Buying a 02 WR426
Posted November 26, 2001 - 04:11 PM
Posted November 26, 2001 - 04:38 PM
Posted November 26, 2001 - 05:12 PM
1. New topics are always welcomed--it's the same old questions asked over and over again that seem to irritate.
2. Your down payment vs gear question is kind of like me asking you what my favorite color should be. It depends on your personal financial situation. You definitely should have basic riding gear. At the very least, get boots, helmet, knee/chin guards, gloves, and goggles before you ride. If you shop around, you can find all that for around $300. They won't be top of the line, but they'll do. Fancy riding pants and a jersey can wait if you're short of cash. A chest protector, elbow pads, and a personal hydration system (e.g. camelback) are also a very good idea and will make your rides much more enjoyable. Why not use some of the money for a down payment and some for the gear?
3. Please don't abbreviate "for" with "4", capitalize your "I" when refering to yourself, and please figure out proper punctuation. It gives me Benny flashbacks to see posts written like that. (and they are difficult to read)
Have fun with your future bike.
Posted November 26, 2001 - 05:36 PM
Posted November 26, 2001 - 10:21 PM
Posted November 28, 2001 - 01:58 AM
Disadvantage: you won't have the extra cash burning a hole in your pocket
Posted November 28, 2001 - 04:37 AM
Posted November 28, 2001 - 05:25 AM
A higher down payment will yield LOWER monthly payments, less interest paid by the time the bike is paid off, and (if possible) a SHORTER finance period.
Great example: You buy a house, say ~$200,000. Over a 30 year loan, GENERALLY this ammounts to $2000/month over 30 years. The total paid OUT OF YOUR POCKET is $720,000.00!!!!!!!!!!!!!
The higher the downpayment and/or shorter finance period (10/15/20/25 years) can DRASTICALLY cut your interest paid.
Another example: I paid $143K for my house here in New Hampshire (30 year loan). By me paying an extra $121.00 per month, over and above my $1450.00 normal house payment, I have cut over 7 years off of my 30 year loan (a total of >$120,000.00 !!).
On any loan, you pay a giant portion of the interest first. This is how the banks ensure they make a profit. After the first year of $1450.00/month payments, something like $8.57 went to paying off the $143,000.00 of my initial loan, (not really, but for humor sake, I threw in a REALLY low amount, but it is true). This is called the "Principle". All the other money I paid ("interest")went to the bank president, his yacht, mulitple owned homes, etc.
So more money down, lower payments, shorter loan period (THIS IS CRITICAL), means 10 years down the road, you will have more money in your pocket.
Posted November 28, 2001 - 05:27 AM
As far as your finacial situation, in my opinion I would get as much money together as possible and put it all down on the new bike. You'll have time to get all the extra goodies down the road, just get the damn bike!!! Also by financing your motorcycle it will do wonders for your credit and thats a good thing!!! Just make your payment on time always!!!! Best of luck!!! Maybe for graduation your parents or a distant relative will pay off you bike for you. Wouldnt that be ?