Buying a new bike - Advice
 

I'm really really considering getting a brand new honda VFR800, and take advantage of the free luggage offer honda are doing until the end of september.

I'm worried by the interest though; I'd have to pay on finance, and the interest would be 6% (work out something like 15% apr over 24 months). In total, I'd be paying about £9200 for a bike costing about £8500. Is this a reasonable deal? Repayments would be about £260 per month, which I can afford (I think I can affrod up to £300), and I can get a good price for insurance.

Should I take the plung? An attractive part of having a brand new bike is that I take full control of its servicing history.

Help me out .org, I would really like a VFR800, its the bike that promises to be the bike to do everything I want from a bike...

Matt

Re: Buying a new bike - Advice
 

6% doesn't sound too bad to me for what is, after all, an unsecured loan.

Do they add the interest to the loan at the start of the period? If they do then you would be liable for the whole lot should you repay the loan early.

Can you get a better rate from a bank? Worth taking a little time to investigate.

It's a Honda so yes, of course you should :thumbsup:

Re: Buying a new bike - Advice
 

Interesting, I suppose I could investigate a loan from a bank. I'll go and ask...does anyone have any suggestions for where to go?

And thanks jabba - the "its a honda" argument is definatly a winner :smt054

Re: Buying a new bike - Advice
 

It's cheaper than getting a loan, but a lot of other makes are doing 0%. Kawasaki always do and Yamaha are at the moment, part of the reason I took the plunge on the R1. You loose a lot of money on a new bike. Mine was 16 months old with 2k miles on the clock, so just run in and I got £2,200 off of the RRP plus 0%.

It may be worth it to you though just to know that you are the only person ever to have ridden it.

Re: Buying a new bike - Advice
 

Why not get a preowned one maybe a year old or so?

Re: Buying a new bike - Advice
 

There is one at dobles, 2800 miles, full luggage, going for a grand less. Its had 3 owners though, im worried its one of those "jinxed" bikes..

Re: Buying a new bike - Advice
 

Having bought new and used I'd say save for a bit and buy used, not ancient but one that has had the new bike kinks sorted, got those initial scratches that leave you feeling gutted on a brand spanker and costs far less than a new one without requiring you to sign up for finance

Re: Buying a new bike - Advice
 

Rate looks not to bad, As Jabba says though find out what other options are available.

Just remember that you'll be saddling yourself for a little while with that loan repayment, if you are on the verge of only just being able to afford the repayments, will you be able to afford to run it ( Servicing, tyres etc )

No point having a shiney new bike if you cant afford to put petrol in it or go out for a meal or a drink with friends as the finance has put you right on the breadline...

Can you find a similar spec bike thats 12 - 18 months old, you'll save money that way and if you can get a finance deal on it, you'll be paying less out each month I would have thought. Also you wont loose money on the intial depreciation.

If you can find the kind of bike like Quiff did the other week, you'll save alot of money and having seen his bike, its mint, its just like new...

Re: Buying a new bike - Advice
 

Doesn't even need to save up if you can get a loan (like you're considering). Just find one advertised somewhere that some old farts bought with all the extras and then has given up on biking 8)
Infact keep you eyes on the forum for a red'n :razz:

Re: Buying a new bike - Advice
 

Look at the owner history on the V5. If it is pre-registered then that is one owner...! Quiff just picked up a tidy VFR800 on a 56 and that had something like 1300 miles on it. It is very unusual to find this type of bike with such low mileage. It is not what they do. Not necessarily a lemon though. Give it a good look over, go for a test ride, get a warranty from Dobles.