Alright Guys
#12
The major problem with bank motorcycle loans is that the interest rates are around 11-12%, with older, used bikes commanding higher rates. The bank quoted 11.5% for a 2006 F4I, whereas the dealership got me an 8.45% rate. I think you just need to calculate how much your loan+interest will be and see if the extra interest paid to the bank offsets the extra dealership cost.
Another thing to consider, junior2552, is if you can afford full-coverage insurance if you finance through a dealer (which will be mandatory when financed through a dealer). When I purchased my bike, I didn't have any intentions on getting full-coverage insurance because I got quoted $5000.00+/year and I said either I get liability and the bike or no bike at all.
However, after 9 months I got another quote and the rate for full-coverage was reduced tremendously and I got 2 quotes, one for $900.00/year and another for $250.00/year. I went with the obvious quote.
Also, is this going to be your first bike?
#13
yes sir supersnake. it is MY first bike. i've ridden dad's before. but it'll be my own. but i grew up riding other bikes. he always had some huge bmw or something like that. so i'm bound to drop my first bike anyways so i was thinking liability? and i live at school, so maybe theft insurance? would you care to guide me? haha thanks guys
#14
and how ironic, a 2001 F4i with 18k on it just popped up around my house for $3000!
http://cleveland.craigslist.org/mcy/1372073129.html
any thoughts? there is another one, maybe i could bring him down alot more.
http://cleveland.craigslist.org/mcy/1367134856.html
http://cleveland.craigslist.org/mcy/1372073129.html
any thoughts? there is another one, maybe i could bring him down alot more.
http://cleveland.craigslist.org/mcy/1367134856.html
Last edited by Junior2552; 09-13-2009 at 12:21 PM.
#16
Junior2552,
Start looking at insurance companies and getting some quotes. Some insurance companies will let you have liability and theft coverage while others will make you buy comprehensive to have the theft coverage. Liability should not be too much, but your comprehensive will probably be a lot. Check around and see if you can get theft coverage with liability.
As for those two deals, they both seem like good deals, but you will have to go and see the bikes in person. Google some articles and on the forum on what to look for in a used motorcycle--private sale.
My recommendation for both of those bikes is to offer a lower price and start the bargaining from there. For the second bike, I would ask what the best price would be without all of the gear (not that anything is wrong with buying used gear--other than helmets, I don't trust nothing but a brand new helmet--but some people try to profit much off of their gear that they spent a hefty price for).
Keep us informed!
Start looking at insurance companies and getting some quotes. Some insurance companies will let you have liability and theft coverage while others will make you buy comprehensive to have the theft coverage. Liability should not be too much, but your comprehensive will probably be a lot. Check around and see if you can get theft coverage with liability.
As for those two deals, they both seem like good deals, but you will have to go and see the bikes in person. Google some articles and on the forum on what to look for in a used motorcycle--private sale.
My recommendation for both of those bikes is to offer a lower price and start the bargaining from there. For the second bike, I would ask what the best price would be without all of the gear (not that anything is wrong with buying used gear--other than helmets, I don't trust nothing but a brand new helmet--but some people try to profit much off of their gear that they spent a hefty price for).
Keep us informed!
#17
#18
HEY! the second listing i put up for you guys to look at, came down in price. $2200 for the bike!! He said i just need new fairings if i want them to match. but i like the SevenStar ones. so maybe i'll paint the tank black! But i told him i'd pick it up this weekend if he brought it down to $2100. Any suggestions or should i go for it?!
#19
First thoroughly look over the bike. Check out this site: http://www.clarity.net/~adam/buying-bike.html and this site: http://www.essortment.com/hobbies/mo...buyer_sapy.htm
The first reading might be a bit long, but it has some good info as to what to look for.
The second reading is a good overview/quick checklist.
Once you get down to the nitty gritty, and if the bike is worth $2100.00 go for it, but always first make sure that you are not buying someone else's junk.
Start the bike from a cold start to see if you can detect anything (and make sure that the guy knows beforehand you want the bike cold when you get there). If it is warm when you get there--even after you tell him, just simply walk away, because he's already trying to hide something. Thoroughly look over the bike (and if possible take a friend or your father with you if you could. It is always good to have a second spectator even if the person doesn't know anything about motorcycle--it is just a second pair of eyes).
Pretty much you will find a lot of good info as to what to look for from the first article and that should give you an idea on what to look for.
The whole idea is that you don't want to buy another person's problem and not be satisfied.
The first reading might be a bit long, but it has some good info as to what to look for.
The second reading is a good overview/quick checklist.
Once you get down to the nitty gritty, and if the bike is worth $2100.00 go for it, but always first make sure that you are not buying someone else's junk.
Start the bike from a cold start to see if you can detect anything (and make sure that the guy knows beforehand you want the bike cold when you get there). If it is warm when you get there--even after you tell him, just simply walk away, because he's already trying to hide something. Thoroughly look over the bike (and if possible take a friend or your father with you if you could. It is always good to have a second spectator even if the person doesn't know anything about motorcycle--it is just a second pair of eyes).
Pretty much you will find a lot of good info as to what to look for from the first article and that should give you an idea on what to look for.
The whole idea is that you don't want to buy another person's problem and not be satisfied.
#20
Well i'm a little bummed about the $2200 one (black and silver). He said somebody is coming to look at the bike on Friday, and I told him i would pay him on Friday if he would make it a deal, but he never emailed me back. Hopefully somebody doesn't buy the bike before i can... thanks for all the info Snake! youre always a good help.