Finance vs buying

Ludford · Borekit Bruiser Joined: 12 Aug 2013 Karma :

So my dad was going to buy my car so I'd have £600 for a bike. But he's not able to now as he can't spare the money.

I've been looking at financing a bike instead because without selling my car I can't spare a chunk of cash.

I could finance a Honda CBR 125 over 2 years so that it ends right about when I want to be selling the bike and upgrading from a 125. I've seen a 2011 model for £2,795, which would be about £116 a month plus what ever interest they add.

I could also try selling my car on auto trader and buying a bike for £600.

So the question is do I wait and try and sell my car and buy a beater for £600 or spend a lot more money on something nice with a warranty? How much would it depreciate over that time?

darkhorizon · Scooby Slapper Joined: 16 Jun 2012 Karma :

New? Maybe previously enjoyed? Maybe a 0% credit card then you're not tied to franchise dealers & their 0% - which is usually only on new machines which depreciate like falling pianos.

Many threads on this subject also!

Good luck... Very Happy

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2009 CBF600 - London hack - stolen then recovered - still going!
2006 CG125 - Was SORN'd, now back on road - sold Nov '16

J.M. · World Chat Champion Joined: 27 Mar 2011 Karma :

If you already have a car then I doubt that you're 17. I'm guessing that you're either 18 or 19, so do you really want a 125cc for 2 years? Also if it's your first bike, you'll likely drop it. I wouldn't advise spending nearing £3000 on one. It'll devalue massively if you drop it. Some people never drop their bikes. Some people stack it on the first ride Very Happy

I'd personally buy something cheap and cheerful to see me through until I was 19. Then I would sit my A2. Using the money saved, I'd buy myself a nice A2 compliant bike to sit on for 2 years. If you buy yourself a half decent 125, you wont be needing that warranty. I bought a 2004 CBR 125 for £800, crashed it 3 times, racked up the mileage and sold it for £900 in need of a new C+S and downpipes.

A 0% credit card is a good idea. As you're young, I doubt you'll be able to get such a card. Considering that your dad would be paying for the bike in trade for your car, I would propose to him that he purchases the bike for you on card and then pays it off as and when he can. If the bike costs more than the £600 your old man is giving to you, you obviously chuck him the extra every month or so Thumbs Up

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2004 R1 & 2018 XSR900

Rogerborg · nimbA Joined: 26 Oct 2010 Karma :

snomag · Trackday Trickster Joined: 12 Nov 2008 Karma :

I presonally wouldn't take a loan out just to afford a new(ish) 125, as that just doesn't sound right. If you don't have that much money in the first place, why do you want to buy something that's expensive for what it is? (a 125 I mean :p)

There are plenty of cheap bikes out there that wouldn't put you in debt - which is always a bonus in my opinion - but you could still have fun with them. And that way at least you wouldn't have to worry about dropping it - which could happen easily..I know it did for me :p - and loosing too much money.

But that's just my opinion. If you really fancy the 2011model of the CBR 125, go for it Smile

Derivative · World Chat Champion Joined: 03 Aug 2010 Karma :

Copy pasted verbatim from the other similar thread on this topic:

rk8479 · Two Stroke Sniffer Joined: 12 Jul 2013 Karma :

-Matt- · World Chat Champion Joined: 28 Apr 2013 Karma :

Don't spend a lot on a 125 - warranty = redundant in most cases, and you'll only want to sell it sooner or later anyway, probably sooner, at which point anything semi new or god forbid new will of dropped in value a lot most of the time.

Get something simple and sweet - a runner that does what you require of it, that isn't going to cost an arm and a leg.

When you can upgrade, sell it, recoup most of the money and spend it on the bigger bike you're going to more likely keep for a decent period of time and really enjoy Thumbs Up