Pay more if paying full cash for new bike?

[sindefectos]

Just curious, do we have to pay more to bikeshop if paying full cash than if we were to take installments? From my understanding, we pay full cash in order to avoid paying the extra interests. But it seemed like i was forced to pay the xtras even if im paying full cash for new bike. Any advise?

[xbfish]

what additional charge they ask you to pay?

 

Before I bought a first hand spark, I went to enquire at ASP ubi.. They quote me additional 200 if I full cash.

 

I got so flare up that I went to their main branch. No additional charge at all when I full cash..

 

If they charge you additionally, just go to other shops. There are many shops that can give you a good price when you full cash...

[biting_point]

most shops earn only a little on the bike machine..

they earn most from your interests from installments..

 

thus if you are buying full cash, they will ask you to "pay" for additional charges like admin fees, transfer fees, etc..

 

this case happened to my friend too, but he buy 2nd hand..

sales quote him $10k for bike..

then he said ok.. then he says he pay cash..

sales then said cash needa add admin fees..

my friend of cuz rejected and said deal is off..

sales "gan jiong".. in the end both gave in and deal at $10.5k..

 

maybe TS can try another shop since it's a new bike you are buying..?

[xavw]

Just go to another bike shop if they give you funny charges. I paid full cash for mine. At first the bike shop lan lan say they lose money on selling me the bike. But I go back to them for servicing and for add-ons/upgrades, give them chance to make money off me and improve my bike.

[XiaoMeiz]

I came across the same problem last month when I looking for a yamaha spark... The shop quoted me the monthly instalments but subsequently my dad ask me to "loan" from him instead of the bikeshop, so I went back and tell him I wanted to buy without loan. He immediately tell me if no loan then I have to pay additional $200 processing fee, I don't feel good about it and said I wanted to cancel the deal and have my deposit refund. But lastly the uncle give in, also saying he sell me the bike making a lost?

Will a shop do business by losing $$$?

[lucius]

In profits the uncle meant, i believe.

[YEN96]

Guys, don't listen to the shop's crap and bull nonsense. Do not give in and condone this bad habit. Its a fact business is business and all shops want to make profit. When buying bike,

1. Ask wat ths packacge price is like ( COE, Insurance, IU etc )...Ask for a price which includes everything.

2. Negotiate and press down the price. Press as hard as u can, don't have mentality that you need to buy from them, they are not only the bikeshop.

3. Once u deem the price is ok, and you decide cash payment, tell them u want to deal in cash, Get them to commit everything in black & white and issue receipt before you make any deposit/payment.

 

Do not give into any of their nonsense after this, tactic is always throw the ball back into their court. Example, if they ask u to pay additional $200, throw it back to them ( Let the sales guy make decision ), say u not going to pay a single cent more since already agreed on price. Want to sell and close deal, ask the sales guy decide.

 

Sell bike to cash buyer lose money ?? i 1st time hear, all businessman want to have cash in hand, yet the bikeshop want to loan u money and let u pay slowly !!!

 

$10000 straight cash immediately or $11000 ( with interest ) over 5 years

Easy decision to make if u got simple common sense

[PaLmEr]

Guys, don't listen to the shop's crap and bull nonsense. Do not give in and condone this bad habit. Its a fact business is business and all shops want to make profit. When buying bike,

1. Ask wat ths packacge price is like ( COE, Insurance, IU etc )...Ask for a price which includes everything.

2. Negotiate and press down the price. Press as hard as u can, don't have mentality that you need to buy from them, they are not only the bikeshop.

3. Once u deem the price is ok, and you decide cash payment, tell them u want to deal in cash, Get them to commit everything in black & white and issue receipt before you make any deposit/payment.

 

Do not give into any of their nonsense after this, tactic is always throw the ball back into their court. Example, if they ask u to pay additional $200, throw it back to them ( Let the sales guy make decision ), say u not going to pay a single cent more since already agreed on price. Want to sell and close deal, ask the sales guy decide.

 

Sell bike to cash buyer lose money ?? i 1st time hear, all businessman want to have cash in hand, yet the bikeshop want to loan u money and let u pay slowly !!!

