I only have a bike because im 25 and was single at the time, and i don't have kids or a house payment. So really i had nothing to spend my money on and i have a decent paying job. It's a scary thought for myself but as i lay in bed last night beside my beautiful girl i couldn't help but think if she got pregnant. I would with out a doubt sell my bike, so for me the choice is easy i guess. Put that money towards your debts. Bikes aren't going anywhere and you have memories to think of until you can afford one. It sucks i know but thats what i'd do. Take a break if you have to for most of us it's only a hobby.

 

Pay off your debt. No question about it.

 

I'm a little surprised to hear such sound and reasonable advice against getting another bike from a bunch of bike enthusiasts, but you're right. The debt needs to go.

...and you can be damn sure (when the debt is paid off) that my next bike is going to be a Honda! This sucks!

I already have refinanced the student loans, but it can only happen to a certain extent (private loans can't be combined with government loans). It's the wife's debt which is really bad. She has about 10k just on one card (mostly from wedding/honeymoon)

Oh, and I decided to part the bike out because I wanted to get a newer one and realized that i could (potentially) make more than an outright sale. I have done alright, actually (have made more than half of what i bought it for with only about 1/4 of the bike's parts), but I just wishthe parts would sell faster.

 

Well I wish the best with selling the rest. Both of my bikes have been trashed once so that's the only reasonI ask about the F2 rebuild. Bummer with the multiple loans, sounds like theirs not much you can do.

 

It's not all that bad though. At least I have a degree to show for all the debt, and our salaries have gotten much better in the last year, so it looks like we could be debt-free (sans mortgage) by 2015! Just in time for the oldest to go to college! AWESOME!

 

dude, debt sucks...i know. but pay it off first. start with the little ones then move up to the big ones, that way you will free up those monthly payments that you have to make in order not to default.

 

I'm also surprised by how practical and responsible the responses have been. But they're right. Get rid of the credit card debt first, then treat yourself to a new toy. Student loans and mortgage are a different matter, both because of the preferrential tax treatment, and because they're for appreciating assets.

By the way, you're an incredibly nice and generous guy to take on debts your wife ran up before you were married, and I hope you take every opportunity to remind her of it

 

$40k with two people working isn't that bad. Interest rates are dropping, maybe you can consolidate those loans in a years and maybe you'll be riding sooner than you think. Also, maybe get a cheaper bike for a while, as long as you are on two wheels that is 90% of the battle, right?

 

same as everyone else...

look at it this way, if you were to get a bike right now.....you'd ride around stressing, spending money on the bike (tires/oil/repair) where if you just paid off you're debt FIRST, look how much money you'd have to play w/ afterwards!!!! and idk about you, but i tend to spend too much on aftermarket stuff for the bike, as hard as i try to stop searching for more mods.........i always seem to find a UPS/FEDEX box at my door atleast once every couple months

 

We talked about this briefly at the open house but this is a hard choice to make. For one, you could put a very small dent in your debt if you don't buy a bike and wait until you owe less. Even if you buy a bike, like you said, how often do you get to ride it? I put 7100 miles on my 600RR alone but I have only a few things to worry about, from a financial stand-point. I know you put less than 2000 miles on the F2, or close to that. You have the itch to ride but do you really have the time to go out like you want to? Next season I will put at least 4000 miles on my CBR and I don't have a wife with a credit card. That is a hole within a hole, cousin...