[Captron]

1) Are you the type that finance's a bike with zero down, and pay monthly payments?

2) Are you the type that pays a bit up front, and pay the rest off via monthly payments?

3) Are you the type that pays cash only?

4) Are you the type that pulls the money out of your IRA/401K retirement funds?

5) Are you the type that saves for years, before purchasing that brand new bike?

6) Are you the type that buys "brand new" only?

7) Are you the type that buys "used" bikes?

Ronnie

 

[Bullet Bob]

Depends on the interest rate. If '0' to .9%, I'll get the best 'cash' price, which is lower than the finance price, add that to the higher finance price, which gives me what interest I'll actually be paying. Compare that to the lower cash price and see which way makes more sense. If it possible, I'd rather use their money and let my money grow (hopefully)

 

[sur48]

1) Are you the type that finance's a bike with zero down, and pay monthly payments?

2) Are you the type that pays a bit up front, and pay the rest off via monthly payments?

3) Are you the type that pays cash only?

4) Are you the type that pulls the money out of your IRA/401K retirement funds?

5) Are you the type that saves for years, before purchasing that brand new bike?

6) Are you the type that buys "brand new" only?

7) Are you the type that buys "used" bikes?

Ronnie

Christ just go find yourself a bike and ride it

 

[MiWinger51]

1) Are you the type that finance's a bike with zero down, and pay monthly payments?

2) Are you the type that pays a bit up front, and pay the rest off via monthly payments?

3) Are you the type that pays cash only?

4) Are you the type that pulls the money out of your IRA/401K retirement funds?

5) Are you the type that saves for years, before purchasing that brand new bike?

6) Are you the type that buys "brand new" only?

7) Are you the type that buys "used" bikes?

Ronnie

When I bought my Goldwing I looked for an older low mileage bike at a good price. I ended up with a 2006 HPNA with only 2200 miles on it. I paid cash for the bike, paid cash for the Traxxion Mega Monty suspension upgrade and am very pleased. I have had the bike for just over 2 years now and it now has 16,000 miles. Everyone of them has brought a smile to my face. If I were to get a different bike in the future I would probably do the same.

 

[jlbc212]

I never thought I would ever be able to afford a Goldwing, but somehow over a period of several years I managed to buy three previously owned, two GL1500's and the one I presently have. I paid with cash. I gave away the two GL1500's, one to my son and the other to my son-in-law. They still have them.

I'm still waiting for my big win on Powerball or MegaMillions before I buy my next Wing and then I will again pay with cash. In the meantime I will continue to enjoy the ride on my obsolete '06 GL1800.

 

[trewm]

I've paid cash for all of my bikes, new and used. Not saying I wouldn't finance if that would somehow lower the OTD price but if I did I'd pay the balance immediately.

 

[2WheelNut]

I've done all on the list but pull from an IRA/401K.



Sometimes I finance, sometimes I pay cash, sometimes I buy new, sometimes I buy used. Of the 6 bikes in my garage at the moment. 2 were bought new and financed. 1 was traded for with another bike that I had bought new and financed and 3 were used and paid in cash. All are currently paid for.


Thinking about it....I usually finance when buying new as rates are often low and it's easy. I usually pay cash when buying used as I'm usually buying from an individual and cash is just easier.

 

[2WheelNut]

Depends on the interest rate. If '0' to .9%, I'll get the best 'cash' price, which is lower than the finance price, add that to the higher finance price, which gives me what interest I'll actually be paying. Compare that to the lower cash price and see which way makes more sense. If it possible, I'd rather use their money and let my money grow (hopefully)

Agree about using other people's money if cheaper. I disagree about a cash deal being better than financing since a dealership usually gets cash back from the finance company for giving them finance customers. As such, I've found it makes no difference if I want to finance it or pay cash.


The exception would be a dealer that likes to do a bit of business "off books" to save on taxes as cash is always easier to cheat taxes with. But... a business that isn't bending the rules and that has a relationship with a finance company, as almost any dealer does, shouldn't really care if you do cash or credit. (of course....credit CARDS are very different as that costs the dealer 1 to 3 percent and you'll definitely get a better deal with cash.)


The above assumes you are buying from a dealer. If an individual...then cash is definitely preferred, and it's hard to find that 0% or .9% rate on a used bike from an individual anyway so you are likely better off paying cash anyway.

