Sell up after a year or run it through?

[Reppyboyo]

Hi,

Ive come across a problem which I dont know which way to deal with.
I purchased a Speed Triple 1050 back in march, partially by part exchange and a large loan (5 grand over 5 years).
It has allways been my full intention to save up and pay the loan off ASAP, my target is 2 1/2 years through the loan which I need £2800 which is achievable.

Anyway, the bike is my dream bike and I dont regret a thing, however its lack of practicality is starting to bug me as I find the need to carry more luggage around, already have a tankbag (SW Motech system, lovely bit of kit) but feel the need for more space. Tailpack is slightly out of the options list as I carry a pillion every now & then.

However, looking at the current economy and how things are seemingly going in the future Im not sure I want this loan looming over me, even though the payments are easy to manage.

So, I have come down to two options.

1. Keep the bike, stay with the plan and in the meantime purchase a luggage system (Ventura or a Top case system, deciding which is for another thread).

2. Sell the bike, pay off loan and buy a sports tourer/tourer with luggage space if possible, with whatever money I have left

[instigator]

No harm in advertising it for the price you want and see what happens. Paying off loans in the current climate wouldn't be a bad idea! However, bear in mind it's just about winter time and the prices of used bikes aren't as high as they are in Spring/Summer.

Think the new Triumphs keep their value fairly well though so you could get lucky.

[Reppyboyo]

Hence keep it for a year, till next March at least.

[iooi]

How are you going to finance the new bike ?

I'm going to guess that the loan is a fixed rate and won't change, so any changes in interest rate won't affect you.

I would say that it may be better to stick with what you have got and spend the money on getting it how you want, rather than having to splash more cash on getting something you don't really want. When you are already riding your dream.

Even if your biggest worry on the loan is how secure is your employment and any ability to pay the loan if you are out of work. I would stick as you are. Worst case is you can always change your mind later if needed and sell at that point.
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Just because my bike was A DIVVY, does not mean i am......

[Tango675]

Buy one of these :

https://www.ventura-bike.co.uk/system/bikeselect.aspx

to sort out the luggage situation. It won't ruin the look of the bike and give you almost as much practicality as a top-box. Also gives you passenger something to hold on to. Having seen one in action, its what I should have got instead of my Givi top box.

I would then work out how much the bike is worth and ensure you have paid off more (i.e if you sell up now you won't owe anything). The Speed Triples hold there values well so it may not be as painful as you think. This will give you a get out plan should something nasty happen. Check with your loan company, you may be able to pay off lump sums without penalty, reducing the interest amount that you pay. If not a high interest account is the best place for your "overpayments".

It sounds as though, so long as the luggage is sorted out and the sums add up there is no reason to get rid of the bike. However if they don't; please give me time to sell a kidney and my grandmother so I can make you an offer for it
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Somebody give that windup merchant a torque wrench..

[Bendy]

You're screwed til springtime, pretty much. No bugger's going to buy a bike like that in winter (I know, last year I was selling one, I think it finally went in March or so just after I'd decided sod it I'd keep it).

So, might as well suck it up for 6 months or so, and see what happens. Get some luggage in the meantime if you really need it, that stuff tends to hold it's second hand value pretty well so shouldn't be too horrible if you decide it's all got to go once the sun's back out.

Or go to Triumph tomorrow and chop it in for a Sprint

[stevo as b4]

I'm not able to afford a brand new Speed Triple or Z1000 at the moment, but if a secondhand one came up for sale at good price, then my arm might be twisted even though i don't need another bike right now, (have a cheap old car to get me around in a boring souless way). If you are thinking of selling then you should definately get some pics up and details along with the price you want for it.

[Reppyboyo]

[Tango675]

[Reppyboyo]

SW Motech.

https://www.motohaus.com/acatalog/Triumph.html