[Help]What are possible hidden fees when buying from bike shops?

[Eno]

Hello to all,

 

I'm helping a friend buy a fz16 1st hand. We went through a few bike shops. Most are offering 8k on the road. But however one particular shop is offering 7.5k otr with insurance.

 

What are the possible hidden fees on these? (The price includes coe, road tax,insurance, IU unit, 7% gst, interest fee of 4.5% for 2 years.)

 

Even a reputable shop is well known not to have hidden fees is charging 8.5k. So I wonder where's that 1k is "gained" from the shop offering 7.5k.

 

I'm sorry if this topic has been discussed. Do direct me to to the thread if such topic exist.

Edited June 22, 2011 by Eno

[heskeydal]

Might be the difference of Insurance Company? Maybe also becoz of higher interest rate ??

[Eno]

Cannot be bro. I personally went with him to a few shops. All quoted AXA TPFT and all calculate his insurance to be around $900+.

[jaeleo]

I'm looking to buy brand new FZ16 too.. will be following up on this thread.

 

Cheers

[happydog_83]

You may want to get them to list down the pricing in detail. I believe most of the dealer would not want to do that. By doing that, more or less you are on the 'safe' side by avoiding this shop who refuse to do that.

 

Good luck in your search!

[tionghan]

sometimes when its too good to be true, it is.. however do some checking like any penalty for early settlement, or which is the finance company since you've been quoted same insurance co.

[Eno]

If I were to ask them to list down the pricing in details, its should consist of..

 

1. COE

2. Road Tax

3. IU unit

4. GST 7%

5. Insurance

 

Okay what else?

[Jundeang]

admin charges?

[MrHui]

If I were to ask them to list down the pricing in details, its should consist of..

 

1. COE

2. Road Tax

3. IU unit

4. GST 7%

5. Insurance

 

Okay what else?

 

Agreement fees for some shop

[swoosh]

Hidden costs can come in different wordings, depends on the how innovative the shop is. If the shop want to chop u , the hidden cost will float out on the day you place deposit or sign the papers. Be prepare to walk out when that happens.

[Eno]

Thanks to those who replied. I'm worried if they start revealing the hidden charges after I sign the papers. So what I'm intend to do is to read the terms and conditions FULLY(don't care if its 10 pages long) before I sign anything.

 

And if they reveal hidden charges that is not in the terms & condition, I should report the matter to CASE? Or burn the shop down?

[Kutrax]

Most common trick is they ask u to sign on a piece of blank paper.. they claim that paper will be fill up by finance .

and if u decided to early settle u will be suprised that piece of paper can suddenly turn into early settlement agreement form although during breakdown of price they say no early settlement fee..

 

i learnt my lesson. haha

[Eno]

Okay bro alright. Thanks for the insight.

[Eno]

Just to share a discovery.

 

I finally found out why the second shop quoted my friend 7.5k otr while the rest are quoting 8k+ otr.

 

Brand new bikes need COE. Bikeshops will say that we need to do COE bidding. Bikeshops put a 'estimated price' on COE inside the OTR price before bidding. Apparently, most shops put it at 2k-2.3k and the second shop write it at 1.5k benchmark(which I found out when the paperwork starts to appear). So if coe price is higher, we have to top up the excess.

 

Bikeshop A

All charges + 2k set side for COE bidding = 8k OTR

 

Bikeshop B

All charges + 1.5k set aside for COE bidding = 7.5k OTR (which makes pple attracted to it coz they don't noe that they're actualy paying the same or maybe higher)

 

It's a clever trick. Most importantly, its a flexible trick. For example, u can ask the shop to give free box, free bracket, free accessories. All the shop need is to pretend to agree but all they have to do it not to write a 1.5k benchmark but 1.3k-1.4k benchmark to pay for the 'freebies' given.

 

Trick can't be used for second hand bikes.

[epk]

Just to share a discovery.

 

I finally found out why the second shop quoted my friend 7.5k otr while the rest are quoting 8k+ otr.

 

Brand new bikes need COE. Bikeshops will say that we need to do COE bidding. Bikeshops put a 'estimated price' on COE inside the OTR price before bidding. Apparently, most shops put it at 2k-2.3k and the second shop write it at 1.5k benchmark(which I found out when the paperwork starts to appear). So if coe price is higher, we have to top up the excess.

 

Bikeshop A

All charges + 2k set side for COE bidding = 8k OTR

 

Bikeshop B

All charges + 1.5k set aside for COE bidding = 7.5k OTR (which makes pple attracted to it coz they don't noe that they're actualy paying the same or maybe higher)

 

It's a clever trick. Most importantly, its a flexible trick. For example, u can ask the shop to give free box, free bracket, free accessories. All the shop need is to pretend to agree but all they have to do it not to write a 1.5k benchmark but 1.3k-1.4k benchmark to pay for the 'freebies' given.

 

Trick can't be used for second hand bikes.

 

hmm great info. thanks for the tip bro!