Financially-off ppl shd learn to curb their desires for exp bikes (LONG POST)

[Throttle]

*yawn * why bother, let them burn and learn

it's very difficult for people to change their mentality.

but we know who are the ones who are coughing blood for their wheels

 

it's good for people like us who buy our vehicles with full cash payment.

although we can afford brand new ones anytime, we still prefer someone to absorb the early years depre (which is the highest) for us.

 

heeh heh.

Edited October 26, 2010 by Throttle

[kmax]

*yawn * why bother, let them burn and learn

it's very difficult for people to change their mentality.

but we know who are the ones who are coughing blood for their wheels

 

it's good for people like us who buy our vehicles with full cash payment.

although we can afford brand new ones anytime, we still prefer someone to absorb the early years depre (which is the highest) for us.

 

heeh heh.

 

kmax likes throttle's post

[Throttle]

thank you Kmax Sir. likewise.

 

anyway plenty of those who like to act garang and pay through their noses for their wheels, then every month pay instalment, heart pain like kena punch. i know of a few. *shake head* but i wont advise them more than once. usually these people are haolian and they will think you look down on them, when you really want to give him solid advice. sigh...

[pipipapipu]

thank you Kmax Sir. likewise.

 

anyway plenty of those who like to act garang and pay through their noses for their wheels, then every month pay instalment, heart pain like kena punch. i know of a few. *shake head* but i wont advise them more than once. usually these people are haolian and they will think you look down on them, when you really want to give him solid advice. sigh...

 

you speak my heartfelt thoughts. but to each his own. que sara sara whatever will be will be..

[bernardk]

hmmmmm........

 

i don know what to say.....All i can comment is that, if you want to own a very expensive bike (the term expensive could differ from each individual). Some may find spark expensive. Some may find a vespa expensive. There are those who find ducati cheap. No matter what 'expensive' ride you want to get, certain sacrifices have to be made to do so.

 

For me, i given my 4 wheels and class 2 bike to chase my italian dream. In total i dropped 3000cc to 135cc now. Some may say dumb.

 

At the end of the road, we live once. Do you want to regret for not doing this or not doing that when you aged? At the age of 70s, you have 500,000 in your bank. What can you do to enjoy it? Ride 1600GTL BMW? Ride 1198sp ducati?

 

Well ya i have to agree with you. Different ppl will spend their $ differently. We can only comment and talk cheap here but we can advise or control. Some ppl spend alot on collections like watches and bags. Well ppl like us spend on bikes i guess.

 

Depending on how much you want it. But for a young chap who doesnt have the capability dont you think its better to advise them that its not a good route to take? Im talking abt chaps like 21 years getting a brand new R1 which the Insurance can kill me already.

 

In age of 70 if i have $500k i wont ride. I will fly hahaha... Joking ah. I would rather take a plane .

 

I still enjoy every moment with my old skool bike nevertheless. It gives me the things that i want and need. But mabbe some others need more i guess.

[mechwira]

i feel a need to say that i dont think that if one "cant pay full cash then it means one cant afford the item".

 

its all about proper financial calculations and common sense. i paid for my bike via installments, and had enough cash left over every month to build my savings nest. admittedly, it did mean that for the first few years of my bike ownership, i denied myself a lot of luxuries. my T-shirts were pasar malam $10 items, my jeans were $30 items from Baleno and Hang Ten instead of Levis, shoes from Bata and track shoes from army shop instead of Nike, $30 casio watch instead of G-shock or wat, $20 sunglasses from Esso kiosk instead of oakley, etc etc etc.

 

but it was fine because i did not have to deny myself basic needs, never neglected motorcycle maintenance and i certainly did not have to resort to skipping meals. if you find yourself having to skip meals, neglect bike maintenance and worse still after that still no savings, you are definitely in waaaaaay over your head. common sense: if this is ur situation and the unthinkable happens like bike requires major repair, no saving and already skipping meals means wat else u gonna do?

 

thankfully nothing unfortunate happened to me, but even if it did, i had my savings to cushion me. and i also factored maintenance in my calculations, especially things like tyres, which are expensive. Do the calculations properly and use common sense, thats all.

