Yes, I am financing a bicycle. No, I don't need your judgement.

[Shebeen]

7 pages later and OP is probably looking at an E-bike

I do have to laugh at the optimism in the title. Requesting no judgement here is like asking time wasters not to respond to a classifieds ad!

[dannygirl]

Yeah not exactly the same is it?

 

One is a necessity and the other a luxury. Also not much on the way of options other the existing contracts.

 

Yeah, those darn cellphones are such luxuries...

[Grease_Monkey]

Not really. If you do the sums a cellphone contract is in your favour over buying phone cash and getting SIM only. BUT the cellphone companies have now got your debit order loaded and know on average you are going to end up spending more over the term.

 

I buy the cheapest contract on offer that suits my needs, works out to R250 a month, and I get a pretty basic phone.

 

I then sell my phone (still sealed in the box) and my previous phone that I used to these guys: http://www.nerdy.co.za/ (Disclaimer: this is my brother's business) - let's say I get 7k between the two, I then add a bit of cash and buy a new sealed unit from Nerdy for 60% of the price it costs in retail stores. 

 

They get their stock mainly from people who go out and sign an expensive contract with a top end smart phone just to sell it for instant cash. These are new, unopened 20k plus phones. Scary what people will do for instant cash.

 

No judgement on anyone doing otherwise, but it was drilled into me that for personal use you never finance anything but your house and first car... I've stuck to that and it has served me well. I have to be honest though, the temptation has been there to finance a few new bikes, but when I worked out what I pay at the end of the day - even over a 2 year period I just could not do it to myself.

[BaGearA]

My virgin active red is 68 a month and down to 54 due to medical aid benefits

I think I should say that there's is no suana and pool

[Grease_Monkey]

roughly R1200 Pm? lol...but then again...i don't do that either. If you don't have the discipline to exercise on your own/at home/in the street/ on the beach then you wont see out a gym contract either imo

 

Kinda depends what exercise you do... I don't see any weights lying around in the street 

 

Gyms are awesome for me. At my previous job I commuted quite far and traffic was heavy, so to miss traffic in the morning I just woke up early and went to gym at the closes branch to my work (over the road). I only left home 30mins earlier than before, but got an hour of exercise in because I saved 30mins on the commute. 

[Patchelicious]

The gym comparison is a bit inaccurate.

 

Firstly, its likely subsidized by your medical aid, you need factor that in.

Then its also a "small" monthly for the use of many expensive bits of equipment.

 

A more fair comparison would be to to say you pay R1000 pm for the exclusive use on a Wattbike and Wattbike only.

 

When you do that, it will in fact (as per Bicycle Finance SA) cost R2767 pm for 3 years, based on a Wattbike costing R60k, and your total repayment would be R99k. But you own the Wattbike afterwards.

 

R99k is 10 years worth of Wattbike, and all the other equipment, showers, pool use at a Virgin active.

[Grease_Monkey]

The gym comparison is a bit inaccurate.

 

Firstly, its likely subsidized by your medical aid, you need factor that in.

Then its also a "small" monthly for the use of many expensive bits of equipment.

 

A more fair comparison would be to to say you pay R1000 pm for the exclusive use on a Wattbike and Wattbike only.

 

When you do that, it will in fact (as per Bicycle Finance SA) cost R2767 pm for 3 years, based on a Wattbike costing R60k, and your total repayment would be R99k. But you own the Wattbike afterwards.

 

R99k is 10 years worth of Wattbike, and all the other equipment, showers, pool use at a Virgin active.

 

And, very importantly, you can at any point in time cancel your gym membership and do something else. Comparing any sort of contract for a monthly service to a finance arrangement is comparing pears to apples. 

[Dicky DQ]

"but it was drilled into me that for personal use you never finance anything but your house and first car... I've stuck to that and it has served me well."

 

Financing your first house is probably the only way. But in reality unless you pay it off and then purchase for cash or have purchased houses to work for you a house is not an asset, but like a car it is a liability.

 

So financing a bike is OK, if you can afford the repayments over the CORRECT term as it is also investing in your health. A price cannot be put on this. It worked for me.

