You got at least 80k in cash to spend on a house? If the AC goes out and its the compressor you got 2k in cash for that? Got that extra 15k for a new roof?
Not always the best option. I bought my bike at 1.99% APR. I can take the extra cash I would have spent to buy it up front and invest in stocks with a rate of return higher than my APR+Inflation. Literally making money by choosing to finance over buying in cash.
This video OPENED MY EYES! got a used 2020 ktm390 adventure with 2k miles about 2.5 months ago for $5k and I constantly want something faster. Was thinking about going upside-down trading it in for a new RS660 soon, but....... FOR WHAT?? Just have to chill out and enjoy the ride. Thanks YN
It wont be any more fun. Its just vanity. You really see it at track days. Guys on bmw s1000 getting lapped by a clapped out drz400s. And anybody thats a real rider does not think less of you for being smart
Beginner bikes are good for teenagers who are only riding around town. Once you're an adult and need to travel 10+ miles for work etc then you'll need something more realistic for a reasonable highway ride
One time I watched Caleb Hammer, and there was this Trucker Dude, who also had a New Harley Road Glide who was doing $1000/month payments...ON A BIKE with like 10%+ interest... Remember, just when you think you've found the limit of stupid, there will ALWAYS be someone dumber.
I had 3 bikes on loan last year. Woke up one day like "WTF am I doing" and sold some stock to pay them all off lol. No point carrying high interest loans.
You could borrow against your 401K. The interest on that loan goes back into your 401K since you're both the borrower and the lender. Plus, sticking 20K to 30K into your 401K is done pre-tax so your tax burden is quite a bit less.
@@langhamp8912 I'd be careful with doing that. Yes the interest of a 401k loan is being paid directly back into your retirement BUT, depending on where you're at in your interest building, taking that money out means you won't be compounding interest as quickly as you were before the loan. Like they say, the first 100k takes the longest to accumulate. If you take a loan out and you're back down to 70k, it's gonna take that much longer just to get back to 100k PLUS you're paying a monthly payment now
@@langhamp8912 the bank is the lender. your 401k works as a collateral against the loan the bank gives you. Please correct me, if I am wrong, since I am European, but this concept should apply either way.
@ Normally that is true in most loans, but the 401K is a special case. There is a $40 fee which presumably does go to the bank, but it's important to note that the interest charged on a 401K loan goes back to you and not to the bank. In most "standard" loans, the interest charged for using the money goes to the bank but not in a 401K loan.
I am much older than you but you are giving great advice! I strarted riding at 18 and continue to do so at 70. At this point I am on my 27th motorcycle. Be sensible early on, build some wealth and cover the necessary stuff first. Down the road you just may find yourself buying new with cash a bike you may keep for a few years.
No Fred is doing it exactly correct, we all need to make these mistakes. Fred then keeps his R9, but starts to build a race bike. He does what he has to raise the extra 25k to prep the bike, get race leathers. He goes on to win the daytona 200, get a wsbk ride, and ultimately he secures a factory motogp ride with ducati. His base pay is 2 million euros and he dates a French model. FRED WINS
I loved this message dude! Just at the beginning of this month, I was hours away from signing the loan papers for a 2024 NX500. I got a really good interest rate and tried to make false justifications in my head. Thankfully, a person who I was talking to on FB marketplace about purchasing his bike convinced me not to sign off on the loan. And I didn’t end up buying his bike! I bought a 2018 Duke 390 for 3000 dabloons. He helped me so much and explained why signing that loan would be a terrible idea. He recommended the Duke and I even went riding with him a couple weeks ago. It’s my first bike and I’m having such a blast on that thing, it freakin tears up the roads. So spicy loll. Anyways, my experience is a testimony to what you are saying and I’ll stand on that from now on until I die!!
Biking is all about freedom and borrowing a bike off the bank is servitude, it doesn't make sense to me. I have 2 bikes, one is 17 years old and the other has it's 20th birthday this year. They cost me about three grand each, I paid cash upfront and they are 100 percent mine. I'd take an old bike that i own over a new one my bank statement reminds me of every month every time.
I bought my first bike at age 15 A 50cc moped in cash since then I never went in debt for a vehicle, if you want to impress people invest in a personality if you want to ride just ride whatever you can afford is good enough especially if you don't have to live with the shadow of a debt hanging behind you. A good ride is a debt free one. Social media stars spend money to brag because they know without the bragging they're just empty inside.... Do as you please and have fun
Social Media vloggers are just narcissist and probably use YT to write off whatever bike they buy on their taxes as business expenses. However, I don't think they should be making money off of putting the public in danger and whenever I see one of those videos I never hit the like button or subscribe. Unfortunately they already got my click money.
Almost 56 y/o - started out street riding with a '67 Suzuki S32-2 (150cc) when I was 15 (ok, off-road mostly), sold it for a '73 Honda CB 350T, which I used to get my license at 16 and rode to high school often with it, sold it for a '76 CB750k which was rough - fixed it up and sold it for a '80 Honda CB900F, and then when I was 17, I scored an '84 Honda V65 Sabre for $2200 w/2k miles on it. I worked for a Honda/BMW/Suzuki M/C dealership in HS as a parts guy until I went-off to college out-of-state. The Sabre stayed with me through my junior year, when I sold it w/19k miles on it. Had many other bikes in my 20s/30s/40s - ZX-10, ZX-9R, VFR750F, FZ-1, and VFR800. Every bike I bought low, fixed it up, rode it a bunch, and sold high. I'm currently riding a '22 Duc MTS V4 PP, which is the 1st bike I bought new. It is an incredibly versatile bike for either sport touring or back-road carving, and it doesn't wear me out after 4-5 hr stints in the saddle.
