How many finance their bikes?
Stellar HDF Member
Joined: Nov 2005
Posts: 3,183
Likes: 837
From: KMHT KFMY
RE: How many finance their bikes?
no I do not insure my bikes. I am my own insurance company. I have never needed to make a claim on a bike policy either.
2000 a year stays in my pocket. If the bike is stolen or totaled I can take a capital loss on my taxes.
7 year loans? Are you guys nuts? If you can't pay for it in 4 years, you can't afford it!
Banks love long term loans... more interest for them to make.
ever hear of the rule of 72's?
2000 a year stays in my pocket. If the bike is stolen or totaled I can take a capital loss on my taxes.
7 year loans? Are you guys nuts? If you can't pay for it in 4 years, you can't afford it!
Banks love long term loans... more interest for them to make.
ever hear of the rule of 72's?
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Cruiser
Joined: Feb 2005
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RE: How many finance their bikes?
ORIGINAL: Kahuna
Skater,
I think everyone with an HD will agree with me, when we say there is a difference owning a Harley! Yes, the price is definitely higher than a typical Japanese bike. But, how often do you meet (and make) lots of great friends riding a crotch rocket or a non-Harley touring bike? Also, how many thumbs ups, and compliments from people have you received when you're riding on the street or a freeway? I can honestly say that the Harley riders get more of those on a daily basis. In addition, we get to meet other great people whose passion is also to ride a Harley and make new friends.
It's not just the bike, but the comradery and the passion are what Harley riders are all about!
Skater,
I think everyone with an HD will agree with me, when we say there is a difference owning a Harley! Yes, the price is definitely higher than a typical Japanese bike. But, how often do you meet (and make) lots of great friends riding a crotch rocket or a non-Harley touring bike? Also, how many thumbs ups, and compliments from people have you received when you're riding on the street or a freeway? I can honestly say that the Harley riders get more of those on a daily basis. In addition, we get to meet other great people whose passion is also to ride a Harley and make new friends.
It's not just the bike, but the comradery and the passion are what Harley riders are all about!
I was at the gas station the other day while some young hot thing was admiring my crotch rocket (insert joke here) and asking me all about it......I'm pretty sure she was drunk or high though. Then I saw a guy with highly customized VTX 1800 that looked and sounded sweet....so went and checked it out and BS'd with him. Then 2 older guys with Harleys pulled in.....the bikes were nothing special to look at......Harleys are a dime a dozen where I live anyway. But we got to talking and this older guy had 109K miles on his 2000 EG. His explanation was simply "I ride it."
And his bike was dirty too........
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Cruiser
Joined: Feb 2005
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RE: How many finance their bikes?
ORIGINAL: Neggy ZRXOA 5248
ever hear of the rule of 72's?
ever hear of the rule of 72's?
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Cruiser
Joined: Feb 2005
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From:
RE: How many finance their bikes?
ORIGINAL: Neggy ZRXOA 5248
no I do not insure my bikes. I am my own insurance company. I have never needed to make a claim on a bike policy either.
2000 a year stays in my pocket. If the bike is stolen or totaled I can take a capital loss on my taxes.
7 year loans? Are you guys nuts? If you can't pay for it in 4 years, you can't afford it!
Banks love long term loans... more interest for them to make.
ever hear of the rule of 72's?
no I do not insure my bikes. I am my own insurance company. I have never needed to make a claim on a bike policy either.
2000 a year stays in my pocket. If the bike is stolen or totaled I can take a capital loss on my taxes.
7 year loans? Are you guys nuts? If you can't pay for it in 4 years, you can't afford it!
Banks love long term loans... more interest for them to make.
ever hear of the rule of 72's?
Here in CA, if you're pulled over, they ask to show proof of insurance. If you can't or are riding around uninsured, the fines start at around $1300 and if you keep getting caught they can go up to $5K. Not to mention if you happen to cause an accident.......you'll get fined......and god forbid another party is involved and is injured with substantial medical bills.......you can be sued directly. Hell I paid around $400/yr for full coverage on my '04 Wing with State Farm. My crotch rocket is about the same. Your nuts to ride around with no insurance.
Stellar HDF Member
Joined: Nov 2005
Posts: 3,183
Likes: 837
From: KMHT KFMY
RE: How many finance their bikes?
I carry compulsory insurance as we all have to in Mass. I just don't carry fire, theft, or collision on the bikes. Basic "full" insurance (low limits, high deductible) starts at 1200 a year per bike.. and I am a "step 9" driver (best rated) 30 years experience, no claims, MSF school, etc.
I carry compulsory, fire, theft, and limited collision ( they'll pay if I'm not at fault) on the cars.
Since I have a body/frame shop available to me 24/7/365 if I ever do need to do a repair out of pocket ( BTW it's never happened) I can do the repair for cost of parts/material. And I can still write it off as a capital loss
I carry compulsory, fire, theft, and limited collision ( they'll pay if I'm not at fault) on the cars.
Since I have a body/frame shop available to me 24/7/365 if I ever do need to do a repair out of pocket ( BTW it's never happened) I can do the repair for cost of parts/material. And I can still write it off as a capital loss
Cruiser
Joined: Jan 2006
Posts: 178
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From: St George, UT
RE: How many finance their bikes?
Anybody that cares if somebody else finaced or paid cash needs to check there self esteem it seems to be low!
There are some great rates out there on bikes, like less then some people pay for second mortgage or refinace, that is if you still have good credit.
I think I save about as much in gas rideing the bike everyday as is close to my payment for the bike.
JUST RIDE IT WHO CARES !
There are some great rates out there on bikes, like less then some people pay for second mortgage or refinace, that is if you still have good credit.
I think I save about as much in gas rideing the bike everyday as is close to my payment for the bike.
JUST RIDE IT WHO CARES !
Cruiser
Joined: Dec 2005
Posts: 240
Likes: 0
From:
RE: How many finance their bikes?
ORIGINAL: Neggy ZRXOA 5248
no I do not insure my bikes. I am my own insurance company. I have never needed to make a claim on a bike policy either.
2000 a year stays in my pocket. If the bike is stolen or totaled I can take a capital loss on my taxes.
7 year loans? Are you guys nuts? If you can't pay for it in 4 years, you can't afford it!
Banks love long term loans... more interest for them to make.
ever hear of the rule of 72's?
no I do not insure my bikes. I am my own insurance company. I have never needed to make a claim on a bike policy either.
2000 a year stays in my pocket. If the bike is stolen or totaled I can take a capital loss on my taxes.
7 year loans? Are you guys nuts? If you can't pay for it in 4 years, you can't afford it!
Banks love long term loans... more interest for them to make.
ever hear of the rule of 72's?
I'm glad my full coverage is only$240 a year, I think it's worth having insurance on my $18,000 bike.
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Cruiser
Joined: Mar 2006
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RE: How many finance their bikes?
Regarding GAP insurance; probably a good idea especially if you finance more than 50% of the purchase price. But you will find GAP insurance marked up as much as 200% at the dealership. Contact your insurance company; most offer GAP coverage.
Road Master
Joined: Mar 2006
Posts: 1,143
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From: Snowflake, Arizona
RE: How many finance their bikes?
Just remember...a financed toy is costing you money when your sleeping as interest on a loan never rests until it is paid off.... If a workin' man (woman) thinks about it... you pay top dollar because there is no insentive to give you a good deal because you are not willing to pay cash, and any dealer financed package is a terrible loan package IMO, you must always keep it fully insured even if it sits for eight months a year. Also, IMO we all need to see the writing on the wall... supply has cought up with demand and the days of calling it an investment is something of the past... I know this will not set well with many...since truth offends....