Should I finance my bike?

[hmurphy]

I have come up with a great idea, and today I will share this with you.

I could put a 2009 R6 on finance with an $1,800 deposit and $120 weekly payments for 36months. Sounds easy... well... to be honest.....

it only gets easier!

At the start of March my student loan starts coming through!! $150 a week interest free! I also have a job where I earn $120 a week or so. Wow! This sounds good doesn't it?!

So what I do is, I sell my 1999 R6 now for around $7,000 to $8,000 (has heaps of aftermarket stuff, new tyres new rego new wof and just had a full A service!!) and put this money into a bank account that has been specially created for R6 funds.

Out of this account I take the $1,800 deposit and from there I pay $120 a week (automatic payments of course!! Genius). Each week I chuck in about $60 or so to keep it from depleting real fast, and max out my student loan (interest free) for $150 a week. $150 a week interest free... mmmmm..... sounds good to me.

So, I would now be able to ride around on my brand new 2009 R6, looking totally munt and having enough money to fill my tank every 3 days for the constant Rimutaka rides.

I don't see any flaws. This plan is bulletproof. What could go wrong?

Nothing.

I heard someone saying something like 1,000 km service, 4,000 km service, 8,000 km service, new chain + sprokets, new tyres etc. (keeping in mind I do 1,000 km of riding a week).
But what has any of that crap got to do with it? Live in the now. 'Do it' is the attitude.

Whaddaya think? Munt plan? '09 R6.... Student Loan.... Wha'eva do it

[FJRider]

Read the fine print in the insurance bit first... like the excess if ya bin it... and see what you are actually covered for...

[FJRider]

I don't see any flaws. This plan is bulletproof. What could go wrong?

Nothing.

I heard someone saying something like 1,000 km service, 4,000 km service, 8,000 km service, new chain + sprokets, new tyres etc. (keeping in mind I do 1,000 km of riding a week).
But what has any of that crap got to do with it? Live in the now. 'Do it' is the attitude.

Whaddaya think? Munt plan? '09 R6.... Student Loan.... Wha'eva do it

So you can expect to buy a new back tyre about every 8 weeks or so. Not much longer for the front tyre. About 6 changes to the back tyre alone in the first 12 months alone(1 would ruin the monthly budget). 3 new fronts... do the maths. Petrol is the cheap bit. Add rego. wof. brake pads.Oil changes.chain lube.

[AlBundy]

So you can expect to buy a new back tyre about every 8 weeks or so. Not much longer for the front tyre. About 6 changes to the back tyre alone in the first 12 months alone(1 would ruin the monthly budget). 3 new fronts... do the maths. Petrol is the cheap bit. Add rego. wof. brake pads.Oil changes.chain lube.

Ouch, that tyre budget will hurt big time...

[ynot slow]

You can not be serious!!!Hell the bike is the cheapest part of the equation,the maintanance is the costs if the mileage you do is true.

Great flame thread though.

[racerhead]

Munt plan?

Yep sure is :yes:

[mashman]

So you can expect to buy a new back tyre about every 8 weeks or so. Not much longer for the front tyre. About 6 changes to the back tyre alone in the first 12 months alone(1 would ruin the monthly budget). 3 new fronts... do the maths. Petrol is the cheap bit. Add rego. wof. brake pads.Oil changes.chain lube.

Ow ow, feels like I just had my vasectomy all over again...

[portokiwi]

:jerry::jerry::jerry: You do what you must. Its your call..... Only you can get yourself in the crap.... Then its only yourself to blame.:2thumbsup
If you think you can afford it with all the running costs do it.
Are you not happy with you present bike?
Or just a need to upgrade.
Good on you for what ever you decide.

[prettybillie]

I don't see any flaws. This plan is bulletproof. What could go wrong?


At the end of the day they are all loans and interest free or not you gotta pay it back. Be careful in this climate about financing things.

[ManDownUnder]

Whaddaya think?

...let's see...


You're borrowing to purchase a depreciating asset
The purchase of the thing is optional (you have a bike already)
I expect you're of limited means for the next couple of years (as a student)
The economy is tight - and getting tighter.
There's no promise of a job at the far end of your tuition (is there?)
Draw down the money if you can and stick it on a term deposit or buy something appreciating. And leave something for the rainy days that are coming our way.

[R6_kid]

I'm trying to sell my GSXR1000k3 because im going back to uni.

What is your insurance premium like?
How many km's do you do per week? per month?
When are the services due? How much will they cost?
How hard do you ride? How long do your tyres last?

