[Enquires] Purchasing a 2B bike.

[kifakw]

Ok, hope forum mates can help me out on the enquires of purchasing a bike.

 

1) Let say you're getting a bike from a 2nd hand bike shop. You must get a insurance for yourself first prior to purchase the bike. It's better to get it yourself outside than getting it directly through the bike shop?

 

2) The price quoted for the bike, normally it's just the bike itself and it's not inclusive of insurance?

 

3) When purchasing the bike, let say the bike is rougly $2.5 k - $3.0 k. What's the normally required down payment for the bike? $500? $1000?

For the financing loan part, what's the rougly interest rate itself from the bike shop? 1% for 1 year? 2% for 2 years?

 

4) What's the rough estimation of insurance coverage for a class 2B bike? Let say for etc, a Honda SP. etc, Yamaha Sparks kind of bike.

Is it true that you must pay full amount before they issue you with the insurance paper? Is that any kind of financing plan to help you out?

 

5) How much do you guys set aside for your a class 2B bike? Can you please state your make/model, insurance, maintenance and so on? $150 - $200?

 

6) Is it advisable to get SP since it's 2 stroke. But it's a very old bike and maintenance costs will be sky rocket high? Or it's more worthy to invest in a 1 year old kind of bike like a kup.

 

Cheers.

[rocco]

1) not sure which is better. But best to get a few quotes before deciding on insurance company.

 

2) normally bike itself if not stated. to confirm just ask the sales person.

 

3) depends on shop policy

 

4) depends on age, what type of policy, etc... What do you mean pay full amount? Insurance has nothing to do with financing plan.

 

5) It depends on what bike and how old the bike is. for normal maintainance of a 2B bike, minimum will be changing of engine oil and maybe a spark plug. I say again it depends on how often you want to maintain it and how you ride your bike. ride more then change engine oil faster.

 

6) this is interesting. you must decide if you are going to keep the bike for long. if not its best not to get a very old bike. ya its economical to invest in a 1 year old kup. but do check it throughly before buying. then again no point buying a bike you don't like.

[kifakw]

I meant financing loan plans for the bike from the bike shop itself.

What is the interest like?

 

For 1 year plan, is it like 1%?

For 2 year plan, is it like 1.something%?

 

What's the interest rates like for the market now?

[BlackDawn]

Bike loans have a fixed interest. Generally in the region of 3~7% depending on bike shop and bike (new/used) that you buy.

 

Interest calculation is easy. Assume that you loan $10,000

 

1 year loan = interest 4% = $400

2 year loan = interest 2x4% = $800

3 year loan = interest 3x4% = $1200

4 year loan = interest 4x4% = $1600

 

Assume that you took a 4 year loan (i.e.48 months)

Your total loan will be $10,000+$1600 = $11600

 

Monthly installment = $11600/48 = $241.67

 

*Above calculations do not include your downpayment

 

As you can see, its in your benefit to pay cash for the bike whenever possible, or to limit your loan period to as short as financially possible.