Should I Buy a Motorcycle?

Questions on how we spend our money and our time - consumer goods and services, home and vehicle, leisure and recreational activities
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aspirit
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Location: SMA.SFL

Re: Should I Buy a Motorcycle?

Post by aspirit » Fri Jul 12, 2019 6:25 pm

Heres a true story.
In the NewEngland area you could get a MC Lic. @ 15 in the 70s.
I know a kid that rode his MC to H.S. in the snow. A couple H.S kids actually.
Dirt bikes, ..why not right?

Going to cape cod there's always sand on the sides of the roads, in one of his first accidents street tires transferring to sand creates unexpected issues, an accident ensued. He went over the guard rail and down 4 stories, was in a coma 3months, & given last rites and less than 50/50 odds of survival.
He had numerous accidents 15-20yrs old.
He had Honda's & Kawasaki's, a KZ1k was the largest street bike, & always paid cash.
These days he's no longer able to ride MCs, and prefers HP modified vehicles.

If you're in a densely populated environment, I'd strongly advise against riding your MC in it.
Otherwise, a quality full face helmet is the least protection I'd suggest.

BUT, you're operating in a genuine atmosphere of debt, thats totally unacceptable imho.

Thats not a personal attack, & this is a true account, ..iirc
I'd suggest you use the search box in the upper R corner and read Taylor Larimore's locked "Auto's financing" W/Edmunds links.
Last edited by aspirit on Fri Jul 12, 2019 6:59 pm, edited 1 time in total.
Time & tides wait for no one. A man has to know his limitations. | "Give me control of a nation's money and I care not who makes it's laws" | — Mayer Amschel Bauer Rothschild ~

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TexasPE
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Location: Southeast Texas

Re: Should I Buy a Motorcycle?

Post by TexasPE » Fri Jul 12, 2019 6:36 pm

Former rider (1970-1990).

My experience was buying a 2-3 year old, low mileage, adult-owned Japanese bike at the end of the riding season, when prices were lower, riding 2 years or so, then selling at the start of riding season, when everyone wants one and price/ demand is up.

Repeat.

I was able to recoup almost all my purchase price (retail price of the bikes increased every year). It's been a while :happy YMMV
At 20: I cared what everyone thought about me | At 40: I didn't give a damn what anyone thought of me | Now that I'm 60: I realize that no one was really thinking about me at all | Winston Churchill

Trader Joe
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Re: Should I Buy a Motorcycle?

Post by Trader Joe » Fri Jul 12, 2019 6:55 pm

KennyG wrote:
Fri Jul 12, 2019 6:21 am
Hello,

So I have been saving like mad since I snagged my current job and I'm on track to gross around 70k this year. My biggest goal right now is to save for a down payment on a construction loan to build a modest 1600 sqft home on an acre+ of land here in the PNW. I recently contacted a local bank and found out that no one will look at my overtime as part of my take home unless I've been with the job for 2 years. Now my 2 year mark wont hit till March of next year and my OT pay is a huge part of my pay (local fuel truck driver = tons of OT). So i'm forced to wait even tho that means I will have a bigger down payment by then so I see this as a blessing.

The motorcycle i'm looking at is the Kawasaki z900, msrp is around $8500. Will financing this really hurt my home buying process next year? I could get it for 150-180 a month with a 2-3k down payment. I do want this for fun but I will also be using this to commute to work. The only other loan to my name is my car note ($10K)
Yes you should buy the motorcycle. The Kawasaki z900 is great fun. Best of luck.

skime
Posts: 108
Joined: Fri Nov 10, 2017 6:24 pm

Re: Should I Buy a Motorcycle?

Post by skime » Fri Jul 12, 2019 7:15 pm

KennyG wrote:
Fri Jul 12, 2019 6:21 am
Hello,

So I have been saving like mad since I snagged my current job and I'm on track to gross around 70k this year. My biggest goal right now is to save for a down payment on a construction loan to build a modest 1600 sqft home on an acre+ of land here in the PNW. I recently contacted a local bank and found out that no one will look at my overtime as part of my take home unless I've been with the job for 2 years. Now my 2 year mark wont hit till March of next year and my OT pay is a huge part of my pay (local fuel truck driver = tons of OT). So i'm forced to wait even tho that means I will have a bigger down payment by then so I see this as a blessing.

The motorcycle i'm looking at is the Kawasaki z900, msrp is around $8500. Will financing this really hurt my home buying process next year? I could get it for 150-180 a month with a 2-3k down payment. I do want this for fun but I will also be using this to commute to work. The only other loan to my name is my car note ($10K)
If you have to finance any part of an $8500 purchase, you can't afford it. Save and invest as much money as you can for as long as you can.

I used to ride a lot. That is until texting became the cool thing to do at 70 mph. Way too many idiots out there now for me to ever ride again. I had a lot of close calls with people checking out what Kim Kardashian was up to. All it takes is one bump from a 3000 pound car and you're dead or paralyzed.

Gleops2
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Joined: Wed Feb 20, 2013 12:43 pm

Re: Should I Buy a Motorcycle?

Post by Gleops2 » Sat Jul 13, 2019 10:13 am

I say GO for it!!!!

