How long did it take you to save for you ninja?

[Mr.E]

Hey guys. So lately I've been pretty obsessed with the thought of getting a bike. So much in fact that the only things I'm spending money on is my phone bill and gym membership, but for the rest I'm basically making sure I have no life just to get this bike. I've only had a job for 3 weeks now, next week I will have about 900 dollars saved up already after I pay my bills. I've been calculating school costs and gas and everything and figure I'll have a bike by august if not september hopefully. Just curious, how long did it take you guys to get your first bikes? Did you pay it fully off right then and there or did you do monthly payments? Thanks. x-)

[Kevin2109]

Make sure you save a lot more money, please Life can get extremely expensive quickly so a good balance in a savings account is a good idea. I'm only 18 and have had to deal with moving out, paying for rent, paying for food all that good stuff, getting diagnosed with type on three months after moving out of the house and having no financial support from parents and paying for my 250. Things will get out of control fast if you dont budget yourself. Seriously put money into an account for your bike but also a savings account, even if it takes a couple more months to get the bike its worth it in the long run!!

[Linuss]

Not to burst your bubble, but make something called an "Emergency Fund"... essentially extra money put aside JUST for emergencies.


I could have paid for my Ninja outright and have been done with it, but I have a few months worth of expenses in my savings account just in case, and because of that I put $2000 down for my bike and financed the rest, which only came out to being $70 a month which is nothing.


Due to my income (actually, more due to my lack of expenses) I can have the remainder paid off in a matter of months, instead of years.



Half my monthly income goes to expenses (rent, gas, food, etc etc), and the other half goes to whatever... which is usually mostly in my savings fund, but I put a fair amount in to a "Blow fund"... money that I can spend on whatever I want without feeling guilty--- that's where the Ninja came from.

[bao]

don't finance it, just save up so you can pay for the bike all at once. you're also going to need atleast another $1000 for some good gear. on top of that, there's going to be insurance, possibly vehicle registration, and dmv fees. it can add up quick, even without life throwing some financial curveballs at you.

[HKr1]

Sounds like you have a nice plan, hope it works out for you

For us, we just had our normal savings. Was months waiting for Kawasaki to release the dam bike

[aristurtle]

Keep an eye out for one that's been crashed, you should be able to get it cheap and then fix it up on your own. Bonus points if the frame and forks are unbent: if it's just some silly fairing damage and bent handlebars, you'll have it good to go in a week. It'll be a good learning experience and should be a bit cheaper.

Don't pay monthly payments for your first bike; that's just stupid. Even brand new these things only cost like $4K. After interest that'll turn into like $8K and you'll still be paying it after you crash the thing.

[Linuss]

Originally Posted by aristurtle

Don't pay monthly payments for your first bike; that's just stupid. Even brand new these things only cost like $4K. After interest that'll turn into like $8K and you'll still be paying it after you crash the thing.

Meh, I still like my way. Financed it to A) Not blow my savings, and B ) Make my credit score just that much more awesome for someone my age.


On top of that, very little is actually wasted on interest since it will be paid off, oh... 44 months ahead of schedule.



Granted, it's not like I financed $10,000... just a couple thousand which is nothing at all.

[Live2ride]

I paid $2600 for a used bike and that is from saving for over 2 years of my crappy minimum wage job with a good amount left over. I'm very good with money and had plenty left over after paying cash for my bike. I've loved bikes all my life but only last year decided to buy my own. It was well worth the wait . Luckily I am at a better job which I enjoy and making much more money than before, time for some mods .

p.s. the emergency fund is a great idea; I always keep an eye on my account balance.

[Racer x]

I sold my scooter for the ninja 250 . Problem was it did not arrive for 3 months and I spent the money.SO I had to finance it .It took two years to pay off.

[Too40gawlf]

Originally Posted by aristurtle

Keep an eye out for one that's been crashed, you should be able to get it cheap and then fix it up on your own. Bonus points if the frame and forks are unbent: if it's just some silly fairing damage and bent handlebars, you'll have it good to go in a week. It'll be a good learning experience and should be a bit cheaper.

Don't pay monthly payments for your first bike; that's just stupid. Even brand new these things only cost like $4K. After interest that'll turn into like $8K and you'll still be paying it after you crash the thing.

Sorry to be blunt but in my opinion this is a horrible idea unless you know motorcycles in and out and have access to a shop and tools that you can proficiently work on your bike and have access to cheap parts. If you are just getting into bikes, taking this route will ensurethat you WILL spend more money getting a wrecked bike road worthy than what a brand new one would have cost you in the long run.

