How much do you owe on your motorcycle/s?

Credit, loan, mortgage…..

Borrowing money for a house, education transport and more is commonplace, though thus far I have managed to avoid doing so. I don't own much, but not having any debt represents freedom to me. Others have a different attitude, and see credit as giving them the freedom to get the things they want.

I paid cash for every bike I have owned; just seven in about 40 years, none costing more than about $US 1,200. My current ride, a 1997 Honda, cost me $500 back in 2003.

Did you pay cash, pay your bike off, or are still paying for it?

How much do you owe on your bike?

The 15 year credit on a harley thread inspired the is one.

If I don't have the cash I don't buy it. It simplifies life. Maybe I don't have as many toys as some but I don't lay awake nights wondering how I'm going to make next month's payment.

Have always paid cash for motorcycles.
House is paid off, no car payment, and pay off everything...every month....except the boat. :eek1

Living payment free is liberating if you can pull it off.

My bike and my car aren't the newest shiniest models, but they do the job and I own them free and clear which makes me smile.

When I bought my last toy, I financed ~9600$ and I am still paying ~400$/month.

Never laid awake at night because of it, never had problems paying the installments, but I had a very much fun and felt free and joyful while riding.

I won't finance anything and paid cash for all three [used] bikes. I would love to finance a new one, but then I would have to cheap out on tires. When I lay awake at night, I'm thinking about riding them

I buy what I can afford - and that includes financing things. Life's too short to wait the 4 years it might take to save the money up so I'm happy to borrow the money,

I paid cash for my bike, but I'm not sure I really have another option at the moment. I haven't gotten around to getting myself a credit card because I have an instinctive reaction against buying things with money I don't have, so, no credit. I should probably get on that.

I've paid cash for all of the bikes I've owned. The most expensive one I ever bought was $1,500. Usually they're under a grand. I've paid cash for just about every car I've owned, too.

Not owing anything on my vehicles is a nice feeling, but I'm not morally opposed to financing purchases, either, if the terms are good enough.

Yes, financing costs more in the long run, but there is also value in having what you need/want now instead of waiting to save up for it so you can pay cash.

Say you want to buy a bike but can't afford to pay cash unless you save for (for example) 4 years first, but you could finance it with an affordable monthly payment. How much is 4 years of riding a motorcycle worth to you?

amen - i like this guy already!

In my household credit has it's place. Just not with expendable/depreciating assets. I don't have enough money to be able to afford to buy a motorcycle AND pay a credit company for the privilege of borrowing money to do it. :)

14 motorcycles as I recall to date - all cash transactions.

Back when I was young, I was deep in debt. Viewed that if I could buy something on credit that I was good to go. At some point (around age 40, I am almost 63 now) I decided that I was tired of paying someone else interest on stuff. Now, my house is mine (no loan), I owe on one car that we just bought new (expect we will pay it off in less than 3 years at 2% interest) and have always payed cash for my motorcycles. That is it, no debt. Have to pay taxes still though. It gives my wife and I lots of flexibility. I now feel that the only things that a person should borrow money for is education, a home, and maybe a car (or truck) and pay those things off as fast as you can. It makes a difference folks.

Doug from Kentucky

I owe about 10 grand on the SDR.


....Its basically the only debt I have so meh. I'll likely pay it off around tax time.

And what would this difference be? I mean besides abstinence from nice things.

If I can use someone elses money for 3% or less I'm happy to finance.
Why?? No reason, that's just my comfort level. I worked in the finance business for 20 years I watched and helped A LOT of folks get out of debt only to get themselves in trouble again. Being debt free is fantastic if you can do it. If you can't just manage it responsibly.

I pay cash for toys, just a personal preference. The only debt I have ever taken on is for school.

It was either get a car or a bike as my car was going in the shitter. I chose bike. Almost have it paid off (By the end of this year if nothing horrible happens).

If I didn't do that I would still have a car, but no bike and I don't like that thought at all.

The idea that using credit will get you nice things is a myth. Credit will get you nice things right now, but in the long run the person who pays cash will be able to afford more nice things because he is paying less for them.

The only exception to this is if you use that cash that to make some successful investment instead.

option a:) a 10k bike...I could save 2k a year (actually, right now I couldn't even do that but let's say) but at the expense of beer. It'll take me 5 years to save for it but then I pay cash and save what 1k in interest payments..

or

option b:) I take a loan for that 10k, repay it in 3 years, have my beer, have the bike 5 years quicker than I otherwise would have and beer. For this privilege I pay 1k but I don't have 5 miserable years and I get to ride today, not in 5 years time.



It'd be nice if I could pay cash and get the bike now, but I can't...so I have a choice..a) or b). Speaking for myself, unless there's something more important to be purchased, I'm gonna take that loan and live for today, not for a future I may not have.


Again, speaking for myself, I'm not on this planet to save money, I'm here to spend it.