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View Results: How much do you owe on your bike / bikes?
Zilch, I paid cash. 433 70.98%
Zilch, I've finished paying off what i owed. 72 11.80%
Less than $750 3 0.49%
$750 to $1,500 4 0.66%
$1500 to $3000 12 1.97%
$3,000 to $6,000 38 6.23%
$6,000 to $12,000 29 4.75%
$12,000 to $24,000 18 2.95%
More than $24,000 1 0.16%
Voters: 610. You may not vote on this poll

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Old 08-13-2014, 07:52 AM   #1
Aj Mick OP
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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.
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Old 08-13-2014, 08:42 AM   #2
HondaVT500FT
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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.
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Old 08-13-2014, 08:44 AM   #3
OhBoy
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Have always paid cash for motorcycles.
House is paid off, no car payment, and pay off everything...every month....except the boat.
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Old 08-13-2014, 08:50 AM   #4
Garp
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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.
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Old 08-13-2014, 09:03 AM   #5
Wraith Rider
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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.
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Old 08-13-2014, 09:13 AM   #6
Adict42
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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 :p
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Old 08-13-2014, 09:25 AM   #7
catweasel67
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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,
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Old 08-13-2014, 09:26 AM   #8
Prettyboy
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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.
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Old 08-13-2014, 09:39 AM   #9
SloMo228
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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?
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Old 08-13-2014, 09:44 AM   #10
eatpasta
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Quote:
Originally Posted by HondaVT500FT View Post
If I don't have the cash I don't buy it. It simplifies life.
amen - i like this guy already!
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Old 08-13-2014, 09:45 AM   #11
windblown101
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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.
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Old 08-13-2014, 09:45 AM   #12
DougFromKentucky
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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
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Old 08-13-2014, 09:51 AM   #13
Tripped1
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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.
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Old 08-13-2014, 10:01 AM   #14
Wraith Rider
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Quote:
Originally Posted by DougFromKentucky View Post
It makes a difference folks.
And what would this difference be? I mean besides abstinence from nice things.
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Old 08-13-2014, 10:20 AM   #15
VanXR
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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.
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