Tips for knocking down price? Buying a new bike. | Page 2 | GTAMotorcycle.com

Tips for knocking down price? Buying a new bike.

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Dresden said:
OP, instead of buying the bike new, why don't you look for a low mileage used on like this 09 for 4900?
I'm sure you can get away with it for a lot less, and get creative with the taxes...

http://toronto.kijiji.ca/c-cars-veh...-6N-Motorcycle-Street-Bike-W0QQAdIdZ572717560
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This is a great alternative. It's already done a lot of it's depreciating, so its worth less now and will be worth a higher % of what you paid for it when you sell it. Again, if you want help checking its condition there are dozens of people on this message board who are happy to help.
 
A couple of ideas from someone that has bought bikes the smart way and the stupid way.

- DO not buy new, there is no point to it, you can find a good 2011 or 2010 for a decent price - Technology hasn't changed that much to grant "Having to have" the latest model
- Try as much as possible to get a loan with your bank and do not finance through your dealership - You can get a much better deal cash in hand and through a private sell
- Always bring a friend that will help you talk through the purchase, if you go see a bike alone you are most likely to make an impulse buy

Unless your parents or you are rich, your interior voice is probably telling you this is not a smart decision, listen to it. You could potentially be compromising your life for a few years to come, if you are late in any payments you are screwing your ability to buy a house with your future wife... just think about it.

Also, if you are insuring with state farm, they just got bought and god only knows what the new company is going to do with the rates, I know if I didn't have state farm I probably couldn't rationalize having a bike and I can afford it.
 
It's not a great looking bike for 10g, at 22 I'd buy a used bike too, and much rather put whatever I saved away for other things. You are 22 and not thinking about how much $$$ that is, that's the problem, cos your responsibilities like mortgage and other stuff hasn't started. I was young and stupid too once but never bought a new car, and I'm glad I didn't, instead I was able to put about 35 percent down on my condo. This is not your first bike, hopefully won't be the last one, so buy used and a few yrs from now when you know better you can buy a new bike. By the time u don't paying you would want a different bike and lose money on this. Buy the used one for 5g even after 3 yrs if you get about 2-3 for it I think you'll still be ok
 
Does the 160 monthly payment includes tax?
 
Try taking some gtam members with you. I recently had a member show up to buy 2 brand new visors for $30 then wanted to only pay me $25. #noshame
 
Wow did not expect this to blow up..

I most indefinitely did jump the gun on this and regret I did not ask for help first.

I was not thinking about more important priorities to invest in and this thread really threw the hammer in my face

I unfortunately put down $500 already on a contract and the dealer is refusing to give it back for obvious reasons.

Is there a way to get the $500 to spin my way so I don't lose it?

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There's some awesome advice on this thread. Good luck with getting your money back though OP. :(

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I'd personally let the $500 go, and follow all the good advise above.

Ask for in store credit, but even if nothing comes back, you will still be saving a ton of $$ compared to the first plan.
 
I once put a deposit down on a used car at a dealer. Before picking the car up I tracked down the previous owner and he told me not to buy the car.

I was able to cancel the transaction because, for cars anyways, you have 30 days post delivery to return it if you wish (at a dealer).

Nothing like that for bikes?

Id call your credit card and get them involved. They can be helpful.
 
JCHC91 said:
Wow did not expect this to blow up..

I most indefinitely did jump the gun on this and regret I did not ask for help first.

I was not thinking about more important priorities to invest in and this thread really threw the hammer in my face

I unfortunately put down $500 already on a contract and the dealer is refusing to give it back for obvious reasons.

Is there a way to get the $500 to spin my way so I don't lose it?

Sent from my SGH-T989D using Tapatalk
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OP for what it's worth, if you really like the bike, go for it. Nothing like having something brand new and you being the very first owner.

Don't let the rest of the responses (including my previous one) take away the joy of purchasing a new vehicle. Every used bike once had a new owner. :) It's a special moment!
 
Don't panic: Getting a new bike is amazing and depending on your situation it might work out fine.

I figure the bike will cost you about $1000 per month to own it for 6 months and sell it.. but what an incredible 6 months. You buy the bike, ride it all season then sell it in the fall. Gas is extra....


rerun this estimate with your real figures:

Costs:
Insurance (April-Sept) $1,734
Deposit $500
Payments (April-Sept) $990

sub total $3,224


Loan: $10,000
Sell the bike in Sept (5,500) is this about right? Remember you don't get the tax back
payments: (1,490)

sub total $3,010


Total cost to ride $6,234 ($1,039/month)

Just make sure what ever financing you do there is an option to pay off early without penality.

If $1000/month is scaring you and you really can't afford the bike walk away or do what others have suggested and try and spend the $500 at the dealership on other stuff.
 
