Finance vs. saving vs. cheap knackered bike again

[qpop]

Hello all, age old question here but I'm somewhat stuck in a rut.

My CB is going to be too expensive for me to put through MOT, if I had some mechanical knowledge it'd be fine but I don't really nor do I have the time to fix it (its in the for sale section at the moment)

So I'm looking at getting a new one, but my money situation at the moment is poor. I have no other form of transport (bar public or my girlfriends Smart Roadster ) and so am feeling like I need a bike.

My inclination is just to go silly and get a bike on finance. There's a lovely looking '06 SV650S going for £2500! in York, or was looking at a Speed Four, again around the same price.... I only have about £400 put away ...

am I being stupid? Should I wait until I'm in a bit more of a powerful situation financially, bite the bullet and take the bus? Or should I just save and scrabble and buy another 8-10 year old bike and put up with that only lasting me a while?

Whats the opinions here ?
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Past: 96 P Aprilia RS125 - 97 R Honda CB500 | Current: 00 W Suzuki SV650s
Why tiptoe through life only to arrive safely at death?

[Wil]

I took out a loan late last year to pay off my overdraft and buy a new bike. Bought an 07 Speed Four for 3k from a dealer and cleared my overdraft, although I'm slipping back into it a bit. At least I own the bike though, I wouldn't touch finance with a barge pole personally, I might want to sell the bike in a year and get something different after all. I'm rubbish at saving though so a loan was the best option for me (well, besides walking).
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'07 Triumph Speed Four

Aw look, a baby driving a car. And look, there's a dog driving a bus!

[Itchy]

Buy something like a monkey bike to get around on? , taking the bus ain't cheap and I used to remember it was still £5+ a day and that was in the early 00s and with credit tightening may mean a loan is harder to find than you think.

A sky team gorilla is something like £550 OTR , 2nd hand should be cheaper.
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Spain 2008France 2007Big one 2009 We all die. The goal isn't to live forever, the goal is to create something that will. In the end, your life will flash before your eyes. Make sure it is worth watching.

[t121anf]

no reason at all not to get a loan at the moment providing you are in a secure position.

personally for that amount i'd look at Virgins 0% credit card deal, get that then when it runs out (if you haven't clear it by then) take a loan or another credit card deal.

oh and overdraft rates are normally silly so get it paid off quick.

[robbieguy2003]

If your jobs secure and you know your income month to month and aren't skint at the end of it then go for it.

Think about that first though, never leave yourself short and ensure you've got a buffer.

If its an '06 bike, think how much it'll be worth in 12 months/24 months and 36 months.

Personally i wouldn't look at doing finance on an 06 for a period of more than 2 years (24 months)..

Also, work out the cost of public transport vs buying the bike..

I agree with the loan over finance option - your less tied in, dealers love tying you into bike finance as its difficult not to go back to them to sell which can leave you in a crap place.

In your shoes, i'd way up the cost and hassle of a banger bike over 2 years vs public transport over 2 years vs newer bike over 2 years - it might only be a bit more to ride around on something a bit nicer.
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Current Bikes: Honda CBR 600RR - '07, Suzuki GSX1250 FA ST '11
Old Bikes: Suzuki Intruder 125 LC - '2001, Honda CBR 600F - '92, Honda CBR 600RR - '03

[TheDonUK]

I would rather starve to death in a pool of my own fecal matter than use the bus regularly again.

My vote would be for buying another cheap bike, if you can stomache it something like a Cub 90 for utilitarian transport...

Actually im thinking about having a cub as a second bike, how much do they go for nowadays?
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[Current Bikes - GSXR-750 K5 & C90-97 ] [Previous Bikes: Runner 125, YBR 125, GS500, Bandit 600, Hornet 600, ZX6R-99, C90-99, R1-99, XT600E-04, GSXR-750 K4, CRF250L '16]

[qpop]

They're probably a classic rare collectors bike these days, and go for £5000+

Problem is although I'm good with payments etc. my credit seems to be pretty bad, not sure why. Recently got refused that Virgin Money card with 0%, on what basis I dont know. Although I only work 16-20hrs a week I'm paid a good amount an hour, have a secure job, have never missed any credit payments and use credit cards etc. very sensibly!

Black Horse finance for bikes is apparently a personal loan rather than hire purchase, but if I took out a loan on my bank for example, do I have to stick to monthly repayments, do you get penalties for paying chunks of it back?

