But there's always the case that you will never have enough to afford the bike. Whereas once you start riding even if it does depreciate in value at least your smiling the entire time
@@seanrobbins712516 years ago my first sports bike at 16 was a $1,500 early 90s cbr250 which I kept until I could afford a $4,000 96 rvf400. I’ve since had I think 12 bikes, everything from husky 511s to v-rods to panigale v4s, everything bought outright. The only 2 bikes I kept for more then a year are the panigale (5 years and still own it) and the rvf400 which I still have because of its sounds due to the straight cut gears and little v4 with vtec, and because of its red aftermarket tyga fairings and single sided swing arm, I always thought it looked better then most modern bikes until I found the panigale v4 which looks eerily similar, like a big brother.
i agree, except for when you get 0% financing and a huge discount, have full coverage insurance and budget properly or have the full amount in savings/investments
@@adobomoto facts and with age comes wisdom. I was pretty smart with my money while in the military and over the past 8 years since I retired so I'm pretty much set for life. I can use my credit for things that matter like buying houses.
@@moisesojeda1085I got a first gen r1 with cash. When I wanted the cross plane the convinced me to get new vs used. Then I had an accident. Insurance totaled it. The r1 is the only street bike that matters. Owned 3.
@@bladeslayer Been doing that don't pay for anything I don't need ect ect . Still expecting to pay 50% more then I did last year for living expense. Nothing new was added.
So true! Started on a $3,000 Ninja 300. Sold it for $2500. Got a $5000 R6. And straight traded it for a CB1000R. It’s fun getting different bikes, rather than paying 1 off forever.
Sometimes I just finance things to build my credit. When I was young I thought cash was king. As I got older I realized credit is everything in this world.
Credit is everything if you are a bug sandwitch male who needs to go to bank for everything, save, live within your means and work hard, so you dont have to take fauccis juice everytime there is a new scamdenic just because your entire life is a monthly payment 😭 get a plan ready and borrow for bussiness, if it takes off, you can cash out your toys and cars later and ride into the sunset. If it doesnt take off, at least you learned sonething for your money, and didnt just end up with depreciating liability 😂
@@djocharablaikan8601 Credit is absolutely king even if you make plenty of money as an entrepreneur. Liquid cash is used to acquire multiple investment assets (primarily financed through credit) and diversify portfolios, not dump into depreciating assets.
@@TexanTemplarimagine not understanding that that imaginary number affects your life in real ways. But please, tell me more about how we can ignore established institutions. Next you’ll tell me not to pay off loans because they’re “imaginary numbers.” Or maybe we should ignore money altogether because frankly, who needs pieces of paper representing “imaginary numbers?”
Listen to this man! Financed my first bike completely new.. regret it to this day. An MT-07 at the time completely new feels good when you get it but later on the same pleasure was to be had on a second hand
Still low 6’s on motorcycles from my credit union. Paying cash is better sure, but financing isn’t a big deal either if you understand it. Also I put a good bit down so if I want to get something else a year later I’m not upside down in it. Do I spend a little more in financing ? Maybe. But I really don’t care.
The funniest and most affordable bike is a GSXR.. and I mean maintenance and reliability.. also, it doesn’t matter what kind of bike you ride riding is riding brother. 😁👍
If you're sure you want the bike and the payments fit into your budget, and you're willing to pay more than what it's actually worth in the long run... finance it. Building up your credit in the process. Nothing wrong with it. There would only be a few vehicles on the road if everyone had to pay cash for them. We're not all rich nor do we want to wait years to be able to enjoy our lives.
At least someone gets it, I don't understand why people think it's so wrong to buy something on credit, If you can afford the monthly payments then go for it, nothing wrong
@@Snowaxe3D the thing is bikes are pretty "seasonal" thing. After some 2 season you'll get bored with it and start looking after some better one. Too bad you still have few years of paying ahead of you...
@@Snowaxe3DHe means like after one or two years (seasons) of riding, you sell your bike for something else and don't want to be stuck paying for something you're ready to move on from.
Always shop for zero interest deals. Amazon store card is zero interest for 6, 12, 18, or 24 months depending on the amount. PayPal credit is 6 months zero interest. Can't beat a zero interest easy payment plan😁👌
You can still finance a new bike but once you acquire the bike; save up to pay off a large sum (preferably half) and then refinance with a different bank for a much lower APR and monthly payment.
BS advice given to you probably by a banker, cash is king and bikes are liabilities at best if not complete toys. I wouldnt recoment buing one if you cant afford 3, let alone borowing money for them, alot of people, especially people with 0 mechanical skills underestimate how much it costs to keep motorcycles running, so you end up with a monthly payment to the bank on top of all the rubber, brakes and chain replacements and hopefully nothing else. Plus insurance. You will be financially out of breath very fast. And thats if you dont end up droping that 20 000 dollar baby boy and toasting it or depreciating the value completely on top of a very expensive repair. Anything you pay for motorcycle over 10 grand is too much. I have a 2000 dollar bike that taught me alot of maintenance, rides just as good as new bikes if not better, spare parts are abundant and if it drops i will just get a new one. Besides you dont loose much on resale value because its allready low enough, if you want to get a new set of wheels.
@@djocharablaikan8601 You are talking to someone who has owned 6 motorcycles (3 of them new) and maintaned them all myself including valvle adjustments. What you are saying has truth to it in terms of don't ever get something that you can't afford but that is obvious for ANYTHING in life. I am saying that financing isn't the worst option out there like this video makes it out to be. And you 100% can refianance for a lower rate if not at least a lower monthly payment if you pay off a large sum because I have done it. My friends were the one who actually recommended it since they did it too.
