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[T-Roy]

I was at the local dealer the other day and two buddies of mine were prodding me to trade my 2013 SERK in on a new 2015 street glide in ultraviolet blue with molten lava flames. I figured what the heck I will see what kind of deal they were willing to make. They wanted to give me $18,000.00 for mine me to give them another 12,000.00 cash and then pay harley finance just under 700.00 a month for 84 months. I told them they were crazy and walked off. A few days later I stopped in another harley shop a few hours away and they had a 2013 SERk same color as mine and also with a detachable tour pack similar to mine. Mine actually has a few more mods than this one had. Out of curiousity I asked what they had it priced at and they told me 31,900.00. My local dealership is apparantly a true STEALERSHIP!! By the way, I did not buy my SERK locally. I am going to upgrade the audio on mine and keep her!! That was the only large mod I had left that I really wanted to do anyway, and if I got a new bike ALL OF THOSE MODS would just have to start all over again!!!

[gpopvet]

There must be something I'm missing there must be a payoff or something because your paying back 58,400 that's impossible.

[mjb765]

There must be something I'm missing there must be a payoff or something because your paying back 58,400 that's impossible.

agreed...$18K + $12K = $30K   $6439 + tax financed is no where near $700/month for 84 months.

[Fired00d]

There must be something I'm missing there must be a payoff or something because your paying back 58,400 that's impossible.

Haven't done the math but not entirely impossible... one thing vehicle sales people do is ask you "how much do you want to pay a month?" and they get that payment to what you want and the buyer is happy.... the buyer fails to do the math in their excitement about getting the vehicle they want and end up paying in the end. Best thing to do when purchasing a vehicle is negotiate the "out the door" price first/only. Get the OTD price to where you want it and then discuss or go elsewhere for financing if needed.

 
Ride Safe,
Fired00d
 

[FLH91]

Wow!

[T-Roy]

Yes there is a 27,000 dollar payoff involved. The 12,000 cash plus the 18,000 trade covered the payoff and then a small downpayment. I just felt that an 18,000.00 trade in was terrible fo a 1.5 year old CVO bike. Heck a buddy of mine had just traded in a non CVO bike in 1.5 years older than mine and received 19,000 trade on it.

Oh well I did not walk in there to buy a bike anyway. All I was after was a bottle of bugslide!! LOL

[Jswerve]

Yes that's bad. I traded my 09 flhx for my 12 Flhxse3 and got 16k. It was 4 years old!

[OBB]

Yes there is a 27,000 dollar payoff involved. The 12,000 cash plus the 18,000 trade covered the payoff and then a small downpayment. I just felt that an 18,000.00 trade in was terrible fo a 1.5 year old CVO bike. Heck a buddy of mine had just traded in a non CVO bike in 1.5 years older than mine and received 19,000 trade on it.

Oh well I did not walk in there to buy a bike anyway. All I was after was a bottle of bugslide!! LOL

After that lowball offer on your bike, I'd hate to see what they wanted for a bottle of Bugslide 

[Billy]

last year traded my 07 SERk AND HAD 80,000MILES AND THEY GAVE ME 15,000 TOWARDS MY NEW 14 serk PLUS $500.00 OFF LIST. Great trade for me  Billy

[T-Roy]

That CVO street glide has been sitting on the floor in Baton Rouge for several weeks. Now we know why it has been sitting there and everywhere else they are sold before they get unloaded off of the truck!!

[King2013]

I was at the local dealer the other day and two buddies of mine were prodding me to trade my 2013 SERK in on a new 2015 street glide in ultraviolet blue with molten lava flames. I figured what the heck I will see what kind of deal they were willing to make. They wanted to give me $18,000.00 for mine me to give them another 12,000.00 cash and then pay harley finance just under 700.00 a month for 84 months. I told them they were crazy and walked off. A few days later I stopped in another harley shop a few hours away and they had a 2013 SERk same color as mine and also with a detachable tour pack similar to mine. Mine actually has a few more mods than this one had. Out of curiousity I asked what they had it priced at and they told me 31,900.00. My local dealership is apparantly a true STEALERSHIP!! By the way, I did not buy my SERK locally. I am going to upgrade the audio on mine and keep her!! That was the only large mod I had left that I really wanted to do anyway, and if I got a new bike ALL OF THOSE MODS would just have to start all over again!!!

That's crazy!
That makes me think I did really good..
Traded my 13 cvo road King (1300 miles, I lost the ipod and I took all my extras off) for a 14 limited two tone.
I got roughly 22k for my cvo and since I traded it in I got the tax break at 7% that saved me an additional 1500+ so more life getting 23.5k. Tried to sell it out right and it seems like I draw all the asses, I'll give you 15k or it's only worth 19k, I would have let it go for 25k. I had enough of that so now if they want it they can try to get the dealer down from the 28k sticker they put on it. Btw that won't happen, they'll hold it for 26k.
Regardless I couldn't be happier with the new bike.

