Any hubbers can assist or advise on financing a new bike?

[BaGearA]

Man there's not much consistency from admin re deleting off-topic posts when look through this hopeless thread

[IceCreamMan]

Man there's not much consistency from admin re deleting off-topic posts when look through this hopeless thread

 

Its an interesting conversation though when looking at how ppl view their personal finances and make decisions. They would finance a car but not a bike, or finance all, or finance nothing. Or maybe i just find it interesting. 

 

that said, a famous economist once said in the long run we are all dead. 

Edited April 29, 2021 by IceCreamMan

[BaGearA]

Its an interesting conversation though when looking at how ppl view their personal finances and make decisions. They would finance a car but not a bike, or finance all, or finance nothing. Or maybe i just find it interesting.

 

Sure but there are countless threads with the same conversation, this thread has exceptionally little advice that the OP asked for.

 

 

Now im also just pilling on so ill make my exit here

[Carmichael]

If you have a bond or access to one i would pull the money out of the bond and add it back as if i am paying a yonda or wesbank or any other institution. 

[LazyTrailRider]

Owning a house and a car are a necessity but a bike is a luxury.

 

There are about 3418 shades of grey in this statement.

 

How much of a house do you really need? In SA terms, why do you need to live in a R4.5m house in a "nice" suburb when a R900k 2-bedroom apartment in another suburb (which someone doesn't think is nice purely because of their perceived socio-economic status) will do just fine?

 

How much of a car do you really need? If most of us were perfectly honest with ourselves, we'd admit that the 8 yr old R100k hatchback is actually all we really need.

 

There are several people in this thread who could buy both the R900k apartment and R100k car cash and still have money left for a R50k bike. And yet, out of these several people, I'm willing to bet that 90% live in the R4.5m (or more) house with a bond and drive a financed R700k (or more) car, and then most likely ride a R100k bike bought cash.

Edited April 29, 2021 by LazyTrailRider

[Mongoose!]

Is it okay to finance this ?        

 

Honda CBR 1000RR Fireblade Bullnose | Bike Hub

 

 

 

Edited April 29, 2021 by Mongoose!

[Redrush]

Is it okay to finance this ?        

 

Honda CBR 1000RR Fireblade Bullnose | Bike Hub

 

honda.png

 

No it would be very irresponsible to finance a Honda... Buy a proper bike 

[Carmichael]

Is it okay to finance this ?        

 

Honda CBR 1000RR Fireblade Bullnose | Bike Hub

 

honda.png

 

The SMEG appliances yes off course it's SMEG.

[lechatnoir]

Late to the party, but it's important for me to know the cost of debt. Once I do, and am happy with what I get (the item) for what I pay (monthly), then financing is perfectly fine. Going in without understanding would be one of my less-smart decisions. Delayed gratification is better for me, but that's something I battle to implement much of the time.

[M L]

Did you finance your house? Your car?

Why did you buy a house or car within your budget?

Nee wag nou. Did you also finance your washing machine, fridge, bathroom upgrade, sofa, 65" TV?

[M L]

Okay so just to summarise.

Finance your bike. But I mean swing for the fences. Get a new Santa Cruz Tallboy 4 with the carbon and AXS bits - you really can't put a price on your health.

Then also finance your burst geyser, that fancy Bosch washing machine (arguably also a psychological benefit here). While you're at it, get the new BMW 3-series - that one with the lekker vet nostrils (I'm sure it makes the car go faster by sucking in more air).

But just remember the golden rule: the interest rate on your savings/investment should always be less than the rate at which you finance. Better yet - don't invest your money in any stock market - just leave it with ABSA and see how that 4% per year compounds like Norma Gigaba's testimony at the Zondo commission.

[Patchelicious]

The SMEG appliances yes off course it's SMEG.

When you speak of Honda its more like SMEGma!!

[Wayne pudding Mol]

I don't finance toys.

 

But I don't get this thread - we are not the OP's financial advisor, he didn't ask for our opinions on financing a bicycle, he asked if someone can advise on the financing options available. Keep in on topic..

but where else would we go to spout our pearls of wisdom?  No sane people would listen to us, only these loons on this thread

 

But yes I agree 100%

[Quagga]

Nee wag nou. Did you also finance your washing machine, fridge, bathroom upgrade, sofa, 65" TV?

I finance everything, incase I die tomorrow and play the cash out every month

[ChrisF]

Is it okay to finance this ?        

 

Honda CBR 1000RR Fireblade Bullnose | Bike Hub

 

honda.png

 

YES, please do ....

 

 

Few years back I was VERY fortunate .... bought a "2 year old" motorcycle, with barely 1 000km on it.

 

Daddy traded his bike in annually, AND bought mommy a new bike every 24 months ... fully on debt (I had to wait for my paperwork while their Wesbank HP was wrapped up) ....  Pretty sure HE did most of those 1 000km to keep the battery going .... 

 

Would make a scary sum to show the installments vs the very few breakfast runs she did on the bike.

 

 

Those that do this, i.e. TOYS on HP, puts nice bikes (and bicycles) onto the second hand market.    

 

 

 

PS - I do NOT know if the OP is buying a "toy" or something essential that will actually get used.  Either way, not passing comment or judgement on the OP.

[Shebeen]

Low blow.....

 

What if the OP has just bought his first house and first car. (A)

Or has only been workig for year or three and do not have savings yet. (B)

 

You know nothing about me, what I drive, ride etc yet you have taken a few low blows at me and others

not a low blow at all.

I don't think I made any assumptions about you, (unless you really do live in a shack and drive a BMW)  - I made comments on your advice and thinking though. If you feel like i have attacked you here, go for my argument /reasoning like i have yours.

 

But let's humour you. let's say in your example A above, the guy has just paid for a house and a car cash, but now wants to finance a bike. In the real world his ballpark finance rate would be prime minus 1% for the house, prime for the car, and prime +4%(maybe) for the bicycle.

 

The financially prudent thing would be to take debt at the lowest interest rate, which will always be the house. The reason for this is because it is a low risk appreciating asset. Comparing debt on a depreciating asset like a bicycle to a house is just not accurate, we shouldn't need to debate this but i guess we can.

 

example B above - someone on a junior salary with no savings should not be buying the latest R120k spaz sworks just because he can finance it. can his budget stretch to insure or service it?

If we can't agree on this, then we never will get anywhere on this topic.

 

 

 

Your maths does not add up here, you're living in fool's paradise if you think that's finance at 7%

 

 

Not for everyone.

There are people out there that has house and bike as necessity.

Even some that has a checker trolley as a necessity.

 

Depends on what angle you are looking at it

 

OP. Try to not finance the bike using the bike finance companies, rather look at credit card (then put the card away and dont use it, just pay it off like a loan) 

Or personal loan, or overdraft.

 

If you have any savings somewhere try not to use it. Try and get a loan for the same amount as your savings or close to it. 

Why would I say this? Your saving is earning (very little lets say 4%) you get a loan / overdraft you are paying lets say 12%.

 

Now where in this country can you get finance for 7% and at the end of your loan period you still have your capital :-)