@@HaloDude557 cope, what college did you go in? Is this the shit they teach in these clown world education centers these days? Borrowing money for liabilities? If you have 10 bucks in your pocket you are richer than dude who leases 100 000 dollar porsche, hell you are probably richer than 90 percent of America. few missed payments and you loose the car and STILL owe money, cant even ask your boss for a raise because he knows you are not going anywhere 😂 the moment you lose your job you lose it all, there is a reason you couldnt buy it cash in the first place, you cant afford it, if you cant buy 3 you cant afford one and with motorcycles this is especially the case, what makes you think you will be able to buy it with 20 + percent interest on top While paying extra for insurance and service? Do you even math? 😭
@@BoardWalkToke i hope your friends are gonna be there to buy you PBJ sandwitches if you take a spill and and get slaped with a hospital bill on top of your penalty for missed payment on a bike that now depreciated into the scrap metal 😂 and lose your job on top 😭 moronic. Buying a new bike is argueably pretty retarded even if you have cash on hand. You are loosing couple of grand the moment you ride out of Stealership, flushing money down the drain bro.
Those clowns on FB marketplace are wanting MSRP for their 5-year-old bikes with 15k miles on them. Almost better to buy new in this market so you don’t end up with something clapped.
@@yourwifesboyfriend6081 I hear ya I’ve seen some listings blown motor or not working at all for 3k but when I made the post I had found a 2013 ninja 650 with 2.8k miles for $800 mainly had a rusty gas tank and I think he broke the coolant reservoir and brake cylinder cause from listing they where fine in there condition but he didn’t know anything about working on stuff so it was an easy fix bout $40-50 but needs fairings still
@G SD nice currently sourcing my second bike might be a 2012 zx6r might need the front fairings and headlights but currently runs so that’s a cheap bike after I finish my first lol
Don’t forget that dealers also up charge, and insurance will need to have full coverage since the bike is on a loan. Was looking to buy an mt-07 as a first bike. MSRP was around $7800, and dealer price was $10200 out the door. Insurance with full coverage would have been almost $2000 a year since I’m only 20 and it needed full coverage. Ended up buying a 2020 ninja 400 for $4200 cash which i could easily resell for similar price around here, and insurance is only $600 a year for both me and my brother.
Depends on everyones standing i financed a ninja 400 new from a dealer for 7k with 6 years unlimited mileage warranty and 8 free battery replacements and also dont need full coverage or any insurance in my state.
It can mean profit for you if the bike is discontinued or said model is no longer made, increasing or decreasing the value. You can buy a bike and put 30k miles on it and still maybe resell higher than you paid for it
@@2004hondacivichybrid if you chose to buy a bike that is known for a consistent increase in value you will most likely make a good return on your bike for what you spend on it for however long you own it
I started riding on a 80$ 2 stroke moped. I put a malossi 70cc kit on and I changed the gearing. Safe to say ive never owned a faster bike at traffic lights.
Honestly coming from someone that worked in sales at the motorcycle dealership AND financed a bike, i do recommend financing. It helps people’s credit quite a bit. Cause the banks sees it as a toy loan unlike a car loan. Yes it does cost you because of interest and some banks actually dont have that increased interest. 🤷🏻♀️ and also helps if you can pay it off in 1/3 of the time that helps a lot in keeping down the interest.
@@mattk909 A lot of tier one customers finance even tho they can pay cash just cause it helps their score even more not cause they couldn’t afford it.🤷🏻♀️
another tip on top of this, is to be patient because eventually you'll be able to get a super low miles, barely used motorcycle, and because it's used you can knock a large chunk off the dealer price that somebody else paid for.
That's exactly what did. I ended up getting 2023 Z400 paid for all in cash. I don't regret it one bit, yeah I won't have as much money in my account for a little bit, but I won't have to pay full coverage insurance plus a monthly bike payment. Yeah, i could've gone used but idk, I like my bike a lot. I recently just dropped my bike in the driveway but it still rides fine, just need a new clutch lever and my shifter is kinda bent but i don't really care about that as much. But yeah :-)
Had two Aprilia 2005-2010 both were in the shop more than on the road. I've been living in Europe since 2003. Been riding since 78. Do your self a favor and get a japanese bike. Italian bikes are like blind dates and that's a fact.
@@DELL.ACNT. you are building a marginal credit score for a hefty price. You are litterally selling yourself to slavery for a set of wheels, best case scenario you overpay by a huge margin, worst case scenario, life happens, in this case, lets say you take a spill, end up loosing your job, get slaped with a hospital bill on top of your monthly bike payment, you miss couple of payments and you end up not only overpaying by even bigger margin but also loosing credit score and possibly even loosing whatever it is you put as collateral or get into some serious existantial problems. Never borrow for small stuff, if you still want to, ask your family members for a loan for a flat 10 percent rate on whatever it is you want to borrow. If they say no, just fuck it and start saving. Its never worth it to get involved with the bank over small stuff, you are guaranteed to regret it. I paid cash for my mototrcycle and it was like 8 grand bike, even if i paied cash, on some of those nicer bikes, parts, servicing and depreciation can go through the roof. I sold it barely for 6500 after i put in another 2000 dollars on it on repairs and accesories, imagine how much more would the loss be if you count it loan interest and whatnot. Thats 3000 dollars down the drain. And that bike just had miles on it, mint condition, imagine droping it, you are never getting a good price for droped set of wheels. Its a toy bro, dont delude yourself. Never borow for motorcycle.
@@djocharablaikan8601 It's hard not to finance a place when the cheapest dives are still in the six figures. Plus mortgage repayments are cheaper than rent.
No. You need to make payments on it for a year for it to really make a difference. If you have good credit and the cash to buy said bike outright, it will only cost you a fairly negligible amount to do it this way.
