the car and just keeping the scoot for a year.
Save the money for your house then.
Yeah £1500 for car insurance :shock:
What the hell are you driving :?:
As far as fuels concerned my 1.8 Diesel focus gets more MPG than my 650 SV. However I tend to drive the car a lot more "conservatively" than I ride the bike.
Well I drive a Ford Fiesta 1.4 Zetec. Group 6. Insurance is extortionate here. Due to high risk of theft in the greater Belfast area and already 100 roads deaths this year in NI. Fully comp for a bike, with my NCB and considering me age is around £800-£1000
Put it this way, expenditure for the car is:
£212+£130 per months insurance+£100 petrol per month = £440 approx
For the bike
£150+free(for this year) say £90 on ave +£80 petrol(due to some journeys not being made due to me being 'restricted' in that sense = £320
Does this not make sense?
Put it this way, expenditure for the car is:
£212+£130 per months insurance+£100 petrol per month = £440 approx
For the bike
£150+free(for this year) say £90 on ave +£80 petrol(due to some journeys not being made due to me being 'restricted' in that sense = £320
Does this not make sense?
You really do need to factor in service costs, and add more petrol to account for the extra miles you take when you're enjoying the ride, and the journeys you make that you wouldn't otherwise. I spend a fair bit on "pleasure petrol" these days :P
Still reckon you should get a bike though, it rocks :lol:
Put it this way, expenditure for the car is:
£212+£130 per months insurance+£100 petrol per month = £440 approx
For the bike
£150+free(for this year) say £90 on ave +£80 petrol(due to some journeys not being made due to me being 'restricted' in that sense = £320
Does this not make sense?
You really do need to factor in service costs, and add more petrol to account for the extra miles you take when you're enjoying the ride, and the journeys you make that you wouldn't otherwise. I spend a fair bit on "pleasure petrol" these days :P
Still reckon you should get a bike though, it rocks :lol:
Finally I think I might have someone on my side! Keep talking! Is the bike you're only mode of transport?
In terms of tyres, servicing etc, I will have more money on the side to cater for these things. Over time. In the long run I believe it will be cheaper for me.
Servicing for me is roughly every 2 months. Tyres are every 3.
Just something to think about ;)
My Mrs has the car, and I despise being trapped in a cage, no matter the weather, so usually, I'll take the bike & just make any excuse. So maybe there's a reason that I spend so much on the servicing etc.
Wow, how come every two months, is that the norm?
Not the norm at all, that's just because I do silly milage.
100miles a day is just commuting, then there's play time on top of than, and the odd run when I need to be somewhere.
Not the norm at all, that's just because I do silly milage.
100miles a day is just commuting, then there's play time on top of than, and the odd run when I need to be somewhere.
Phew! I thought i'd under estimated the whole thing! So how does your bike stand up to the daily 100 commute then?
Hi Linco, me again.
I am new to all this bigger bike stuff. Had a 125 for 2 years and took my bike test a month back. I have the wifes car (7 seater) :roll: my citroen Xsara (pile of ****) :oops: and the bike 8) . I am riding in all weather and always have done. I am going to get shot of the Xsara and just have me bike. In my mind this is the best option for me.
As long as you are sure of your maths and you and the GF are happy with it,
FILL YA BOOTS and get a bigger bike.
You know you finances etc and if YOU feel its good for you then do it.
My only advice is work it out, Check it and double check it. Dont look at bikes until you have decided you can afford it otherwise you may be influenced by impulse rather than logic.
Sorry to ramble :oops:
Dont look at bikes until you have decided you can afford it otherwise you may be influenced by impulse rather than logic.
Sorry to ramble :oops:
Don't be sorry, thats just the sort of ramble I want to hear!
This is both impulse (calculated of course) and logical to me. I wouldnt want the decision to also rest on my relationship with my GF.
Dont look at bikes until you have decided you can afford it otherwise you may be influenced by impulse rather than logic.
Sorry to ramble :oops:
Don't be sorry, thats just the sort of ramble I want to hear!
This is both impulse (calculated of course) and logical to me. I wouldnt want the decision to also rest on my relationship with my GF.
Do you mean its your decision and your GF has no input or you dont want to upset her by doing it :?:
Not the norm at all, that's just because I do silly milage.
100miles a day is just commuting, then there's play time on top of than, and the odd run when I need to be somewhere.
Phew! I thought i'd under estimated the whole thing! So how does your bike stand up to the daily 100 commute then?
Quite well actually, but then, I check levels before ANY ride, not just once a week or whatever the recommendation is. Chain tension is checked every 2 days max, when I'm at the petrol station.
General small maintenance, and she runs fine, whatever the weather :)
Dont look at bikes until you have decided you can afford it otherwise you may be influenced by impulse rather than logic.
Sorry to ramble :oops:
Don't be sorry, thats just the sort of ramble I want to hear!
This is both impulse (calculated of course) and logical to me. I wouldnt want the decision to also rest on my relationship with my GF.
Do you mean its your decision and your GF has no input or you dont want to upset her by doing it :?:
Well like most on here there is a partner or another mode of transport i.e. car in the equation. If I split with my gf, its just me and the bike. So from that point of view I need to be happy if that happened. Which I would be.
Well in my opinion, if you would be happy either way GO FOR IT :)
Please don't shoot the messenger but if I wasn't doing most of my own servicing and I didn't have the money for servicing(I don't)I would seriously consider getting a second hand FZ6 600 2004-2006. It has 6000 mile oil changes/services and 26000 miles valve intervals. For some strange reason the average fuel consumption is listed as 51mpg in the 2006 Ride survey. Compare that to SV's 3500 mile service and 16000 mile valve job. I believe that the Z750 and Z750S have 7500 mile oil changes and 15000 mile valve service.