 

and remember again, for at least the first half of your loan period, you cant push the bike back to the shop because you owe more than wat the bike is worth. i didn mind this chain because i knew i was financially capable of it.

[wait4me]

after reading this , i felt 4 years ago i was stupid

hahahha

[Icomeforyou]

To each his own =)

 

Installment users:

+ Not wanting to get a big deficit in their accounts

+ Know bike shop, so help them earn commission as well

+ Possible to afford a "dream" bike by paying small bits at a time

- Monthly commitment

- Interest

- Not recommended if you are a student/unemployed/need bike for work because if your work gets cut off, so does your bike

 

Full payment

+ No more concerns except the routine stuff of season parking, road tax, insurance, cash card, maintenance

+ Bike becomes a "depreciated" asset

+ No exorbitant interest rates/loans

- Not all might want to see their savings take a heavy (subjective) reduction

- If you have more than one income, friendly IRAS officers might be interested to know how come you declare 9k income per year, but bought a HD kind of matter

 

But at the start, to each his own, if you can own it, you'd probably can afford it.

If the next day you wake up, have breakfast, pump petrol, go to work and repeat, you were right, you probably could afford it.

 

If the next day you wake up, no $ for breakfast, pump $2 of petrol to get to work, and repeat OR

If the next day you wake up, and bike has been towed

At least you know life taught you a lesson, you couldn't afford it

[ahcaibiker]

to make it short and sweet, "head not so big don wear such a big hat"... "don bite off more than what you can chew".

 

some people choose to suffer to sustain their wants and it's their business, when problem come, don come asking for help cos i think they deserve it.

[lutein]

Actually, I'm quite amazed by the way the interest is charged for a bike loan. I didn't know it was a flat rate on the entire principal and the the principal + interest is divided out for the entire term of the loan as monthly payment...

[mechwira]

Actually, I'm quite amazed by the way the interest is charged for a bike loan. I didn't know it was a flat rate on the entire principal and the the principal + interest is divided out for the entire term of the loan as monthly payment...

 

erm.... how else are hire purchase implemented other than wat u described above....?

[Pandoras Kitten 3]

Well ya i have to agree with you. Different ppl will spend their $ differently. We can only comment and talk cheap here but we can advise or control. Some ppl spend alot on collections like watches and bags. Well ppl like us spend on bikes i guess.

 

It's good that such a thread has been brought up - if it highlights to readers about the responsibility involved in owning a motor vehicle then the point of a public forum has been fulfilled: to share experience and knowledge so that others will easier manage their own motoring experiences.

 

If anyone is smart enough to research bikes on the internet then they deserve to read about this issue and walk away a smarter person, minus the typical flaming (that detracts from such useful discussions taking place).

 

Truth be told - in your newbie days does anyone bother to tell you about such things?

 

Sadly, the world as it is is not that friendly. They'll rather push you to making terrible mistakes and publicising your sorrow for their entertainment. And obviously that doesn't achieve anything in the long run.

[lutein]

erm.... how else are hire purchase implemented other than wat u described above....?

 

Err, reducing principal on monthly rest basis? Obviously I'm not familiar with hire purchase.

[swiftee]

House and Motocycle how to compare "SERIOUSLY".... You can crash your HDB? Can you LOST your HDB? Can your HDB be stolen? Does your HDB need to change EO?

 

Can you sleep on your bike? Can you bath with your bike? Can you cook with your bike? I still dunno how to compare.

 

hdb need to pay conservancy, house can catch fire, people can break into the house, house needs upkeep and maintenance too

house got water bills, electricity bills, phone bills, internet bills, etc

 

you need to buy more accessories for a house than u do for a bike

[ohayo]

Live life to the fullest, suffer later but no regrets

 

or

 

Live life to the nothingness, happy later but alot of regrets.

 

hehehehehehehe

[crazydj]

Actually, I'm quite amazed by the way the interest is charged for a bike loan. I didn't know it was a flat rate on the entire principal and the the principal + interest is divided out for the entire term of the loan as monthly payment...