I bought my little Suzuki back in Highschool, look for a small displacement used bike that you can afford. It’s foolish to get a loan on anything but a house or business
Yeah my first bike was a 1800$ katana, got wrecked when someone cut me off and cus it had aftermarket paintjob insurance paid 4200, bought a 3k bike with that
The only time it makes sense to finance is if its your primary vehicle and youre buying something small like a 125-400. I needed something to get to my physical therapy appointments and I was gonna get a ninja 400 financed since it would only be about $600 extra. Luckily my dad stepped in and bought me the bike. That man regularly makes my dreams come true.
I can afford it in cash but I was gone finance it because I want to get my tracker, disc lock and my exhaust. I hear you can raise your credit by financing too.
You can absolutely raise your credit. When people advise against it, that advice is mainly for poor people. Because if you miss a payment and you've already used your once per year deferral, thats it you're fucked.
There is a financial component to consider: if you have the cash to make a large purchase, it may still be better to finance said purchase. The potential to collect compounded interest or better yet, investment earnings, could not only outpace the cost of financing but also depreciation. Cost/benefit and risk would all have to be assessed. Regardless of all of this: understand that a motorcycle is a poor financial decision on all fronts, so approaching the question of how to purchase a bike from a financial perspective boils down to - dont.
They probably laugh at you bc it’s clapped lol and you think it’s fast bc it’s 1000cc but that’s a sh!t load of miles, I bought a brand new bike for 10k it had 4 miles on it lol
@@jacobybarra2140 true but to rack up that many miles and be that cheap, means the bikes old and most likely clapped. All the posts I see on Facebook marketplace for old well maintained and nice bikes go for at least 5-6 grand
Your going to drop or lay it down no matter your experience level. Back in the day I parked my 05 cbr 600rr at work. It was under an awning. The asphalt was only a couple of months old and it was 70 degrees. That bike hardly had any weight on the kickstand too. I came out to find the kickstand had sunk through the crappy asphalt and the bike fell over. Another time I was low on fuel and near home. I lived in the sticks so it was a long way to the gas station. I figured I would chance that I could make it home and fuel up with a gas can I had there. I made it. But then I did a sharp low speed U-turn in my driveway to park. The little fuel I had sloshed away and the bike stalled at an angle. There was no stopping going down. It was instant. Both of those events I was a very experienced rider. I never dropped a bike when I was new to it. Just sometimes shit is gonna happen.
If you’re broke but you want it and you’re willing to do it then go for broke and finance. Money will always come, it’s better you enjoy what you wanted than regret it later when you’re incapable for whatever reason.
Yep. While you don’t wanna screw yourself over in the end, you can’t take any of that money with you and life, paralyzations, and families happen. I.e, things that will make you regret.
Your first bike should always be second hand. You're gonna drop that sucker: off your paddock stand, on a slope, in a tighter corner than you expected. Shit happens, better it happen to a 10 year old bike with a few scrapes on her than a shiny new one.
I financed all 8 of my motorcycles at very low percentages (~3%) and if you over pay, you get the loan paid off really fast, establish credit history and boost your score and really I only paid about 500-800 extra for the bikes.
I learned this the hard way in 2008. He's being kind. You're more than likely end up paying more than that. Best thing you can do is pay as much as you can over the payment amount if you do finance because everything over the amount due goes towards the principal or the base value of the bike. If you can make double payments, that's even better.
I started riding in my early 30s. I bought my first bike outright. I figured that, if I didn't like riding, or wrecked the bike, I could walk (or limp) away with no strings attached. 15 years later, I bought another bike with cash-on-hand. Really wouldn't want to do it any other way.
Got my first for 3100(2006 gsxr 600), someone stole it, and got my 2nd for 2100 (2007 fz6). I like the 2100 bike more than my first. Minimal fairings make maintenance easier, and it has a canrter stand 😍🤤
@Tom 1400 for parts and all the labor done by myself. Caught myself on fire twice already making an adapter bracket so I can have the engine on my engine stand.
I Absolutely agree, all my bikes have been used and bought off Facebook marketplace, I’m on my 3rd bike now, started when i was 16.. especially if you live in the Midwest where we only get 4-6 months of riding season a year.. makes no sense to make payments on a bike you can only enjoy half the year lol
Its not bad if you finance half the cost and make sure there's no early payout fees or penalties or if there is it's low. Then make double payments as the extra goes straight off the principal.
Where I live, it makes sense to ride a bike year-round as your only vehicle which is why I rather finance that than a car. people say not to finance bikes because they are toys, but I disagree. If you only ride your bike on the weekend and only when it’s hot out, then yes, you’re wasting tons of money because you’re not riding all the time, but if you use a motorcycle for your only vehicle, go for it. And it helps build credit too.
Let's not forget that insurance skyrockets if you finance. Unfortunately I don't think I'll be able to scrape together that much cash, but I could start a line a credit to buy it outright and pay it off that way. That's how my dad purchased every vehicle we've ever had and other major expenses, so that's what I plan to do when I get my first bike.
@@moto_man01 i get where this guy comes from but if everyone bought cash there would be 80% less vehicles in the road😂 it be better if people just bought what they could afford wether it be thru a loan or out right. Plus you can get some perks for financing like credit building which is big in the US and some dealers throw in perks. First bike was financed 6 years unlimited mileage warranty 8 free battery replacements was only like 180 a month vs a car being like 400 a month without insurance which yes does require full coverage vs a motorcycle. If you like something id always say go for it if you can 100% afford it which ever way you seem fit.
@@ebraxton6271 I’m sure there are good ways with stuff like that but 98% of people can’t control their budget(if they even have one) and are not financially able to get them. I only bought 3 bikes by age 19 with my own money cash because I know how to save what I earn
I live in the capital city of Australia, and borrowing money for a daily commuter motorcycle that you can also enjoy on the weekend as well, always ends up cheaper than catching a bus instead. In fact the motorcycle ends up paying for itself, plus free parking everywhere you go.