Justo ayer, estuve a punto de comprarme una Yamaha mt03 a crédito aquí en México, solo tengo lo del enganche, cuando me mandaron los papeles de lo que iba a pagar y todo miré que terminaría pagando más de 50,000 pesos de lo que valía la moto, decidí no comprarla y ahorrar el dinero, no importa si estreno la moto hasta noviembre o diciembre, pagaré lo que es y no le voy a deber a nadie.. muy buen video gracias ✌🏽
As someone who is getting into bikes and wants too. People suggest to get a motorcycle that will get you riding. But all the bikes I like are over 600ccs
Depends on your weight and maturity but best to start light, small, and cheap. Everyone loves the big bikes but it's not a big deal once your riding. A big bike can crush you or kill you quick. Real quick.
smaller, lighter, and less powerful bikes are cheaper to low side and drop, which you *will* do, and also will teach you good riding habits. Conversly, big heavy powerful bikes will teach you *terrible* habits as a new rider. Trust the science and your elders. Start on something with
Big thank you from me personally, stumbled upon some of your videos roughly a year ago while trying to sleep thought hell.. i wanna try this. its been a year since then now im looking to do my first track day and pickup a second bike. Thank you
Check out the track rules! The closet track to me (2000 miles away) wants $300.00!! Their rules say you have to remove your turn signals, pull fuses, and tape up your head light. I can buy a lot of gas for $300.00! 🙂
Great video combining the discovery of a great sport and financial planning and responsibility. I think the sport of motorcycling and financial responsibility can peacefully coexist. Thanks for a very enjoyable video.
Despite the fact that motorcycle market in Brazil is waaaaay different from US, the general rule is the same: never spend money you don´t have. In case of feeling that you need to impresse someone you don´t even know, maybe it´s better to spend some money with a shrink first. I´ve bought every single bike I´ve owned saving first, buying later. The last one is a 2009 R1200RT with just 30.000 Km, which cost me less than U$ 10K. Mint condition, all bags, bells and whistles, just fuel and hit the road. As we riders get old we understand that the only thing that really matters is to ride safe and enjoy the road.
Insurance on a motorcycle is strange. In 2023 I bought a brand new 2023 Yamaha MT-10 on May 17th 2023. My Insurance with 100/300 full coverage, full comp and collision, and coverage for my gear and my cameras and a $50,000 life Insurance policy that covers severe injury, death and dismemberment. And I have a 4 year full retail price coverage in case the motorcycle is totalled they will pay the full retail price that I paid out the door for 4 years after the purchase. I pay $548 a year or $45.67 per month.
Resist the urge to give insurance companies access to tons and tons of data. In other words, they'll us A.I. to break down your behaviors and risks to every breath, fart, and mile if we give them the chance. And the result will be, total control of setting lifestyle policy as a governance tool. Don't let it happen.
Great video, I am at a situation right now where I am unsure if I should get my first motorcycle. I am 19 and have money saved up for a Royal Enfield Super Meteor 650 + Safety Gear, insurance, etc.... But my dad and grandpa say I shouldn't get a bike because A. It's a waste of money, B. I live in a city with very good public transportation and C. We are not sure in which country I will be in the next 5 years
Thank you Yammie for keeping my head on straight lol. I was thinking about being dumb and getting a loan when I’ve traditionally saved and bought everything in cash!
I really appreciate this video. I'm preparing to get my license and my first bike for this spring and was going to take a loan out for everything. Mind you, I'm a little older and more responsible than the first guy. But still, I should look for ways to save money on this hobby wherever I can.
I agree. I pay 160 a month for full coverage on my paid off 2017 Toyota Tacoma. I don't get how an 8k bike costs that much for insurance. I have a 2009 Yamaha FZ6 and my insurance is like 30 bucks a month for the best liability/uninsured motorist I can can get. I'll stick to older bikes lol.
Try driving a newer car, or having a house while below the age of 45 or so. The insurance companies are conspiring to "you will own nothing and be happy".
This is why my goal for next year is to get my bike paid off. I LOVE my little Shadow 750, but it's already time to upsize. However, it'll be a couple years before I get another bike.
You give amazing advice! Just be smart even if you take out a loan, as long as you can comfortably pay the payments without going bankrupt. I have 5 immaculate motorcycles that I purchased and paid off comfortably. The key is being able to pay it off with minimal interest, which means doubling and tripling on the payments until it’s comfortably paid off. Nevertheless, there are great deals out there on used bikes if that’s your cup of tea.
