Can't Find a Bike

[Stingray1000]

IDK how long you've been at the company where you work, or if you give money to your 401k but I took a loan against my 401k and bought a ring a while back. and the payback payments are like 25 bucks a paycheck.. You can try that maybe?

[sze5003]

I have been at my company one year and i have a pretty good amount in my 401k. I don't think it would be necessary to take out money from there, at the most I would take out 1k that is all, the rest would be what I have left after bills from my paycheck.

Of course if I were buying a really expensive toy then maybe taking out 3-4k grand from the plan would not hurt.

[47ninja]

This is probably going to be a very unpopular bit of advice, but I would recommend you carefully reconsider your desire to purchase a motorcycle, because I see red flags all over the place.

First of all, you are looking to purchase a bike at a price lower than the going market rate. Now whether that market rate is reasonable or justifiable is up for debate, but it is what it is. In order to get to your target purchase price, you are buying into a bike that very well may need repairs. For example, the bike that you mentioned in your first post did not sound all that great. Lots of cosmetic damage, but more importantly, bent forks and a hard time starting? Your "friend" (who seems to have completely flaked on you btw) may claim everything is mechanically safe, but those issues are indicative of some serious problems.

Second, because of your price range, you will have to spend a lot of additional time and possibly expense to get a bike, especially if you have to travel to another city and haul it back to your place. You should basically add that onto the cost of the bike.

Finally, if you are fortunate enough to find a truly well-functioning bike for the price you want to pay, it sounds like you are totally stretching yourself financially to get there. Unless the bike is a necessity (ie you MUST have it in order to go to school or work and public transportation is not a viable option), then that may not be the smartest move. Like others have mentioned, you need to set aside several hundred dollars for gear at a minimum. Add on top of that costs for regular maintenance, insurance, and taxes and registration after you purchase, and you may find yourself in a real hole. If you are even considering such drastic things as taking a loan against your 401k, or hoping for a company dividend to get you in the black, that pretty much means you can't afford a bike. Outside of the costs of the bike itself, if you blow all of your available savings, what will you do if you have a crisis event (personal or family medical issue, job loss, pay cut, etc)?

At the end of the day, I'm not trying to tell you what to do. You are an adult and you should make your own decisions. Also, if I misunderstood your financial position, then I apologize, but I am only going by what you posted. All I am saying is really take some time to evaluate your decision. Best of luck to you either way.

[Luvninja]

^^^^^^^ EXACTLY what I was thinking.

[Stingray1000]

Originally Posted by 47ninja

This is probably going to be a very unpopular bit of advice, but I would recommend you carefully reconsider your desire to purchase a motorcycle, because I see red flags all over the place.

First of all, you are looking to purchase a bike at a price lower than the going market rate. Now whether that market rate is reasonable or justifiable is up for debate, but it is what it is. In order to get to your target purchase price, you are buying into a bike that very well may need repairs. For example, the bike that you mentioned in your first post did not sound all that great. Lots of cosmetic damage, but more importantly, bent forks and a hard time starting? Your "friend" (who seems to have completely flaked on you btw) may claim everything is mechanically safe, but those issues are indicative of some serious problems.

Second, because of your price range, you will have to spend a lot of additional time and possibly expense to get a bike, especially if you have to travel to another city and haul it back to your place. You should basically add that onto the cost of the bike.

Finally, if you are fortunate enough to find a truly well-functioning bike for the price you want to pay, it sounds like you are totally stretching yourself financially to get there. Unless the bike is a necessity (ie you MUST have it in order to go to school or work and public transportation is not a viable option), then that may not be the smartest move. Like others have mentioned, you need to set aside several hundred dollars for gear at a minimum. Add on top of that costs for regular maintenance, insurance, and taxes and registration after you purchase, and you may find yourself in a real hole. If you are even considering such drastic things as taking a loan against your 401k, or hoping for a company dividend to get you in the black, that pretty much means you can't afford a bike. Outside of the costs of the bike itself, if you blow all of your available savings, what will you do if you have a crisis event (personal or family medical issue, job loss, pay cut, etc)?

