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Financial question

bwfc4eva868bwfc4eva868 Posts: 717
edited January 2011 in The Crudcatcher
Right I'm basically after a new motorbike to replace my 125, as i have held a full licence for coming up 2.5 years now and i'm still on a 125 :lol:

Now the peer pressure is always there, "When you getting a bigger bike Marc" Why you still riding f**king 125's you censored " is some of the stuff i get.

Now my financial situation is not brilliant at all, probably got debts of 3,000, well £1500 is a personal loan for the current bike, back when my credit history was fine. Now I'm paying off two other debts for when i had to take unpaid sick leave for 3 months due to Kidney problems and am now paying a debt monkey every month :cry:

Now i'd love a bigger bke to replace my 125, but if i sold it and say got £1000 for it, i'd probably get a 30,000k Shed or something dull, whereas i'd rather have something 2/3 year old like my current one when i bought it.

Would it be better to clear the debts first, and then maybe try to apply for another loan at a dealership, flog the 125 and get a £1000 bike or save up say an extra bit of money this year and then sell my 125, bearing in mind it will depreciate more.

Posts

  • tlw1tlw1 Posts: 18,878
    You already know the answer!

    The bits you don't mention are any improvements coming up (ie bonus) or other things you can sell
  • I think the wise choice is to stick with the 125 for till debts are paid this time next year, i mean i'm 25, so there is plenty of time for a litre bike. I think i just need wise words from older more life experienced members :lol:
  • tlw1tlw1 Posts: 18,878
    I think the wise choice is to stick with the 125 for till debts are paid this time next year, i mean i'm 25, so there is plenty of time for a litre bike. I think i just need wise words from older more life experienced members :lol:

    I am only 8 (plus 30)

    To be fair I would normally buy it knowing I have got x happening in the future:)
  • I'd go for paying off some of the debt first before looking at buying a new bike. Bigger bikes can be pretty expensive when things go wrong.....which they do!

    The depreciation on the 125 shouldn't be much to worry about, they tend to depreciate a bit when new then seem to maintain a steady used price for a few years after that. I can't imagine it losing much value over the space of 6 months or a year.

    There's some pretty good prices lately for used 600's and according to a mate of mine who works at a dealer, bikes aren't flying out the door at the moment and they aren't expecting them to next year either so there should be some good deals about.
  • projectsomeprojectsome Posts: 4,478
    ignore peer pressure, keep bike!
    FARKBOOK TWATTER Happiness is my censored mood!
  • Stevo_666Stevo_666 Posts: 43,972
    Seem to remember the saying about fat burds and mopeds both being good for a ride until your mates find out :) In this case ignore your mates and get your finances sorted first. You got plenty of time to get your dream bike.
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  • WhytepeakWhytepeak Posts: 2,616
    What they said.

    Upgrade the bike when you feel you want to, not when your mates say to. Also don't go spending money you don't have, you seem to have enough to pay back already.

    Your bike won't depreciate that much as long as you look after it, given that older 125s are always in demand.
    Now that we are strong ought to bear the infirmities of the weak and not to please ourselves. ROMANS 15:1
  • AndyAndy Posts: 8,208
    Motorbikes are gay
  • WhytepeakWhytepeak Posts: 2,616
    Andy wrote:
    Motorbikes are gay

    And ricer spoilers on otherwise untainted Hondas aren't?
    Now that we are strong ought to bear the infirmities of the weak and not to please ourselves. ROMANS 15:1
  • And Cars in my insurance price range are even gayer! 0 to 60 mph in the time it takes me to make a brew!

    I'll wait a year and then reasses the situation, because a good chunk of debt will be paid off by then.
  • AndyAndy Posts: 8,208
    Whytepeak wrote:
    Andy wrote:
    Motorbikes are gay

    And ricer spoilers on otherwise untainted Hondas aren't?

    I don't even know what a Ricer spoiler is.
  • WhytepeakWhytepeak Posts: 2,616
    Andy wrote:
    Whytepeak wrote:
    Andy wrote:
    Motorbikes are gay

    And ricer spoilers on otherwise untainted Hondas aren't?

    I don't even know what a Ricer spoiler is.

    I didn't say your car was an example of floccinaucinihilipilification, I merely likened it to a Japanese ricer car, what with it being a Honda an' all...
    Now that we are strong ought to bear the infirmities of the weak and not to please ourselves. ROMANS 15:1
  • AndyAndy Posts: 8,208
    OK well can you try use English in future please? Many thanks.
  • bennett_346bennett_346 Posts: 5,092
    Andy wrote:
    OK well can you try use English in future please? Many thanks.
    Ricer is a pretty common term.
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  • cooldadcooldad Posts: 32,601
    It's a ライサー
    I don't do smileys.

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  • VWsurfbumVWsurfbum Posts: 7,959
    Andy wrote:
    OK well can you try use English in future please? Many thanks.
    Ricer is a pretty common term.
    never heard it down here?
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  • Thought ricer was more of an American term. I just call them tw*t boxes!
  • AndyAndy Posts: 8,208
    You're thinking of Mopeds, scooters and motorbikes. :)
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