Monthly Payments on bike ( from Dealer few Questions??)

[matt poker]

I know from experience that you should just save until you can pay cash. When I turned 18, I thought it would be a good idea to get a credit card. Well, it wasnt. I ended up getting in way over my head and am just starting to get out of debt (I'm almost 21 now). Believe me, it sucks owing the bank money when you dont make a whole lot of it.

 

[wanaride]

I realize the perils of getting too deep into debt, but who has $6000-$8000 just sitting around to spend on a toy?? I don't know how anyone in the 'real' world can buy a new bike without financing it for multiple years.

Saving to pay cash is reasonable for a used bike, but if you want a new one, I don't see how you can escape financing it unless you are rich.

Like the others have said, you better know the details on the financing deal, otherwise you will get screwed.

 

[Patman]

Here's how a real person can pay for a new bike.
-Buy a good used bike for a good price. If it's ugly all the better! Ride it then when you go to sell it a little elbow grease, some epoxy paint and new plastic/graphics and maybe tires will get you the most $$. If you bought well, didn't beat the bike or dump a ton of money in to it you could make some money on the deal.
-While doing the above save money for your next bike.
-Take what you saved for a bike and the profit from your sale and buy an newer/nicer used bike. Again but well and then when you tire of this bike do the same.
-Keep saving for that new bike.
-When you are ready go to the dealer and price bikes but don't buy! Think it over.
-Check with other dealers, even Internet sales.
-Think it over some more and maybe even consider a left over.
-Purchase your NEW bike.

If there is a special financing package available with a LOW APR then consider using it but keep in mind your bike will be worth A LOT less as soon as you sign the papers and will drop like a rock the first couple of years.

 

[oldguy]

Patman has given excellant real world advice.
When we first started we did close to that. My sons first bike was a 17 year old 90cc street bike (he was 9). We worked on it to mkae it look like a dirtbike and he road it everyday for a year before he decided he wanted a real race bike. He had saved about $300 (raising chickens and selling eggs), sold his old bike for $250, borrowed $100 from me and bought a 13 year old KX80. This bike lasted him a year and he raced it once at the end of the season. The next season he raced it the first 4 races when he orderred a brand new YZ80. He had $600 saved, sold the KX for $750, and borrowed the rest from me again (I always got paid back either through work at home paid by the hour or from what he earned doing chores around the neighborhood and selling eggs). This bike went 2 seasons at which time we repeated the same system.
Finally when he went to 125s and 250Fs it was a set pattern for him and hopefully he has learned some fiscal sense.
The biggest trick is to always maintain your bike and be known for that. I have never had a complaint from any bike buyers that thought they got ripped off and in fact have sold bikes to one guy 3 times now. He gets a good deal while we get top used price