Time to Buy????
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Road Master
Joined: Apr 2008
Posts: 1,000
Likes: 5
From: S.E. NC
Time to Buy????
Well, extended warranty(ESP) is about to run out and I still owe a fortune.
I've been working for a few years now to better my credit situation. I started with no credit and have been working my way up.
When I bought my 98 Ultra a few years ago, I had very bad credit and got that 13% rate(or was it 15%) with not much money down. That will put you behind on equity.
Made my payments and traded a couple years later for better interest rates and a 10 year newer bike.
Hell traded once more for 1 year newer and ended up with 6.5% interest on an 09 Ultra. Not bad for a redneck.
Now, sitting on an 09 Ultra, still owing full retail for it with the warranty about to expire, I'm thinking time to trade up again.
It is either buy more warranty or update the bike to some thing with a warranty. Can't see owing $16k without any warranty. I damn sure would not buy a bike for $16k that didn't have a warranty.
I now have emails to dealers from eastern NC to South Central Tn. to find the best deal on a trade. Some body is gonna sell a bike, wonder who??
Wish I was one of those people that could just go buy one out right but I have to make payments for years and years.
Now. let's hear from all the people about living in our means etc. etc. Over extending ourselves etc. etc. and on and on.
Screw it, lets ride.
Damn, forgot the question. Should I buy a new one or just extend m warranty???????????????
I've been working for a few years now to better my credit situation. I started with no credit and have been working my way up.
When I bought my 98 Ultra a few years ago, I had very bad credit and got that 13% rate(or was it 15%) with not much money down. That will put you behind on equity.
Made my payments and traded a couple years later for better interest rates and a 10 year newer bike.
Hell traded once more for 1 year newer and ended up with 6.5% interest on an 09 Ultra. Not bad for a redneck.
Now, sitting on an 09 Ultra, still owing full retail for it with the warranty about to expire, I'm thinking time to trade up again.
It is either buy more warranty or update the bike to some thing with a warranty. Can't see owing $16k without any warranty. I damn sure would not buy a bike for $16k that didn't have a warranty.
I now have emails to dealers from eastern NC to South Central Tn. to find the best deal on a trade. Some body is gonna sell a bike, wonder who??
Wish I was one of those people that could just go buy one out right but I have to make payments for years and years.
Now. let's hear from all the people about living in our means etc. etc. Over extending ourselves etc. etc. and on and on.
Screw it, lets ride.
Damn, forgot the question. Should I buy a new one or just extend m warranty???????????????
Last edited by 98Ultra; Feb 20, 2013 at 09:04 PM. Reason: Forgot to ask the question.
Seasoned HDF Member
Joined: Jan 2007
Posts: 20,616
Likes: 4,440
From: anacoco, la
if you do trade for a newer bike, you are gonna be seriously upside down on the new bike and a couple of years down the road will be in the same situation again. if it were me, i would see about extending the warranty. if you haven't done any serious mods, you should be able to. just look at the esp contract, and then your bike to see if you've done anything to negate the esp.
think it is interesting that you are asking this question, when this is the last line in your sig:
think it is interesting that you are asking this question, when this is the last line in your sig:
Originally Posted by 98ultra
This one is a keeper!
Outstanding HDF Member
Joined: Apr 2010
Posts: 3,373
Likes: 4
if you do trade for a newer bike, you are gonna be seriously upside down on the new bike and a couple of years down the road will be in the same situation again. if it were me, i would see about extending the warranty. if you haven't done any serious mods, you should be able to. just look at the esp contract, and then your bike to see if you've done anything to negate the esp.
think it is interesting that you are asking this question, when this is the last line in your sig:
think it is interesting that you are asking this question, when this is the last line in your sig:
Depending on how well you have maintained your current ride the warranty may or may not be beneficial. The real winners on ESP's are the company that sells them.
Road Warrior
Joined: Feb 2012
Posts: 1,935
Likes: 90
From: Charlotte
Let me tell you, if you upgrade you'll always be behind the 8 ball. If you can, try to make double payments. If not, always try to pay more than your monthly payment. For example, assume that your monthly payment is $200.00. If you can, try to pay $250.00. That way, you just paid an extra $600.00 on an annual basis. Then, if possible, try to make an extra payment every year. Think about it, if your monthly payment is $200 and you're paying $250.00 a month, try to set aside an extra $20.83 a month. By the end of the year, you'll have your $250.00. Now do the math, you'll be paying $850.00 towards the principal. That will drastically bring down your payments.
If it were me, I would go with this plan and just take the bike to a mod shop for servicing instead of taking out an extended warranty. Your goal is to pay the bike off. Don't keep investing into an old bike.
By the way, the No Money Down is never wise in the game of finance. It will always keep you behind the 8 ball. I just paid off my truck, so right now, I'm using the money that I was paying on my truck and diverted it to my bike. I'm now making triple monthly payments on my 2012. This bike will be paid off really soon.
If it were me, I would go with this plan and just take the bike to a mod shop for servicing instead of taking out an extended warranty. Your goal is to pay the bike off. Don't keep investing into an old bike.
By the way, the No Money Down is never wise in the game of finance. It will always keep you behind the 8 ball. I just paid off my truck, so right now, I'm using the money that I was paying on my truck and diverted it to my bike. I'm now making triple monthly payments on my 2012. This bike will be paid off really soon.
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Outstanding HDF Member
Joined: Jun 2012
Posts: 2,248
Likes: 7
From: Atlanta, Georgia
Why are you so hell bent on having the extended warranty? Have you had warranty issues on the bike already? Is there something that was done to the bike or some sort of way you ride that makes you wonder about warranty? Have you considered breaking down and buying a $60 repair manual, a $75 tool set, and a $150 jack before you decide to spend at least a grand or so on a warranty for a bike that probably wont break and learn to fix the bike yourself? I know you say you had horrible financial situation before you got the current bike, but it seems to me like you are reverting back to your old ways. This is the fastest way to get yourself right back into the situation you are currently in. Trading a perfectly good newer frame bike for another perfectly good newer frame bike just to get a warranty that you may never use is bass ackwards!!! especially if you are as upside down as you say you are...all you are gonna end up doing is being even more upside down on the newer bike because you gotta eat the negative on the current bike and then throw in the warranty and add ons from the newer bike. Take the money you want to put towards buying an extended warranty...whether it be the monthly amount you are willing to spend, or whatever you are willing to shell out, and set it aside to put towards anything that may break on the current bike and just keep on adding to it if necessary. Eventually, you will have a paid off bike and a ton of money to do as you please with it. Warranty on these newer bikes is overrated. I hate that I bought that 5 yr wheel tire extended protection plan with mines. Even though I got the plan for only $659, I still couldve used that money for something else.
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Road Master
Joined: Jul 2007
Posts: 1,210
Likes: 0
From: Milwaukee, WI
Extended warranty rarely pays off. Thats how they make money. I wouldn't worry about not having the warranty and just keep paying your current bike off. Other wise you'll just be chasing it forever.