 

Tell you the truth ah, till now i can never understand how the bike hire purchase thing works. All i know i was taught by my friends if i can pay full, better pay full. Or down as much as you can.

[papabread79]

HP loan is one of the easiest to understand.

[crazydj]

HP loan is one of the easiest to understand.

 

I only understand the bank loan they teach in primary school. Or the ah long loan. Or courts loan.

 

How bike hire purchase loan work ah? Got alot of type one right?

[bernardk]

hdb need to pay conservancy, house can catch fire, people can break into the house, house needs upkeep and maintenance too

house got water bills, electricity bills, phone bills, internet bills, etc

 

you need to buy more accessories for a house than u do for a bike

 

Ya lor like you already said. So how can compare? Hahaha im not trying to twist but its true cant compare IMO.

[pipipapipu]

HP loan is one of the easiest to understand.

 

yes boss.

 

flat rate

= [Principle + Interest(tenure in years x % interest rate per year)] / loan tenure (in months)

= monthly repayment amount.

[mechwira]

yes boss.

 

flat rate

= [Principle + Interest(tenure in years x % interest rate per year)] / loan tenure (in months)

= monthly repayment amount.

 

ok seriously, isn this the very definition of 'hire purchase'? isn this how all loans work, whether bike or car or computer or house? the only diff being whether simple interest or compound interest. wats so 'surprising' about bike loans then?

[Throttle]

ok seriously, isn this the very definition of 'hire purchase'? isn this how all loans work, whether bike or car or computer or house? the only diff being whether simple interest or compound interest. wats so 'surprising' about bike loans then?

 

not all loans work the same way.

vehicle loans or hire purchase loans are not principal reducing unlike mortgage loans.

this means that the borrower pays interest base on a full principal outstanding basis.

it is an expensive loan to take.

[Throttle]

Tell you the truth ah, till now i can never understand how the bike hire purchase thing works. All i know i was taught by my friends if i can pay full, better pay full. Or down as much as you can.

 

your friends are not wrong

[Throttle]

i feel a need to say that i dont think that if one "cant pay full cash then it means one cant afford the item".

 

its all about proper financial calculations and common sense. i paid for my bike via installments, and had enough cash left over every month to build my savings nest. admittedly, it did mean that for the first few years of my bike ownership, i denied myself a lot of luxuries. my T-shirts were pasar malam $10 items, my jeans were $30 items from Baleno and Hang Ten instead of Levis, shoes from Bata and track shoes from army shop instead of Nike, $30 casio watch instead of G-shock or wat, $20 sunglasses from Esso kiosk instead of oakley, etc etc etc.

 

but it was fine because i did not have to deny myself basic needs, never neglected motorcycle maintenance and i certainly did not have to resort to skipping meals. if you find yourself having to skip meals, neglect bike maintenance and worse still after that still no savings, you are definitely in waaaaaay over your head. common sense: if this is ur situation and the unthinkable happens like bike requires major repair, no saving and already skipping meals means wat else u gonna do?

 

thankfully nothing unfortunate happened to me, but even if it did, i had my savings to cushion me. and i also factored maintenance in my calculations, especially things like tyres, which are expensive. Do the calculations properly and use common sense, thats all.

 

and remember again, for at least the first half of your loan period, you cant push the bike back to the shop because you owe more than wat the bike is worth. i didn mind this chain because i knew i was financially capable of it.

 

yes, that is a fair statement. did anyone think otherwise?

[lutein]

ok seriously, isn this the very definition of 'hire purchase'? isn this how all loans work, whether bike or car or computer or house? the only diff being whether simple interest or compound interest. wats so 'surprising' about bike loans then?

 

No, not all loans work like that. My study loan, for instance, was on a monthly rest basis. The principal on which interest is paid is reduced every month as I pay off the loan.

 

My HDB loan was the same. Interest payable becomes reduced as I pay off the principal sum.

 

The total interest payable would be much less than had I paid a flat interest on the full principal.

 

The bike loan offered at the shops has the interest rate applied flat on the full principal. Very, very expensive loan.