gap insurance on used bike
Thread Starter
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Tourer
Joined: Feb 2017
Posts: 379
Likes: 102
From: Illinois
gap insurance on used bike
Hey All,
As some have been following my thread, I am in the process of purchasing a 2013 RKC with 1483 miles from a private seller!!
Sale price is $14,000. I will put down $5000 and finance the remaining $9000 through my credit union.
Is GAP insurance worth it? I have the basic understanding of what gap ins is and when it would be applied but with my numbers, does it make sense?
Based on the bike and it's current accessories, NADA's average retail value for the bike is $14,500. I know we take that number with a grain of salt but if we use that, and I plan to have you finance $9,000 of that price, does GAP insurance make sense since in the event the bike is a total loss, knock on wood, the amount I would need to pay back to you would be covered as insurance would not value the bike less than $9000?
Any help is most appreciated.
As some have been following my thread, I am in the process of purchasing a 2013 RKC with 1483 miles from a private seller!!
Sale price is $14,000. I will put down $5000 and finance the remaining $9000 through my credit union.
Is GAP insurance worth it? I have the basic understanding of what gap ins is and when it would be applied but with my numbers, does it make sense?
Based on the bike and it's current accessories, NADA's average retail value for the bike is $14,500. I know we take that number with a grain of salt but if we use that, and I plan to have you finance $9,000 of that price, does GAP insurance make sense since in the event the bike is a total loss, knock on wood, the amount I would need to pay back to you would be covered as insurance would not value the bike less than $9000?
Any help is most appreciated.
If the bike is worth more blue book than your loan, then GAP won't help you in the event of a total loss. If you finance it for a length of time that will eventually put the bike at less value than the loan, then you may wish to consider it.
Thread Starter
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Tourer
Joined: Feb 2017
Posts: 379
Likes: 102
From: Illinois
I am hoping to have the bike paid off in 3.5-4 years. I think based on my down payment and that value that HDs retain, I think gap insurance is not needed for my bike.
And did I over pay? Don't we all over pay? It's a 2013 with 1,483 miles on it for $14,000. I will be purchasing a 3 yr ESP for $1,639.00 and a luggage rack for $180 for a total of $15,819, but only financing $9,000
Can I buy a new RK for $18,999 stock and then add another $1,000 for mounting brackets, passenger backrest, luggage rack and slip ons, sure but it doesn't have the look I want. I want the classic look so if I wanted to convert it to look like a classic, leather bags are $900 and wheels are maybe $1,200 at the low end. Plus I heard HD isn't offering spoke wheels on the 2017. So now we are looking at $22,069. And this bike only has 2 year esp. An additional 1 year is $1000 so we are at $23,069 and throw in tax titles and dealer fees at another $1200, the numbers are endless.
Sure the numbers are not this simple but the new 2017 RK comes out to double the monthly payment I will have now and I'd have to go to full term 60 months to pay it off. With the 2013, I can have it paid off in 4 years or less. Plus the interest paid on the loan for the 2017 is $1,200 for 60 months. The 2013 is $640 for 60 months which I don't plan to go that long.
Did I overpay, maybe but I can sleep at night.
And did I over pay? Don't we all over pay? It's a 2013 with 1,483 miles on it for $14,000. I will be purchasing a 3 yr ESP for $1,639.00 and a luggage rack for $180 for a total of $15,819, but only financing $9,000
Can I buy a new RK for $18,999 stock and then add another $1,000 for mounting brackets, passenger backrest, luggage rack and slip ons, sure but it doesn't have the look I want. I want the classic look so if I wanted to convert it to look like a classic, leather bags are $900 and wheels are maybe $1,200 at the low end. Plus I heard HD isn't offering spoke wheels on the 2017. So now we are looking at $22,069. And this bike only has 2 year esp. An additional 1 year is $1000 so we are at $23,069 and throw in tax titles and dealer fees at another $1200, the numbers are endless.
Sure the numbers are not this simple but the new 2017 RK comes out to double the monthly payment I will have now and I'd have to go to full term 60 months to pay it off. With the 2013, I can have it paid off in 4 years or less. Plus the interest paid on the loan for the 2017 is $1,200 for 60 months. The 2013 is $640 for 60 months which I don't plan to go that long.
Did I overpay, maybe but I can sleep at night.
Last edited by ajnigli; Mar 13, 2017 at 04:21 PM.
Tourer
Joined: May 2013
Posts: 362
Likes: 13
From: Okinawa, Japan
smart decision......the GAP insurance is only a one time fee...probably only $100 bucks or so?
my 2012 only has 2500 miles on it....I get offers all day long to give me $15k....add in all the extras we dump on a bike, plus the love that has gone into it for polishing and upkeep......it's worth every bit of $15K
my 2012 only has 2500 miles on it....I get offers all day long to give me $15k....add in all the extras we dump on a bike, plus the love that has gone into it for polishing and upkeep......it's worth every bit of $15K
Tourer
Joined: Sep 2016
Posts: 373
Likes: 83
From: FL East Coast /Western NC
smart decision......the GAP insurance is only a one time fee...probably only $100 bucks or so?
my 2012 only has 2500 miles on it....I get offers all day long to give me $15k....add in all the extras we dump on a bike, plus the love that has gone into it for polishing and upkeep......it's worth every bit of $15K
my 2012 only has 2500 miles on it....I get offers all day long to give me $15k....add in all the extras we dump on a bike, plus the love that has gone into it for polishing and upkeep......it's worth every bit of $15K
Ultimate HDF Member
Joined: Jun 2009
Posts: 6,899
Likes: 3,412
From: OH
Hey All,
As some have been following my thread, I am in the process of purchasing a 2013 RKC with 1483 miles from a private seller!!