Please don't shoot the messenger but if I wasn't doing most of my own servicing and I didn't have the money for servicing(I don't)I would seriously consider getting a second hand FZ6 600 2004-2006. It has 6000 mile oil changes/services and 26000 miles valve intervals. For some strange reason the average fuel consumption is listed as 51mpg in the 2006 Ride survey. Compare that to SV's 3500 mile service and 16000 mile valve job. I believe that the Z750 and Z750S have 7500 mile oil changes and 15000 mile valve service.
I would never shoot the messenger! Yes the services and maintenance have to be taken into account and they have been. Though they might suck up more cash than I originally thought. But maybe not enough to sway me back
Well I drive a Ford Fiesta 1.4 Zetec. Group 6. Insurance is extortionate here. Due to high risk of theft in the greater Belfast area and already 100 roads deaths this year in NI. Fully comp for a bike, with my NCB and considering me age is around £800-£1000
Put it this way, expenditure for the car is:
£212+£130 per months insurance+£100 petrol per month = £440 approx
For the bike
£150+free(for this year) say £90 on ave +£80 petrol(due to some journeys not being made due to me being 'restricted' in that sense = £320
Does this not make sense?
Sorry don't have time to read whole thread but free insurance for a year equals depreciation cost in first year of brand new bike say £4600 less £3000 resale value equals £1600 for a year's free insurance?
Whereas a £1500 bike is not going to depreciate esp. buy now going into winter sell in the spring / summer for a profit.
Just a thought :wink:
Well I drive a Ford Fiesta 1.4 Zetec. Group 6. Insurance is extortionate here. Due to high risk of theft in the greater Belfast area and already 100 roads deaths this year in NI. Fully comp for a bike, with my NCB and considering me age is around £800-£1000
Put it this way, expenditure for the car is:
£212+£130 per months insurance+£100 petrol per month = £440 approx
For the bike
£150+free(for this year) say £90 on ave +£80 petrol(due to some journeys not being made due to me being 'restricted' in that sense = £320
Does this not make sense?
Sorry don't have time to read whole thread but free insurance for a year equals depreciation cost in first year of brand new bike say £4600 less £3000 resale value equals £1600 for a year's free insurance?
Whereas a £1500 bike is not going to depreciate esp. buy now going into winter sell in the spring / summer for a profit.
Just a thought :wink:
Just right too. But if i'm going to use this bike for the next lot of years every day would it not pay in the long run to buy new?
This hasn't become as clear cut as I think it should be. But then I always end up in pickles like this :(
Well I drive a Ford Fiesta 1.4 Zetec. Group 6. Insurance is extortionate here. Due to high risk of theft in the greater Belfast area and already 100 roads deaths this year in NI. Fully comp for a bike, with my NCB and considering me age is around £800-£1000
Put it this way, expenditure for the car is:
£212+£130 per months insurance+£100 petrol per month = £440 approx
For the bike
£150+free(for this year) say £90 on ave +£80 petrol(due to some journeys not being made due to me being 'restricted' in that sense = £320
Does this not make sense?
Sorry don't have time to read whole thread but free insurance for a year equals depreciation cost in first year of brand new bike say £4600 less £3000 resale value equals £1600 for a year's free insurance?
Whereas a £1500 bike is not going to depreciate esp. buy now going into winter sell in the spring / summer for a profit.
Just a thought :wink:
It just makes so much more sense than buying new - especially when trying to set yourself up for the future. You will find lots of bargains around the next few months. I brought my bike around this time and 2 years later sold it for a small profit.
You may find that biking isnt for you - or it doesnt really suit your needs and then you will have to sell it again and take the wack on the depreciation etc...
I'm beginning to think this isn't going to be such a good idea :(
100% Agree. Used bike for your first time is so much better. I picked up a curvey 01 in yellow with 4k on the clock for £2000. I think it was a good price, others may not. I know the insurance may be a pain but what you will save in deperciation is well worth it. If you get a bike brand new that does not suit you, you could be in for a few years uncomfortable riding.
It just makes so much more sense than buying new - especially when trying to set yourself up for the future. You will find lots of bargains around the next few months. I brought my bike around this time and 2 years later sold it for a small profit.
You may find that biking isnt for you - or it doesnt really suit your needs and then you will have to sell it again and take the wack on the depreciation etc..
I'm beginning to think this isn't going to be such a good idea :(
Definetley do able to be bike only when your gf has a car. See Razor's thrad for ideas as well
Just don't don't get yourself in big commitments when you're trying to escape from debt
Yes I do agree that buying used would be much better considering the depreciation. But even if I pay with cash, say managing to get £200/300 off, plus the trade in of the scoot(I don't have the room to keep two bikes). I could possible pick the bike up new for £3500 looking at that.
Really stuck between a rock and a hard place now
Why not sell the car and be scooter only for a month, then when you get the bike you will be sure you want it and won't be blaming the SV for not having a car?
Why not sell the car and be scooter only for a month, then when you get the bike you will be sure you want it and won't be blaming the SV for not having a car?
That was the plan anyway yeah. As soon as i'd get rid of the car i'd book the test and take a few more lessons just to tidy myself up. Over that time i'd be using the scooter as the sole form of transport. I know I can manage through winter after doing it for 4 years on the trot before I got a car
Btw reading the thing on depreciation bear in mind second hand bikes dont have VAT on them. New bikes do so if you buy new, you take the hit for the VAT at 17.5%. One reason why theres a fairly hefty depreciation between new and just new.
I think someone said it earlier, if you need money for deposit sell car, pay off the HP and bank that money each month and use the scooter for a while especially if its such a short trip (trips like that wont be kind to your battery and you may find you need to replace a rectifier sooner than youre planning). When you have a fair bit saved for a mortgage get the bigger bike. :D
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