Here's my journey... I did buy most of my bikes from dealers and even bought the first REAL bike new (yeah I know) however, being pragmatic, I kept each bike for at least 1.5-2 years and owned the bikes outright before even thinking about an upgrade. At no point did I take out a loan on any vehicle without having the cash on hand to pay it off outright in case I needed to for whatever reason, including my SUV and Street Triple which I completely paid off after getting laid off from my job. This made riding more enjoyable knowing that the replacement value of my bike was sitting in my car. I also only took liability insurance for a few years because I calculated the risk of totaling the bike and just writing it off to buy something else worked out seen as I probably wasn't going to ride for a while after any major incident anyway. I even bought the FZ on my credit card for the points, paying the balance off the very next day as soon as it cleared my account. Keeping up with the Jones' is never worth it, ride your own ride. Honda Ruckus (new) -> 2020 CB300R (new) -> 2017 FZ07 -> 2020 Street Triple RS
My Triumph Thunderbird 900 cost me £3,000 12 years ago - yes I got a loan around £100 a month. FTR The moment I was in a position to settle up early, I did. I still have the bike, it's still gorgeous and still puts a massive smile on my face. Insurance is £70 for the year. OK, so I also have a 2018 Africa Twin Adv Sport but that fills a multitude of roles. And the finance on that is around £100 a month. As with the Triumph, as soon as I can settle up early, I will. MY gear may not be the latest, but it's doing the job I want it to.
Not being an old dick here, speaking truth - i grew up in the 70s and 80s, we were taught to save and buy outright - saving not only frees you from the banking vultures who love you in their pocket but it also allows you to focus in on what you want, if it takes 18mths to save the cash to get what you thought you wanted, you may find out when you have the cash that you don't really want it any more....Lessons are often costly, this one is free 🙂
Borrowed money to buy a used car when I was desperate, once. $3k. It took me nine months to pay it off. Borrowed to buy a house. Paid that off 17 years ago. I've never borrowed another cent. People pay me interest. I don't pay them.
As a rider for 30 years I couldn't agree more. I've never owned a new bike and never would unless I had a massive financial win. I've always been in low wage jobs and whilst Bikes are my passion in life they should never be a financial weight around your neck. I say this from experience, I once financed a used bike when I was in a bad place. It made things way worse. The stress when I then lost my job through no fault of my own made owning that bike a nightmare. Only ever own anything you can buy outright (other than a house). Stuff (even motorcycles) will not make you happy if bought on credit. Debt is a truly horrible feeling, especially when things go tits up. The gains of a new bike compared to a used bike are very small.
Loans on the bike can be a good thing IF you can afford it. I financed a portion of my Vulcan S 650, 4y loan, I’m on track to have it paid off in 1.5 years based on my normal paychecks. But when it’s done, it’s a loan on the CR that’s paid off and boosts my rate for the 5 additional years it’s on there
Older fella here... I have pretty good credit, make enough to afford a new bike but the one I bought was a Kawasaki Vulcan S (yeah, dude. The one you thought was awful). I've had it for two years and I try to ride whenever the weather cooperates as I live in Maryland and we have weather, snow and other impediments to riding. Less than $8,000 out the door. I bought using a loan from a Kawasaki program in 2023 at 3.5 % APR with $3000 down. $124 a month. I'm keeping the bike. I love riding it. Mods were a set of crash bars, a wind screen from Puig and a fender eliminator. Looks good and rides good. Reliable and inexpensive. I bought a GoPro but it's to share my rides with family and friends. It's also a pretty terrific general use camera, actually. I take my lunch to work and live in a 4 bedroom townhouse in a town outside Baltimore. Life is full of choices. I almost bought a SV650 and it would also have served. I love my commute in the summer. It's easier to work with that sort of start in the morning.
A good idea is to learn how to ride what you have if you stick to this you will have the same bike your entire life. As soon as you think your good go to a track day that will help you understand that you are not any good! Thanks for your time and have a nice day 😂
Bought a very low mileage 2011 Vstrom 650 in like new condition with color matched panniers for $5000.00 cash. I don't need anything bigger, or faster. Works for me! 😁
Bought a $4,000 2019 Z650 for my first bike about a year ago, it’s been the perfect bike this first year. Now I’m looking at buying my next bike in cash after saving up for a year and being able to sell my current bike will put me over the top and allow me to get insurance, new gear, etc for my next new to me bike. Buy your first bike in cash and be patient to find the right one, it’s the best move you can make as a new rider in my opinion.
Preach it! Especially for the young guys, a paid-for bike and good liability only insurance make the sport so much more enjoyable and affordable. It also allows you to live longer and enjoy those track monsters with the wisdom of experience and cheap, old-guy insurance rates.
definitely i just picked up a 06 after selling my ‘17 ninja 300 and love it so glad i didn’t go the finance route , it feels good knowing some days i can just wake up & ride and not have to worry abt money or a monthly payment
Why is the second situation exactly me my first bike was a 2006 SV 650 S with 1200 original miles. I paid four grand for two years later. I sold it for five grand picked up a gsxr 600 2011 with 14,000 miles off of marketplace for 6000 for two years and I just sold it last night for 6000 and looking for my new bike currently as I’m driving on my way to go check out a Daytona 675
This is good education. If you think you can finance something and are a mature adult, go for it. But the message behind this video is if you want to ride a bike, do not go over board. It will grind you down before the loan is done. We all live and learn at the end of the day. Don’t go end world mode over a few grand lost or made. Live and learn! And in my experience, if you are in your early 20s thinking about taking out a loan, you will not regret taking the ladder.
