Sell your bike instead of trading in. If you can wait until spring, you will get a better price.

As far as a replacement bike, a carbureted Evo will be affordable and so simple that you can work on it yourself.

Arnold rode a 91 Fat Boy in Terminator 2 which was carbureted. You can pick up something like that for around five thousand these days.

 

I'll save the political commentary and let you know what I think of our current political leaders nationally and in Maryland [one of the most taxed States in America/ by sharing that I work a full time job, am a part-time Motorcycle Safety Instructor, and detail cars on weekends.

Yeah--I can pay the bills, but haven't been able to save much...and college expenses for two kids are right around the corner.

 

I traded my 04 carbed fxdl in last June. Bike was a good one, ran great, put a youst carb kit and SE slipons at 1000 miles. Only had to replace tires and battery. It did start spotting before I traded it in, but it must have been something simple because it didn't spot the dealers showroom floor. That was good one.

 

Have you tried refinancing? A quick check on a loan calculator showed payments of $205 for 5 years. That could buy you enough time to get back on your feet.

 

The average of KBB and NADA retail for your FatBoy is right around $14k.

I'd wait two months (if you can) and sell it yourself, pay off the loan, and pay cash for a $3,000 bike.

Or, sell it and pay off the loan, keep the $3k, pretend you have your desired $150/mo payment, put $150/mo aside until winter, and pay cash for a $4,000 bike.

If going from a $300/mo payment to a $150/mo payment will make a significant difference in your monthly finances, you're way too tight to buy a bike on payments.

My two cents. YMMV.

 

This was my first thought as well.$2500 difference between both bikes is not logical. I would try to find a way to keep the FB.for $2500. Or sell it for $14K and buy a $3000 bike. Defiantly would not take a new loan on an older bike.



Kids do a lot better when they a fitting the bill. IMO. At least that is what worked with me. My parents had the money but if I wanted to go to college I had to prove it. I joined the military and got the first two years out of the way there and used the GI Bill for the rest and worked. I was a 3.8 student because I had skin in the game. Otherwise at 18 college would have been partytime. I was 24 when I finished

 

Doing what you are describing is not going to save you money. You are going to lose. If you have your financing through Harley, I would speak with them and see if they can lower your payment or extend, tell them your situation and your trying to prevent a problem. If they say no, wait a week and try again. If after a couple of contacts they still won't budge then sell the bike yourself, pay off the note, save cash and buy something outright.

 

It sounds like you would be a good candidate for refinancing. My 1st bike I bought through Eagle credit (or whatever it's called) at 6.xx%. I was fresh off a divorce and my credit took a hit. I worked on fixing that and then refi'd the bike at 2.9%. I could have done the full 5 years but elected to maintain my payoff date from the origibal purchase. But the point is, I could have dropped my payment significantly between extending the time and dropping the rate.

I'm currently at 1.9 on my newer bike. I refi'd that too because I bought the bike on a trip and just took whatever the dealer offered (3.4% I think) and then went to my local credit union to keep it local and drop the interest rate.

 

Since you're an RC, you know that part of your cert mandates that "you ride on a regular basis." (Other than range bikes.) Like other's here have stated, you might want to liquidate the FB in the Springtime, then get a less expensive bike for cash. Remember...these are toys, they aren't really necessary.

Let your kids get their own college money. As another member here said, "Kids take it a lot more seriously when it's their own skin on the line."

Lastly, you might want to remove the "under the table" comment as tax evasion isn't something the MSF will find humorous. It's a good way to lose your cert.

 

Start them out on community college.
Incidentally, I took a break from motorcycle ownership when I was supporting two kids and a wife.