In 4 weeks I would be debt free with regards to my GSXR. But I still have to pay $150/mth for full insurance - you will have to pay for full insurance too. Good tyres aren't cheap at $550 a set, and if you're anything like me you're going to need a new seat every 7000-10000kms at best.

Also, why do you NEED the 08/09? Would a slightly used 06/07 model not be a better option financially - you'd save yourself $5k right of the bat, and the depretiation will be less compared to spending more on a brand new bike which is gonna lose $2k in value by the time you get the first service.

I'm going back to a $1500 shitter that I can have some fun with - and by the way, 'interest free' doesnt mean you dont have to pay it back -$150/wk adds up pretty quick - and it will gain interest if you ever leave the country for more than 6mths at a time.

[firefighter]

Intrest free......yes, but you will be paying for the bike still in 5-8 years time, via your student loan,(iv'e just finished paying mine it takes bloody forever trust me!i'm glad it was only course related) imagine still owing money for an R6 you bought in 2000.......not cool, that's what it will be like.

[chocobo_ff]

I think this'll make an interesting read for you ;) http://www.kiwibiker.co.nz/forums/showthread.php?t=51627

[Mully]

To hell with it!! Do it!! Stimulate the economy

(I'm pretty sure that's what you want to hear - or you wouldn't have posted the thread.)

Oh, and gizza go.

[dave222]

Its not a bad idea, my student loan ended up being fooken heaps and I am paying it back interest free at $15 bucks a week. Dont even notice it.

[centercore]

If you do sell your bike for 7-8k then why not save up or get a small personal loan to buy an 07 r6. It would still be a big step up.

I'm going to be in the same position as you soon when I get my full this year.

[Squiggles]

And what are you actually going to live on? What year uni are you this year?

[ManDownUnder]

And what are you actually going to live on?

An '09 R6 it would seem...

[MaxB]

If I was in your shoes I would sell the R6 and buy a shitter or commuter for uni. Then I would put the rest away for the tough times and keep the student loan as low as possible. Some of my 40 yo friends are still paying off their loans.

The crim scum seem to regard uni bike parks as fair game. I would say the chances of you getting through 3 years of uni with the R6 in one piece are nearly nil. Crash it and you are left with a lump of metal, no transport and debts.

FFS no one expects students to have flash bikes.

[Squiggles]

The crim scum seem to regard uni bike parks as fair game. I would say the chances of you getting through 3 years of uni with the R6 in one piece are nearly nil. Crash it and you are left with a lump of metal, no transport and debts.

FFS no one expects students to have flash bikes.

In addition to thefts, if welly's anything like auckland it'll get a bit bashed about by others coming in and out of campus. I've spent the last two years riding a GN to and from uni :msn-wink:

[Matt]

Not a bad idea if you can fund the insurance/maintenance - but you're still paying well over $20k for a $17k max bike - I've never been able to keep a vehicle for more than a year without getting bored with it, and that's when you enjoy the delights of negative equity if you swap!

Matt

[Maki]

Nah, save for the 2009 R1. I reckon that is a sweet ride :niceone:

[Str8 Jacket]

If you aint got the cash to buy it then you cant afford it. I know. I learnt the VERY hard way. Bikes are never going to be an investment. They are an endless money pit that requires continual feeding. I reckon that the cost of registering a bike will just keep rising as well....

My theory is, is if you cant afford the bike in cash then your only going to add to your debt by taking out extra lonas to maintain it. :nono:

[retro asian]

Get a Low interest Visa card instead of the finance if you can...
usually much cheaper and much more flexibility with payments e.t.c

[hmurphy]

Hahahaha freakin' hilarious. Some of the replies were very entertaining! A great read! That's what I was after! Oh and Mully:

("To hell with it!! Do it!! Stimulate the economy

(I'm pretty sure that's what you want to hear - or you wouldn't have posted the thread.)

Oh, and gizza go.")

That's what I want to hear!!

[Str8 Jacket]

Hahahaha freakin' hilarious. Some of the replies were very entertaining! A great read! That's what I was after! Oh and Mully:

("To hell with it!! Do it!! Stimulate the economy

(I'm pretty sure that's what you want to hear - or you wouldn't have posted the thread.)

Oh, and gizza go.")

That's what I want to hear!!

Do it then. To hell with the consequences!! :wari:

[bondagebunny]

what about the bloody taxpayers who always pick up the bill.

