Financing 2 bikes.....pure stupidity?

[skater69]

Been thinking about a Busa but main reason I don't have one is b/c I still owe $13K on my '04 Wing….which for now I'm keeping b/c I don't have/want a car (San Diego) and Wing is great for rain/storage…etc. And even though my g/f doesn't ride with me often, when she does…..she likes the Wing.

I could afford a few grand down on a new Busa but I'd have to finance about 7K or so. Is this a stupid plan altogether? I could afford the payments on both bikes (about $500/mo total) but was thinking I should wait till the Wing is paid off or until I can pay cash…..even though I can get pretty low rates at my credit union.

Anyone else ever made payments on 2 bikes?

 

[Mr Brown]

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.........

 

[IL_BusaBoy]

I only have a car payment. Busa is paid off, but am thinking of getting her a stablemate.

 

[stkr00]

Let's see...

Payments on...........

03 Hayabusa
00 H-D Electra Glide
02 Chevy Pickup
04 Honda Accord
Mortgage
School Loans
oh dam

it just keeps on going, and going, and going...Like the friggin Bunny

Live life and enjoy...It will be over sooner than you think

 

[BigBSBusa]

I can see both sides of the plate, but don't recommend racking up all the debt. Yours is a little different situation because you have no car, so could work out for you.

 

[pure_ego]

ehh.. I don't see a problem personally.. I do have the 'busa financed.. still owe 2-3 thou... I owe just a bit on the ducati... and quite a bit on the main family cage..

I guess it all comes down to if you could sell it and get out of it quickly (IE,, not having to wait on a sucker that'll pay too much for it) if you really needed to.

If you had said you owed 18 on the wing,, and was gonna finance 10 on the 'busa I'd say it probably wasn't a good idea.. but sounds like your in decent shape on the wing.. and with a few thou down your gonna be ok on the 'busa.. so no big deal I guess... worse turns to worst you could always take a beating on the 'busa and be out of it in 5 days on ebay at worst. Even if you only got say $5 thou out of it or something.

 

[pure_ego]

I had wanted a second bike for a long time but waited till I had the 'busa well below the resell value before I allowed myself to jump.

 

[Aceshigh]

I also have a
Mortgage payment
SUV Payment
Bike Payment
+ own 2 other cars, + new dirt bike.

But I don't have kids or a wife to pay for. I'll put it to you like this, if you have the money and you're not cutting yourself thin, go for it.

I personally try to keep all my payments totaling in at no more then half of my monthly income. If you overextend yourself beyond that, it becomes hard to recoup when you fall into trouble.

 

[Sithor]

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.........

Yep, I agree. I have a loan on an '04 F-150, '04 Navi, '04 'Busa, and my house payment. Utilities and #### are in there also, however my father passed at 41 and never enjoyed his money, nor did he plan on dying at such a young age.

I may be in debt up past my knees, but at least I'm enjoying the swim. I will say that my '03 SV was paid off and that was nice. It's strange paying payments on a bike.

 

[Charlesbusa]

Depends on how much you earn and any other debt you have.  Probably no big deal.



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[BentValve]

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 agree, enjoy life while you have it.

 

[skater69]

Hey thanks for all the replies so far.

A bit more of my situation that I didn't disclose….. I did just get an SV650 not too long ago and paid cash for it.  Like it a lot but sort of miss the "see you later" power that my old cbr1100xx had.  The cash with the SV sale would be the down payment on the Busa.  

I have no kids and no car. Rent a house in San Diego with girlfriend (she has a cage).  I pay about $1K/mo.  Wing payment is 320/mo.  Rent out a condo on the east coast that I own…..and we jointly own a townhouse too that we rent out.  Have credit card debt of about $2900 that's interest free for until June '06 that I intend to pay off by then or earlier. These are my biggest debts. Monthly net take home is about $4400. (86K/yr)

I wish Suzuki had one of those no payments for a year deals that Yamaha once ran.



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[thesnake]

excellent advice from the group... I concur as long as:

1) you can afford payments

2) you got a little rainy day fund set aside

3) your matrimonial hormony won't take too much of a hit.

As the ole saying goes, moderation is for monks, take big bites outa life.

 

[Charlesbusa]

Ahh you can afford it, go for it if its what you want

 

[gm1300]

do it !

one payment has nothing to do with the other . both bikes are so different , it aint like you are paying one for no reason . the fun you will have on the busa is priceless

 

[skater69]

thanks...guys...we'll see I'm 50/50 at the moment. I'll defintely let you know of course.

 

[adrenaline junkey]

just do it if there is a way

 

[Aceshigh]

Well even if you fell off your keister it sounds like you have some property investments going to cover your ass. I'd go for it. Your debt to income ratio is very good, I'd say go sell the SV650 flat out and buy the Busa.

I'm curious as to why you bought the SV650 after owning a CBR1000 anyways.......what were you thinkin man

Was it for the lady??

 

[chowan24]

If you have the money get it. Only you know your own financial capabilities....

 

[HowieL]

I'm curious as to why you bought the SV650 after owning a CBR1000 anyways.......what were you thinkin man

Was it for the lady??

I got rid of the CBR1100XX b/c at the time I had it could only afford one bike and I wanted to do longer rides and have something to ride in the 40 degree temps in the winters back east when I lived there. Couldn't get used to the comfort of the XX for anything more than an hour so got the Wing. So I ended up putting 25K on the Wing the next 12 months.

Got the SV on a whim when I moved out to CA. Wing had to go in for the frame-reweld recall....so I'd be 3 wks with no bike/transportation and craved a 2nd bike anyway. I had about $6k to spend and didn't want to finance another bike so got the '04 SV for 5900 OTD the day I brought my Wing in. Figured I'd try something that was lighter that I could wail on and use most of its power...unlike the XX. Added an M4 full exhaust, springs, and PCIII too.....
Gotta be honest, so far the SV has been GREAT for what it is. On the back roads and in town.....I'm not sure I'd be happier on anything else. Only on the highway do I wish it had that little bit of extra ooomph.....the kind of power where all you need is a tiny opening and twist and you're between cars and gone. It may not have that but it's not slow either....I'm almost never under 85 on it. I still find it really fun to rev the living crap out it and still be going somewhat sane speeds. I could never do that on the XX in most places.....much less a Busa.

The Busa I think I want more for the allure and appeal of just having the ultimate badass rocket. But part of me thinks it's gonna be a load compared to my SV. Faster....yes but possibly not as fun....who knows. I'm "comfortable" right now financially only owing on one bike....even though it's as much as your typical car payment... and have a small cushion....feels good not to be strung out and have to think about things like "should I save money and bring lunch today?" So I'm still up in the air. I could just list my SV and see what I get for it and see if I what offers I get....I'm not much into eating a big loss considering the mods I've done.

Well I'm done with my novel. Don't forget to read the 'About the Author' page on the back