Join Date: Mar 2011
Location: Pennsylvania, US
Recommendation on Purchasing a Bike
I don't post very often on here because I have not bought my bike yet but I just wanted to share my plan for that purchase with all of you and maybe help you save some money and stay out of debt at least for your bike.
I am a huge fan of Dave Ramsey if you haven't heard of him look him up you can learn a lot. I don't have a bike yet because a few months ago I decided that I was not going to go into debt for my motorcycle. So here is my plan. Most dealers like you to finance for about a year or 2 figure out what your payment will be and PAY YOURSELF that amount for either that year or two. If you want to invest the money into a mutual fund every month which will allow it to grow even more by about 12%( stock market Average) per year. If you do it this way you will be able to show the dealer cash and talk the price down a couple hundred due to them not having to worry about finance. You will save money. If you purchase a ninja 250R at $3,999 you will pay $239.94 in interest figured at 6% (which is probably the best you will get). If you pay with cash and you talk the dealer down 200 bucks that's a savings of $439.94. If you pay yourself you gain the interest instead of them. Not to mention you can save on insurance because you are not forced to buy full coverage and when you take your bike home it's yours completely and cannot be repoed if your job situation changes. It's simple guys and it will save you. Please be mature and patient when purchasing your motorcycle. Another positive about saving for your bike over time it gives you time to purchase your gear over time and watch for deals and whatnot. Any other questions about this let me know.
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I enjoy reading all your guys' comments.