I've just spent £2000 on mods for my bike, paid cash and while there's more I want to do on the bike that will wait until I've saved for it. As much as I'd like to get all the work done now it's better to spread it out so I get more of those dopamine hits from getting some work done and I can really think about what the next mod will be.
I try my best not to borrow money from the bank but sometimes a really good deal comes across while I don't have the full amount. But I don't think I will NEVER finance more than 5k on a vehicle.
I pulled a Fred back in the 80s. Fortunately, I learned fast. A few years ago, I started buying and selling stuff on Craigslist, Ebay, and Facebook. This is my motorcycle money. No motorcycle money comes out of household money. If you buy the right used bike, you can sell it for the same or a little bit more. Made money on my last two bikes.
I started out with mini bikes, worked my way up to trail bikes, got my first dual sport bike at 21. Rode it until I was 25, then traded it for a used Harley Sportster. Never owed anything, and the my most expensive piece of gear was my helmet.
And now squidlets pappa yam will tell you some priceless advice. Fixing cheap shitbikes and flipping em has served me well, and its given me the opportunity to put my butt on quite a few bikes while making a few bucks
All this cool stuff to look cool on Instagram. Always see young kids with brand new bikes. One of the youngins said he bought an sk1 to "build his credit". I almost cried for him.
Granted I have almost 30 years riding experience but to be perfectly honest, my recent purchase of a 2001 Gixxer 1000 was probably my happiest. Best $2000 I've spent. Granted then I put about another 4 grand in suspension and farkles I know I won't get back but it makes me happy and everything is cheap for it. Hunting far and wide for parts makes it even more fun. Through skill I keep up with my riding group of young kids with S1Ks and other liter bikes (with my girl as a passenger). Granted thre are faster guys out there but I'm happy to be in the top 20% of the group at 10% of the price... ;-)
Good avice! I bought a new bmws1000rr last year, put 6 down finaced 20k. Paid out of pocket for the maintence plan. And pay extra a month vs the minum payment. Being in mt mid 30s my insurance is cheaper, living in florida i log alotta miles. Also if you finacing get gap coverage bro! Yammie aint wrong, tho. If you can pay cash! If not do what best fits you. Nobody knows your finacial situation better than you.
You didn't borrow against your 401K? The interest from your 401K loan goes directly back into your 401K fund since you're both the borrower and the lender. Plus your tax burden is way less assuming you stuck 20K / year into your 401K. Rich people and high income people do this all the time when buying a vehicle. You'd be nuts to pay cash or get a bank loan.
Unless the dealership has a mfg special offer rate, shop around for a loan beforehand and pay "cash" at the dealership. Makes insurance easier and there's no lien on the title. Don't use the loan or checking to make the purchase, use a credit card (CC) if you can and try and negotiate to have the CC transaction fee waived by the salesman. Then pay off the CC a month later with the loan to avoid double interest, but still net the rewards points. That's a $200 dollar savings if you were getting 1% cash back on a $20K purchase. You're welcome for the free helmet or jacket.
I paid cash for my brand new Ducati Panigale. It was still more expensive to run than I was comfortable with once I moved house and had a dealer I didn't trust to service. I kept it in until the extended warranty expired.
In 25yrs i only financed 1 bike and it ended up a lemon. An 09 Speed Triple anniversary addition that came with a watch and a blown motor. Ive had over 30 bikes not counting dirt and i bought them all used. When u finance u gotta get full coverage insurance too and as specially on a Sportbike in NJ your fuct then. I got a mint 2014 S1KRR 2yrs ago for 8k cash. And i got a salvaged Bandit 1200 for 2k and put 3k into it to build a bored out streetfighter out of it. I could drag race if i stretched it. Theres so many mint bikes out there 2nd hand as specially sportbikes that have really low mileage, people bought during covid, it scared them or they got married and now its sitting in a garage just waiting for someone. I live to ride, it keeps me sober because the freedom and adrenaline is what its all about. I have respect and love for anyone on 2 wheels. Dont feed into the internet hype and just get out there and experience it for yourselves. Everyones an expert on youtube. Screw them. Gear is so important and ride safe. Its better than any drug out there!
I'm getting a new bike this week. I'll finance it and use it to commute to work. My loan payments + Fuel + Insurance will be less than what I pay for transportation today (mostly Ubers and Buses). I think in this situation it makes sense to finance
I so much prefer to buy bikes that people have given up on. So often people get bored and a bike sits and really hits rock bottom as far as value goes. That's the time to grab it for cash, do the repairs myself and go have some fun.
I got back into riding. I got a bmw K-75. It’s a sleeper. No maintenance. It does 100 on the interstate all day long. I rode from Louisville to Des Moines in one day. $3000 and it had $500 worth of luggage on it.
