Should I finance my bike?

**hmurphy** · 6th January 2009, 01:32

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** · 6th January 2009, 02:01

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** · 6th January 2009, 02:23

Originally Posted by hmurphy

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** · 6th January 2009, 03:51

Originally Posted by FJRider

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** · 6th January 2009, 06:41

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** · 6th January 2009, 07:48

Originally Posted by hmurphy

Munt plan?

Yep sure is

**mashman** · 6th January 2009, 07:51

Originally Posted by FJRider

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** · 6th January 2009, 07:56

You do what you must. Its your call..... Only you can get yourself in the crap.... Then its only yourself to blame.

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** · 6th January 2009, 07:56

Originally Posted by hmurphy

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** · 6th January 2009, 08:05

Originally Posted by hmurphy

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:Me** · 6th January 2009, 08:28

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** · 6th January 2009, 08:38

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** · 6th January 2009, 08:52

I think this'll make an interesting read for you

http://www.kiwibiker.co.nz/forums/sh...ad.php?t=51627

**Mully** · 6th January 2009, 09:01

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.