BuffsVintageBikes Posted June 14, 2017 Posted June 14, 2017 No matter how you call it, with the average price of the bikes at this years Epic being R95 000 you can bet your bottom dollar (cent) that there's more than a few bikes being financed this year.
ChrisF Posted June 14, 2017 Posted June 14, 2017 No matter how you call it, with the average price of the bikes at this years Epic being R95 000 you can bet your bottom dollar (cent) that there's more than a few bikes being financed this year. I wonder just how many are on SARS lists as "delivery bikes" ....
JeffD Posted June 14, 2017 Posted June 14, 2017 What interest rates are these finance companies applying? I see per the Cycle Lab Wesbank link that the minimum finance period is 3 years, no thanks...
Ettas Posted June 14, 2017 Posted June 14, 2017 Is there any difference between someone that buys a cheaper car and an expensive bike both on finance, or someone that just buys an expensive car on finance? In reality both are an equally crap purchase (in terms of spending your money wisely), but the one just provides more pleasure than the other. Ps. I do not own an expensive car or a financed bike
lechatnoir Posted June 14, 2017 Posted June 14, 2017 What's the best car in the world? one that's paid off...
Vetseun Posted June 15, 2017 Posted June 15, 2017 What's the best car in the world? one that's paid off... Plus Whan
Shebeen Posted June 15, 2017 Posted June 15, 2017 Is there any difference between someone that buys a cheaper car and an expensive bike both on finance, or someone that just buys an expensive car on finance? In reality both are an equally crap purchase (in terms of spending your money wisely), but the one just provides more pleasure than the other. Ps. I do not own an expensive car or a financed bikeI would say a bike on finance and a fancy car on balloon payment are similar sort of stupid
Jurgens Smit Posted June 15, 2017 Posted June 15, 2017 I would say a bike on finance and a fancy car on balloon payment are similar sort of stupid I financed my bike and would without a doubt do it again.But agree that the balloon payment is stupid.
Captain Fastbastard Mayhem Posted June 15, 2017 Posted June 15, 2017 I would say a bike on finance and a fancy car on balloon payment are similar sort of stupid I financed my bike and would without a doubt do it again.But agree that the balloon payment is stupid.context, people. Context. A balloon payment is not stupid. It's a perfectly viable finance option. The majority of people who opt for a balloon payment without adequately planning for the future are stupid. IE: Plan according to the normal monthly cost. Invest the difference. Profit.
Patchelicious Posted June 15, 2017 Posted June 15, 2017 I financed my bike and would without a doubt do it again.But agree that the balloon payment is stupid.But you are also a student, who's cycling forms a massive part of your life. Think it's different when you do it in a irresponsible manner. Over extended dads, who already can't pay school fees, then add to their woes by buying a bike to impress their chynas etc etc
Mojoman Posted June 15, 2017 Posted June 15, 2017 Working weekend nights at a bar to finance my next bike!
BuffsVintageBikes Posted June 15, 2017 Posted June 15, 2017 context, people. Context. A balloon payment is not stupid. It's a perfectly viable finance option. The majority of people who opt for a balloon payment without adequately planning for the future are stupid. IE: Plan according to the normal monthly cost. Invest the difference. Profit. Your logic is sound but the reality is totally different. The reason the majority of people take the Balloon option is because they cannot afford the full monthly repayments so pray do tell what "difference" are they are supposed to invest? And if they did have any "difference" to invest, it would it be wiser to invest it into a shorter payment period to reduce interest.
Patchelicious Posted June 15, 2017 Posted June 15, 2017 Your logic is sound but the reality is totally different. The reason the majority of people take the Balloon option is because they cannot afford the full monthly repayments so pray do tell what "difference" are they are supposed to invest? And if they did have any "difference" to invest, it would it be wiser to invest it into a shorter payment period to reduce interest.Eggzackery
Captain Fastbastard Mayhem Posted June 15, 2017 Posted June 15, 2017 Your logic is sound but the reality is totally different. The reason the majority of people take the Balloon option is because they cannot afford the full monthly repayments so pray do tell what "difference" are they are supposed to invest? And if they did have any "difference" to invest, it would it be wiser to invest it into a shorter payment period to reduce interest.If you read what I typed again, I said that the balloon structure itself isn't stupid, the people that choose it without adequately planning for 5 years down the line are. So yes, on that we agree. That doesn't make the balloon payment stupid, though. Insofar as the early payment of the loan goes - maybe. I'd still rather take the extra cash and invest it in equities, personally. Then again, it depends entirely on the interest rate you're being charged. If you're at 15% interest, then absolutely settle the fecker as fast as possible. If you're on one of BMW's Prime -5% deals (which happen quite often) then do not settle it as fast as possible. There are so many variables to consider. But labelling a particular finance option as "stupid" is stupid in and of itself. It's the people who choose it without planning appropriately that are the stupids.
Captain Fastbastard Mayhem Posted June 15, 2017 Posted June 15, 2017 Ag FFS seriously, AGAIN??LOL. What?! Someone said something that needed correcting
Recommended Posts
Archived
This topic is now archived and is closed to further replies.