 

$10000 straight cash immediately or $11000 ( with interest ) over 5 years

Easy decision to make if u got simple common sense

 

the common rate is 4%-5% for new bikes and 5%-8% for used bikes.

 

Considering a loan of $9000 on a $10000 bike,

New bike = $9000 x 5% x 5 = $2250 interest

Used bike = $9000 x 8% x 5 = $3600 interest

[sindefectos]

Thanks, everyone for replying to my queries. Im actually stuck with this particular bikeshop. I went to repair my bike there but the cost is around 2-3k, which is not worth it if i were to sell back the bike. So the bikeshop offered to trade in my bike. The trade in price was quite reasonable and the new bike he offered is the cost price. As soon as i say full cash to him, he was taken aback, explaining that he wont earn from the sales. So that's when he asked me to top up around 500 if i were to pay full. I dont really have a choice coz my bike is already there and if i were to sell instead of trade in, he's only willing to take 2k lesser.

 

I guess its quite common for bikeshops to jack up the price if we are to pay full?

[arthur_chan]

i've encountered b4, that time still new went buying bike, salesman always give this type of crap reason.

 

i dont know if this will work, but can give a try:

tell the sales u will take up a loan, after signing everything, pay back the loan in full, without interest. i dont think they can do anything or even charge u extra as u considered early settlement for ur loan (read the contract carefully, if they put early settlement must pay extra, dont sign). even if take up to court they can't do anything also.

[Kutrax]

i've encountered b4, that time still new went buying bike, salesman always give this type of crap reason.

 

i dont know if this will work, but can give a try:

tell the sales u will take up a loan, after signing everything, pay back the loan in full, without interest. i dont think they can do anything or even charge u extra as u considered early settlement for ur loan (read the contract carefully, if they put early settlement must pay extra, dont sign). even if take up to court they can't do anything also.

 

this is only if you not buying another bike before your loan agreement is over.

they will not realese your bike till you pay early settlement fee.

 

one advise is..never sign an empty letter, usually sales guy say for finance purpose.

that paper can turn into something nasty a few years down the road if u decided to early settle

 

i paid my learning fees.

[pyro13]

Always know ur transfer fee and everyting.. Wen they wanna charge u for exorbitant trf fee and everyting, u blast them saying that is much cheaper

[distortdd]

hey just to check with you guys, i wanted to pay a bike in full cash (2nd hand bike still on COI). and i was quoted $800 for early settlement fee! is this the norm? i always thought by paying in full cash, early settlement fee can be waived

[xavw]

hey just to check with you guys, i wanted to pay a bike in full cash (2nd hand bike still on COI). and i was quoted $800 for early settlement fee! is this the norm? i always thought by paying in full cash, early settlement fee can be waived

 

imo, that's silly price. should just walk away from that bikeshop.

[distortdd]

the shop told me its the cheapest early settlement fee i can get out there

[xavw]

from what i understand, early settlement fee is the financial penalty you pay for completing your payment early.

going by this basis, unless the value of your accumulated interest you owe to the bikeshop is more than $800, it's totally not worth paying extra $800. and if the difference is just marginal, say $50. i would just continue with the installment payments. be good to do the maths for the whole thing and see what works out better for you.

[kmax]

recently... my friend got funny encounter... his bike was still under loan from bike shop in bk merah...

 

and he wants to sell off and went to check for early settlement fee.. they say 800, but it was 500 said in paper when he purchased 3 years back.

and sales guy replied... "oh, procedure changed... "

 

huh... signed agreement can change ? when he retort back, they told him to check with his initial sales person who was on leave ..

 

like that also can ??

[CMYRS]

ridiculous!~

 

also let him know u signed a new agreement which requires no settlement fee with a clause that states no further disclaimers are allowed.

 

then get him to look for it at the back of the chop shop.

[Chubb]

recently... My friend got funny encounter... His bike was still under loan from bike shop in bk merah...

 

And he wants to sell off and went to check for early settlement fee.. They say 800, but it was 500 said in paper when he purchased 3 years back.

And sales guy replied... "oh, procedure changed... "

 

Huh... Signed agreement can change ? When he retort back, they told him to check with his initial sales person who was on leave ..

 

Like that also can ??

 

s***dw*y???