Financing 2 bikes.....pure stupidity?

[B_train]

Skater69

Dawg, from the breakdown of your finance, it sounds like you have done your homework right.. you have more income, than liability, which is the most basic and proven formula to make your money work for you..

I would say most of us all own a car as the main transportation to the Dungeon (opps, I meant work).., and the toys for hobbies.. or at least that’s what it is for me..

I own a SUV (for the family transportation), a mileage car (to get around the town, good gas mileage), My lovely Busa (to give the incredible Rush!), and the mortgage (which has full control of my package,

).. I don’t even want to talk about the other debth..
(Obviously, as you can see I fell asleep in the finance class, and skipped homework)

So, to make the boring story short, I would definitely advise you to get the Busa, It is one of the most Fun riding, well respected, not to mention the “who is your daddy “ feeling it gives you…

As side Note/Tip:
You ought to look into those Credit cards that have very low interest, and sometime offer no interest for several months.. and then when you get close to reaching that grace period, find another one that offers the same deal, till you payoff one of the bikes….

I had to include a pic of my lovely Busa.. She may not be Slammed, Bling : Bling, Blah, Blah, like some of our colleague Board members, but she is more than fine to me...

Cheers mate,

 

[Cuffee]

I just have a mortgage payment and a car note, however, I have a kid on the way (December). So you know where all my money will be going to!!!!!!

 

[Creekboy]

WEll I hit the lottery two years ago.....Got Money....roflmao

 

[Churchkey]

Refinance the east coast condo or get an equity  line of credit on it. Pay off the Wing, sell the SV outright & pay cash for the Busa. Interest on mortgage payments is tax deductable. If you have the paper for the bikes you don't need to carry collision insurance. A bit pricy for the Busa. If you don't need to buy new plastics for a few years your money ahead. If you wipe it out sell off the good pieces, take your financial beating like a  man & go buy another bike.

IMHO there is something wrong with your financial situation. If your makiing 80K+ a year you should have some cash on hand & no outstanding credit card debt or vehicle payments.

Just reread one of your posts. Your obligations are 1320.00 a month & you bring home 4400.00 a month? That means your pissing away 3K a month. OK, you need 2 bills a week to take your sweetie to dinner & gas the Wing. 2200.00 left?

?

??



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[skater69]

IMHO there is something wrong with your financial situation. If your makiing 80K+ a year you should have some cash on hand & no outstanding credit card debt or vehicle payments.

Just reread one of your posts. Your obligations are 1320.00 a month & you bring home 4400.00 a month? That means your pissing away 3K a month. OK, you need 2 bills a week to take your sweetie to dinner & gas the Wing. 2200.00 left?

?

??

First of all.....B-train.......your bike looks awesome.  I love chrome/silver wheels on the Busa.  

I do have some cash on hand and a lot in my 401K...that I can't touch.  But I like to keep 10K or so as emergency $$.
Dunno why I haven't had more saved.....I'm not a big spender...unless it's motorcycle related  

 

With bills, rent, gas, g/f expenses and basic entertainment I'm at about 2500/mo........so yeah.....I guess I do have some leftover.

Don't have enough equity in the condo right now to take a loan against it and would rather not right now. So we'll see.
I'll see what offers I get for the SV and go from there.

Thanks again guys for giving me feedback!  Shoulda figured most were gonna say....'sell your firstborn and
GET THE BUSA!'  

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[1127 TO 1299]

I am not a financial analyst but...

...if I was in you situation, I would get 2 busas

 

[1127 TO 1299]

BTW
I have a huge mortgage
I have a financed car (not leased)
The busa is mine

 

[greeneinc]

I am thinking about refinancing and getting some of the equity to put back into the house for improvements and get a Hayabusa. But then my fiancee wants a Dodge Magnum with a Hemi. I have:
A mortgage
An SUV payment
Storage payment
All kinds of Insurance plans
Medical Bills
Credit Card Debt
More bills

If you have the money and can afford it, get the Hayabusa!!

 

[qarnaj]

Personally I avoid debt like the plague and would pay off the Wing first and pay cash for the Busa. Then again, I'm poor and only bring home $1,400 a month.

In your shoes I'd probably concur with everybody else and say go for it. Sounds like you have enough cash coming in to cover another payment.

 

[Busa_05]

I got two truck payments, a bike payment and a mortgage. I say fu#kit, you can't take it with you and the kids will get the insurance.........

I'm in about that same boat. Truck payment, two bike payments, mortgage. I agree with Brown. If you can make ends meet and you're happy...go for it dude.

 

[rubbersidedown]

wholly fug....you guys dont mess around do ya...

all those payments....WOW.


personally, myself, I like to sleep at night.

But hey,what the fug....Go Big,or Go Home.


Like a Stockbroker on Thorozine....BUY BUY BUY

 

[skater69]

Thanks again for all the input. For what it's worth, I've decided to hold off on getting a Busa. Don't want the extra expense right now (and tire expense) and having too much fun on the SV. If/when I get bored of it I'll step up to something else...that may be Busa or possibly even another XX.....I've had very good luck with Hondas so far....

 

[rubbersidedown]

Thanks again for all the input.  For what it's worth, I've decided to hold off on getting a Busa.  Don't want the extra expense right now (and tire expense) and having too much fun on the SV.  If/when I get bored of it I'll step up to something else...that may be Busa or possibly even another XX.....I've had very good luck with Hondas so far....

smart choice.

Deep down... you already knew the answer.

 

[skater69]

smart choice.

Deep down...  you already knew the answer.

Of course I did....I think....did I?

 

[Nijinsky3]

Go for it. As long as you can afford it comfortably and your girl is ok with it, then why not right?

Heck, we just bought TWO bikes last weekend!

One Thursday and the other Friday! So now we have four , the truck and the car. One BIG happy stable!

 

[PACIFICBUSA]

That's a pretty cushy check you got coming in every two weeks....

I'd start choppin away at the Wing debt....and from there, buy a used Busa.


Oh yeah....and I'd get rid of that CC bill quickly too...don't like having debt. Of course, I'm very much into it...

Car loan
Personal loan 1
Personal loan 2
Personal loan 3

All together, about $1k worth of loans each month....and I only take home 1600 every month.

 

[1127 TO 1299]

Thanks again for all the input. For what it's worth, I've decided to hold off on getting a Busa. Don't want the extra expense right now (and tire expense) and having too much fun on the SV. If/when I get bored of it I'll step up to something else...that may be Busa or possibly even another XX.....I've had very good luck with Hondas so far....

smart choice.

Deep down... you already knew the answer.

how was your trip RSD?