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How To Buy
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November 6, 2009 at 2:37 am #3546TaraParticipant
Hello everyone!
I would have made a topic in the Introduce Yourself forum, but I decided to do a 2-in-1 topic here, since I had a burning question in my mind that I need help on!
So first things first, my name is Tara, and I found this site through Googleee :] I’m 19, 5″4′, 118 lb, and I LOVE MOTORCYCLES. I’m sure you all understand when I say that. My dad has pretty much been the biggest influence, since he takes me out on rides on his Harleyy
SO…enough about me. I’d like for you all to help me out on this one, because I’m very lonely here at college (not to mention car-less). And I’ve decided long ago that I need a motorcycle. I’ve done a lot of reading, and I’ve already test-ridden a Ninja 250…I’m 99% sure that that’s the bike I want. HOWEVER!!!! I have NO idea how I’m gonna afford it.
Yes, it IS only 3-4k if you buy used, but that’s the problem. I’ve only got about $800 to $1,000 in my bank account at any given time for spending money. The rest is on rent, food, etc. I work part-time at a job that gives me about $800 a month. But I just can’t bring myself to save up over time to get enough to plunk down cash at the dealer!!! :'( It would take at LEAST a year or more, and by that time, I would have really been able to have put a motorcycle to good use. I have to ride the bus to school, and get rides from my friends whenever possible.
So here’s my question for you guys. What is the best way to go? I’ve thought about a loan or like, financing my bike. But I’m afraid I’ll get really bad rates because I don’t even own a credit card (only debit and cash). Hard to believe, I know. So if anyone wants to know my credit score, I honestly cannot tell them I even HAVE one. So if someone could explain to me how they were able to afford a motorcycle in my situation, I will love you forever!!!!
If you need any more info, just ask!
Thank you guys so much!!!! xoxoxo
Tara
November 6, 2009 at 2:57 am #23178megaspazParticipantstay away from loans. at your age and possible lack of credit history, you’re gonna get hosed. if i was in your shoes, and saving money’s too hard (it is hard to save money in college, costs are every where), make a deal with your dad since he rides and can understand the desire. have him help you buy the bike, you pay him back every month and get kick ass grades.
oh yeh, and welcome to the forums!
November 6, 2009 at 3:12 am #23181eonParticipantI’m not sure how financing works in America (ok, make that I’m not sure how it works anywhere) but would it be possible for her father to co-sign on the loan so Tara gets a good rate? He essentially takes the risk so the bank provides the loan at a decent rate and Tara gets to build up a credit history?
Don’t forget you will need money for gear. That will easily eat up your $800 savings. But it is money well spent.
November 6, 2009 at 3:22 am #23182megaspazParticipantyou probably could get a parent to cosign, but parents that’ll take responsibility for possibly 5k total loan are few and far between… at least no one’s parents that i know would do it and my parents wouldn’t do it. but for grades and a way low repay payment, my parents would do that… not for a motorcycle, but for something else for sure… hahaha…
November 6, 2009 at 5:12 am #23184TaraParticipantFirst of all, thanks for the warm welcomes!
So yeah, my dad’s not likely to co-sign anything for me. He barely co-signed when I wanted a different cellphone provider a few years ago (when I was under 18)…
Is borrowing money from family really the only financially sound option? I don’t really like borrowing money friends/family in the first place…The bank is a totally different story I’d say.
But at least I already have a full face helmet and a leather one-piece suit. Still need some boots. I’ve had them for a while, actually. They’re simply collecting dust at the moment. All I need is a darn motorcycle :[
But like megaspaz said, it’s tough saving money in college…
November 6, 2009 at 5:24 am #23185megaspazParticipantseriously, it’s the best option.
1. I doubt your dad would charge you interest. Nor the hidden fees and charges you’d find in a lot of loans.
2. I bet your dad would really rather see you get good grades than the money. although getting good grades and paying a bit of it back every month or so goes a long way in demonstrating your maturity and committment.
3. I’m sure your dad would want to get involved with his “investment” and would probably go with you to make sure you’re not getting hosed on any deal.Good on you for at least getting most of the gear before the bike. Make sure you take the MSF as well. Unless anyone else chimes in, I’m still going to say work something out with your dad/family. Or you could marry a rich guy really quick.