Damn, I feel somewhat personally attacked here lmao. 29 years old, bought my first bike brand new. Used my employee discount to pick up an MT-07, which cost me $6500 after tax, shipping, and registration. Financed it through YFUS at 6% for 60 months. Bought my gear with a credit card (introductory APR of 0% for 18 months). But somehow my insurance was only $177 for the whole year. I try to justify it to myself by saying hey, I can sell this thing in a year for more than I paid (good luck finding a 1 year old MT-07 for
So my story went like this in highschool i worked at McDonalds and saved up $3,500 for a 2013 ninja 650. At the time i was 17 and i road that for about a year did an exhaust and some levers and a windscreen. I ended up selling it for $4,500 since i got such a good deal on it in the first place. I also saved up $1,000 that year riding and i wanted something a little more sporty so i got a 2012 r6 for $5,500. Same thing did a full exhaust and some little mods and i sold that after about a year and half later for $6,000. At 19 i bought 2019 636 with 2k miles for $8,000 wanted soemthing with more features and a quickshifter. I drove all the way to Indiana and trailered it back. Had that for about a year and i did full exhaust, air filter, and a dyno tune. I even changed the fairings too my taste and i really worked hard and did everything to this bike i ended up selling it for $10,000 with 10,000 miles on it. After that i took a year off contemplating if the risk vs reward was worth riding anymore. I got a dirtbike and tried that out and it was fun but also on my way to work and seeing all the bikes out really got to me and made me want to get back on the street again. So here i am at 21 i paid $13,000 cash for a 21 Panigale v2 with 4,000 miles and i love it. Yes it’s expensive but i think i truly do love bikes and sometimes it’s good to invest into your hobbies. I plan on making videos of working on it for fun..
Also i would agree getting a small bike first so much better of an idea you start out with something cheap so if you have a problem or an accident no worries. Also if you just don’t like it there is always a market for beginner bikes and super easy to sell. Same goes if you want to upgrade its a lot harder to sell anything above 10k+
As a rule of thumb, I always make sure not to spend more than half of what I get paid, that way my money is constantly building up, and if I really want something that's going to cause me to break that rule of thumb then I never buy something that will cost more than half of what I have saved up in total and even that would be pushing it, I would probably only spend a quarter of what I have saved up in total realistically if I wanted something that bad. But I guess everyones circumstances and finances are different.
I like doing my own tooling but I'm not convinced it's the economically prudent path. If I counterbalance the money I save on shop time with the tools I buy, I'm probably spending more to do it myself. That being said, doing your own repairs gives you insight you would not otherwise have and I think it makes you a better motorcyclist.
The 3rd guy named Stacy Smith, bought a used motorcycle that needed a little work. He bought cheap and bought twice for a lot of parts and gear, then bought a third time for quality items. He realized that if he had just bought quality stuff the first time, he could've saved himself a lot of time & money. DON'T BE THE 3rd GUY EITHER!!! You don't have to buy top of the line, but there's a ton of mid-grade parts & gear that will work well and still save you a ton of money.
A motorcycle was a means for me to save money. My other vehicle is an F250 Superduty. A 450ss CFmoto is 6K new! Ill pay it off in a couple years with what i save in fuel expenses on my other vehicle!
Bruh hospital fees in the US are the biggest deterrent to fun, can't imagine living as a middle or lower class citizen every day must feel like gambling
I bought my bike putting $4k down on a 10k bike at 3.99%. I got cc points back, and I paid it off in 1 yr. The 6k loan was paid with my cc getting more points and I just paid back. Long story short, I leveraged my credit and paid almost no interest on that bike. Play smart! (Money in my pocket made way more money than the actual cost of the loan) 😊
Hard agree, bought my first bike brand new, shiny and flawless. I actually cried the first time I dropped it, and it was barely scratched. I'd probably cry again if I dropped my nicer bikes.
I've been riding since Noah was putting the first coat of anti foul on the Arc. I dropped my first bike, and I dropped my current bike while doing a U-turn only a year ago. Bikes fall over.
If you can't afford to pay cash, you can't afford it. I hope this video goes viral in the moto community. I see so many used beginner bikes on Marketplace for full MSRP because people make poor choices and end up upside down on the bike.
@@solsticenight1600 yes it’s a stupid comment normally made by people who pay for their phones, insurance, tv and everything else monthly and yet seem to forget it. Everyone uses credit, even billionaires- why? Because you use your own money for things that appreciate and other people for things that depreciate. The risk is then on the finance company…
You speak motor vehicle truth. Most people dont understand money matters at all. Big part of the school system letting the children down by not teaching these basic survival skills.
This is why I buy things in cash. If I can’t afford to just pay for it out of my bank account… I can’t afford it.
Bro I got a decent amount of savings but pulling money out of my saving or investments, it’s like pulling my teeth. Respect
Same, always cash. It keeps me honest. Otherwise I'd have a $1000 per month obligation and more cool machines
You got at least 80k in cash to spend on a house? If the AC goes out and its the compressor you got 2k in cash for that? Got that extra 15k for a new roof?
@ I mean seriously, outside of the obvious things we all have to take loans out on… it’s not wise to buy things on credit when you don’t have to.
Not always the best option. I bought my bike at 1.99% APR. I can take the extra cash I would have spent to buy it up front and invest in stocks with a rate of return higher than my APR+Inflation. Literally making money by choosing to finance over buying in cash.
If your car costs more that your bike, you're not doing it right
What?
😂
I just went in debt for a 8k van to haul around my 3k stunt bike
I drive a 911. Impossible to buy a bike that expensive.