 

[Zee Fifty]

All my motorcycles have been used and I have payed cash. I expect that trend to continue.

That’s the way I roll.

 

[BlkWing1]

I always thought that motorcycle is not a necessity therefore if you have money you buy it with cash, if no money - than you don't, or save for it if can.
Today, bikes are at car prices so I have to stick with used market. Having another monthly payment on something you can do without, don't make sense. Of course different strokes for different folks.
I bet you'll get replies on all 7 points.

 

[Bipeflier]

The Wings I've owned are toys. If I can't afford to pay cash for toys, I don't need them. Way too many folks go into hock for things they don't need.

 

[William Anzik]

I put down what I can and finance the rest. Then I pay the loan off as fast as I can. If I was really disciplined I could probably save money over a couple years and pay cash but I'm not willing to give up those years of fun. Life is too short.

 

[RayS]

I do whatever it takes to get what I want at the time. Mostly cash but if I have to pay to use somebody else's money that's fine with me. just a cost of doing business.

 

[Ranch55]

Yes, I'm the type that buys "Brand New" only.
When I do buy, generally I will pay 1/2 the price down in cash, and finance the other half for credit score rating.
I did this with my 2010 GoldWing, my 2009 GMC 2500HD truck, my 2015 GMC 3500HD truck, my 2016 Honda Pioneer 1000-5 Deluxe SxS .......
This is the way I make these type of purchases. It is great for the credit score rating. (My credit score is way, way above 800 ......)

 

[Ranch55]

I always thought that motorcycle is not a necessity therefore if you have money you buy it with cash, if no money - than you don't, or save for it if can.
Today, bikes are at car prices so I have to stick with used market. Having another monthly payment on something you can do without, don't make sense. Of course different strokes for different folks.
I bet you'll get replies on all 7 points.

But, for some folks the motorcycle is a necessity.
Been there, had to do that.
But I was young.

 

[WingMan71]

The Wings I've owned are toys. If I can't afford to pay cash for toys, I don't need them. Way too many folks go into hock for things they don't need.

Same here. Wiser words were never spoken.

I've never gone into debt for things that aren't a necessity. Even more important to live a debt free life now in our retirement. If we can't pay cash for it, we can't have it.

Never really been "rich", but I've got a paid-for house, two paid-for cars, and four paid-for motorcycles. Just have to manage your money and live within your means.

PS) Note for the millennials: It's called work! Try it sometime. :wink2:

***

 

[Red]

I have no credit! I have to pay cash for all my larger purchases.

 

[Schoeney]

Yes, I'm the type that buys "Brand New" only.
When I do buy, generally I will pay 1/2 the price down in cash, and finance the other half for credit score rating.
I did this with my 2010 GoldWing, my 2009 GMC 2500HD truck, my 2015 GMC 3500HD truck, my 2016 Honda Pioneer 1000-5 Deluxe SxS .......
This is the way I make these type of purchases. It is great for the credit score rating. (My credit score is way, way above 800 ......)

There is a cheaper way to get a high credit score.

Use a credit card with a good rewards program like Citibank Costco card.

Use it for all purchases that don't cost you additional money. Pay it off in full every month. Do not pay interest, do not carry a balance, collect the rewards and watch your credit score go up.

Obviously you need to pay off any other bills you have on time as well.

My FICO score is 850 and has been for quite a while. My understanding is 850 is the highest score you can get. I only got to 850 once I started doing the credit card system.

To answer the OP's question regarding how I purchased my bike.

I have purchased my last 5 bikes (5 Hondas and 1 Kawasaki) used and with cash. There are so many good used bikes on the market that I let other people pay the big depreciation and add the good farkles.

Of course there is a risk that you buy something that has a problem but I have not encountered that with any of my used bikes to date.

What is kind of weird is 8 out of my last 9 automobiles were bought new and financed. Most were a business expense, but I should probably consider buying them used as well.



Sent from my SM-N960U using Tapatalk

 

[2WheelNut]

Something tells me that if this question was asked on the Mega Yacht forum, the vast majority of the Yachts would be financed. (not sure that forum exists or that mega rich people even get on forums though)



My point is that rich people know how to use other people's money while making their money work for them. Just because you can pay cash doesn't mean it's always the best financial move.

 

[Offcenter]

How do you pay for your new bike?

I DON'T. I can't afford a new bike!