[Boom King]

Originally Posted by aristurtle

Don't pay monthly payments for your first bike; that's just stupid. Even brand new these things only cost like $4K. After interest that'll turn into like $8K and you'll still be paying it after you crash the thing.

Stop going to that shady loan shark. Not only is that a ridiculously high interest rate but if you can't repay that, they'll break your thumbs

[Yasko]

Originally Posted by aristurtle

Don't pay monthly payments for your first bike; that's just stupid.

Hay, I like it when people finance the 1st bike, because I can come behind and get a steal of a deal on it when they get rid of it after the 1st or 2nd year...

It's also real good when they add a ton of mods on the bike right off...
That's why I save and pay cash for a 2nd hand bike...

[Domagoj]

I saved for about 1 year. Don't take loans, they are bad. Makes you think that you have something but you actually don't.
Lots of people don't really understand that if you cannot buy something with your cash within 2 years savings (and that is a very very long time, especially for something non-essential), it is actually above your financial possibilities.
Take loans for important stuff only if you have to, like education or place to live.

I also think that piling up money on savings accounts for too long is not really beneficial either. $1000 20 years ago and now is a different value.

And for this particular case, apart from that emergency fund that people warned you about, make sure that you have money for proper gear, and for maintenance, which is not free either. Owning a bike will add up to your monthly costs so be sure you can compensate easily, or it will become unpleasant.

[AMMOCAN]

Unfortunately/Fortunately, depending on how you want to look at it, I wasn't able to be in the position to buy my motorcycle until just recently after about 14 years or so of living life and dealing with obstacles and priorities that prevented me from getting a motorcycle any sooner. IMHO it was well worth the wait.

I ended up paying for SLIME-R in full and ended up purchasing her in fairly 'New' condition through a private seller for a very reasonable/fair price. It just so happened that the original owner had a bad experience and decided that she didn't want it anymore and simply didn't want anything to do with it at all, which included having to continue to pay the loan, insurance, and having it registered in her name. This was a great opportunity for me and I was fortunate enough to be blessed with the ability to take advantage of it.

However, my heart truly went out to her regarding her situation, as first and foremost I am a motorcycle enthusiast and I just hate seeing someone get really turned off by motorcycling simply because of one little mishap, but then again I wouldn't want them to continue to do something they are not comfortable in doing because that just puts the lives of others and their own at stake. What really sucked was finding out how bad of a deal she got when she bought it from the dealership and then the overall total price she ended up having to pay the bank. It definitely was an expensive, and in my eyes an avoidable, learning experience for her.

Again, if it wasn't for the blessings that I received financially along with being able to justify the decision to get a motorcycle, as a responsible decision that would benefit my family and I in the long run considering our current and projected circumstances, then I would not have been able to do it.

I am not sure exactly why some people come off referring to and thinking that a motorcycle is a TOY! I am guessing that those who think that probably have loads of money and who only ride occasionally. However, IMHO I see every aspect of riding and owning a motorcycle as a serious decision, investment, and responsibility. Now, I know not everyone wants or buys a motorcycle for the very same reasons, but regardless of the original reasons for purchasing one the fact remains that each and every person will be putting themselves and others at risk once they put those two tires on the asphalt. There is nothing 'Toy' about that!

My advice is to first figure out wether or not you are truly serious about making the decision to own a motorcycle and are ready for the responsibility that comes along with it. This can easily be done by simply asking a friend, who owns a motorcycle, to take you to an empty parking lot and have you ride it, or you can simply take the MSF BRC now and see how you like it, as it is something you will want to do eventually anyways. Sometimes the idea of something is so great that it actually overshadows and consumes our actual ability to do it and to do it responsibly. If you do find yourself still serious about riding after getting some experience, then definitely start preparing financially, medically, and responsibly. Stay within your means and be sure to enjoy yourself through the whole experience.

Good luck!

[SteveL]

Being an old git I just went out and bought it but buying the bike is only the start clothing helmet and insurance are expensive check all this out before you buy. You don’t want to have a nice new bike sitting in the garage with no insurance and protective clothing to go with it.

Steve

[rceezy]

^^ +1, make sure you save up more than enough to buy the proper gear too. If you can't afford the gear, you can't afford the bike.

