Well after reading this thread I learned what I already knew , we all love to ride, but there are people with lots of money to burn, and people who can hardly afford gas every time they want to ride, and everything in between.

 

I agree with both, but i do the payment thing as i would rather ride a used Harley now, than save for 5 years to pay cash, as there is always something else to pay for or buy, And i didn't want to "settle" for a Honda shadow and pay cash

 

Their is a in between option. Put down all you can in cash or trade. You have a small balance that can be paid off quickly. If you trade or sell your old bike now you will get more for it than down the road, especially if you are selling a older touring bike with all the Rushmore improvements. Something to consider.

 

The only new bike that I have ever bought was a Honda CM200T back in 1980. I could no longer afford repairs on my car and the cost of insurance but I needed a set of wheels in order to get around. My parents co-signed the loan for me at the bank and so I got a new bike and all new riding gear.

That's when I discovered the joys of monthly payment. I had regular monthly payments that just flat out sucked. They weren't steep by any stretch of the imagination, but I just hated sending my money to the bank every month for a couple of years.

From that point on, I have always bought older -- usually really old -- bikes for cash, fixed them up and then rode the snot out of them. I don't care about having the latest and greatest, or even the fastest and shiniest. I just want to get down the road, have a little fun, and do that without worrying about next month's payment.

Krikeys, even my mortgage and HELOC make me crazy when I think about them -- well, maybe not crazy, but they do bother me -- in spite of the fact that I have substantial positive equity in both of my properties. But it's what I had to do in order to take advantage of the opportunities that were presented to me at the time and they seemed like good APPRECIATING investments.

Unlike a bike. "Riders" are always money losing propositions. It is possible to make some money off of "investment" bikes, however, which usually requiring you to add value to them in order to turn a profit.

 

I think I did a bit of both. The only new bike I have ever owned was a 1978 Honda 750K, which I was able to buy for $1,800 cash when I was single and living home with parents. It was a great bike.

Nowadays, I couldn't afford the Harley I want new, so I bought a 2005 Fatboy for cash; if i ever save up enough to to buy a new bike, fine, otherwise it'll be a newer second-hand bike, or a I keep what I have.

I love my bike, but I consider it a luxury, so no loans for me. JMHO for what works for me. Paul

 

I've financed every new vehicle I've ever bought, trucks, corvettes, wife's cars, kids cars.......The whole mess of them but my 2012 SESG I cashed in a CD for.

Was in the bank one payday standing in line waiting to deposit my check & was reading the interest rates being paid on some of the CD's I have & thought that it was pretty obvious that they weren't doing much for me so I might as well put a little of it to work providing myself with something that I could enjoy so that's what I did. I think the wife that I was nuts initially but now she enjoys it too.

Hoop

 

We paid cash for my wifes 2013 superlow

Interestingly enough. The level of service from the sales staff is less than expected when you pay cash and make it known you arent buying the protection plan

 

I just read 19 pages of different opinions on the best way to buy a bike, spend your money, create wealth, establish credit and general BS.
I don't care if you financed.
I don't care what your interest rate is.
I don't care if you paid cash.
I don't care if you sold your kidney to get your bike.
What a bunch of crap. Get on your bike, go for a ride and clear your head. Isn't that what we are here for?

I'm no better than anybody else on this forum and I chose to pay cash. My money, my choice. I could care less how you paid for yours.

Lets ride.

 

I'm totally in the finance camp here. I've financed several big ticket items in the 20 years since I graduated from college: Jeep, 2 VWs, one Ram, my Suzuki, my camper, a house (which I sold and paid off way early,) and currently have my newer truck and soon my new Harley. I have a CC that I use for monthly expenses and it gets paid in full every month. All of my loans have been paid off early. What this has accomplished (in addition to paying slightly more than maybe I needed to) is to make my credit rating stellar. So I get the best rates on loans, lower insurance rates, and all the other perks that come with having good credit.

Do I like being in debt--whether it's for a house, car, camper, or bike? No, but it allows me to do what I want/ride what I want now. Life is too short to worry about saving enough cash for your next big purchase while depriving yourself the use of it in the present. If a given financial institution is going to charge me a little bit of money now to allow me to ride the bike I want, then why wait? I have a good job, I've never missed a payment on anything, and I'm not going to start now. And the used vs new argument is just personal preference. I looked at several used SGs from 2009-2012, and for what people and dealerships were asking for used bikes, I'd be nuts not to spend a little more for new. So go ahead and drain your savings account that's earning you .1% interest right now. There's never been a better time to borrow, nor a worse time to save!

 

I did notice that as well. My son sold his Buell this past spring and bought a 2012 Street Bob from the dealer that had the price reduced to move off the floor. He had been stopping and looking at it for about a week, and had talked to them about financing part of it until he sold his Buell as he had most of the money saved up. He asked me to go look at it with him and when we walked in they were all over him like he had been buying bikes from them for years.

I told him I would loan him the difference until he sold his Buell. When we went in to pick it up they were completely different towards him when he told them he would not be financing it and paying with a check. They weren't rude by any means but there was definately a difference in attitude.

Mike.