How should I finance for my first bike

[Haydennn]

Hi guys. Here to ask for some opinions from other experienced riders. 
 

I’m finishing my class 2B and looking to get my first bike. I love the XSR155 but the COE price right now is way too high. 
 

I was considering getting one under COI due to some financial issues but would it be worth it? I am planning to upgrade after a year. So trading in as an option. Let’s say I get a bike I like at a 10k COI for like 3 years. How would the trade in value be like? Would it be worth it? 

[adesmond2]

Nope.. completely not worth it.. if u going to COI.. bear in mind the name of the bike still belongs to the owner.. it will be more or less u paying for the instalment for the current owner..

recommendation 

1) get any bike that u can afford full cash

2) wait till 2A then buy one brand new or 2nd hand( almost identically pricing +1-5k) just remember not to COI unless the owner is your family members.. 

 

[Siphon]

yeah... if you intend to keep a bike for only 1 year... better to just get a 7-8 year old bike so you can drop it a few times to get used to breaking stuff cheap first... haha... then buy a 2A bike when you get your license... 

[Haydennn]

Haha thanks for the advice. My friend was saying it’s ok to get it at a shop. And trade in back to the shop for a 2A and it wouldn’t be that bad. 

[Siphon]

13 hours ago, Haydennn said:

Haha thanks for the advice. My friend was saying it’s ok to get it at a shop. And trade in back to the shop for a 2A and it wouldn’t be that bad. 

if you have spare cash then its fine. every sale/trade will make you part with some $$$ because the shop also need to earn money. 

[adesmond2]

On 7/23/2022 at 11:21 PM, Haydennn said:

Haha thanks for the advice. My friend was saying it’s ok to get it at a shop. And trade in back to the shop for a 2A and it wouldn’t be that bad. 

No no.. it wun work that way.. usually for installments.. u need at least 2-3 years to “break even”.. else u are just paying interest and still own money.. not worth.. 

always remember.. admin fees, break instalment fees, interest.. GST and many more fees.. 

so you still own the bike shop after 1 year..

 

this is one of the reasons why alot of 2B on carousel  - COI pricing = total price is still 1-2 thousands higher then new bike.. 

[Twiin Oil]

On 7/23/2022 at 10:23 PM, Siphon said:

yeah... if you intend to keep a bike for only 1 year... better to just get a 7-8 year old bike so you can drop it a few times to get used to breaking stuff cheap first... haha... then buy a 2A bike when you get your license... 

Most reasonable advice here. If you plan to upgrade soon, best to buy an older bike.

Good opportunity for you to learn how to care for the bike and also learn about unexpected expenses.

 

Do bring along an experienced person so they can help to see if the bike is in a reasonable condition.