Bike finance - CRAZY EXPENSIVE

[Captain Fastbastard Mayhem]

Oh btw - only debt I wouldn't suggest paying off as soon as possible is a home loan / mortgage. It's the only financeable asset which appreciates in value as you go on.

[Vetseun]

Im debt free. It took long and it wasnt fun. But, today I am debt free. I will never buy on credit again.

If I dont have the cash for it ,I cant have it. Easy as that.

[Justin Haupt]

if you finance a bike over 12 months with bike life it works out cheaper than having to put in on your credit card, but unfortunatley you cant get discount on a financed bike

[eddy]

Aaa shame Eddy

 

Well done brother well done

 

 

So which of the two are you ?

[Johny Bravo]

So which of the two are you ?

Eddy, come now. Dont derail the fred. You know better.

[norm333]

Neither

 

I have to have a bike.... why I use it to work and back

 

So before you choice your keyboard as gospel ask

 

Again don't judge.

 

BTW I have three paid for cash bikes

[eddy]

Eddy, come now. Dont derail the fred. You know better.

 

There is a serious lack of ecomomic and finance knowledge in this thread, starting with the OP who clearly doesn't understand why UK monetary policy is keeping interest rates at historically low levels through the policy of quantative easing.

 

Second, there are still people who don't understand the foolishness of buying rapidly depreciating toys on credit.

 

Having spent a career understanding the value of deferment of gratification and saving to buy toys, I have seen the misery the alternative creates.

 

I am not embarrassed by pointing this out to people who may otherwise not know better.

[eddy]

Neither

 

I have to have a bike.... why I use it to work and back

 

 

 

So you fit into the category of needing a commuter. Well done.

[Vanzyl]

 

 

There is a serious lack of ecomomic and finance knowledge in this thread, starting with the OP who clearly doesn't understand why UK monetary policy is keeping interest rates at historically low levels through the policy of quantative easing.

 

Second, there are still people who don't understand the foolishness of buying rapidly depreciating toys on credit.

 

Having spent a career understanding the value of deferment of gratification and saving to buy toys, I have seen the misery the alternative creates.

 

I am not embarrassed by pointing this out to people who may otherwise not know better.

 

 

Well then enlighten us about it..... Whether you like or approve it there are people who simply CAN afford monthly payments rather than forking out the full amount, now you might not approve that and that's fine.

 

 

[fanievb]

 

I am listening but I'm still entitled to an opinion no matter what you think. I never said anyone here should take out finance, I'm just saying it's rather expensive and that I'm sure there could be cheaper finance options out there.

There won't be a cheaper option. Short term finance is expensive no matter where you get it from.

 

The reason is because it's regarded as high risk segment and this is calculated into the total cost of finance

[fanievb]

 

There is a serious lack of ecomomic and finance knowledge in this thread, starting with the OP who clearly doesn't understand why UK monetary policy is keeping interest rates at historically low levels through the policy of quantative easing.

 

Second, there are still people who don't understand the foolishness of buying rapidly depreciating toys on credit.

 

Having spent a career understanding the value of deferment of gratification and saving to buy toys, I have seen the misery the alternative creates.

 

I am not embarrassed by pointing this out to people who may otherwise not know better.

I work in the credit industry (collections) and wish that all people could read this before entering into (foolish) credit agreements

[fanievb]

 

 

Well then enlighten us about it..... Whether you like or approve it there are people who simply CAN afford monthly payments rather than forking out the full amount, now you might not approve that and that's fine.

If you CAN afford the monthly instalment why not put that same amount away for a few months and save on interest and costs?

[Vanzyl]

 

If you CAN afford the monthly instalment why not put that same amount away for a few months and save on interest and costs?

 

Agreed!!!!!

[SiriS]

There is a serious lack of ecomomic and finance knowledge in this thread, starting with the OP who clearly doesn't understand why UK monetary policy is keeping interest rates at historically low levels through the policy of quantative easing.

 

This. A little Googling of basic economic fundamentals isn't that hard...

[eddy]

Well then enlighten us about it..... Whether you like or approve it there are people who simply CAN afford monthly payments rather than forking out the full amount, now you might not approve that and that's fine.

 

This has nothing to do with whether I approve or not. It is basic economic theory applied.

 

You may not believe me, but read a bit further. The mathematics shows that if you borrow money for non-productive assets, you will find yourself in a never ending spiral of debt and poverty.

 

If you can only afford the payments, you cannot really afford the goods and should save up and wait until you can. Listen to other above like Vetseun or EdEdEd. If you want to be in a position to buy whatever you want, learn to get by without unproductive debt.

 

 

Agreed!!!!!

 

I think he is suggesting you DO NOT buy a bike on credit, but to rather save up for it... If you now agree with him, well done, you have learnt a valuable life lesson.

[Beefy]

Another key thing to consider that has been alluded to is the depreciation on bikes. The loans are particularly high risk and may turn out particularly expensive if you can not continue to repay the loan and attempt to sell the asset.