November 6, 2009 at 5:48 am #23186TaraParticipantHa! It’s not as easy as it sounds to marry a rich guy ;-]
But I guess I’ll have to think of a convincing way to get my dad to loan me 5 grand
He’s always a hard-ass about saving money and all, too. But that’s a dad for ya. Still, I don’t think he can deny that I need some personal transportation. Being without it is pretty lame.
I never got around to mention that I’m actually car-less because my car got TOTALED by some stupid drunk driver. I wasn’t involved in the accident; it was some wasted frat boy that slammed into my lil’ Honda Civic while it was parked outside my apartment and I was doing homework or something. Coward took off when I came running outside. :'[ Asshole. I wish I got his plate…
But this isn’t about my car, I want my ninjaaaaa!!!! Oh and I’ve taken the MSF already! Hehe, I’m ahead of the game! But thanks for your comment
November 6, 2009 at 6:22 am #23187eternal05Participant…for money. Yeah, that’s a pickle at your age. I shouldn’t really be saying “at your age” because I’m not much older, but I’m referring mostly to the “money is absurdly tight” phase of life. Well, the college one anyway.
I’m telling you, though, the ‘spaz is right: stay the F#$% away from loans as a student. You have a lot of expenses already and not a lot of income. That’s just a huge recipe for disaster. Credit cards and loans are the reason that most college students leave school in thousands of dollars of debt ON TOP of student loans. Especially if you’re just scraping by money-wise, a loan is a dangerous, dangerous proposition.
So what do you do? Well I got my ’08 Ninja back at the end of ’07 when I was finishing undergrad, and I paid for it in cash for precisely this reason. My income was unpredictable at best, but I’d been hoarding money from all my part time jobs like a fiend since I was 16 or so. The biggest problem I see is that you really want a motorcycle (don’t get me wrong, I ABSOLUTELY sympathize with you!) and the idea of waiting 6 months to save up really aggressively seems like an eternity.
I don’t know your dad, but I think you do have a shot at having him solve your problem for you. You just need to appeal to what HE wants. Different parents have different priorities for their kids, but some of them are:
1) Making them happy
2) Keeping them safe
3) Giving them more opportunities
4) Teaching them or allowing them to learn important lessons
5) Making their lives easier in a pragmatic sense
6) Having something over which to bond
etc.I’m sure you can figure out what angle would work best and try to spin it that way. You think he’s really going to object when he can go on Sunday rides with his daughter? Most dad’s of 19-year-olds would probably kill for that kind of opportunity…then again, maybe you don’t want that Who knows. Point is, he’s your dad, and (I hope) he loves you, so chances are he’ll be willing to help.
The tact I’d take if he says no is the “match my contribution” approach. For instance, if you can save $250 every month out of your $800 and he matches that $250 each month as well, that’s $500/mo towards a bike. In 6 months you’d have the money to pay for it right then and there. I know 6 months seems like ages, but the anticipation would make it all the better when you finally got it, knowing you’d worked hard for it, and knowing you wouldn’t have to carry that debt around for the next couple years.
Alright, I’ve rambled enough. You know what to do
November 6, 2009 at 2:53 pm #23191briderdtParticipant“Yes, it IS only 3-4k if you buy used, but that’s the problem. I’ve only got about $800 to $1,000 in my bank account at any given time for spending money. The rest is on rent, food, etc. I work part-time at a job that gives me about $800 a month. But I just can’t bring myself to save up over time to get enough to plunk down cash at the dealer!!!”
$800-1000 for spending money, and you can’t save some to buy the bike? That’s just plain lack of discipline there. Sorry, harsh reality. If you’re thinking of a loan, remember, you’re only saving for a downpayment, not the entire amount. A $4k loan at 10% interest (a very good rate in your situation, and not likely should this be your first loan) would be about $85 a month for a 5 year term. Use this to check your payments on any given amount and rate: http://www.bankrate.com/calculators/mortgages/loan-calculator.aspx
And used Ninja 250’s tend to settle at about $2500, unless it’s almost new. I’d avoid dealers if you’re going to buy used, and go with private party sales. Have your dad help you with that process.
November 6, 2009 at 4:05 pm #23193TaraParticipantI understand that what you’re saying. Though, what I meant by spending money is that $800-$1000 is what I usually have in my account on average. It doesn’t mean that I SPEND $800-$1000 a month or something like that.