Counter argument. I financed mine and if I didn't I probably would never own one due to needing the cash for something else, whereas once I finance the bike and budgeted the money out I can immediately start riding and enjoying the bike, plus my bank allows me to pay off the loan early so I put more down than required
I bought a RE Himalayan in NZ. They told me the interest I had to pay but instead of going through loan I started paying them 500$ every week or sometimes fortnight. And within 5 to 6 months I paid all the money and had my loan free rides happily ever after
I agree to an extent, personally this bike i am currently financing will be a bike that i will forever hold on to. It is a 2023 as well and pulled out of the lot with 3 miles on it. I wouldn’t finance a bike over 10k, mostly because any $22,000 bike you find is a bike that you could buy out right from another previous owner for a lower price, I also feel like if someone’s first bike is a bike that expensive, it’s going to be a bigger bike that they could not really handle COMFORTABLY anyways. Notice i said comfortably because many people do start with 600s even some people start with 1000s, but they truly do not get the comfortable experience other 1st time riders get with a smaller bike. Getting a bike in general is a risk, I have always thought of these as “toys” and not really as a means of genuine travel, at least not sport bikes. But yk, that is just me. I’m sure other people have a million things in reply to that. One love, ride safe♥️
Consider visiting a credit union to obtain a loan with a favorable interest rate. Make additional payments whenever possible. With some discipline, you can settle the loan within two to three years. Accumulating that amount of cash may not be feasible. The most significant aspect is that you now possess the desired bike.
If you finance a motorcycle, in my opinion, the best way is to put down around 50% or more. This way, if you get into a car accident, at least the insurance will pay off the loan, and you will have cash to put down on a new motorcycle.
Man, this is the advice i always got and always ignored and will always regret it.
But there's always the case that you will never have enough to afford the bike. Whereas once you start riding even if it does depreciate in value at least your smiling the entire time
@@seanrobbins7125 live within your means.
@@seanrobbins712516 years ago my first sports bike at 16 was a $1,500 early 90s cbr250 which I kept until I could afford a $4,000 96 rvf400. I’ve since had I think 12 bikes, everything from husky 511s to v-rods to panigale v4s, everything bought outright. The only 2 bikes I kept for more then a year are the panigale (5 years and still own it) and the rvf400 which I still have because of its sounds due to the straight cut gears and little v4 with vtec, and because of its red aftermarket tyga fairings and single sided swing arm, I always thought it looked better then most modern bikes until I found the panigale v4 which looks eerily similar, like a big brother.
i agree, except for when you get 0% financing and a huge discount, have full coverage insurance and budget properly or have the full amount in savings/investments
@@frankfeng6199 who does zero percent financing for a motorcycle?
Big facts. I bought both my Busa and Bimmer cash. I hate owing people money.
It’s Cuz we’re old 😂
@@adobomoto dont worry, its not the age. Im 22 and have never thought about financing anything. Maybe my parrents tought me well or im already old
@@adobomoto facts and with age comes wisdom. I was pretty smart with my money while in the military and over the past 8 years since I retired so I'm pretty much set for life. I can use my credit for things that matter like buying houses.
@@moisesojeda1085I got a first gen r1 with cash. When I wanted the cross plane the convinced me to get new vs used. Then I had an accident. Insurance totaled it. The r1 is the only street bike that matters. Owned 3.
@@jarnogruintjes1427 how's your credit?
By the time I save $25k the bike will be 25 yrs old 😂
NAH FR 😭
Then you need to learn how to budget, i swear americans will do anything but be smart with money
@@bladeslayerRather difficult to do when everything keeps getting more expensive while our paychecks/salaries stay the same.
@@bladeslayer Been doing that don't pay for anything I don't need ect ect . Still expecting to pay 50% more then I did last year for living expense. Nothing new was added.
It never will
So true! Started on a $3,000 Ninja 300. Sold it for $2500. Got a $5000 R6. And straight traded it for a CB1000R. It’s fun getting different bikes, rather than paying 1 off forever.
I would be happy with the ninja 300
@abs5040 No you wouldn't
@bk What are you riding now? A Huffy?
@@lovelessissimo nothing right now...that's why I would be happy with a 300 hahaha
Some of the most fun I had was on an old suzuki gs500, horsepower isn't everything.
Sometimes I just finance things to build my credit. When I was young I thought cash was king. As I got older I realized credit is everything in this world.
Credit is everything if you are a bug sandwitch male who needs to go to bank for everything, save, live within your means and work hard, so you dont have to take fauccis juice everytime there is a new scamdenic just because your entire life is a monthly payment 😭 get a plan ready and borrow for bussiness, if it takes off, you can cash out your toys and cars later and ride into the sunset. If it doesnt take off, at least you learned sonething for your money, and didnt just end up with depreciating liability 😂
@@djocharablaikan8601 Credit is absolutely king even if you make plenty of money as an entrepreneur. Liquid cash is used to acquire multiple investment assets (primarily financed through credit) and diversify portfolios, not dump into depreciating assets.
@@djocharablaikan8601credit is literally what allows you to apply for loans and mortgage I’m building my credit with a finance.
What wealthy person borrowed their way into their wealth ?
Knowledge = king not credit..
I got a bike payment, I could have paid for it outright but the loan helps my credit. To each their own but I like having that good credit score.
Same thing for me. Couldn't be happier.
Imagine paying more for an imaginary number lol
@@TexanTemplarimagine not understanding that that imaginary number affects your life in real ways. But please, tell me more about how we can ignore established institutions. Next you’ll tell me not to pay off loans because they’re “imaginary numbers.” Or maybe we should ignore money altogether because frankly, who needs pieces of paper representing “imaginary numbers?”
@@TexanTemplaryikes bro
If you dont take out loans, you don't need that credit score
Listen to this man! Financed my first bike completely new.. regret it to this day. An MT-07 at the time completely new feels good when you get it but later on the same pleasure was to be had on a second hand
If I was buying cash only then I would be shopping for something with pedals 🚫
If someone is getting a 10% rate they have much bigger issues
I think he was just using easy math to get to the point.
