Author Topic: Bike Financing  (Read 4322 times)

No Name Guy

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Bike Financing
« on: September 24, 2016, 03:00:21 PM »
I was just in the bike shop - needed a new brain bucket and patch kit.  Low and behold, what did I spy at checkout?  One of those brochure holders with flyers from a local credit union offering bike purchase financing.

Oh my.....now I know a nice high end MTB or carbon frame road bike can set you back 3-5k, but WTF Batman? 

BlueMR2

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Re: Bike Financing
« Reply #1 on: September 24, 2016, 03:36:37 PM »
I can believe it.  I was shocked recently by an exchange between a couple people I know.  Apparently you can finance $200 televisions because it's a disaster on par with your house catching on fire if your TV breaks down and you can't immediately replace it.

ender

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Re: Bike Financing
« Reply #2 on: September 24, 2016, 03:38:37 PM »
I bought a road bike from someone who had to sell it to pay off his newer bike.

Cyaphas

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Re: Bike Financing
« Reply #3 on: September 24, 2016, 04:10:12 PM »
At the right interst rate it's something I'd consider purely from a credit stand point.

Tjat

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Re: Bike Financing
« Reply #4 on: September 24, 2016, 04:35:09 PM »
I don't think I'd go through the hassle of financing for what would most likely be an insignificant sum of money (given that it's for a bicycle)

trek240

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Re: Bike Financing
« Reply #5 on: September 24, 2016, 04:42:27 PM »
I bought a road bike from someone who had to sell it to pay off his newer bike.

I know lots of guys like this. They have 8-10 bikes, and before buying a new one they need to sell one of the old ones. Though I think this is more to appease the wife, rather than some financial requirement.

BTDretire

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Re: Bike Financing
« Reply #6 on: September 24, 2016, 04:54:37 PM »
I can believe it.  I was shocked recently by an exchange between a couple people I know.  Apparently you can finance $200 televisions because it's a disaster on par with your house catching on fire if your TV breaks down and you can't immediately replace it.

 That reminds me of the 90's when I repaired VCR's. People would bring in VCR for warranty repair they had bought from a rent to own store. For warranty, I needed the receipt, the receipt usually showed they paid over $1,000 for a VCR I could buy outright for less than $250.00.
 

Dutch

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Re: Bike Financing
« Reply #7 on: September 27, 2016, 04:20:02 AM »
I bought a road bike from someone who had to sell it to pay off his newer bike.

I know lots of guys like this. They have 8-10 bikes, and before buying a new one they need to sell one of the old ones. Though I think this is more to appease the wife, rather than some financial requirement.
The number of bikes you need is always N + 1.
The number of bikes your wife wants you to have is N - 1

I'm Dutch and we are famous for our number of bikes but 8 - 10 is way to much for me. We are a family of four and have eight bikes not to much but 8 - 10 for one person is to much.
That should be for one person?
1. City bike
2. Touring bike
3. MTB
4. Racing bike
5. time trial bike
6. winter racing bike (for the salt)
7. reclining bicycle
8 .... (cargo bike maybe?)

Miss Piggy

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Re: Bike Financing
« Reply #8 on: September 27, 2016, 07:19:47 AM »
I don't think I'd go through the hassle of financing for what would most likely be an insignificant sum of money (given that it's for a bicycle)

Have you priced new, decent bicycles lately? I've been riding a circa 1992 road bike since college. Did a big fundraiser ride a few weeks ago, and caught a bit of the "new bike bug" after seeing some really nice-looking bikes there. Then I went online and saw some prices. Holy crap.

FrugalLakes

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Re: Bike Financing
« Reply #9 on: September 27, 2016, 07:48:43 AM »
I don't think I'd go through the hassle of financing for what would most likely be an insignificant sum of money (given that it's for a bicycle)

Have you priced new, decent bicycles lately? I've been riding a circa 1992 road bike since college. Did a big fundraiser ride a few weeks ago, and caught a bit of the "new bike bug" after seeing some really nice-looking bikes there. Then I went online and saw some prices. Holy crap.

Four years ago I was shopping for road bikes.  Picked up a brand new trek that was 45% off because it was last year's color scheme.  Same exact bike and components, just a different color.  I was blown away that the bikes where being sold by year.

Miss Piggy

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Re: Bike Financing
« Reply #10 on: September 27, 2016, 08:02:53 AM »
Four years ago I was shopping for road bikes.  Picked up a brand new trek that was 45% off because it was last year's color scheme.  Same exact bike and components, just a different color.  I was blown away that the bikes where being sold by year.

I noticed the significant discount for last year's models as well. Not quite 45% off online, but maybe they're lower in the stores.