At the end of the day, I'm not trying to tell you what to do. You are an adult and you should make your own decisions. Also, if I misunderstood your financial position, then I apologize, but I am only going by what you posted. All I am saying is really take some time to evaluate your decision. Best of luck to you either way.

On the contrary, Do you really think it's a smarter choice to get financing for a bike and pay someone else interest, than it would be to borrow against your own 401k money and pay yourself interest AND have it come directly out of his paycheck so no possibility of being late on payments? Seriously?? Have you thought about this before giving your advice?

[sze5003]

I appreciate your information but it kinda feels like if you don't make xx amount of money you should not have a bike. I know people that make crap per check yet they somehow were lucky to afford a bike, when I make 4x more lol. I'm not at all offended by the way.

You have a valid point but I've also spoke to several people that somehow were able to get a bike for my price ranges and many even said the older models should not be as much as people are asking, but that is all up to supply and demand.

I might as well not even go get the license. I'm deff not going to go against my 401k for a measily bike, I don't think I would ever use that option.

I'm no longer considering the bike my friend spoke of. But then again who said you had to pay full asking price..its obvious the owner knows what it is worth and they ask higher because they know others will offer lower.

I guess its hard to save with my situation, 4 school loan payments each month, rent , insurance, cell phone, car payment, yet it could be doable.

Not trying to offend anyone and all those points are valid I will just keep looking, and worst comes to worst I just won't buy one, maybe just have the license and thats all for the hell of it lol.

[47ninja]

Originally Posted by Stingray1000

On the contrary, Do you really think it's a smarter choice to get financing for a bike and pay someone else interest, than it would be to borrow against your own 401k money and pay yourself interest AND have it come directly out of his paycheck so no possibility of being late on payments? Seriously?? Have you thought about this before giving your advice?

You took my entire post and chose to respond to one tiny portion of it, but but to answer your question, I do not ever recommend financing for the purchase of any depreciating asset, such as a car or bike. I understand why people choose to do it, but it is usually not the optimal choice for personal financial management. Borrowing against your 401k is a similarly unwise financial choice, especially for a depreciating asset. The link below gives some reasons why:

http://www.investopedia.com/articles...#axzz1tjzAYHDx

[47ninja]

Originally Posted by sze5003

I appreciate your information but it kinda feels like if you don't make xx amount of money you should not have a bike. I know people that make crap per check yet they somehow were lucky to afford a bike, when I make 4x more lol. I'm not at all offended by the way.

You have a valid point but I've also spoke to several people that somehow were able to get a bike for my price ranges and many even said the older models should not be as much as people are asking, but that is all up to supply and demand.

I might as well not even go get the license. I'm deff not going to go against my 401k for a measily bike, I don't think I would ever use that option.

I'm no longer considering the bike my friend spoke of. But then again who said you had to pay full asking price..its obvious the owner knows what it is worth and they ask higher because they know others will offer lower.

I guess its hard to save with my situation, 4 school loan payments each month, rent , insurance, cell phone, car payment, yet it could be doable.

Not trying to offend anyone and all those points are valid I will just keep looking, and worst comes to worst I just won't buy one, maybe just have the license and thats all for the hell of it lol.

Sounds good. Have patience, take your time shopping, and don't get too emotionally invested in buying a bike that you sacrifice your safety or financial stability. Good luck!

[sze5003]

Originally Posted by 47ninja

You took my entire post and chose to respond to one tiny portion of it, but but to answer your question, I do not ever recommend financing for the purchase of any depreciating asset, such as a car or bike. I understand why people choose to do it, but it is usually not the optimal choice for personal financial management. Borrowing against your 401k is a similarly unwise financial choice, especially for a depreciating asset. The link below gives some reasons why:

http://www.investopedia.com/articles...#axzz1tjzAYHDx

I knew it was an option just not that serious. My company matches 100% of my paycheck contributions.