Wanna tell me why a student should get stuff for nothing - if you wanna borrow money you pay for it like everyone else. a m/c aint part of your education.

Geez bludging students piss me off - The money you can access is for your education, you sound to be sorely in need of some - It aint finace you are studing - probably something totally useless like a BA in basket weaving.

if you go ahead with your mad plan You are going to be in the shit for years and no doubt will whine about it until you run off to Australia so you dont have to pay your debts,

Do us all a favour and piss off now.

THe Bunny is back!!!!

[hmurphy]

what about the bloody taxpayers who always pick up the bill.

Wanna tell me why a student should get stuff for nothing - if you wanna borrow money you pay for it like everyone else. a m/c aint part of your education.

Geez bludging students piss me off - The money you can access is for your education, you sound to be sorely in need of some - It aint finace you are studing - probably something totally useless like a BA in basket weaving.

if you go ahead with your mad plan You are going to be in the shit for years and no doubt will whine about it until you run off to Australia so you dont have to pay your debts,

Do us all a favour and piss off now.

THe Bunny is back!!!!

In shit for years aye... who here is planning that far ahead?

[BMWST?]

So you can expect to buy a new back tyre about every 8 weeks or so. Not much longer for the front tyre. About 6 changes to the back tyre alone in the first 12 months alone(1 would ruin the monthly budget). 3 new fronts... do the maths. Petrol is the cheap bit. Add rego. wof. brake pads.Oil changes.chain lube.
thats no different to the bike he has now....

[bondagebunny]

is the fucken trouble

you dont fucken think, and when shit comes to bite your arse you dont know what to do except whine.

[matoc]

I say go for it. I was in a similar situation a few years back. I was on my learners but got bored of my CBR250RR, so I maxed out my student loan and financed a brand new 2007 R6. Best decision ever.

The logic is quite simple: if you're not dead after 5 years of riding one of those babies then you're not riding it properly.

I say go for it, fuck the tax payers. Do what you want.

[hmurphy]

I say go for it. I was in a similar situation a few years back. I was on my learners but got bored of my CBR250RR, so I maxed out my student loan and financed a brand new 2007 R6. Best decision ever.

The logic is quite simple: if you're not dead after 5 years of riding one of those babies then you're not riding it properly.

I saw go for it, fuck the tax payers. Do what you want.

Ah..... the right attitude. What say everyone else?

[bondagebunny]

when the taxpayers say fuck your hospital care, your rehabilitaion , your lifetime of ACC payments should you ever need to avail yourself of them.

[R6_kid]

Ah..... the right attitude. What say everyone else?

I was in your EXACT position 4 years ago. I did the same thing, but through my father not throught the government. I still have the debt from back then and no longer have the bike - not a cool feeling.

Be sure to post pics of it if you do get it, including the number plate, im sure there are a few people on here who would love to dob you in for fraudulently using your student loan :pinch:

In all honesty though, who cares what other people think? They can only give their advice and opinion. At the end of the day, if it all turns to shit and you moan on here they are just going to be the first to laugh and say 'told you so'.

[hmurphy]

if you're not dead after 5 years of riding one of those babies then you're not riding it properly.

Only need to plan 5 years ahead so all good!

[NinjaNanna]

Keep your 99 model, max out your Student loan but put it into Kiwisaver - the govt will then let you take the money out to pay for your house deposit.

Now that's a real dastardly plan. (if my mediocore understanding of Kiwisaver is correct)

[Squiggles]

Meh, you dont actually need the loan, just get off ya arse and work. Since the semester ended (i was broke then) i went and worked my arse off and to show for it i've now got a 2008 DR650. I looked at doing the whole loan thing but its too much trouble and at the end of the day, you're still in the red.

Ontop of all that, come next year, your bike will probably have depreciated 5k (i.e. you'll loose nearly a years worth of student loan money in depreciation alone!)

[mattian]

Its a great idea ! don't take too much heed of all the nanny naysayers!! If you love bikes then thats what you choose to spend your money on...... some people like to travel, some people like to gamble all their money at the casino! I say if you want it bad enough, you will find a way to make it happen.

[Creeping Death]

Sell your 99 R6 and with the proceeds,spend it all on lotto tickets,then with your 3 and the bonus winning ticket,use that to finance a new skateboard,backpack and ipod,like all good students.<_<

[bsasuper]

If ya cant pay half in cash, dont get it, its always worked for me.

[supraman_nz]

Any chance that your R6 is the one thats parkd up at the bike park at vic uni kelburn across the way from the national bank? If it is I see it almost everyday thru the year

[The Pastor]

I'm trying to sell my GSXR1000k3 because im going back to uni.