 

Then I started my own business and..... well my health has gone to pot. Mind you it is 15 years later.

 

Maybe I need to get a new bike to make me feel guilty.

 

Bottom line is it is not such a bad thing id gone into with open eyes.

 

Back to the OP I believe an access bond is the best way to do it, just make sure the repayment addition is what you would be paying using one of the sharks out there. That way you will actually be better off once the bike is paid off.

 

 

[forkie]

Yeah not exactly the same is it?

 

One is a necessity and the other a luxury. Also not much on the way of options other the existing contracts.

agreed. the latest greatest phone is a luxury, but a bike is a necesity

[Patchelicious]

agreed. the latest greatest phone is a luxury, but a bike is a necesity

Was waiting for that 

[Grease_Monkey]

 

"but it was drilled into me that for personal use you never finance anything but your house and first car... I've stuck to that and it has served me well."

 

Financing your first house is probably the only way. But in reality unless you pay it off and then purchase for cash or have purchased houses to work for you a house is not an asset, but like a car it is a liability.

 

So financing a bike is OK, if you can afford the repayments over the CORRECT term as it is also investing in your health. A price cannot be put on this. It worked for me.

 

Then I started my own business and..... well my health has gone to pot. Mind you it is 15 years later.

 

Maybe I need to get a new bike to make me feel guilty.

 

Bottom line is it is not such a bad thing id gone into with open eyes.

 

Back to the OP I believe an access bond is the best way to do it, just make sure the repayment addition is what you would be paying using one of the sharks out there. That way you will actually be better off once the bike is paid off.

 

 

 

 

 

Yeah, absolutely nothing wrong with it - but like you said, go in with open eyes and know you are going to pay a hefty premium. And then don't complain at a braai about how skelm the banks and financiers are 

 

Financing for business use is a completely different argument.

[Odinson]

The gym comparison is a bit inaccurate.

 

Firstly, its likely subsidized by your medical aid, you need factor that in.

Then its also a "small" monthly for the use of many expensive bits of equipment.

 

A more fair comparison would be to to say you pay R1000 pm for the exclusive use on a Wattbike and Wattbike only.

 

When you do that, it will in fact (as per Bicycle Finance SA) cost R2767 pm for 3 years, based on a Wattbike costing R60k, and your total repayment would be R99k. But you own the Wattbike afterwards.

 

R99k is 10 years worth of Wattbike, and all the other equipment, showers, pool use at a Virgin active.

You’re just scratching the surface of the benefits that a Virgin Active membership has to offer.

[Patchelicious]

You’re just scratching the surface of the benefits that a Virgin Active membership has to offer.

It was more than a scratch!

[Shebeen]

 

So financing a bike is OK, if you can afford the repayments over the CORRECT term as it is also investing in your health. A price cannot be put on this. It worked for me.

 

 

 

 

It's not a binary thing.

if financing a bike for your health is what you're talking about, then you're paying eg. R40k over time for a R30k bike. 

 

You don't need a R30k bike to do it for your health.

 

Where I think this is an issue is you can afford an alu silverback, but the latest carbon spaz is so much more bling and streetcred. if the only way you can get the spaz is by finance, then you're living beyond your means, for a bit of ego.

 

It is EXACTLY the same with how far too many south africans view cars. We spend an inordinate amount of money on our cars, it is a weird culture. and it looks like the finance guys are trying to spread it to the bike market

[Escapee..]

It's not a binary thing.

if financing a bike for your health is what you're talking about, then you're paying eg. R40k over time for a R30k bike. 

 

You don't need a R30k bike to do it for your health.

 

Where I think this is an issue is you can afford an alu silverback, but the latest carbon spaz is so much more bling and streetcred. if the only way you can get the spaz is by finance, then you're living beyond your means, for a bit of ego.

 

It is EXACTLY the same with how far too many south africans view cars. We spend an inordinate amount of money on our cars, it is a weird culture. and it looks like the finance guys are trying to spread it to the bike market

 

 

Okay bud, we get the picture

[pe3nguin]

 

You don't need a R30k bike to do it for your health.

 

 

Physical health sure. I can get fit on a 5k bike, but can I be mentally and emotionally well adjusted on an entry level bike?