[GreenNinja]

Sze5003,

You should take 47ninja's advice -it isn't recommended to borrow against your 401k just to get a bike. What happens if you get into an accident and your insurance doesn't cover X amount? You have already spent those emergency funds to get the bike so now you will put yourself in a bind. From the posts on the first page, it sounds like you are financially strapped for cash. I'm not sure why Stingray1000 said what he said but he isn't looking at the whole picture. It isn't worth it if you are going to sleep every night wondering if you can pay your bills the following month.

[Jiggles]

You could always sell the car and get a bike instead

[Stingray1000]

Honestly this is all advice... I haven't had any issues borrowing against my 401k, but to each his own. It all depends on how bad you want a bike. Take the advice from any of us or leave it, but it's there for you to referance.

[sze5003]

Don't worry I am not going against my retirement to get a bike. I never considered that. The price range I listed is what I would be comfortable paying. Based on looking at CL for the past month, that is what prices started out with. Now all of a sudden they have gone up, of ocurse because of the season.

[sze5003]

Originally Posted by Jiggles

You could always sell the car and get a bike instead

Nah I would want to keep the car. I just was reading your thread on your accident. Hope you are doing better. My gf was hit by a car walking at like 25mph and it broke her pelvis. She had to have surgery and **** put in like you. A year later and now she is walking fine but you can tell there is a limp. That **** sucks! Really hope you get everything you can because her lawyer seems to be doing nothing.

Makes me worry about bikes now!

[Jiggles]

Just avoid people pulling uturns in front of you, oh wait, you can't....

[sze5003]

I found a black 2005 with 18,300 miles. The guy uses it every day. Has some scratches and stuff. He had it maintaineced recently. Chain, sprocket , break, rear tire, oil, inspection. He is asking 1500. Here is the youtube link



http://www.youtube.com/watch?v=GvxdVnq77jw

[Sigma.40]

Originally Posted by sze5003

Yeh I probably won't want a bigger bike unless I get a huge raise or something. Come to think, I may be eligable at my company for some kind of dividend in June..I heard. But I am not sure, don't want to get my hopes up.

Of course when its time to sell, I would probably go off of what I paid, what damage have I done, and price it according to that.

These other crazies around here want full value like every new person getting on a bike is brain dead.

If you end up waiting, you can always check Detroit. There are ALWAYS Ninja 250rs for sale there. I got my '08 for $3075 with 4000 miles on it delivered to my house 5 hours away. Since then I've seen '09 and '10 models for even less than what I paid for my '08.

[sze5003]

An 08 would be nice but I doubt I would go all the way to Detroit haha. What do you guys thunk of the 2005 model with the video?

[GreenNinja]

I can't watch the video while at work but if it functions then 1500 sounds like a pretty good deal.

[sze5003]

Yeh he says it runs. I think it has a bunch of scratches on it. I need to find out where he is. The 2009 in west Virginia was sold yesterday to someone andvi had emailed them yesterday morning.

[GreenNinja]

Personally, scratches doesn't bother me because it will eventually receive scratches. If it is already scratched up and I add one more scratch to it, I just go "oh well". If I bought it spotless and then I add the first scratch to it, I get kinda angry. I rather not get angry at myself

[sze5003]

Yeh there is also a guy selling an 07 with 5k for 2500 lol. I'll contact this guy with the 05. Should I worry about mileage?

[GreenNinja]

One of the guys that put a ton of miles on their bike will have to answer that question for you. I pretty much only use it to commute to work and back which is only 25 miles round trip.

[Stingray1000]

Dude that bike... the 05 looks like a really good deal. Those scratches are really minor compared to what it could be. I'd call the guy amd offer 800 or a thosand and haggle up from there... he might be high balling to get the best price... make sure it has a clean title.... and if he has maintenance receipts ask for them.

[sze5003]

Hmm I was going to say to him 1200. But I guess I can try 800 lol or 1k. No phone number just email so I asked a few more questions. Hope there isn't huge cracks where there are scratches. There is a scratch on the left body by tank and also on the right if you look closely.

[choneofakind]

Start with a realistically low number. No low-balling. 1500 is already a decent price so I would start at 1200 and see where he will compromise.