My car is 10k used. My bike is 10k brand new new
This video OPENED MY EYES! got a used 2020 ktm390 adventure with 2k miles about 2.5 months ago for $5k and I constantly want something faster. Was thinking about going upside-down trading it in for a new RS660 soon, but....... FOR WHAT?? Just have to chill out and enjoy the ride. Thanks YN
Atta boy!!
It wont be any more fun. Its just vanity. You really see it at track days. Guys on bmw s1000 getting lapped by a clapped out drz400s. And anybody thats a real rider does not think less of you for being smart
This is why you start on a clapped out liter bike. Noone wants to be Fred
Buying a beginner bike should be no.1, just get a Ducati v4
Your first bike should always be a Busa!😂
@@IamTheRealCoz A Turbo Busa
Naw, the Ducati and bust are too mundane. Step up to a MV Agusta.
Imagine my surprise when the V4 and the Busa are both not allowed for new riders in Australia. I was shocked!
Beginner bikes are good for teenagers who are only riding around town. Once you're an adult and need to travel 10+ miles for work etc then you'll need something more realistic for a reasonable highway ride
One time I watched Caleb Hammer, and there was this Trucker Dude, who also had a New Harley Road Glide who was doing $1000/month payments...ON A BIKE with like 10%+ interest...
Remember, just when you think you've found the limit of stupid, there will ALWAYS be someone dumber.
The Road Glide was his second bike and he refused to sell either one to get himself ahead.
I had 3 bikes on loan last year. Woke up one day like "WTF am I doing" and sold some stock to pay them all off lol. No point carrying high interest loans.
You could borrow against your 401K. The interest on that loan goes back into your 401K since you're both the borrower and the lender. Plus, sticking 20K to 30K into your 401K is done pre-tax so your tax burden is quite a bit less.
@@langhamp8912 I'd be careful with doing that. Yes the interest of a 401k loan is being paid directly back into your retirement BUT, depending on where you're at in your interest building, taking that money out means you won't be compounding interest as quickly as you were before the loan. Like they say, the first 100k takes the longest to accumulate. If you take a loan out and you're back down to 70k, it's gonna take that much longer just to get back to 100k PLUS you're paying a monthly payment now
@@langhamp8912 the bank is the lender. your 401k works as a collateral against the loan the bank gives you. Please correct me, if I am wrong, since I am European, but this concept should apply either way.
@ Normally that is true in most loans, but the 401K is a special case. There is a $40 fee which presumably does go to the bank, but it's important to note that the interest charged on a 401K loan goes back to you and not to the bank.
In most "standard" loans, the interest charged for using the money goes to the bank but not in a 401K loan.
@@langhamp8912 thank you for clarification. It is a no brainer then.
I am much older than you but you are giving great advice! I strarted riding at 18 and continue to do so at 70. At this point I am on my 27th motorcycle. Be sensible early on, build some wealth and cover the necessary stuff first. Down the road you just may find yourself buying new with cash a bike you may keep for a few years.
I really appreciate this video for all the young people to understand mature thinking when getting into riding
Poor Fred, he never stood a chance 😢 wait until Fred gets a long term girlfriend, then he'll be financially decimated 😂
No Fred is doing it exactly correct, we all need to make these mistakes. Fred then keeps his R9, but starts to build a race bike. He does what he has to raise the extra 25k to prep the bike, get race leathers. He goes on to win the daytona 200, get a wsbk ride, and ultimately he secures a factory motogp ride with ducati. His base pay is 2 million euros and he dates a French model. FRED WINS
Exactly, Yammie ended the video too soon by only talking about their first 3 years of motorcycling!
I loved this message dude! Just at the beginning of this month, I was hours away from signing the loan papers for a 2024 NX500. I got a really good interest rate and tried to make false justifications in my head. Thankfully, a person who I was talking to on FB marketplace about purchasing his bike convinced me not to sign off on the loan. And I didn’t end up buying his bike! I bought a 2018 Duke 390 for 3000 dabloons. He helped me so much and explained why signing that loan would be a terrible idea. He recommended the Duke and I even went riding with him a couple weeks ago. It’s my first bike and I’m having such a blast on that thing, it freakin tears up the roads. So spicy loll. Anyways, my experience is a testimony to what you are saying and I’ll stand on that from now on until I die!!
The only good interest rate is the one that you're getting paid. There's no good interest rate when you're paying it.
Biking is all about freedom and borrowing a bike off the bank is servitude, it doesn't make sense to me.
I have 2 bikes, one is 17 years old and the other has it's 20th birthday this year. They cost me about three grand each, I paid cash upfront and they are 100 percent mine. I'd take an old bike that i own over a new one my bank statement reminds me of every month every time.
It sometimes makes sense to finance a vehicle, particularly in areas with poor public transport, but never finance mods or other stuff you don't NEED
I met a literal billionaire who wears Ralph Lauren Polo and Levi's everyday. It's true, true wealth flies under the radar
You are dead right it does. There's an old saying: Wealth whispers, debt screams.
jose is gonna need a bigger top box to fit the standard size phillipino child
We have great careers at McDonald's to help you make payments on your motorcycle and child support!
da real MVP here. feeding our kids
I bought my first bike at age 15
A 50cc moped in cash since then I never went in debt for a vehicle, if you want to impress people invest in a personality if you want to ride just ride whatever you can afford is good enough especially if you don't have to live with the shadow of a debt hanging behind you. A good ride is a debt free one. Social media stars spend money to brag because they know without the bragging they're just empty inside.... Do as you please and have fun
Social Media vloggers are just narcissist and probably use YT to write off whatever bike they buy on their taxes as business expenses. However, I don't think they should be making money off of putting the public in danger and whenever I see one of those videos I never hit the like button or subscribe. Unfortunately they already got my click money.
