Omlette Posted February 7, 2017 Share but probably against a higher interest rate where as Bikelife will give you a very competitive & favorable interest rate.Not sure on Bikelife, Wesbank was 13%. Its always best to shop around Link to comment Share on other sites More sharing options...
Bomberman Posted February 7, 2017 Share I say; if you can afford it then do it, saving up is not that easy sometimes. Waiting 10 months to buy will just make me loose interests. Unless you can find a cheap bike to keep you going until you save up. Link to comment Share on other sites More sharing options...
rudi-h Posted February 7, 2017 Share I know this isn't what you asked, but i'm going to be that annoying guy saying it anyway... don't! Once you get ahead of debt life becomes so much cheaper, simpler and less stressful. I don't own a single credit card and don't even finance vehicles anymore. It took 10 years of discipline, driving cheap cars, no TV, no WiFi, often commuting to work on my bike and even for a long stint washing and ironing my own clothes at laundromat on weekends, but I always stuck to the save first and buy later principle. Not claiming to be a financial adviser, but it works for me and I'm very far from being some freak rich kid. I tried my hand at starting my own business from the age of 28 to 30 which left me completely bankrupt 4 years ago with only a paid up bakkie (old isuzu), two bicycles, a bed and a few pieces of kitchen appliances. Since then I've been working for a salary so the need and temptation to fall into debt was very close to home for a long time, but last year I managed to buy a new bike and car cash for the first time! Edited February 7, 2017 by rudi-h Jakkals77, Patchelicious, varkie2 and 8 others 11 Link to comment Share on other sites More sharing options...
dave303e Posted February 7, 2017 Share I had this exact decision a few months back. My bike was aging and has done far to many km's, and it was finance a nice new fancy bike or just fix what you have and stay debt free. I put together a spreadsheet with the upgrades needed to make the bike like new again, and started squirrelling money away left right and center, 9 weeks later I have a new drivetrain, new wheels, new handlebars and seatpost on the way and all of them far better specced that what was on the bike before. Next purchase will be a frame and then it will pretty much be a new bike, with the exact compnonents I want. mtb impi, Jakkals77 and Grogs 3 Link to comment Share on other sites More sharing options...
PeterF Posted February 7, 2017 Share Remember to factor in the cost of insurance if you go this route. Patchelicious and HBO 2 Link to comment Share on other sites More sharing options...
Veebee Posted February 7, 2017 Share Remember to factor in the cost of insurance if you go this route. you still have to insure your bike anyway... finance or cash, doesnt matter Link to comment Share on other sites More sharing options...
PeterF Posted February 7, 2017 Share you still have to insure your bike anyway... finance or cash, doesnt matterActually if you buy cash you don't have to insure it, but if you finance it you do have to. Patchelicious, FondTF2 and MBMtbGirl 3 Link to comment Share on other sites More sharing options...
Veebee Posted February 7, 2017 Share Actually if you buy cash you don't have to insure it, but if you finance it you do have to. we live in SA, so it will be very stupid not to insure it even if you buy cash. Tatt 1 Link to comment Share on other sites More sharing options...
cdevil Posted February 7, 2017 Share Unless you wan't to die poor, never finance depreciating assets. nonky, Off_da_brakes, Baracuda and 2 others 5 Link to comment Share on other sites More sharing options...
gtr1 Posted February 7, 2017 Share ExampleR52 000. Deposit would be R5200 Payment term would be 36 months min (from Wesbank if im not mistaken)Interest rate 13%Monthly installment R1 685.61Total payment at the end of the term would be roughly R65 881.91[/size]if you can afford the monthly payments comfortably, then why not.Once you have done this calc you need to weigh that up against the potential future cost of the bike. Which is a bit of an unknown but take an educated guess the way prices go up. Spoke101, Omlette, Tatt and 1 other 4 Link to comment Share on other sites More sharing options...
Off_da_brakes Posted February 7, 2017 Share Personally, I would never finance a ride regardless of how the numbers work out. I’d rather save up (for a shorter period) and look for a decent second hand bike if I can’t afford to buy new for cash. Second hand gems do pop up every now and again – just browse through the classifieds. You may land up buying a bike that is a year or two old and you may have to replace a couple of wear and tear items. At least the bike is then yours and you have no further commitments on it and you’ve not paid an arm and leg (new price + finance charges) relative to your financial circumstances. The question I ask is why I should buy a brand new ride as opposed to second hand (specifically in the context of having to finance a ride)? Plausible answers (not limited to):The looks Weight (or rather lack thereof) New technology/design/standards Latest geometry trendsI’d then ask myself whether any of the reasons above are worth paying new price plus financing charges for? For me, the answer would be no. I’d rather wait until second hand bikes that meet my requirements start hitting the market. That’s my view. If you choose to finance, then awesome, congrats and enjoy your new ride. Lexx 1 Link to comment Share on other sites More sharing options...
mudda Posted February 7, 2017 Share Unless you wan't to die poor, never finance depreciating assets. errrmmm all cars should have insurance - and they depreciate a lot - ask the ford kuga owners ... its like having a paid up car and then driving into a ferrari ... the insurance company will be coming for you then you go and buy a 60k bike and have it stolen ... i think insurance is a good idea ... and hey - if you fall and break something - you get a replacement ... Captain Fastbastard Mayhem, Lexx, @ndy and 1 other 4 Link to comment Share on other sites More sharing options...
Off_da_brakes Posted February 7, 2017 Share we live in SA, so it will be very stupid not to insure it even if you buy cash.or self-insure Link to comment Share on other sites More sharing options...
Robbie Stewart Posted February 7, 2017 Share Unless you wan't to die poor, never finance depreciating assets. ....so don't buy a car on HP? Got it, thanks. nonky 1 Link to comment Share on other sites More sharing options...
Jurgens Smit Posted February 7, 2017 Share The best advice in this thread would be from the guys that say if you can afford it do it. I financed my road and mtb through Bikelife and would do it again in a heartbeat. Unfortunately the remainder left of my salary vs lifestyle expenses is just not good enough to be able to save 60k - 100k and buy cash. Just be sure to keep in mind that it will be an extra 2k (premium + insurance) that you won't have left to spend on yourself or your chick. NovakSA, EmptyB, Omlette and 1 other 4 Link to comment Share on other sites More sharing options...
eddy Posted February 7, 2017 Share ....so don't buy a car on HP? Got it, thanks.Correct. It is a pleasure. cdevil and Patchelicious 2 Link to comment Share on other sites More sharing options...
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