[maraci]

pretty much what ^^^^^They^^^^ said

Having nearly no expenses (apart from tuition + outings +phone bill) since I still live with my parents, I was able to quickly save up the cash to buy a used one in a few months. Make sure you have money for gear too, and that can be pretty expensive! Also consider insurance and any problems you might get with the bike that needs fixing (if you can't do it yourself).

I'd say be patient, save up MORE than enough so you have a nice thick cushion, then get yourself a used 250 to start on. much cheaper overall and IMO a much better idea for a new rider like us!

[slolane]

Originally Posted by Linuss

Meh, I still like my way. Financed it to A) Not blow my savings, and B ) Make my credit score just that much more awesome for someone my age.

On top of that, very little is actually wasted on interest since it will be paid off, oh... 44 months ahead of schedule.

Granted, it's not like I financed $10,000... just a couple thousand which is nothing at all.

Some good advice in this thread, I went more along the lines of the quoted post above. My first bike I saved up enough for gear and about half the bike then I kept that cash in my account, financed the entire bike and purchased the gear with my cash. It was a used bike/used bike loan. It started my credit history and I made more than double payments on it until paid off but always kept a cushion in my account (emergency fund). Just remember, you should have enough cash to cover "what if's" that may come up as soon as you get the bike... flat tires, something breaks, an insurance claim (deductable), maintenance, mods (make sure you save for mods, LOL), etc. Emergency funds should also cover months of your bills too, mine didn't then though.

Just my .02

[rceezy]

When I was saving up, I created a worksheet with everything I needed to buy to ride.

(This was my minimal list)

MSF Course
Helmet
Leather Jacket
Leather Pants
Race Suit
Riding Boots (that cover the ankle)
Gauntlet Gloves
Insurance
Bike

This hobby aka LOVE aka LIFE aka reason for breathing (LOL, just kidding) is EXPENSIVE!!!! Just wait til you want to do a track day, holy crap.

[Jesse8931]

paid in cash for my bike. not only will your insurance be cheaper you will feel great that you own it free and clear

[Havok]

I didn't save anything to get mine, I walked in signed some papers and drive off on an 09se. I do have exelent credit though. My loan was at 6% and is 90 bucks a month. The best part is if I take what I would spend in gas driving my truck subtract my loan and insurance I come out +30 bucks a month so my bike pays me every month lol. I have to say if a 4k loan costs you 10k over the life of the loan then I suggest you take some finance classes as that is the biggest rip off on the planet!

I chose this route as I paid off a ton of bills and my credit score was dropping(how retarded is that btw) so adding some debt worked for me. Some people it won't though.


If you do finance though pay extra each month, my payment is 90 bucks a month and I send them 120 each time, anything over the min payment goes straight to the principal balance ultimately lowering the total cost of the loan.

[Havok]

Originally Posted by Jesse8931

paid in cash for my bike. not only will your insurance be cheaper you will feel great that you own it free and clear

Insurance is not cheaper, you just chose to take less coverage. There is a difference lol.

[rceezy]

Originally Posted by Havok

Insurance is not cheaper, you just chose to take less coverage. There is a difference lol.

I am saving on insurance because I took a motorcycle safety course.

[Jesse8931]

Originally Posted by Havok

I didn't save anything to get mine, I walked in signed some papers and drive off on an 09se. I do have exelent credit though. My loan was at 6% and is 90 bucks a month. The best part is if I take what I would spend in gas driving my truck subtract my loan and insurance I come out +30 bucks a month so my bike pays me every month lol. I have to say if a 4k loan costs you 10k over the life of the loan then I suggest you take some finance classes as that is the biggest rip off on the planet!

I chose this route as I paid off a ton of bills and my credit score was dropping(how retarded is that btw) so adding some debt worked for me. Some people it won't though.


If you do finance though pay extra each month, my payment is 90 bucks a month and I send them 120 each time, anything over the min payment goes straight to the principal balance ultimately lowering the total cost of the loan.

I did the same thing until my credit score lowered because I was paying my loan off to fast. So the next bike I said i will buy in full.

[drowe531]

Originally Posted by aristurtle

Keep an eye out for one that's been crashed, you should be able to get it cheap and then fix it up on your own. Bonus points if the frame and forks are unbent: if it's just some silly fairing damage and bent handlebars, you'll have it good to go in a week. It'll be a good learning experience and should be a bit cheaper.

Don't pay monthly payments for your first bike; that's just stupid. Even brand new these things only cost like $4K. After interest that'll turn into like $8K and you'll still be paying it after you crash the thing.