I don’t think you’re keeping up with current interest rates, are you?
Interest rates are high even if you have good credit right now…
Still low 6’s on motorcycles from my credit union. Paying cash is better sure, but financing isn’t a big deal either if you understand it. Also I put a good bit down so if I want to get something else a year later I’m not upside down in it. Do I spend a little more in financing ? Maybe. But I really don’t care.
@@johnnymembergot 2.5% last fall…
The funniest and most affordable bike is a GSXR.. and I mean maintenance and reliability.. also, it doesn’t matter what kind of bike you ride riding is riding brother. 😁👍
Facts!
How is a gixxer funny?
@@lovelessissimo probably ment to say the funnest
@@prepordietryin9119 that isn't a real word, though.
@@lovelessissimosuck eggs
If you're sure you want the bike and the payments fit into your budget, and you're willing to pay more than what it's actually worth in the long run... finance it. Building up your credit in the process. Nothing wrong with it. There would only be a few vehicles on the road if everyone had to pay cash for them. We're not all rich nor do we want to wait years to be able to enjoy our lives.
At least someone gets it,
I don't understand why people think it's so wrong to buy something on credit,
If you can afford the monthly payments then go for it, nothing wrong
I bought 2 bikes like this . First one only took me 2 years to pay off
@@Snowaxe3D the thing is bikes are pretty "seasonal" thing. After some 2 season you'll get bored with it and start looking after some better one. Too bad you still have few years of paying ahead of you...
@@Alexor715 that sounds like your personal preference,
A lot of people like to ride every day,
Not everyone thinks the same.
@@Snowaxe3DHe means like after one or two years (seasons) of riding, you sell your bike for something else and don't want to be stuck paying for something you're ready to move on from.
Got 0% apr for my '19 Tuono factory for $15K - I couldn't say no.
That’s the right move if you can budget properly.
Very rare but if you can find a deal like that you win.
Always shop for zero interest deals. Amazon store card is zero interest for 6, 12, 18, or 24 months depending on the amount. PayPal credit is 6 months zero interest. Can't beat a zero interest easy payment plan😁👌
Man, those were the good old days lol
Ah, the pre-covid Trump economy.
Good advice, I must say most people should extend this advice to many things in their lives not just bikes
You can still finance a new bike but once you acquire the bike; save up to pay off a large sum (preferably half) and then refinance with a different bank for a much lower APR and monthly payment.
BS advice given to you probably by a banker, cash is king and bikes are liabilities at best if not complete toys. I wouldnt recoment buing one if you cant afford 3, let alone borowing money for them, alot of people, especially people with 0 mechanical skills underestimate how much it costs to keep motorcycles running, so you end up with a monthly payment to the bank on top of all the rubber, brakes and chain replacements and hopefully nothing else. Plus insurance. You will be financially out of breath very fast. And thats if you dont end up droping that 20 000 dollar baby boy and toasting it or depreciating the value completely on top of a very expensive repair. Anything you pay for motorcycle over 10 grand is too much. I have a 2000 dollar bike that taught me alot of maintenance, rides just as good as new bikes if not better, spare parts are abundant and if it drops i will just get a new one. Besides you dont loose much on resale value because its allready low enough, if you want to get a new set of wheels.
@@djocharablaikan8601 You are talking to someone who has owned 6 motorcycles (3 of them new) and maintaned them all myself including valvle adjustments. What you are saying has truth to it in terms of don't ever get something that you can't afford but that is obvious for ANYTHING in life.
I am saying that financing isn't the worst option out there like this video makes it out to be. And you 100% can refianance for a lower rate if not at least a lower monthly payment if you pay off a large sum because I have done it. My friends were the one who actually recommended it since they did it too.
@@djocharablaikan8601 people who pay cash for everything are unironically poor
@@HaloDude557 cope, what college did you go in? Is this the shit they teach in these clown world education centers these days? Borrowing money for liabilities? If you have 10 bucks in your pocket you are richer than dude who leases 100 000 dollar porsche, hell you are probably richer than 90 percent of America. few missed payments and you loose the car and STILL owe money, cant even ask your boss for a raise because he knows you are not going anywhere 😂 the moment you lose your job you lose it all, there is a reason you couldnt buy it cash in the first place, you cant afford it, if you cant buy 3 you cant afford one and with motorcycles this is especially the case, what makes you think you will be able to buy it with 20 + percent interest on top While paying extra for insurance and service? Do you even math? 😭
@@BoardWalkToke i hope your friends are gonna be there to buy you PBJ sandwitches if you take a spill and and get slaped with a hospital bill on top of your penalty for missed payment on a bike that now depreciated into the scrap metal 😂 and lose your job on top 😭 moronic. Buying a new bike is argueably pretty retarded even if you have cash on hand. You are loosing couple of grand the moment you ride out of Stealership, flushing money down the drain bro.
I’d say Facebook marketplace and whatever you can find cause one man’s trash is another man’s treasure
Those clowns on FB marketplace are wanting MSRP for their 5-year-old bikes with 15k miles on them. Almost better to buy new in this market so you don’t end up with something clapped.
@@yourwifesboyfriend6081 I hear ya I’ve seen some listings blown motor or not working at all for 3k but when I made the post I had found a 2013 ninja 650 with 2.8k miles for $800 mainly had a rusty gas tank and I think he broke the coolant reservoir and brake cylinder cause from listing they where fine in there condition but he didn’t know anything about working on stuff so it was an easy fix bout $40-50 but needs fairings still
@G SD nice currently sourcing my second bike might be a 2012 zx6r might need the front fairings and headlights but currently runs so that’s a cheap bike after I finish my first lol
Cash is always King.