What is your insurance premium like?
How many km's do you do per week? per month?
When are the services due? How much will they cost?
How hard do you ride? How long do your tyres last?

In 4 weeks I would be debt free with regards to my GSXR. But I still have to pay $150/mth for full insurance - you will have to pay for full insurance too. Good tyres aren't cheap at $550 a set, and if you're anything like me you're going to need a new seat every 7000-10000kms at best.

Also, why do you NEED the 08/09? Would a slightly used 06/07 model not be a better option financially - you'd save yourself $5k right of the bat, and the depretiation will be less compared to spending more on a brand new bike which is gonna lose $2k in value by the time you get the first service.

I'm going back to a $1500 shitter that I can have some fun with - and by the way, 'interest free' doesnt mean you dont have to pay it back -$150/wk adds up pretty quick - and it will gain interest if you ever leave the country for more than 6mths at a time.
I have a mate whos selling an rgv150 for around that price ;)

[Squiggles]

Ontop of all that, come next year, your bike will probably have depreciated 5k (i.e. you'll loose nearly a years worth of student loan money in depreciation alone!)

Ill chuck in a caution if you go ahead, make sure you have plenty in reserve as studylink regularly screwup and "forget" to pay you for a few weeks... that could hit hard.

[hmurphy]

Any chance that your R6 is the one thats parkd up at the bike park at vic uni kelburn across the way from the national bank? If it is I see it almost everyday thru the year

Why? You interested in buying it mate?

Yeah that would be me. The blue and white one. Hopefully I will only be on it at uni for my first week back in March. Then it will magically transform into a Red and White 2009 R6!!

[FJRider]

thats no different to the bike he has now....

But no HP payments at the moment...

[geoffm]

Not what you want to hear but...
how long have you been a student? I have just finished making the last payment of my student loan (got the 3rd degree....) and it is good to see the end of it.
Have you done a budget for realistic costs, both for the bike and living costs? Seen the price of books, computers etc recently? Ever rising living costs?
IMO keep your current bike and run it into the ground for a coupel of years until the way foward is settled, or sell it and buy an old PoS to commute on, and put the student loan money into a term deposit.
Geoff

[Roki_nz]

Ask your parents for a loan that what i did, Only 6% interest :)

[gixxer-king]

can i just ask why??? the difference in the bikes is nothing really, and you're gonna be slacked when all the trick bits you fitted to the current one are no longer there.

you gonna spend even more putting bigger can on it? pinstriping the wheels or whatever? come on man, if you need a loan, you can't afford it. and the fact that you have plastered it all over a site like this, people will laugh if they see you on it, hee hee 8 years of paying off a bike.

just my 2 cents

[supraman_nz]

Nah sorry not interested in buying it.
I say go for it, iv done something similar and recently got a ZX6r (not new thou)
Will be good to see a few nice bikes round uni.
Dont forget your $1000 course related costs - buying a bike = buying transport 2 get 2 uni = course related costs!

[ManDownUnder]

Then it will magically transform into a Red and White 2009 R6!!

Go for it - who cares what others think. Let me know when you're up to your arse in financial alligators so I can take the 09 bike off you for a bargain.

Out of curiousity - what are you studying?

[R6_kid]

Out of curiousity - what are you studying?
Probably a BA so he could get the student loan.

[hmurphy]

Have you done a budget for realistic costs, both for the bike and living costs? Seen the price of books, computers etc recently? Ever rising living costs?

Nah mate! Just winging it!! That's the way to do it right?

Are you the dude with the green zx6r (quite newish) that parks up at uni? I saw you there on it every now and then. Bloody nice bike mate! My mates and I dig your bike. And the R1 and the Gixxer thou that's there too.

I am doing a BBIS. (Business Information Systems). It is about computers and business. So you would expect me to have done all the calculations. But the idea here is to just wing it! Wing it and not give a flying fudge.

I am enjoying the flameage on here too. I think I will get a custom number plate or something so that all of you on here can recognise who I am as I rip up the 'takas.

Also, another part of my plan will be to take $12 a week out of my bike funds money account and put it towards lotto tickets! Genius!! When I win my millions, it will be R6's all round!

[NinjaNanna]

... I think I will get a custom number plate or something ...