[sze5003]

Yeh for 1k or 1200 I could go get it tomorrow without needing to even wait for my paycheck next week. That way I would have money for gear when I am paid next week. Well see if he replies. Would be nice to see the bike in person but if he is really far away I may go this weekend. Would be nice to agree on price so I could take money out before Saturday.

[Stingray1000]

Dude never offer anything over email... tell him to be sure he is serious and you are serious you'd like to discuss money face to face... then when you go bring a knot of 800 bills (public place) show it to him and say ill give you 800 cash for it right now. If he doesnt accept it the auction starts from there....

[sze5003]

Yeh I would not make an offer over email. I'll have to find a friend come with me this weekend. He is 2 hours away and I would bring cash with me and check it out in person. He said it will need a clutch cable next season.

[Stingray1000]

Originally Posted by sze5003

Yeh I would not make an offer over email. I'll have to find a friend come with me this weekend. He is 2 hours away and I would bring cash with me and check it out in person. He said it will need a clutch cable next season.

Still sounds like the best deal you got. I meant what i said about the knot of 800. Bring 1500 just i case he doesnt budge but u could get the bike for a lot less then the clutch cable wont bother you when u replace it lol

[sze5003]

How much is a clutch cable? He said he has a clean title, hasn't taken it on the highway but downhill it can go 100 and 80-90mph up hill. I'll tell him I wanna try seeing it this weekend.

[Stingray1000]

When it comes to money and haggling i do it everyday..... no matter what you offer first he is gonna know your serious because u came all that way.... so if the 800 or 1000 doesnt fly. Go higher... trust me he is gonna expect it.

[Stingray1000]

Originally Posted by sze5003

How much is a clutch cable? He said he has a clean title, hasn't taken it on the highway but downhill it can go 100 and 80-90mph up hill. I'll tell him I wanna try seeing it this weekend.

Clutch cable not sure. But prob not to expensive.

[sze5003]

Ok so told him I wanna come this weekend I'm serious and we will discuss price in person. He says he will let me know because someone else is coming this weekend first and he is pretty sure they will be buying it. So I can just say let me know for now.

[Stingray1000]

Dude for the money its gonna be hard to find a better deal usually the person with cash in hand gets the deal no matter what the other person offers. If you can i'd tell him you'll meet him sooner and up the starting price to 1000.00 if he meets you sooner. Tell him from what you can see uou deffinatrly want the bike you just want to see it/ride it first.

[sze5003]

Originally Posted by Stingray1000

Dude for the money its gonna be hard to find a better deal usually the person with cash in hand gets the deal no matter what the other person offers. If you can i'd tell him you'll meet him sooner and up the starting price to 1000.00 if he meets you sooner. Tell him from what you can see uou deffinatrly want the bike you just want to see it/ride it first.

The issue is whoever contacted him first he said he is gonna go through first because they asked first. I'll see if I can see it sooner but he probably doesn't want to tell the other person Yeh you were first to come see it but someone else wanted to check it out before you lol.

[Stingray1000]

ahhh damn he sounds like a nice guy then too, I would've gotten the bike for at most 1000.00 LOL Well good luck bro, let me know how it turns out!

[sze5003]

Yeh I would have gotten it for 1k too without thinking. But who knows maybe this guy won't get it. What if the first dude offers him 1k and he says no lol then I'm stuck with full price haha.

[Stingray1000]

Originally Posted by sze5003

Yeh I would have gotten it for 1k too without thinking. But who knows maybe this guy won't get it. What if the first dude offers him 1k and he says no lol then I'm stuck with full price haha.

Yea but then he'll be thinking "Maybe my bike is only worth 1000.00?" You gott think about this kinda stuff bro. You want me to come with you??? LOL where is this guy at? LOL

[sze5003]

Yeh the more people offer him the same the more he will believe I suppose. He is in Coaldale, pa. Looks like boondocks from the video lol.

He said he will deffinately let me know because people said they were coming before and actualyl did not show up one time.