Poll

What's your favourite financing option?

PCP (Personal Contract Purchase)
5 (19.2%)
HP (Hire Purchase), Bank Loan.
2 (7.7%)
Buy Outright
19 (73.1%)
Other (e.g. Bank of Mum and Dad etc)
0 (0%)

Total Members Voted: 26

Voting closes: August 05, 2021, 09:11:14 AM

Author Topic: Financing your next bike  (Read 1653 times)

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Offline Spartacus

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Financing your next bike
on: May 07, 2021, 09:11:14 AM
OK then. So here in the UK we have various means of financing our favourite modes of transport which I've listed above in this poll. I'm not sure what the rest of the world has on offer but please join in wherever you live and make comments on why you chose your particular method of financing.

Any other comments good or bad would be welcome to help forum members choose the best option for their particular needs should they be undecided.

As for me..........Being in the older age group, I'm a buy outright type. I tend to save up for my next purchase. I've never bought a new bike and tend to go for a nearly new model which has already taken a huge hit on depreciation.  :028:

Jon

#1

Online Airsafari87

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Re: Financing your next bike
Reply #1 on: May 07, 2021, 09:21:31 AM
Its popcorn time.

#2

Offline Scubaregs

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Re: Financing your next bike
Reply #2 on: May 07, 2021, 09:27:34 AM
I took the PCP for the S1000r, but only as it came with a £750 deposit contribution. I made one payment, took a personal loan at a ridiculously low rate, then paid the PCP off.

Cash is not always king, a previous bike purchase I took a PCP at 0% interest over 3 years although I could of paid cash, and made a bit of interest.


#3

Offline Oops

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Re: Financing your next bike
Reply #3 on: May 07, 2021, 10:18:28 AM
Interest rates are rock bottom at the moment, so 75% deposit and the rest over 36 months.

Personally I think in years to come PCP is going to be the new PPI once people get bored of paying top dollar to rent a vehicle and start complaining to the finance companies.

#4

Offline SimonS1KR

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Re: Financing your next bike
Reply #4 on: May 07, 2021, 10:44:49 AM
Usually save up and buy outright. Occasionally borrow from the bank of mum. Lower interest rate than a loan for me, higher interest rate than a savings account for her - win win.

Never been able to make the PCP option add up in my own mind. Interest rates always seem high and the dealers constrain the deposit and monthly payments to make sure you pay plenty of interest. Plus, you still have to save up the deposit for your next PCP deal if you intend to hand the bike back. I asked a local Kawasaki dealer to explain it to me once, and even he said that PCP was the expensive way to go.

#5

Offline Colberki

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Re: Financing your next bike
Reply #5 on: May 07, 2021, 12:19:31 PM
I also save up and pay cash for my bike.

#6

Offline Hamburg

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Re: Financing your next bike
Reply #6 on: May 07, 2021, 03:13:20 PM
Iíve always bought used (Iíve never owned a new bike) and changed every couple of years and the depreciation has been negligible. As Iím quite fussy I always like to improve the bike during my ownership and this ends up usually in a decent resale value.

I buy outright but never spend much more than about £7000.

If I did more miles then I possibly would look at a brand new bike on a PCP deal. I donít see the need to own a brand new bike outright.

#7

Online psenior1

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Re: Financing your next bike
Reply #7 on: May 07, 2021, 04:12:40 PM
Bought outright so far for me, tempted with pcp for something like a new RR, but my worry would be doing Trackdays on a bike I donít own and the consequences, plus the cost of comprehensive trackday insurance for a bike thatís worth 15k plus.

#8

Offline Hooligan

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Re: Financing your next bike
Reply #8 on: May 07, 2021, 09:29:36 PM
Buy outright. the skr was the only 'new' bike I've purchased to date.

#9

Offline Craggs

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Re: Financing your next bike
Reply #9 on: May 11, 2021, 11:33:46 AM
Bought outright for me, helped with a £1000 dealer discount too for one of the new 2017 models when they first came out. Only new bike I've owned to date.

 



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