How about "WINZ" with a custom surround saying "In Loving Memory of Aunty Helen"

[supraman_nz]

Nah iv got a Blue ZX6r, I only got it in the last few weeks of term and most of which was spent at pipitea campus.
Just a side thought, Over the holidays ( assuming you dont have do a summer paper) Will you still be able 2 fund it? Also how many years left on your degree? If its only one then what happens if you graduate and cant get a job?
But still regardless you should do it , life is for living!!

[Rob Taylor]

Look, as has been said before, the bike cost is the least of your worries.Its all the other shit..:yes:.Stay with your old bike:scooter:,the economic climate isnt good for what you want to do.....Think with ya head bro and save like fuck:blink:

[hmurphy]

A new R6 would be munt. Big stoppies, wheelies and burnouts on my 2009 R6. Everyone would think I am so cool.

[breakaway]

Should I finance my bike?

No. No cash to buy it = don't buy it. Only thing you put on finance ever should be a house.



what about the bloody taxpayers who always pick up the bill.

Wanna tell me why a student should get stuff for nothing - if you wanna borrow money you pay for it like everyone else. a m/c aint part of your education.

Geez bludging students piss me off - The money you can access is for your education, you sound to be sorely in need of some - It aint finace you are studing - probably something totally useless like a BA in basket weaving.

if you go ahead with your mad plan You are going to be in the shit for years and no doubt will whine about it until you run off to Australia so you dont have to pay your debts,

Do us all a favour and piss off now.

THe Bunny is back!!!!

Hahahah :Oops:


Be sure to post pics of it if you do get it, including the number plate, im sure there are a few people on here who would love to dob you in for fraudulently using your student loan :pinch:

Nothing illegal with what he's doing here (The OP is talking about studylink living costs) - he can say that he needs the bike to get to uni therefore it is essential :p However what would be illegal would be getting out that $1000 'course related costs' thing to put onto the loan.

[Shaun]

Interest free student loans are gunna come to end because of all the abuse of the going on with them. GO ahead dude, help wreck the future for others

Sorry, but it is the rant and rave dept

[supraman_nz]

Breakaway - Using the $1000 course related costs isnt illegal to use if he was buying a bike. I took my receipt in for my bike and they happy gave me the $1000 as it was transport for uni.
I know of at least 2 other people who have both done this and had it excepted.

[nico]

And what are you actually going to live on? What year uni are you this year?

could only asume he lives at home with mum and dad who will probally coop all living costs

to me it might looks good but beware as said you will eventually have to pay it back studnt loans suck although i never had one my defence force took care of mine but i had to pay back 3 years return survice for it

this is one of those thisgs youngins do and as a father can only see this situation going bad
my .02 cents dont expect ya to listen probally like my kids :bleh:
just thaught id add also that when you actually grow up and wana buy a house a huge student loan or whateva could stop you being able to buy a home

[hmurphy]

...? A house? What good is that? Finance a 2009 R6, don't look back, no regrets, wing it. I might be able to sell some of my clothes to make some extra money. I really only need my bike leathers. The plan is coming together! Thanks for your support guys!!

[nico]

just as i thaught enjoy living with mum and dad till ya 30 bud :bleh:

[Richi]

Yeah its a good idea everyone else in NZ who works their arse off to pay for their family and home, groceries etc. Will help u pay for it with our tax. But realisticaly can u imagine having half ur weeks money go out to this? I Imagine it will be tough...

[supraman_nz]

The real question is ... When are you getting it?!

[gixxer-king]

this wind up is going well. although took me a while to catch on. anyway people only go to school to perve and to get student discounts everywhere aye?

[nico]

this wind up is going well. although took me a while to catch on. anyway people only go to school to perve and to get student discounts everywhere aye?

the tab seems to be growing g-king

[gixxer-king]

the tab seems to be growing g-king

Me ah um no I have absolutely no idea what you are on about. 117kph I mean seriously. what a piss poor ticket to give. Oh well crime and time.

[hmurphy]

this wind up is going well. although took me a while to catch on. anyway people only go to school to perve and to get student discounts everywhere aye?

. . . . . . . . . . :yes:

[nico]

Me ah um no I have absolutely no idea what you are on about. 117kph I mean seriously. what a piss poor ticket to give. Oh well crime and time.
actually know the feeling really well thats why i havent put a tab up lol

[gixxer-king]

oh come on. we'll make it a compitition as to who can keep it the lowest. Anyone else care to join in? with me here you have a good chance at winning.

[nico]

oh come on. we'll make it a compitition as to who can keep it the lowest. Anyone else care to join in? with me here you have a good chance at winning.

guess im winning lol