Please don't go around giving bad financial advise. A 5k 4 year loan with an interest rate of 7.5% only has 850 bucks on interest over the life of the loan. That is also with only paying the minimum payment of 121 per month.

Loans are not the worse things in the world if you know how to budget your money. Plus taking a loan on the bike may allow him to get gear/msf course. As other people said don't forget to factor in gear/msf into what you need to save.

[Jesse8931]

Originally Posted by Havok

Insurance is not cheaper, you just chose to take less coverage. There is a difference lol.

Oh really ? Well if I were to finance a 2011 250r insurance for me was 1200 a year but if i bought it outright it would be 750 for the same coverage.

[Bo0stZomb13]

I sold my motor and transmission out of the Jetta and bought my 250r then the parts for it. Bought the gear with money from my turbo selling.

[Linuss]

Originally Posted by Jesse8931

Oh really ? Well if I were to finance a 2011 250r insurance for me was 1200 a year but if i bought it outright it would be 750 for the same coverage.

Hmph...

I finance and I pay $306 for 12 months of FULL coverage.

If I owned outright, I was quoted the same.

[thurt88]

My job transferred me to another state and paid me relocation funds. I bought the bike from that money. It was really a spur of the moment thought too.

I got my CBR 600rr the very next season with income tax refund.

[kkim]

http://www.ninjette.org/forums/showthread.php?t=50053

[Enfemus]

Originally Posted by Jesse8931

Oh really ? Well if I were to finance a 2011 250r insurance for me was 1200 a year but if i bought it outright it would be 750 for the same coverage.

How old are you? Because I financed a brand new 2010 ninja and my insurance is $385/year and that is without MSF course reduction. Insurance quotes are all different depending on your age, driving record, etc. Just because you were quoted something doesn't mean another person will get the same quote.

Also I agree with drowe531, a loan isn't the end of the world as long as you have the funds to pay for it. Some people save to buy something but some people just take out a loan to get a big purchase. It is all up to the person and what their circumstances are.

[Kevin2109]

Originally Posted by Enfemus

How old are you? Because I financed a brand new 2010 ninja and my insurance is $385/year and that is without MSF course reduction. Insurance quotes are all different depending on your age, driving record, etc. Just because you were quoted something doesn't mean another person will get the same quote.

Also I agree with drowe531, a loan isn't the end of the world as long as you have the funds to pay for it. Some people save to buy something but some people just take out a loan to get a big purchase. It is all up to the person and what their circumstances are.

I'm going to guess 18-20. I'm 18 and my insurance is right under $1200 a year

[Hitman]

I don't own my Ninja yet..my bank owns it.

[Enfemus]

Originally Posted by Kevin2109

I'm going to guess 18-20. I'm 18 and my insurance is right under $1200 a year

Ouch yeah than that quote makes sense. Yeah for being over 25!

[Kevin2109]

Originally Posted by Hitman

I don't own my Ninja yet..my bank owns it.

Lol same

[Havok]

Originally Posted by Jesse8931

Oh really ? Well if I were to finance a 2011 250r insurance for me was 1200 a year but if i bought it outright it would be 750 for the same coverage.

Quotes will change min to min. There is not higher charge for financed unless they require gap insurance that would be required by the finance company not the insurance company and then not all require you to have that. For most it is recommended.

[ruben5]

paid cash. I saved for about six months to pull that off. I got a 2004 with under 4000 miles on the clock for $1900 last May. Right now I am saving for another bike. I'm looking at Oct for my next purchase. I plan on buying new and more than likely financing a good portion of it. I'm a saver but don't mind paying some interest to keep some cash in the bank for the "just in case fund." I always try to pay a little extra when making payments, really makes a big difference in the end.

I have liability on the bike I have now, but will end up carrying full coverage on the next bike.

[blink]

My best advice would be, buy a used one to minimize amount to be spent, and if possible borrow from your parents; they won't charge you financing fees!

Anyways, picking up used gear isn't a bad idea either, but do NOT pick up a used helmet whatsoever. But jackets and gloves if you go have a look and they are in good condition you can save a good 300-500 dollars!

[kkim]

Originally Posted by blink

and if possible borrow from your parents; they won't charge you financing fees!

you obviously don't live in my house.

[blink]

Originally Posted by kkim

you obviously don't live in my house.

Ahahaha I guess not! Well then take your time and save up the safe way! You don't want to rush if you can't! And if you live in a warm part of US then you can ride all year long! =]