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Old 07-15-2013, 03:59 AM   #31
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Ok, with 10+ years experience in auto sales (not motorcycle), let me give a little advice. Admittedly I know nothing about bikes, accept their value tanks faster than a cars!!! So last year you bought a bike for 14k which now has a retail value of 9k, which means after reconditioning, trade in value is 6k... unfortunately you owe 10k. No problem, now you want a nicer bike for only 17k. Great, assuming your credit has improved we can help =). So this new bike is 17k, you have 4k negative equity, add tax and you can finance only 22k!!! Don't worry, I'm sure they will have some great financing options, that and your excitement over a new bike you won't mind the extra 200 month payment. Now don't forget this 17k bike that you owe 22k on the minute you ride off the dealership is now worth 12k, meaning if you lay it down insurance covers that leaving you with a bill of 10k, you do have an extra 10k in your checking account right?

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Old 07-15-2013, 04:31 AM   #32
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Quote:
Originally Posted by TankTop
Ok, with 10+ years experience in auto sales (not motorcycle), let me give a little advice. Admittedly I know nothing about bikes, accept their value tanks faster than a cars!!! So last year you bought a bike for 14k which now has a retail value of 9k, which means after reconditioning, trade in value is 6k... unfortunately you owe 10k. No problem, now you want a nicer bike for only 17k. Great, assuming your credit has improved we can help =). So this new bike is 17k, you have 4k negative equity, add tax and you can finance only 22k!!! Don't worry, I'm sure they will have some great financing options, that and your excitement over a new bike you won't mind the extra 200 month payment. Now don't forget this 17k bike that you owe 22k on the minute you ride off the dealership is now worth 12k, meaning if you lay it down insurance covers that leaving you with a bill of 10k, you do have an extra 10k in your checking account right?
So pretty much I'm F'd until I have no negative equity in this bike?
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Old 07-15-2013, 05:26 AM   #33
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So pretty much I'm F'd until I have no negative equity in this bike?
Not at all, just enjoy the nice bike you already have for a couple years, save some money in the meantime and then, in a couple years buy what you really want!
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Old 07-15-2013, 08:14 AM   #34
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Debt is slavery. Some debt is ok. Braces on teeth. Many dentists will allow you to do payments while the braces are on.

College? Not bad debt if your goals are clear and you have several campus jobs to help out.

Home loan? Tax deductible, home goes up in value, need a place to sleep. Yes, home loan is a good idea.

Vehicle loan, motorcycle loan to boot?

All around bad idea, on many levels.

Study the lives of rich people if you hope to follow them.

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Old 07-15-2013, 11:21 AM   #35
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My niece is married to a "crotch rocket" rider.

I (being the good uncle) give him a good heckling when I can ride mine for three hours straight (with a fusion in my spine), and he has to stop every hour to "stretch" his legs from being cramped on his razor.

Now he understands why I appriceiate the Triumph America with its 800cc motor (the larger one was not out yet when I purchased mine).
And mine cost less when new with the goodies thrown in.

Some bikes are good for racing, but for everyday use? Nope!

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Old 07-15-2013, 11:29 AM   #36
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Quote:
Originally Posted by danf_fl
My niece is married to a "crotch rocket" rider.

I (being the good uncle) give him a good heckling when I can ride mine for three hours straight (with a fusion in my spine), and he has to stop every hour to "stretch" his legs from being cramped on his razor.

Now he understands why I appriceiate the Triumph America with its 800cc motor (the larger one was not out yet when I purchased mine).
And mine cost less when new with the goodies thrown in.

Some bikes are good for racing, but for everyday use? Nope!
My everyday use is 20 miles to work and back, school and just around town. I've taken one "road trip" that was an hour away to see a friend (hot girl) and it wasn't too bad. I just can't see myself, persona wise, on a cruiser. My dad loves them, I like my rice burners haha
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Old 07-15-2013, 12:02 PM   #37
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I thought the same thing when I was younger.

Today I know that image is not as important as comfort and convenience.

(The wife gets pi$$ed when I want to wear jeans and t-shirt to one of her "formal" outings like a wedding or funeral)

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Old 07-15-2013, 12:19 PM   #38
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I came across this. It may be interesting to you:
http://finance.yahoo.com/news/11-financial-lessons-avoid-learning-130718393.html

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Old 07-15-2013, 01:07 PM   #39
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Quote:
Originally Posted by danf_fl View Post
My niece is married to a "crotch rocket" rider.

I (being the good uncle) give him a good heckling when I can ride mine for three hours straight (with a fusion in my spine), and he has to stop every hour to "stretch" his legs from being cramped on his razor.

Now he understands why I appriceiate the Triumph America with its 800cc motor (the larger one was not out yet when I purchased mine).
And mine cost less when new with the goodies thrown in.

Some bikes are good for racing, but for everyday use? Nope!
You have to take a spin on a Thunderbird when you get the chance. It's on a whole different level compared to the Triumph retro twins series. I traded my T-100 in for it. I was never a cruiser guy before.
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Old 07-15-2013, 03:34 PM   #40
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Shag, I'm not going to tell you not to ride a bike. I am a speed/power junkie as well, and we should all be able to feed our desires.

What I can tell you is: Debt kills.

When I was younger, every dealership and salesman was soooo helpful! They would give me great rates, tell me what a "deal" I was making - yeah. I was paying off their stuff by running myself into the poor house and possible bankruptcy, at which point you can no longer finance anything, not even a house.

Then I read a book and went on a financial diet. For several months I bought nothing except necessities. I had a 10% automatic deduction taken from my check and deposited to a savings account. I learned to live on the lesser check and ignore the savings. In 10 months I bought my Honda...cash. Two years later I bought a house...20% down in cash. Recently, a motor home on Craigslist caught my eye and I purchased it...cash. All were used, and a great deal.

I own my possessions. They do not own me. It is very un-American to live debt-free. It also morally responsible and the easiest way to live owing nothing but a very affordable mortgage payment. Solve this problem however you like, but consider being happier with what you have and making money instead of owing it.

"Happiness isn't getting what you want, it's wanting what you have."

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