Almost 56 y/o - started out street riding with a '67 Suzuki S32-2 (150cc) when I was 15 (ok, off-road mostly), sold it for a '73 Honda CB 350T, which I used to get my license at 16 and rode to high school often with it, sold it for a '76 CB750k which was rough - fixed it up and sold it for a '80 Honda CB900F, and then when I was 17, I scored an '84 Honda V65 Sabre for $2200 w/2k miles on it. I worked for a Honda/BMW/Suzuki M/C dealership in HS as a parts guy until I went-off to college out-of-state. The Sabre stayed with me through my junior year, when I sold it w/19k miles on it. Had many other bikes in my 20s/30s/40s - ZX-10, ZX-9R, VFR750F, FZ-1, and VFR800. Every bike I bought low, fixed it up, rode it a bunch, and sold high. I'm currently riding a '22 Duc MTS V4 PP, which is the 1st bike I bought new. It is an incredibly versatile bike for either sport touring or back-road carving, and it doesn't wear me out after 4-5 hr stints in the saddle.
Justo ayer, estuve a punto de comprarme una Yamaha mt03 a crédito aquí en México, solo tengo lo del enganche, cuando me mandaron los papeles de lo que iba a pagar y todo miré que terminaría pagando más de 50,000 pesos de lo que valía la moto, decidí no comprarla y ahorrar el dinero, no importa si estreno la moto hasta noviembre o diciembre, pagaré lo que es y no le voy a deber a nadie.. muy buen video gracias ✌🏽
I bought a 2001 Suzuki bandit 1200s for 1800$ and rebuilt it now I’ve been riding it for about 3000 miles and it’s mint
Such a slept on good bike. Those old oil cooled Suzuki's are tough as nails.
@ so true I love mine
That air/oil cooled big 4 is as tough as a stone axe and with proper maintenance you cannot go wrong.
As someone who is getting into bikes and wants too. People suggest to get a motorcycle that will get you riding. But all the bikes I like are over 600ccs
suzuki sv650 for like 2-3 grand
Depends on your weight and maturity but best to start light, small, and cheap.
Everyone loves the big bikes but it's not a big deal once your riding.
A big bike can crush you or kill you quick. Real quick.
smaller, lighter, and less powerful bikes are cheaper to low side and drop, which you *will* do, and also will teach you good riding habits.
Conversly, big heavy powerful bikes will teach you *terrible* habits as a new rider.
Trust the science and your elders. Start on something with
Big thank you from me personally, stumbled upon some of your videos roughly a year ago while trying to sleep thought hell.. i wanna try this. its been a year since then now im looking to do my first track day and pickup a second bike. Thank you
Check out the track rules! The closet track to me (2000 miles away) wants $300.00!! Their rules say you have to remove your turn signals, pull fuses, and tape up your head light. I can buy a lot of gas for $300.00! 🙂
IMO this is your best video of all time. 👏🏻💯
Solid advice, all the way around.
Great video combining the discovery of a great sport and financial planning and responsibility. I think the sport of motorcycling and financial responsibility can peacefully coexist. Thanks for a very enjoyable video.
great video Yam, very valuable advice on example for life in general!
Despite the fact that motorcycle market in Brazil is waaaaay different from US, the general rule is the same: never spend money you don´t have. In case of feeling that you need to impresse someone you don´t even know, maybe it´s better to spend some money with a shrink first. I´ve bought every single bike I´ve owned saving first, buying later. The last one is a 2009 R1200RT with just 30.000 Km, which cost me less than U$ 10K. Mint condition, all bags, bells and whistles, just fuel and hit the road. As we riders get old we understand that the only thing that really matters is to ride safe and enjoy the road.
Insurance on a motorcycle is strange. In 2023 I bought a brand new 2023 Yamaha MT-10 on May 17th 2023. My Insurance with 100/300 full coverage, full comp and collision, and coverage for my gear and my cameras and a $50,000 life Insurance policy that covers severe injury, death and dismemberment. And I have a 4 year full retail price coverage in case the motorcycle is totalled they will pay the full retail price that I paid out the door for 4 years after the purchase. I pay $548 a year or $45.67 per month.
What provider do you use?
@1sttimegunowner Progressive, emerald tier. No accidents, tickets, or traffic infractions for 23 years.
@ progressive told me they didnt have gal coverage i thought yhat was weird
@1sttimegunowner It is weird for them to say that. They offered it to me without having to ask.
Resist the urge to give insurance companies access to tons and tons of data. In other words, they'll us A.I. to break down your behaviors and risks to every breath, fart, and mile if we give them the chance. And the result will be, total control of setting lifestyle policy as a governance tool. Don't let it happen.
This is an excellent video. This should go viral outside the motorcycle community.
Great video,
I am at a situation right now where I am unsure if I should get my first motorcycle.