[North Georgia Hawg]

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

PERIOD.

KEN

[Jswerve]

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

PERIOD.

KEN

Well some of us would never have met ya then Ken.  I've been financing toys for almost a decade without a hitch.

Congrats on being well enough off to drop 35 grand cash on a toy. I guess I'll just keep doing it the other way. Beats not having Ruby at all.

[SDCVO]

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

PERIOD.

KEN

Good for you Ken that you can do that and I am definately envious but if I only bought toys I could write a check for I couldn't ride a Schwinn..

[Jswerve]

Ken got me thinking. If I went the cash route, I'd have to put the 6k in the bank a year that I now pay in payments and go 6 years without my bike. Then I could pay cash for the next one IF they had it in the color I like and the price has not gone up lol. I think I'll keep doing it the way I am!

[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

[BigLew55]

...
So my point is, borrow when you have to but be smart about it.
...

Best statement in the thread.

There are a ton of ways to approach personal finance.  My way seems to be doing me just fine for the last 25 years.

I certainly hope all of yours does too. 

We only get so many trips around the sun.  Spend them wisely, for time is way more valuable than money!

[TN]

rode by my local dealer saturday to pick up some formula+, was eyeing the new cvo road glide they had. young salesman came over and upped me, liked the kids attitude. 

anyhow I asked how much I could get in trade for my 09 CVO, he quickly replied "not interested"

Alrighty then. 


TN

[FLSTFI Dave]

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.

I went to buy my first new car, at 19 years old.  Needed my dad to cosign.  Dealer was telling me about a 48 month note, back in 1982, Dad said that was to long.  He would only cosign for 36 months or less.  He Retired as a VP of a bank.  He always lectured me about long loans, they were for the bank to make money, not to help me.

Needless to say my longest Auto note ever was 60 months once.  That was just to long even with a 10K down.

Now my Car that I got in Feb.  interest was 0.9% for 48 months, so rather than take the money out of my money market account making 3% I got a note on it.  In the long run its cheeper like that.  I could pay the car off today. 

[King2013]

I got the 0% for 72 months when I bought my truck.
I haven't paid interest on any of my cars/trucks for the last 8 years thanks to gmac/ally.
A no brainer, 0% interest paid, 3% earned=money in my pocket.
I setup a seperate account and put it on auto pay so I don't have to worry about sending a check every month.

[Cvostu]

Makes perfect sense to me that if 0% or a really low interest rate is offered,, kind of silly to fork out all that green when no matter what you are buying is depreciatiing.  Paying crazy fees is absurd.    Just my.02 there.   Stuart.

[FLSTFI Dave]

I got the 0% for 72 months when I bought my truck.
I haven't paid interest on any of my cars/trucks for the last 8 years thanks to gmac/ally.
A no brainer, 0% interest paid, 3% earned=money in my pocket.
I setup a seperate account and put it on auto pay so I don't have to worry about sending a check every month.

Yea, GMAC was not doing 0% on the New Stingrays, it was pretty high which is why I went with NFCU.

[deldago]

I got the 0% for 72 months when I bought my truck.
I haven't paid interest on any of my cars/trucks for the last 8 years thanks to gmac/ally.
A no brainer, 0% interest paid, 3% earned=money in my pocket.
I setup a seperate account and put it on auto pay so I don't have to worry about sending a check every month.

Just remember that currently on a 2014 double cab Silverado you are giving up $5750.00 in rebates to get 0%.  Esentally you are buying your 0% because GM gives that rebate money to Ally to compensate them for giving you 0%. Unless you are spending north of 50k with no equity/down payment the rebate and 2% financing locally works out better. Now when they offer it on a Vette that typically sells for over 60k and has a small rebate it is well worth it. The easiest way to check is run the figures with the rebate and the best rate you can find locally and run it again with no rebate and 0% and see which gets you the lowest payment which is going to be the least payback. Don't even get me started about the guys that give up the rebate to get 6 years of no intrest and then trade them in 2 years! Ally loves getting that payoff 4 years early!

[finn]

remember cvo's are collectible and only go in value.......ha

[Cat Eye]

Just remember that currently on a 2014 double cab Silverado you are giving up $5750.00 in rebates to get 0%.  Esentally you are buying your 0% because GM gives that rebate money to Ally to compensate them for giving you 0%. Unless you are spending north of 50k with no equity/down payment the rebate and 2% financing locally works out better. Now when they offer it on a Vette that typically sells for over 60k and has a small rebate it is well worth it. The easiest way to check is run the figures with the rebate and the best rate you can find locally and run it again with no rebate and 0% and see which gets you the lowest payment which is going to be the least payback. Don't even get me started about the guys that give up the rebate to get 6 years of no intrest and then trade them in 2 years! Ally loves getting that payoff 4 years early!

And there's the rub....cash is king!
Good Post.

[Jswerve]

And there's the rub....cash is king!
Good Post.

Awesome feel free to send some over!