Got this advice very early in my riding life. 3 years later, 14k value on 2 bikes I own out right. Make moves every day 💪
Straight up changed my life thank you man I love you ❤
Facts. Just drop 1-5k cash on one. Most people will lay it down anyway
💯 👍 if i see someone financing a 10 grand bike as his first set of 2 wheels i know for a fact hes a noob 😭
I bought my Ninja 400 back in January for $5,400. Paid cash. Great little bike, no regrets.
Cool, have fun reading it in for something faster this summer.
Don’t forget that dealers also up charge, and insurance will need to have full coverage since the bike is on a loan. Was looking to buy an mt-07 as a first bike. MSRP was around $7800, and dealer price was $10200 out the door. Insurance with full coverage would have been almost $2000 a year since I’m only 20 and it needed full coverage.
Ended up buying a 2020 ninja 400 for $4200 cash which i could easily resell for similar price around here, and insurance is only $600 a year for both me and my brother.
Only idiots ride a nice bike without full coverage.
Depends on everyones standing i financed a ninja 400 new from a dealer for 7k with 6 years unlimited mileage warranty and 8 free battery replacements and also dont need full coverage or any insurance in my state.
My financial algebra teacher made me just never wanna take out a loan
Appreciate you brotha!!
The moral of the story is owning a motorcycle doesn't return a profit. Hobbies aren't cheap.
It can mean profit for you if the bike is discontinued or said model is no longer made, increasing or decreasing the value. You can buy a bike and put 30k miles on it and still maybe resell higher than you paid for it
@@also20cents97yeah if any wildly unlikely thing like that happens then it’ll be worth more
@@2004hondacivichybrid if you chose to buy a bike that is known for a consistent increase in value you will most likely make a good return on your bike for what you spend on it for however long you own it
I started riding on a 80$ 2 stroke moped. I put a malossi 70cc kit on and I changed the gearing. Safe to say ive never owned a faster bike at traffic lights.
Ewww
Honestly coming from someone that worked in sales at the motorcycle dealership AND financed a bike, i do recommend financing. It helps people’s credit quite a bit. Cause the banks sees it as a toy loan unlike a car loan. Yes it does cost you because of interest and some banks actually dont have that increased interest. 🤷🏻♀️ and also helps if you can pay it off in 1/3 of the time that helps a lot in keeping down the interest.
of course that would come from a salesman 💀💀
@@fcybuch1280 are you blind? WORKED. Am i gonna make money if you financed? Cause you know everything right? Retard.
The reason I'm considering financing my next bike. Got the cash to pay in full and I'll only finance if it's not a ridiculous interest rate
@@mattk909 A lot of tier one customers finance even tho they can pay cash just cause it helps their score even more not cause they couldn’t afford it.🤷🏻♀️
another tip on top of this, is to be patient because eventually you'll be able to get a super low miles, barely used motorcycle, and because it's used you can knock a large chunk off the dealer price that somebody else paid for.
This is true for anything you buy at interest with credit. ESPECIALLY cars!
Make a longer video covering this! ❤
That's exactly what did. I ended up getting 2023 Z400 paid for all in cash. I don't regret it one bit, yeah I won't have as much money in my account for a little bit, but I won't have to pay full coverage insurance plus a monthly bike payment. Yeah, i could've gone used but idk, I like my bike a lot. I recently just dropped my bike in the driveway but it still rides fine, just need a new clutch lever and my shifter is kinda bent but i don't really care about that as much. But yeah :-)
Did you factor in how much a new aprillia is got to cost to repair it? Gsxr any day
Had two Aprilia 2005-2010 both were in the shop more than on the road. I've been living in Europe since 2003. Been riding since 78. Do your self a favor and get a japanese bike. Italian bikes are like blind dates and that's a fact.
Dealer markups too. I had a dealer try to add $4800 in markups to a motorcycle.
Never finance anything.
Edit: unless it's 0% APR
Aside from a home or a business...never finance anything. If you can't buy it outright, you can't afford it.
I would argue even financing home unless you absolutely have no other option, and your parents, relatives or partner are renting.
If you finance smaller things, a few hundred bucks now and then, you build credit.
@@DELL.ACNT. you are building a marginal credit score for a hefty price. You are litterally selling yourself to slavery for a set of wheels, best case scenario you overpay by a huge margin, worst case scenario, life happens, in this case, lets say you take a spill, end up loosing your job, get slaped with a hospital bill on top of your monthly bike payment, you miss couple of payments and you end up not only overpaying by even bigger margin but also loosing credit score and possibly even loosing whatever it is you put as collateral or get into some serious existantial problems. Never borrow for small stuff, if you still want to, ask your family members for a loan for a flat 10 percent rate on whatever it is you want to borrow. If they say no, just fuck it and start saving. Its never worth it to get involved with the bank over small stuff, you are guaranteed to regret it. I paid cash for my mototrcycle and it was like 8 grand bike, even if i paied cash, on some of those nicer bikes, parts, servicing and depreciation can go through the roof. I sold it barely for 6500 after i put in another 2000 dollars on it on repairs and accesories, imagine how much more would the loss be if you count it loan interest and whatnot. Thats 3000 dollars down the drain. And that bike just had miles on it, mint condition, imagine droping it, you are never getting a good price for droped set of wheels. Its a toy bro, dont delude yourself. Never borow for motorcycle.
@@djocharablaikan8601 It's hard not to finance a place when the cheapest dives are still in the six figures. Plus mortgage repayments are cheaper than rent.
@@djocharablaikan8601 who can buy a house cash though?
That will never happen for me I'd be saving until I die
I kind of think this guy does not like GSXR. I love this guy!
Man says "gixxer"😅😅
bro got some news for ya
finance a bike
and then pay it off instantly
now you have a paid off account on your credit report for no extra cost
No. You need to make payments on it for a year for it to really make a difference. If you have good credit and the cash to buy said bike outright, it will only cost you a fairly negligible amount to do it this way.
