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Bike financing


TheBarkie
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Thinking of financing my new bike. Any tips/suggestions?

 

pros and cons with financing obviously excluding having to pay interest :(

 

 

Welcome to the Hub  :thumbup:

 

Most of the bike shops now offer financing options.  So certainly there is a market for this.

 

Do your homework on "insurance" as may be required for the finance house, as well the costs and fine print ..... typically you must be able to show "forced theft", ie broken garage door, or cut chain if it was stolen.

 

 

 

Personally - our riding styles and trails change faster than one can pay off a single bike.  S I would avoid a long payback period.  Also the speed at which technology develops .....

 

 

 

Last thing - the cost of the bike is just a part of getting into the sport !!  Dont underestimate the costs of :

shoes

peddles

saddle

clothing

helmet

gloves

 

 

If you let us know where you live, then we can point you to the stores in your area that do finance deals.

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Welcome to the Bikehub. You are about to get sucked into a black hole that consists of a endlessly spinning hub and spokes that lead into many diverse directions, yet they all seem to meet at a rim that just makes you go round and round in circles. Sometimes the wheel you find yourself on is cruising along on a high speed tarmac, with fellow riders jostling for position, bumping shoulders. At other times, you will be cruising a coastal path or a fun gravel climb. At other times, you will be finding the sweet spot on some single track, and also on the odd occasion you will be bombing down some steep mountainous terrain pooping your bibs. This is mostly what the hub is like on any given day.

But not today. Today, with your first post. you are still doing laps on training wheels around the parking lot. But we'll get you on the beaten track soon enough.

 

As for that bike loan...unless you absolutely love debt, and feel the urge to be paying for something long after it has a) lost value, b) been damaged, c) you've outgrown, d) you really want another bike, e) you start needing to replace parts, f) you've fallen your gat off and you have decided to give up cycling, g) you want to upgrade to that shiny new n+1 steed to improve your time on that race you swore you are going to conquer...by all means, go for it.

...don't say we didn't warn you... :ph34r:  If common sense has prevailed, now is a good time to head off to the classified section.

 

But mostly, love the ride.

 

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Last thing - the cost of the bike is just a part of getting into the sport !!  Dont underestimate the costs of :

shoes - R1.5k for entry level rubbish. 2.5k for something resembling quality

peddles - R0.5k entry level, upwards of R1k for mid level quality

saddle - R2k + (this is your bum...no skimping here, trust me...)

clothing - R0.5k+ for a jersey, R1.5k+ for a bib/boardshorts entry level; 3.5k+ for something starting to resemble quality

helmet - R2.5+ (this is your head, again, NO SKIMPING)

gloves - R0.25k or thereabouts for entry level, R0.5k+ for quality again.

 

 

 

If you let us know where you live, then we can point you to the stores in your area that do finance deals.

 

 

Then there are the sundries of cycling...tyres, sealant, lube (for the chain), chamois cream (for your ass), planned services, unplanned services, spoke replacements...

 

once the sundries are done for, then comes the must want to haves - dropper posts, wider bars, shorter stems, wider rims, carbon bits and bobs, a Bogus job...the money pit is deep.

 

finally, after spending all that moola, you will start entering races....all over the country. Now, it's petrol money, guest houses, food for the family, extra cash spent on the significant other to make them feel part of your life.

 

...welcome to the new golf, as they say. Come to think of it, I am sure golf was never as expensive. 

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Then there are the sundries of cycling...tyres, sealant, lube (for the chain), chamois cream (for your ass), planned services, unplanned services, spoke replacements...

 

once the sundries are done for, then comes the must want to haves - dropper posts, wider bars, shorter stems, wider rims, carbon bits and bobs, a Bogus job...the money pit is deep.

 

finally, after spending all that moola, you will start entering races....all over the country. Now, it's petrol money, guest houses, food for the family, extra cash spent on the significant other to make them feel part of your life.