Basically, how my life is at the moment, I’m slightly breaking even. I make just slightly more than I spend.
And I’m definitely not considering a loan anymore. I don’t want to get screwed. I mean, that’s the whole reason I avoided credit cards, so why would I get a loan? Makes sense now. I’m just gonna have to stick it out and save up little by little I guess. :[
It’ll be worth it in the end, I suppose. I’ll have a chat with my dad to see what’s up. Thanks for your advice!
November 6, 2009 at 4:23 pm #23194AParticipantFrom your posts you seem more capable of expressing your thoughts in writing than most forum posters I’ve seen.
As to advice on riding a moto, I would take up driving a junker car for a while before you are more financially stable to afford a used bike around $2500-3000. Driving experience is not only limited to operating your vehicle, but exposure to idiot operators on the road can make you more aware of the possibilities to mishalp, prepare yourself to react when bad things happen on a moto.
Take up a second job, work in the library, participate in some clinical trials.. I supported myself through school doing all of that.. I was lucky to have been a limo driver in college, driving clients to airports, parties in all hours, did most of my studying in the back of the limo while waiting for clients… slept in limos, too.. It paid for my college tuition, got me plenty of driving experience and met some interesting people that got me my job 9 years ago.
November 6, 2009 at 6:21 pm #23195WeaponZeroParticipantI think that your first bike really should be a cash purchase. Work to save up more money until you can afford to spend about $2k on a used bike. It may not be the new model Ninja 250 you want but you can easily find an older pre-redesign one for that price. I wasn’t able to get my first bike until I was 27 mostly due to financial reasons.
Best bet is this: blow your savings on the highest quality safety gear you can afford (jacket, helmet, gloves, riding boots, and some sort of underarmor to wear underneath your jeans). After you have all that stuff work your butt off to save toward the bike itself, which realistically a decent used bike should set you back in the neighborhood of $2k-$3k. I know its not what you want to hear because its not immediate, but it really is the best way to go about it.
I always recommend people buy the gear before the bike so that theyre not tempted to ride without proper safety gear on.
November 6, 2009 at 6:47 pm #23196eonParticipantKudos for not getting into debt to do this and putting aside the temptation to get one now. Looks like your old Dad has had more of an affect on you than you realized
Unless he helps you out it seems like waiting and saving is the name of the game. One thing that has not been mentioned is insurance and I don’t think that will be pretty reading for a 19 year old. I guess the longer you wait the better it will be for you.
But the longer the wait the sweeter it will be when that day comes. Best of luck!November 6, 2009 at 11:30 pm #23202JtownJJAParticipantI’ve been following this thread at work all day, but have not been able to respond until now. Two thoughts occurred to me, and Elwood beat me to one of them.
1- You may want to consider looking into a scooter. If you mainly need transportation to get around your college campus, a scooter could be perfect for that. You may be able to get a 150CC or 250CC scooter cheaper than that Ninja 250. It would give you reliable transportation, and give you the chance to get experience. It would also give you the opportunity to show your father your reponsibility, in which he may later be willing to help you get that real motorcycle.
2- Also, if you haven’t already, you need to review the topic “It sucks to be a young male”. It will open your eyes to the realities of the cost of insurance. In addition to the bike and the gear, insurance is an additional expense that you need to plan for.November 7, 2009 at 5:50 am #23207TaraParticipantYeah I guess I’ll just have to go with good ol’ cash for my bike. I’ve considered a scooter, but it’s just that it seems like an intermediate step that will prolong the amount I have to save for my Ninja. Although I definitely do understand that it will be better than nothing (which is what I have now).
And thanks for bringing up insurance…at least in Florida, it’s not required, but I wouldn’t want to be without it…I’d like to think I could ride a couple months before I get insurance, but that’s probably the most crucial time period to actually have insurance. Arrgggghhhhh my dreams are slipping through my fingers.
Oh well. I’ll get there, don’t worry. I ALWAYS get what I want in the end! Hahaha. Only half kidding.
And as a little side note to “A”…clinical trials? I’d be too scared to come out with some horrible allergic reaction! But I guess you do what you gotta do! Sounds interesting to be a limo driver…
WeaponZero, I mentioned earlier that I have a good start on my gear; I have a one-piece leather suit and a full face helmet. I’m not too keen on gloves because it’s very nice weather here all year round, but I may get them some other time.
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