Oh, and a gorilla bike? I'm 6'4
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Past: 96 P Aprilia RS125 - 97 R Honda CB500 | Current: 00 W Suzuki SV650s
Why tiptoe through life only to arrive safely at death?

[t121anf]

loans differ some have early repayment penalities some don't.

check the small print prior to agreeing to it. my loan is with lloydstsb, my bank, i can't pay it back early or pay above the agreed amount.

i think egg do a flexible loan, its like a credit card from what i am told but its a loan :-S (probably not as easy to use, no card or card number, have to request extra funds etc)

[Fawbish]

All i'll say is



Personal Loan, YES.


Finance, NO.



If going down the borrow route.


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"Oh....it looks like Average Joe's is forfeiting the match!" - "Yeah, its a risky strategy but lets see if it pays off for 'em Cotton."

[G]

Maybe a better option would be to go for a cheap reliable/non knackered bike?
There are plenty of examples out there, though they do take a bit more effort to find.

Older SV650s are under £1k for ok examples this time of year, or can get pretty good ones for £1500.
TRX850 is worth a look along similar cheap but reasonably sporty lines.
Speed four I wouldn't really want to be spending more than £1500 considering the pricing of late 90s and later sports 600s.

[qpop]

Where do you find these bargains G I never seem to be able to?
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Past: 96 P Aprilia RS125 - 97 R Honda CB500 | Current: 00 W Suzuki SV650s
Why tiptoe through life only to arrive safely at death?

[Fawbish]

My 2004 Speed Four will probably be for sale in a few months, I want something new.


I'll probs be selling at about £1800-2000, as its pretty mint.

More like £1800 though. Doubt I'll even get that
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"Oh....it looks like Average Joe's is forfeiting the match!" - "Yeah, its a risky strategy but lets see if it pays off for 'em Cotton."

[ms51ves3]

[monty's double]

UK economy is in terrible shape. there is going to be another
bank bailout in the next few weeks.

i'm afraid no-one's job is safe (unless you work in insolvency or
are a bailiff).

forget the shit the government tells you. unemployment will probably go above 4 million. well it will go above 3 million and then the government will undertake major league fiddling of the figures. in fact they have already started - school leaving
age up to 18 and 6 month work placements for unemployed graduates.

iceland are ahead of us. there are riots there every week which
are not being reported in the mainstream media - have a look on
youtube.

personally i'd spend the £350 you mention in your ad on fixing up
your CB500. can't someone on here local to you help out in return for some cash in hand / beer?

no disrespect but if you are not mechanically minded then how are you going to identify a different cheap bike as being reliable? i'm not particularly mechanically minded myself but you could probably do most of the work yourself or with a mate over a weekend (back brake, tyre, chain & sprox & shocks). front forks might be
a bit trickier - get some quotes from dealers?

sorry to be so boring but i'm guessing you've been fortunate never
to have lived through a recession. this is going to be a depression.

me? i'm learning the old songs

"Once I built a railroad, I made it run,
Made it race against time.
Once I built a railroad, now it's done --
Brother, can you spare a dime?

Once I built a tower, up to the sun,
brick and rivet and lime.
Once I built a tower, now it's done --
Brother, can you spare a dime?"

[T0MMY]

[G]

[t121anf]

[Itchy]

[monty's double]

[qpop]

I never said my money situation is bad, I earn a fair wage and don't have many outgoings.

A bike for me is only as much of a luxury item as a car for somebody who commutes daily is?

It's not going to be some weekend toy its going to be a workhorse...

G if you spot any bargains within 30 miles of sheffield give us a buzz ey ?
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Past: 96 P Aprilia RS125 - 97 R Honda CB500 | Current: 00 W Suzuki SV650s
Why tiptoe through life only to arrive safely at death?

[G]

[qpop]

I meant the amount I have saved! Not incomings/outgoings!
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Past: 96 P Aprilia RS125 - 97 R Honda CB500 | Current: 00 W Suzuki SV650s
Why tiptoe through life only to arrive safely at death?

[----]

Just had a look at your for sale ad.

Looks like a couple of hundred at most to put your cb5 right?
You dont need time,just stick it in a local garage and tell them to mot it.
(Ask if there is anyone on here local that will fix it up for you for beer tokens )


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DRZ-400sm