I have a 850 credit score doing it the way you explained.
I bought my little Suzuki back in Highschool, look for a small displacement used bike that you can afford. It’s foolish to get a loan on anything but a house or business
Yeah my first bike was a 1800$ katana, got wrecked when someone cut me off and cus it had aftermarket paintjob insurance paid 4200, bought a 3k bike with that
The only time it makes sense to finance is if its your primary vehicle and youre buying something small like a 125-400. I needed something to get to my physical therapy appointments and I was gonna get a ninja 400 financed since it would only be about $600 extra. Luckily my dad stepped in and bought me the bike. That man regularly makes my dreams come true.
That last statement haha you right though🙏🏼
I can afford it in cash but I was gone finance it because I want to get my tracker, disc lock and my exhaust. I hear you can raise your credit by financing too.
You can absolutely raise your credit. When people advise against it, that advice is mainly for poor people. Because if you miss a payment and you've already used your once per year deferral, thats it you're fucked.
Pay on time never early and never late and you'll raise your score.
@@generalfranco9399 ok cool thanks
How much is your tracker disc lock n exhaust ffs 😂😂. Don't forget gear my dude n good luck n great times ahead.
@@generalfranco9399 we got brokies who need to go to bank to buy toys calling people poor, cant make this shit up.
There is a financial component to consider: if you have the cash to make a large purchase, it may still be better to finance said purchase. The potential to collect compounded interest or better yet, investment earnings, could not only outpace the cost of financing but also depreciation. Cost/benefit and risk would all have to be assessed. Regardless of all of this: understand that a motorcycle is a poor financial decision on all fronts, so approaching the question of how to purchase a bike from a financial perspective boils down to - dont.
It's a poor financial decision if you buy a motorcycle as a toy, not as a daily driver.
I was waiting for you to put some gixxer slander in this vid
Watching from Philippines 🇵🇭🇵🇭🇵🇭. My idol😇
Nice, based on this video he's recommending I get a Hayabusa. Thx buddy, see ya on the streets!
I bought a 1000cc CBR with 50k miles for 3 grand. Thing runs great and I laugh every day when I see every other rider.
Lucky asf
They probably laugh at you bc it’s clapped lol and you think it’s fast bc it’s 1000cc but that’s a sh!t load of miles, I bought a brand new bike for 10k it had 4 miles on it lol
@@578_ all depends on maintenance man, if you take care of your bike, it will take care of you.
@@jacobybarra2140 true but to rack up that many miles and be that cheap, means the bikes old and most likely clapped. All the posts I see on Facebook marketplace for old well maintained and nice bikes go for at least 5-6 grand
@@578_ very true
Damn this video was really helpful
Now the Gixxer rap sounds like a love song😂
Never buy an expensive first bike because you're going to drop it or lay it down, and it will devastate your pocket book
Your going to drop or lay it down no matter your experience level. Back in the day I parked my 05 cbr 600rr at work. It was under an awning. The asphalt was only a couple of months old and it was 70 degrees. That bike hardly had any weight on the kickstand too. I came out to find the kickstand had sunk through the crappy asphalt and the bike fell over.
Another time I was low on fuel and near home. I lived in the sticks so it was a long way to the gas station. I figured I would chance that I could make it home and fuel up with a gas can I had there. I made it. But then I did a sharp low speed U-turn in my driveway to park. The little fuel I had sloshed away and the bike stalled at an angle. There was no stopping going down. It was instant.
Both of those events I was a very experienced rider. I never dropped a bike when I was new to it. Just sometimes shit is gonna happen.
@@AlphanumericCharacters if my bike fell over because of asphalt I would be pissed
If you’re broke but you want it and you’re willing to do it then go for broke and finance. Money will always come, it’s better you enjoy what you wanted than regret it later when you’re incapable for whatever reason.
Yep. While you don’t wanna screw yourself over in the end, you can’t take any of that money with you and life, paralyzations, and families happen. I.e, things that will make you regret.
My first bike was a $ 250 Vespa in 1977, I've had many more used bikes since. Now, I might buy my first new one. You are so right!
Bought a gsxr after watching this video because he reminded me of how great a deal they are second hand. Thanks!
Your first bike should always be second hand. You're gonna drop that sucker: off your paddock stand, on a slope, in a tighter corner than you expected. Shit happens, better it happen to a 10 year old bike with a few scrapes on her than a shiny new one.
I financed all 8 of my motorcycles at very low percentages (~3%) and if you over pay, you get the loan paid off really fast, establish credit history and boost your score and really I only paid about 500-800 extra for the bikes.
Agreed, for real.
Smart Talk 👍👍👍
Thank you man, great advice
WOW
watching this with my financed bike in the driveway 🥲
But at least you have it
You kept your cash don feel bad
I learned this the hard way in 2008. He's being kind. You're more than likely end up paying more than that. Best thing you can do is pay as much as you can over the payment amount if you do finance because everything over the amount due goes towards the principal or the base value of the bike. If you can make double payments, that's even better.
The best advice and finance breakdown 👍
😂😂😂😂 What's with the Gixxa hate??? 😂😂😂😂
I started riding in my early 30s. I bought my first bike outright. I figured that, if I didn't like riding, or wrecked the bike, I could walk (or limp) away with no strings attached. 15 years later, I bought another bike with cash-on-hand. Really wouldn't want to do it any other way.
Got my first for 3100(2006 gsxr 600), someone stole it, and got my 2nd for 2100 (2007 fz6). I like the 2100 bike more than my first. Minimal fairings make maintenance easier, and it has a canrter stand 😍🤤
Bought a used 2006 fz6 for 1600. Took the engine out and doing a full rebuild. Basically going to have a brand new bike for less than 3k.
How do you do a full engine rebuild properly for 1400
@Tom 1400 for parts and all the labor done by myself.