Sale price is $14,000. I will put down $5000 and finance the remaining $9000 through my credit union.
Is GAP insurance worth it? I have the basic understanding of what gap ins is and when it would be applied but with my numbers, does it make sense?
Based on the bike and it's current accessories, NADA's average retail value for the bike is $14,500. I know we take that number with a grain of salt but if we use that, and I plan to have you finance $9,000 of that price, does GAP insurance make sense since in the event the bike is a total loss, knock on wood, the amount I would need to pay back to you would be covered as insurance would not value the bike less than $9000?
Any help is most appreciated.
As some have been following my thread, I am in the process of purchasing a 2013 RKC with 1483 miles from a private seller!!
Sale price is $14,000. I will put down $5000 and finance the remaining $9000 through my credit union.
Is GAP insurance worth it? I have the basic understanding of what gap ins is and when it would be applied but with my numbers, does it make sense?
Based on the bike and it's current accessories, NADA's average retail value for the bike is $14,500. I know we take that number with a grain of salt but if we use that, and I plan to have you finance $9,000 of that price, does GAP insurance make sense since in the event the bike is a total loss, knock on wood, the amount I would need to pay back to you would be covered as insurance would not value the bike less than $9000?
Any help is most appreciated.
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Seasoned HDF Member
Joined: Sep 2009
Posts: 17,143
Likes: 6,165
From: SE Michigan
I am hoping to have the bike paid off in 3.5-4 years. I think based on my down payment and that value that HDs retain, I think gap insurance is not needed for my bike.
And did I over pay? Don't we all over pay? It's a 2013 with 1,483 miles on it for $14,000. I will be purchasing a 3 yr ESP for $1,639.00 and a luggage rack for $180 for a total of $15,819, but only financing $9,000
Can I buy a new RK for $18,999 stock and then add another $1,000 for mounting brackets, passenger backrest, luggage rack and slip ons, sure but it doesn't have the look I want. I want the classic look so if I wanted to convert it to look like a classic, leather bags are $900 and wheels are maybe $1,200 at the low end. Plus I heard HD isn't offering spoke wheels on the 2017. So now we are looking at $22,069. And this bike only has 2 year esp. An additional 1 year is $1000 so we are at $23,069 and throw in tax titles and dealer fees at another $1200, the numbers are endless.
Sure the numbers are not this simple but the new 2017 RK comes out to double the monthly payment I will have now and I'd have to go to full term 60 months to pay it off. With the 2013, I can have it paid off in 4 years or less. Plus the interest paid on the loan for the 2017 is $1,200 for 60 months. The 2013 is $640 for 60 months which I don't plan to go that long.
Did I overpay, maybe but I can sleep at night.
And did I over pay? Don't we all over pay? It's a 2013 with 1,483 miles on it for $14,000. I will be purchasing a 3 yr ESP for $1,639.00 and a luggage rack for $180 for a total of $15,819, but only financing $9,000
Can I buy a new RK for $18,999 stock and then add another $1,000 for mounting brackets, passenger backrest, luggage rack and slip ons, sure but it doesn't have the look I want. I want the classic look so if I wanted to convert it to look like a classic, leather bags are $900 and wheels are maybe $1,200 at the low end. Plus I heard HD isn't offering spoke wheels on the 2017. So now we are looking at $22,069. And this bike only has 2 year esp. An additional 1 year is $1000 so we are at $23,069 and throw in tax titles and dealer fees at another $1200, the numbers are endless.
Sure the numbers are not this simple but the new 2017 RK comes out to double the monthly payment I will have now and I'd have to go to full term 60 months to pay it off. With the 2013, I can have it paid off in 4 years or less. Plus the interest paid on the loan for the 2017 is $1,200 for 60 months. The 2013 is $640 for 60 months which I don't plan to go that long.
Did I overpay, maybe but I can sleep at night.
Last edited by Keithhu; Mar 13, 2017 at 08:09 PM.
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Thread Starter
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Tourer
Joined: Feb 2017
Posts: 379
Likes: 102
From: Illinois
Hi Kiethhu, if I were looking for a straight Road king, I would agree with your logic I really would but I like the classic look. One thing you numbers did not take into account are the accessories that are already installed on the 2013 vs the stock 2017.
To each their own.
To each their own.
Seasoned HDF Member
Joined: Sep 2009
Posts: 17,143
Likes: 6,165
From: SE Michigan
Hi Kiethhu, if I were looking for a straight Road king, I would agree with your logic I really would but I like the classic look. One thing you numbers did not take into account are the accessories that are already installed on the 2013 vs the stock 2017.
To each their own.
To each their own.