Morrissey said:
Personally I think it's crazy to finance and pay interest on a TOY. At 22 years old, if you aren't already getting into buying a home, starting a family etc, chances are you will be in a couple of years. Those things are harder to do if you've already got $400ish/month going out the door on a bike and insurance.

Lots of great used bikes out there, and if you're buying a non-super sport bike from a mature rider, most will be mechanically sound. Er6n is a great bike, but has not been a strong seller. You might be able to find a one or two year old one still on the dealership floor and get a discount. Also, again because it's not the best selling bike, resale prices might be a little soft which is good for you. I bought my '01 bandit 600 in 2010 from a dealership. It had 20,000+ km on it and was in excellent condition. Was it my ultimate dream bike? No. But I do love the bike and it feels great to go for a ride and know I own the bike out right.
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I'm with you on this. Know a kid that just spent 27000$ on a new bike and had his parents cosign. under $1000 deposit. Stupidest thing I've ever seen.
 
Hope the dealership will refund or credit you back.

I purchased my 250 ninja last year from a dealer and I was in the same boat as you. Just buy new and around 600cc, this way no problems and I get a warranty. Let someone else take a bigger hit on a new bike than you. I got a good deal on the bike and looking to sell it now. I'll again buy another used bike and don't see myself buying a new bike for a few years. As others have said look for a close to current and buy used in cash.

One thing I did when I was buying my first car was talked to the bank and the dealership for their rates. Then if your parents can help you out, why not sit them down and ask them for a cash loan and work out a payment plan with them. Saved myself a few bucks since my parents were able to help. Always keep your options open.

Either way, Hope you get a bike this year and see you out there!

Speaking of taking another GTAM member with you to buy a bike... Someone bring someone over and buy mine :p
 
If you like it, go for it.

I personally would never buy the latest model since bikes depreciate quite a bit, especially for the bike you're looking at.

I'm 22 too and everyone saying "oh if you have 400/month to blow on a toy..." blah blah blah. I pay good money for things I enjoy, I used to be a car enthusiast and paid good money to insure and buy my previous car. Then I got into bikes, I pay a huge premium to have a supersport at my age. People always ask if I have deep pockets, and I don't. I make a decent living, I choose to use my money towards something I am passionate about and makes me happy. I rather pay 4200/year to insure my bike than run without insurance which is what I would take a gander at saying a good 40 percent of the riding community does? Don't make judgments about what people pay to enjoy the things they have, not everyone is 40+ paying 500 bucks a year to insure a 600. I rather be young and pay more than be advanced in age and paying peanuts.

So 400/month isn't that much to enjoy a 600 if that is your total cost finance+insurance at your age. However, the bike will lose a lot of value by the time you've put any km's on it and the amount in interest you're paying would not make it worthwhile to own a brand new bike unless you absolutely love it.

I would buy an older model for cheaper or finance a used bike that's more market value than anything, only thing is you pay full tax on their price tag. Finance rates are higher on used bikes.

And for insurance, Statefarm was bought out by Desjardins, but my insurance dropped 21% for my renewal two days ago. (It never changes in price until the age of 25, if anything it would drop maybe 50 bucks a year with no convictions).

Good luck :eek:!
 
OP - the dealer may be pushing back right now but unless they've done something to incur costs on preparing that bike for you (like special ordering it), keeping your deposit is offside.

If the bike was on the showroom floor. You saw it. "Bought it" with a $500 deposit for pick up at a later date. And that is where you are now, then there is no reason other than abuse for them to keep your money.

In the future, always have a catchall out clause on these contracts. Something like "requires spousal approval". That way you can have your wife or whomever walk in and say contract is null because I do not approve.

Was your financing arranged before the deposit was provided? If not, what conditions of financing are in place? Did you get financing by yourself or did someone cosign?

Did they order the bike for you? Has the dealer incurred any costs that they would be out if you walked with your deposit?
 
DDean said:
OP - the dealer may be pushing back right now but unless they've done something to incur costs on preparing that bike for you (like special ordering it), keeping your deposit is offside.

If the bike was on the showroom floor. You saw it. "Bought it" with a $500 deposit for pick up at a later date. And that is where you are now, then there is no reason other than abuse for them to keep your money.

In the future, always have a catchall out clause on these contracts. Something like "requires spousal approval". That way you can have your wife or whomever walk in and say contract is null because I do not approve.

Was your financing arranged before the deposit was provided? If not, what conditions of financing are in place?

Did they order the bike for you? Has the dealer incurred any costs that they would be out if you walked with your deposit?
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The bike requires a special order and would not be there for 6-8 weeks.

Financing would be the 4.8% for 60 months.

Now that I think about it I believe it is because of that.

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