But first...Please have in place:

1) A will

2) A large term life insurance policy, leaving your Mom and Dad ( if you are not married or have kids).

3) Measure your childhood bedroom for a hospital type bed and all life support machinery....after all, getting killed on a motorcycle is NOT the worst that can happen to you!!!

4) THINK about this: EVERYONE Is so busy phone diddling today OR looking at the snazzy Nav screen in their car, windows rolled up, radio blasting....

5) For a LOT of drivers on those nice back country roads.... the double yellow line is a suggestion, and who needs a speed limit on a back road?

6) Half the population seems to be on opiates or meth or drugs....and are driving somewhere to score.

7) OLD people ( of which I'm one!!!!) are driving into thier 80s and 90s...."Officer I didn't see that guy on the bike!!!" as they turn left in front of you and then get a misdemeanor "failure to yield" summons while YOU are lying dead or ....See item #3 above.

I am a 63 years old WOMAN with 30 years experience and I am OUT. Too many distracted drivers and dummies on the road today. I am NOT kidding. I've ridden 100,000 miles in 30 years- NEVER trailered a bike anywhere, and rode in ALL kinds of weather, but the drivers today are a whole different story. My riding was East of the MIssissippi ...think I95, Tail of the Dragon, Chicago downtown in multi lanes of traffic....and other rides....Natchez Trace, Myrtle Beach, New Orleans, Milwaukee....so I've been exposed to all kinds of drivers. But 30 years ago everyone didn't have a phone welded to thier palm.

PHONE DIDDLING. The new motorcycle rider killer.


#8) GOOGLE "Randolph New Hampshire Motorcycle Accident" and READ IT. Old guys on a nice evening ride wiped out by a young guy hauling an empty equipment trailer. Yikes.

Sure...go ahead and buy a bike. But I think you should keep on track to build your home, and work on that. You don't need another loan and insurance and hobby outfit and all the other expenses involved. You're a truck driver...you KNOW what's out there, don't you?

Rudedog
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Re: Should I Buy a Motorcycle?

Post by Rudedog » Sun Jul 14, 2019 6:50 am

I have a Harley, riding it really is dangerous. I always wear a helmet and I don't ride at night and I try to stay off the highways. The only time you can relax a little is on a country road with no other traffic. Don't buy a new bike, plenty of good used ones out there. Don't even think about taking out a loan to buy one, pay cash or don't get it. Its just a toy, a hobby. Be careful out there.

motorcyclesarecool
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Re: Should I Buy a Motorcycle?

Post by motorcyclesarecool » Sun Jul 14, 2019 7:23 am

When I rode, I only paid cash for my bikes. I did not carry collision coverage, but I did opt for million dollar medical payments coverage. Now that I have dependents, the cost-benefit analysis has shifted. Once my kids are through college I’ll reconsider. Probably with $5 mill medical payments and robust disability coverages. In the meantime I will keep paying a little extra at each renewal to maintain my motorcycle endorsement.

Find yourself a bike you can pay cash for. Preferably one with ABS. One of my crashes was from locking my front brake. ABS would have saved me a trip to the hospital, and I’d have been able to complete my epic interstate motorcycle journey instead of limping home with my arm in a sling and my bike in the back of a U-Haul.
Understand that choosing an HDHP is very much a "red pill" approach. Most would rather pay higher premiums for a $20 copay per visit. They will think you weird for choosing an HSA.

Nissanzx1
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Re: Should I Buy a Motorcycle?

Post by Nissanzx1 » Sun Jul 14, 2019 7:45 am

Yes financing it will hurt you. You already have one reasonably large auto loan outstanding. Lender will not like seeing two auto notes on the application, it will throw the debt/income ratio further off. If your number one goal is really getting the home built, spend the rest of this year paying down the existing car note and saving as much as you can for your downpayment. As a homeowner, you’ll find that a healthy emergency fund is also a prudent idea.

Trying to do 2-3-4 goals at once makes each of the things take way longer. Keep your focus on your number once goal. A motorcycle can be the number one goal in the next year. You will live without one just as you have in life to this point.

WhyNotUs
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Re: Should I Buy a Motorcycle?

Post by WhyNotUs » Sun Jul 14, 2019 8:18 am

Let's pretend it is a Rolex watch or second car to take out the MC noise.
When you look for a construction loan, the bank will look at your income and current monthly expenses. They will want to see your mortgage at <30% of total income and all debt at some level of total income (varies). To the extent that your two vehicle loans push you over that limit, then it matters. If not, then it will not matter.

FWIW, I would go with the suggestion to buy a used bike for cash. There are lots of depreciated bikes around that were hardly ridden.
I own the next hot stock- VTSAX

zlandar
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Joined: Wed Apr 10, 2019 8:51 am

Re: Should I Buy a Motorcycle?

Post by zlandar » Sun Jul 14, 2019 9:14 am

I would not ride a motorcycle in the US. I've ridden scooters outside of the US and it's safer IMO as non-US drivers are used to scooters/motorcycles on the road.

In the US there are way too many distracted drivers who might not even look up after they plow into you. A helmet isn't going to do much against a 2-3 ton vehicle.

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