Caught myself on fire twice already making an adapter bracket so I can have the engine on my engine stand.
@@xanderharris3656 still cheap for a full engine rebuild. But I forget how much cheaper parts are in USA than Canada
This is true in cars too- buy what you can afford in cash as these are depreciating assets.
I Absolutely agree, all my bikes have been used and bought off Facebook marketplace, I’m on my 3rd bike now, started when i was 16.. especially if you live in the Midwest where we only get 4-6 months of riding season a year.. makes no sense to make payments on a bike you can only enjoy half the year lol
Should never buy a motorcycle to sell 5 years after buying it. Just keep it and forget what it is worth and enjoy it.
Just bought my first bike in 10 years. New, within my budget. It felt so good to write a check and own it out right!
U r doing great keep it up. Fan from Dubai 🤘🏼
I financed for five years at 0%. Worked great for me. 850 credit score helped.
Its not bad if you finance half the cost and make sure there's no early payout fees or penalties or if there is it's low. Then make double payments as the extra goes straight off the principal.
Notice how he had to touch his bike when he mentioned 25k 😂
Facts! The dealer and bank will scam you!
Work bikes are the exeption here, its good to finance a scooter that you go to work with since you will be needing it
Agreed man I been telling people the same!!
Where I live, it makes sense to ride a bike year-round as your only vehicle which is why I rather finance that than a car. people say not to finance bikes because they are toys, but I disagree. If you only ride your bike on the weekend and only when it’s hot out, then yes, you’re wasting tons of money because you’re not riding all the time, but if you use a motorcycle for your only vehicle, go for it. And it helps build credit too.
So glad this came up for me. I was thinking about getting a loan😅
Let's not forget that insurance skyrockets if you finance. Unfortunately I don't think I'll be able to scrape together that much cash, but I could start a line a credit to buy it outright and pay it off that way. That's how my dad purchased every vehicle we've ever had and other major expenses, so that's what I plan to do when I get my first bike.
And somehow i knew GSXR would be mentioned 😂
There also is the whole insurance side of it also. If you get through a dealership you have to pay full coverage vs I pay way less for what I need
Depends on your state some places you dont need insurance at all on a motorcycle
@@ebraxton6271 Thanks for the correction 👍🏼
@@moto_man01 i get where this guy comes from but if everyone bought cash there would be 80% less vehicles in the road😂 it be better if people just bought what they could afford wether it be thru a loan or out right. Plus you can get some perks for financing like credit building which is big in the US and some dealers throw in perks. First bike was financed 6 years unlimited mileage warranty 8 free battery replacements was only like 180 a month vs a car being like 400 a month without insurance which yes does require full coverage vs a motorcycle. If you like something id always say go for it if you can 100% afford it which ever way you seem fit.
@@ebraxton6271 I’m sure there are good ways with stuff like that but 98% of people can’t control their budget(if they even have one) and are not financially able to get them. I only bought 3 bikes by age 19 with my own money cash because I know how to save what I earn
I live in the capital city of Australia, and borrowing money for a daily commuter motorcycle that you can also enjoy on the weekend as well, always ends up cheaper than catching a bus instead. In fact the motorcycle ends up paying for itself, plus free parking everywhere you go.
This is so true. Though in PH your bike's price becomes twice after you've paid all the interest.
What interest do you sign up for?😂😂😂😂😂
Had a guy take out a loan on my grom 😭 I was like dude…
Bought a 2020 MT-03 with 280 miles on it for 4k in cash and never regretted it
love the gixxer jokes😂
If you get a good interest rate (
Counter argument. I financed mine and if I didn't I probably would never own one due to needing the cash for something else, whereas once I finance the bike and budgeted the money out I can immediately start riding and enjoying the bike, plus my bank allows me to pay off the loan early so I put more down than required
Be safe out there guys. I just saw a fatal motorcycle accident on the freeway last week.
I paid 950 for my first bike off Facebook marketplace and I still love that bike
I bought a RE Himalayan in NZ. They told me the interest I had to pay but instead of going through loan I started paying them 500$ every week or sometimes fortnight. And within 5 to 6 months I paid all the money and had my loan free rides happily ever after
Hope to see a review of the new svartpilen
I agree to an extent, personally this bike i am currently financing will be a bike that i will forever hold on to. It is a 2023 as well and pulled out of the lot with 3 miles on it. I wouldn’t finance a bike over 10k, mostly because any $22,000 bike you find is a bike that you could buy out right from another previous owner for a lower price, I also feel like if someone’s first bike is a bike that expensive, it’s going to be a bigger bike that they could not really handle COMFORTABLY anyways. Notice i said comfortably because many people do start with 600s even some people start with 1000s, but they truly do not get the comfortable experience other 1st time riders get with a smaller bike. Getting a bike in general is a risk, I have always thought of these as “toys” and not really as a means of genuine travel, at least not sport bikes. But yk, that is just me. I’m sure other people have a million things in reply to that. One love, ride safe♥️
Perfect loop!
Consider visiting a credit union to obtain a loan with a favorable interest rate. Make additional payments whenever possible. With some discipline, you can settle the loan within two to three years. Accumulating that amount of cash may not be feasible. The most significant aspect is that you now possess the desired bike.
LMAO!!
My dude thinks 20-something year olds have $5-$6k cash saved up!!
😂😂😂
Bought a 06 650r for 1100 from a impound been learning fast on it saving for some I really want r6 coming soon baby 🤸♀️
i eat breath gixxers and even i can appreciate a good gixxer joke. Your gix joke game strong son, keep em comin!
Real advice 🤘🏽🤘🏽
Very large down payment and always pay much more than the minimum payment and it's all good.
If you finance a motorcycle, in my opinion, the best way is to put down around 50% or more. This way, if you get into a car accident, at least the insurance will pay off the loan, and you will have cash to put down on a new motorcycle.