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[2018_FLTRXSE]

One rule, NEVER to be violated... ALWAYS pay CASH for toys. If you have to finance it, you can't AFFORD it.

PERIOD.

KEN

I used to believe this.... until I bought my first CVO!

my other toys, its STILL CASH!

I got $24K trade in on my 09 FLTRSE3 with 36K for my 2012 FLTRSE3 that I paid $28500 + tax, lic, doc (about another $2K)

[FLSTFI Dave]

One rule, NEVER to be violated... ALWAYS pay CASH for toys. If you have to finance it, you can't AFFORD it.

PERIOD.

KEN

Funny, I look at it just the opposite, pay cash for Necessities, finance toys.  My logic, loose your job you still need your necessities but the toys can go.

Out right own her range rover, my Crew Cab Dually, Her Herritage, My fatboy, My CVO Road King. 

Owe 14,000 on Her 15 Road Glide Special and owe 18,000 on my CVO Road Glide Ultra.

So rule also for me is never be upside down on a loan.

[Jswerve]

Funny, I look at it just the opposite, pay cash for Necessities, finance toys.  My logic, loose your job you still need your necessities but the toys can go.


So rule also for me is never be upside down on a loan.

That's how I see it and I agree about not being upside down which is easy to avoid with cash or equity down and a low interest loan.

[Cat Eye]

One rule, NEVER to be violated... ALWAYS pay CASH for toys. If you have to finance it, you can't AFFORD it.

PERIOD.

KEN

This is a basic strategy to accumulate wealth....to many times people are sold the "dream" and feel they can efford it based on the payments. 

It pains me to see friends and family over extend themselfs and live paycheck to paycheck.

I never owned a new car until I was 30.....but that is just me....retired at 54.

[FLHTCUSE7]

I agree with the cash part, never finance a toy. And if you absolutely have to 84 months is rediculous and a sucker timeframe. You will always be upside down. And pay a s-load of  non deductible interest.

36-48 months would be more financial prudent if financing is needed.

But I sleep better not owe anyone money on any toy or vehicle.

[Jswerve]

This is a basic strategy to accumulate wealth....to many times people are sold the "dream" and feel they can efford it based on the payments. 

It pains me to see friends and family over extend themselfs and live paycheck to paycheck.

I never owned a new car until I was 30.....but that is just me....retired at 54.

We aren't overextended but we appreciate your concern. I'm in no hurry to retire and I'm enjoying life. When you can guarantee I'll be in good health at retirement age I'll stop having fun now and save money for later.

[Jswerve]

Btw between my house and my Harley I owe 80k. It's the only debt we have. We will be just fine

[Cat Eye]

Btw between my house and my Harley I owe 80k. It's the only debt we have. We will be just fine

No doubt you have things under control....besides, your Harley is not a toy...it your passion.

[King2013]

We all do things differently for different reasons let's just leave it at that.

[T-Roy]

We all do things differently for different reasons let's just leave it at that.

Well said Sir.

[TinSpinner]

For me there are more factors to consider before I make a purchase that will determine if I pay cash or finance anything. Interest rates are usually the deciding factor. If I can secure financing for 2-3% while earning a much higher return on my cash I will choose financing every time, assuming a fair deal to start with. I usually double up on my principal payments to lessen the interest burden even further.

[Jswerve]

No doubt you have things under control....besides, your Harley is not a toy...it your passion.

It is. My wife and I have always said that if that passion were to curb, in other words, if we are putting on the miles and doing the trips to justify having the bike then it would be time to sell. When we look at each other and try to say that with a straight face LOL. We LOVE to ride. My wife LOVES to ride. Sometimes I think she loves it more than I do!


Like someone else mentioned, we all do it different ways and that's ok. I think sometimes there's too much "if you don't do this way you are wrong" on this forum (and others) IMO. The great thing about humans is we all have different ways to achieve goals, different minds, different tastes and likes. Let's try to remember here that we all have 1 thing in common and that's all that matters, WE ALL LOVE TO RIDE

Rubber side down fellas!

Jesse

[BreakoutCVO]

They did that to me on my trade in. He was mistakingly looking at a regular ultra classic and mine was the ultra limited. Once he got on the right page the trade in figure rose a bunch. He had to of made some kind of mistake here.

[lowflight]

You did good not taking their OFFER, lots of people out there willing to take your money anytime you let them.

The art of selling and asking what payment are you looking for, finding it for the buyer and the lack of the buyer doing the math to determine the final cost is IMHO a huge mistake. But it happens each and every day.

[doublerunner]

Great post. And just goes to show how many people can get themselves upside down real quick and real bad.

I was fortunate to be taught the value of saving money very early in my life. And how to establish good credit by having the money saved before charging anything, then paying off the credit card bill every month and not carrying debt... but more importantly not carrying high interest. Borrowing is okay if you can do so at great rates, and if you know you can pay off the debt if an emergency arises. By great rates I mean around 2-3 % as one other poster mentioned. At that rate, you're playing with the banks money. Best thing I ever did was take out a home equity line of credit. It's allowed me to finance my kids college (and they pay me back every month) at 2.5% privately vs 3-4 times that for student loans. Same with the boat I bought and my bikes. Plus I only have to pay the interest every month at a minimum. Of course I put all the extra money I can every month towards the principle to get it paid off. Keeping your debt low gives you great flexibility and power with your money. You have to be disciplined in making those payments all the time. And you have to always remember to make payments to yourself. Every month make sure you put some away for yourself.

I have some friends, one in particular, who looked at his  line of credit as free money. Bought a lot of toys without negotiating, financed them all, then stopped making payments so they could take more vacations and buy stupid meaningless things all to live a life style. They now have no toys and the house is being foreclosed on, because they were reckless.

So my point is, borrow when you have to but be smart about it. Always negotiate the lowest price you can. And be disciplined in your paybacks and still saving money

And cash is still KING