The should I trade my 2010 Ultra for a 2013 thread of the day
#31
10-04-2012 | 10:40 AM
Road Captain
Joined: Oct 2011
Posts: 552
Likes: 1
From: Northern VA
Another opinion
As others have stated already, there are a few factors to consider. I would say it is also important to distinguish what matters more in this situation, the financial reasoning (quantitative) or the burning desire (qualitative) to upgrade.
- To sum it all up, you have already taken a hit on depreciation on the existing bike; getting a new bike will result in more $ losses.
- While the existing loan is at nearly 10%, it can be easily refinanced for much less than that. There is no financial loss (i.e. like closing costs for a mortgage) associated with that. So you will not only be lowering monthly payments but also paying less overall for the bike. One cannot simply look at lower monthly payments, but shouuld rather see how much he or she is paying out at the end (easy to check online using loan tools or through Excel).
- If you have property taxes in your neck of the woods, as I do in VA, a newer bike will cost you more since it is valued at more $$$.
- Insurance will be more expensive on the new bike.
- Correct me if i am wrong, but it may be a bit harder to find certain aftermarket parts for brand new bikes.
- Also, if you are going to do extensive upgrades to a bike, old or new, what is the point of getting a new one? Is it a different engine, something else, etc? If so, what would be the cost to do the same to the existing platform? And is the cost of upgrades more or less than buying a new bike?
#33
10-04-2012 | 02:56 PM
Tourer
Joined: Mar 2008
Posts: 332
Likes: 0
From: Rockys
The bike loan are no different than an auto loan. If you are not a member of a Credit Union, become a member and save some $'s because they are much better than banks and have lower interest rates.
#34
10-04-2012 | 03:06 PM
Tourer
Joined: Mar 2008
Posts: 332
Likes: 0
From: Rockys
Your outstanding balance on your 2010, and months remaining on your loan will be far less than the outstanding balance, and number of months to pay off the new bike.
Example, you owe $10,000 on your current bike and pay $450 per month for 24 months (I don't know what it is, you tell us...this is just an example).
Now, you buy the new bike, trade in our old bike (stealer aint going to give you anywhere near what you think its worth for your 2010), but, lets say they give you $10,000 and you pay off that loan, and the new bike is $23,000 + tax, title and insurance.
Now you owe $23,000 + for 5 years and pay $450 per month for 60 months.
I would keep the 2010, pay it off and ride debt free, modify it as you please.
Example, you owe $10,000 on your current bike and pay $450 per month for 24 months (I don't know what it is, you tell us...this is just an example).
Now, you buy the new bike, trade in our old bike (stealer aint going to give you anywhere near what you think its worth for your 2010), but, lets say they give you $10,000 and you pay off that loan, and the new bike is $23,000 + tax, title and insurance.
Now you owe $23,000 + for 5 years and pay $450 per month for 60 months.
I would keep the 2010, pay it off and ride debt free, modify it as you please.
#36
10-04-2012 | 05:25 PM
Grand HDF Member
Joined: Oct 2009
Posts: 3,805
Likes: 3,026
From: Hill Country, TX
What makes it seem attractive is that on a cash flow perspective, I would not be out any more each month than I am now. I guess that its true I would have more total payments, but I doubt I keep the bike forever, and will probably trade it in at some point and thus more payments. So if I just assume that I will have to always make a payment, then it seems ok.
You left out some important details here…how much time is left on your current note, and what is the balance? Like others have said, you could re-fi your current loan at a credit union, and lose that usury interest rate for starters. However, if the bike is going to be paid off in a few months, then the bank has already gotten their blood out of you, and the re-fi doesn't make much sense.
In my best Suze Orman imitation: Have you ever stopped to ponder the thought of what it would be like to actually own your bike free and clear…you know, zero payments? How great would that be? Financial freedom is a beautiful thing, and one thing you can do to get on the road there is to eliminate debt, not accumulate more.
Sorry to rain on your parade, but trading your perfectly fine 2010 bike (with only 14K miles) for a new one, and increasing your debt (especially since credit has been a problem in your past) is just utter stupidity.
Bottom line: keep the 2010, pay it off, put the mods on the bike, put on a 103 or 107 kit if you must, and ride the hell out of it.
I apologize if this comes across as harsh or preachy, but you need a reality check.
#38
10-04-2012 | 05:54 PM
Ok, so I know that it gets posted a lot here, but I now find myself in the same dilemma as many others have on here.
I have been ordering parts and planing to start customizing my 2010 Ultra over the last yr. But I have been storing it and other than pipes, air cleaner, and cams, I haven't installed it all yet.
Also my credit was bad when I bought the '10 and its better now. So basically I can get a new bike and have about the same payment I do now, or less if I get a SG instead of the Ultra.
My thoughts are that if I do it, I get the 103 motor (I have the 96 now) and also the warranty on the new bike. Unless I am not thinking of something, really I will just be out the money I spent for the cams, since I wouldnt be swapping them before trading it in.
I am also torn between getting another Ultra or a SG. I like the SG looks better - I want black, and I like the all Vivid black of the SG with out the pin-striping the Ultras have, and do keep the tour-pak detached most of the time, but I like having it and also the lower fairings. its about a $3,000 difference between them it seems like and I could probably buy both for less than that, so again not sure what to do.
Figured I would check with my online therapists to help figure things out. What am I forgetting to think about?
I have been ordering parts and planing to start customizing my 2010 Ultra over the last yr. But I have been storing it and other than pipes, air cleaner, and cams, I haven't installed it all yet.
Also my credit was bad when I bought the '10 and its better now. So basically I can get a new bike and have about the same payment I do now, or less if I get a SG instead of the Ultra.
My thoughts are that if I do it, I get the 103 motor (I have the 96 now) and also the warranty on the new bike. Unless I am not thinking of something, really I will just be out the money I spent for the cams, since I wouldnt be swapping them before trading it in.
I am also torn between getting another Ultra or a SG. I like the SG looks better - I want black, and I like the all Vivid black of the SG with out the pin-striping the Ultras have, and do keep the tour-pak detached most of the time, but I like having it and also the lower fairings. its about a $3,000 difference between them it seems like and I could probably buy both for less than that, so again not sure what to do.
Figured I would check with my online therapists to help figure things out. What am I forgetting to think about?
#40
10-04-2012 | 06:09 PM
Outstanding HDF Member
Joined: Jan 2008
Posts: 3,034
Likes: 65
From: Earth
Your outstanding balance on your 2010, and months remaining on your loan will be far less than the outstanding balance, and number of months to pay off the new bike.
Example, you owe $10,000 on your current bike and pay $450 per month for 24 months (I don't know what it is, you tell us...this is just an example).
Now, you buy the new bike, trade in our old bike (stealer aint going to give you anywhere near what you think its worth for your 2010), but, lets say they give you $10,000 and you pay off that loan, and the new bike is $23,000 + tax, title and insurance.
Now you owe $23,000 + for 5 years and pay $450 per month for 60 months.
I would keep the 2010, pay it off and ride debt free, modify it as you please.
Example, you owe $10,000 on your current bike and pay $450 per month for 24 months (I don't know what it is, you tell us...this is just an example).
Now, you buy the new bike, trade in our old bike (stealer aint going to give you anywhere near what you think its worth for your 2010), but, lets say they give you $10,000 and you pay off that loan, and the new bike is $23,000 + tax, title and insurance.
Now you owe $23,000 + for 5 years and pay $450 per month for 60 months.
I would keep the 2010, pay it off and ride debt free, modify it as you please.
Exactly what my #2 post said. However you had added a bit more detail....LOL