 

...welcome to the new golf, as they say. Come to think of it, I am sure golf was never as expensive. 

 

shoes - R1.5k for entry level rubbish. 2.5k for something resembling quality

peddles - R0.5k entry level, upwards of R1k for mid level quality

saddle - R2k + (this is your bum...no skimping here, trust me...)

clothing - R0.5k+ for a jersey, R1.5k+ for a bib/boardshorts entry level; 3.5k+ for something starting to resemble quality

helmet - R2.5+ (this is your head, again, NO SKIMPING)

gloves - R0.25k or thereabouts for entry level, R0.5k+ for quality again.

I have been out the country now for 5 years. Holy schmoley - is this what gear costs now???

 

That is insane. That's almost double from 5 years ago (loose bush maths)

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shoes - Olympic R1000-00  I ve done a sub 12 Transbaviaans on a pair no problem.


peddles - Ryder BI R 450 from CWC , great beginner


saddle -  R 500 for a decent saddle right here from the hub


clothing - R 500 for top , R 650 for rapid sport bib. I ve done TB, 3 hours Argus, W2W ect on those.


helmet - Shop around, lots of specials on very good Helmets. I ve bougt a UVEX for R1000-00 on a sale.


gloves - R 300


 


No need to break the bank to get started. There is a lot of cycling snobs out there that will tell you you must have this and you must have that. I do admit that I own a pair if SIDI`s and Assos and they are awesome and comfy as hell. As you get into the game you can upgrade. 


 


P.S nothing against what Robbie said just my 2c

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I was skeptical about financing a bike, it was a big decision for me but do some math and make sure it works for you.

 

1- shorten the repayment period as much as possible- they will try hammer you with a higher rate but ya my rule was I will not pay in for more than half the time I plan on owning the bike so I will keep this bike for 5 years min so max 2 years repayments.

2- try get as much in as deposit to borrow as little as possible

3- don't overstretch the budget because you are financing. For me the big sway was a 45k bike marked down to 34k and in terms of spec and offering it was 8-10k less than any other comparable bike at that stage. Do your research make sure it really is a good deal. It would have been easy to go and get a 60k bike on financing but reality is I don't need that level bike.

4- Fly it past the Mrs and keep her involved. Mine works at a bank to make it worse but though she was all for me getting a bike(current bike is 8 years old) they don't get swayed by the excitement and can still think clearly about it.

 

My last thing- as much as they are not that popular on the Hub, Cycle lab and their Wesbank set up is actually incredibly efficient in how they work and how they arrange finance. In fact I was scared how quick and efficient it was to get into debt. I was in store Thursday evening knowing exactly which bike and what size and fetched bike Friday afternoon financed all dialed and sorted.

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I have been out the country now for 5 years. Holy schmoley - is this what gear costs now???

 

That is insane. That's almost double from 5 years ago (loose bush maths)

Hokaai Stadig, stadig. Not all of us wear Assos and helmuts so light, that they may be unsafe. Many of these quality items can still be bought at the same prices, if you know where to go and no I'm not talking about Mr P. When I often look online, some of these items can still be bought at similar prices here compared to some, once glorious online sites. Some oaks here just have champagne taste and some oaks don't mind a bit of Tassies now and then.

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Just go through the paperwork CAREFULLY. I considered the financing route when I bought my bike. Then read that there are two extra installments before the bike would be mine. Turns out it was a "rent to own" financing deal (which was only disclosed once I started asking questions about the extra installments)

 

So nothing wrong with finance (not all of us have cash lying around for a new bike) - just do your homework properly

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For your second thread I heartily recommend any of the following topics:

  1. Tubes are more efficient than tubeless in the long run.
  2. You think the geometry of a mtb doesn't really matter, its all about the drivetrain!
  3. A Specialized Epic is the only bike anyone ever needs to own as it can do everything. I mean, its a 29er!
  4. Anything about veganism.

You'll thank me later when you receive your Bikehub Premium Membership©.

Edited by TyronLab
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