OurFirstFire

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Re: Bike Financing
« Reply #11 on: September 27, 2016, 08:15:20 AM »
Have you priced new, decent bicycles lately? I've been riding a circa 1992 road bike since college. Did a big fundraiser ride a few weeks ago, and caught a bit of the "new bike bug" after seeing some really nice-looking bikes there. Then I went online and saw some prices. Holy crap.

I for one have been pricing some new, decent bikes!  At $400, this would fit the bill for me: https://www.amazon.com/Diamondback-Bicycles-Complete-Performance-Metallic/dp/B0132I8ZL2/.  I for one couldn't begin to imagine spending 2-10x for minuscule improvements in weight and components.

Miss Piggy

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Re: Bike Financing
« Reply #12 on: September 27, 2016, 08:37:35 AM »
I for one have been pricing some new, decent bikes!  At $400, this would fit the bill for me: https://www.amazon.com/Diamondback-Bicycles-Complete-Performance-Metallic/dp/B0132I8ZL2/.  I for one couldn't begin to imagine spending 2-10x for minuscule improvements in weight and components.

That's great that you've found something inexpensive that would work for you.

No Name Guy

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Re: Bike Financing
« Reply #13 on: September 27, 2016, 01:07:24 PM »
Four years ago I was shopping for road bikes.  Picked up a brand new trek that was 45% off because it was last year's color scheme.  Same exact bike and components, just a different color.  I was blown away that the bikes where being sold by year.

I noticed the significant discount for last year's models as well. Not quite 45% off online, but maybe they're lower in the stores.


Yes, it's amazing how much of a price discount you can find on a one or two model year old bike.  When I replaced my 10 year old hardtail with a full suspension (my back just couldn't take it any more) a few years back I found great bike that was 1 model year old.  I got ~30% off the current year pricing.

Oh, and the tech improvements over those 10 years....wow....WAY better.

Tjat

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Re: Bike Financing
« Reply #14 on: September 28, 2016, 10:40:39 AM »
I don't think I'd go through the hassle of financing for what would most likely be an insignificant sum of money (given that it's for a bicycle)

Have you priced new, decent bicycles lately? I've been riding a circa 1992 road bike since college. Did a big fundraiser ride a few weeks ago, and caught a bit of the "new bike bug" after seeing some really nice-looking bikes there. Then I went online and saw some prices. Holy crap.

To clarify - buying a bike should be reasonably insignificant. Buy an expensive bike if you feel you need it and have a huge stache or buy a cheaper bike if you're still accumulating.

Burghardt

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Re: Bike Financing
« Reply #15 on: September 29, 2016, 08:17:46 AM »
I was just in the bike shop - needed a new brain bucket and patch kit.  Low and behold, what did I spy at checkout?  One of those brochure holders with flyers from a local credit union offering bike purchase financing.

Oh my.....now I know a nice high end MTB or carbon frame road bike can set you back 3-5k, but WTF Batman?
A lot of stores offer 0% financing in Germany. Large consumer electronics store Media Markt for example has the offer beginning at purchases of just 99.
I know a lot of things can potentially go wrong in life, but if such things are offered and you can afford to purchase the item outright - wouldn't it be dumb not to take financing instead and allow the money to work for you until it's due?

Making Cookies

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Re: Bike Financing
« Reply #16 on: September 29, 2016, 11:31:19 AM »
Unless the means to pay off the 0% financing were to evaporate. Uncertainty and all that.

Shor

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Re: Bike Financing
« Reply #17 on: September 29, 2016, 11:40:59 AM »
But when you're riding a super expensive bike, you don't have to pay attention to the red lights, you can just blow right through them!
True story, saw it myself, no need to contradict it.

MrFrugalChicago

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Re: Bike Financing
« Reply #18 on: October 04, 2016, 07:40:50 AM »
My bikes cost $2000 and $4000, so I can understand why some people finance.

Though you are buying an easy to break and easy to have stolen device. If you can't afford to replace it out of your checking account, not so sure you should be buying it.

Darryl Musashi

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Re: Bike Financing
« Reply #19 on: October 04, 2016, 12:17:49 PM »
Quote
Have you priced new, decent bicycles lately? I've been riding a circa 1992 road bike since college. Did a big fundraiser ride a few weeks ago, and caught a bit of the "new bike bug" after seeing some really nice-looking bikes there. Then I went online and saw some prices. Holy crap.

God, too true. I've been riding to work on my old bike from the 1990s, having spent about $200 on repairs last year to get it generally ridable again. Every time I get temped to drop thousands of dollars on a new one, I remind myself of why I'm riding the bike in the first place. It would take a lot of commutes to work to save enough gas to make up for that kind of outlay.