I am 19 and have money saved up for a Royal Enfield Super Meteor 650 + Safety Gear, insurance, etc....
But my dad and grandpa say I shouldn't get a bike because A. It's a waste of money, B. I live in a city with very good public transportation and C. We are not sure in which country I will be in the next 5 years
This video is excellent; beyond just riding, the financial responsibility attached to riding
Thank you Yammie for keeping my head on straight lol. I was thinking about being dumb and getting a loan when I’ve traditionally saved and bought everything in cash!
I really appreciate this video. I'm preparing to get my license and my first bike for this spring and was going to take a loan out for everything. Mind you, I'm a little older and more responsible than the first guy. But still, I should look for ways to save money on this hobby wherever I can.
Those Insurance costs are nuts. I'm not doubting the numbers, the holy shit are they nuts.
Yk what’s crazier, my insurance tried to charge me 300$ a month
I agree. I pay 160 a month for full coverage on my paid off 2017 Toyota Tacoma. I don't get how an 8k bike costs that much for insurance.
I have a 2009 Yamaha FZ6 and my insurance is like 30 bucks a month for the best liability/uninsured motorist I can can get. I'll stick to older bikes lol.
Try driving a newer car, or having a house while below the age of 45 or so. The insurance companies are conspiring to "you will own nothing and be happy".
morale of the story:
do not crash your bike, ride as safely as you can.
Easy solution just buy your dream bike first and have it be your only loan
This is why my goal for next year is to get my bike paid off. I LOVE my little Shadow 750, but it's already time to upsize. However, it'll be a couple years before I get another bike.
I think the saying is: “Why spend money you don’t have, to buy things you don’t need, to impress people you don’t like.”
You give amazing advice! Just be smart even if you take out a loan, as long as you can comfortably pay the payments without going bankrupt. I have 5 immaculate motorcycles that I purchased and paid off comfortably. The key is being able to pay it off with minimal interest, which means doubling and tripling on the payments until it’s comfortably paid off. Nevertheless, there are great deals out there on used bikes if that’s your cup of tea.
Here's my journey...
I did buy most of my bikes from dealers and even bought the first REAL bike new (yeah I know) however, being pragmatic, I kept each bike for at least 1.5-2 years and owned the bikes outright before even thinking about an upgrade. At no point did I take out a loan on any vehicle without having the cash on hand to pay it off outright in case I needed to for whatever reason, including my SUV and Street Triple which I completely paid off after getting laid off from my job. This made riding more enjoyable knowing that the replacement value of my bike was sitting in my car. I also only took liability insurance for a few years because I calculated the risk of totaling the bike and just writing it off to buy something else worked out seen as I probably wasn't going to ride for a while after any major incident anyway. I even bought the FZ on my credit card for the points, paying the balance off the very next day as soon as it cleared my account.
Keeping up with the Jones' is never worth it, ride your own ride.
Honda Ruckus (new) -> 2020 CB300R (new) -> 2017 FZ07 -> 2020 Street Triple RS
My Triumph Thunderbird 900 cost me £3,000 12 years ago - yes I got a loan around £100 a month. FTR The moment I was in a position to settle up early, I did. I still have the bike, it's still gorgeous and still puts a massive smile on my face. Insurance is £70 for the year. OK, so I also have a 2018 Africa Twin Adv Sport but that fills a multitude of roles. And the finance on that is around £100 a month. As with the Triumph, as soon as I can settle up early, I will. MY gear may not be the latest, but it's doing the job I want it to.
Not being an old dick here, speaking truth - i grew up in the 70s and 80s, we were taught to save and buy outright - saving not only frees you from the banking vultures who love you in their pocket but it also allows you to focus in on what you want, if it takes 18mths to save the cash to get what you thought you wanted, you may find out when you have the cash that you don't really want it any more....Lessons are often costly, this one is free 🙂
Borrowed money to buy a used car when I was desperate, once. $3k. It took me nine months to pay it off. Borrowed to buy a house. Paid that off 17 years ago. I've never borrowed
another cent. People pay me interest. I don't pay them.
Love the background Chopin 🤣🤣
There's a lot of Freds out there!!! And I do mean a lot!! 😂😂 time to go to Copart and get Fred bike!
As a rider for 30 years I couldn't agree more. I've never owned a new bike and never would unless I had a massive financial win. I've always been in low wage jobs and whilst Bikes are my passion in life they should never be a financial weight around your neck. I say this from experience, I once financed a used bike when I was in a bad place. It made things way worse. The stress when I then lost my job through no fault of my own made owning that bike a nightmare.
Only ever own anything you can buy outright (other than a house).
Stuff (even motorcycles) will not make you happy if bought on credit.
Debt is a truly horrible feeling, especially when things go tits up.
The gains of a new bike compared to a used bike are very small.
Loans on the bike can be a good thing IF you can afford it. I financed a portion of my Vulcan S 650, 4y loan, I’m on track to have it paid off in 1.5 years based on my normal paychecks. But when it’s done, it’s a loan on the CR that’s paid off and boosts my rate for the 5 additional years it’s on there
Thank you for making such a wise and unamerican video. So right. Live long and prosper.
I needed this. Saving up for the mt07 outright
Older fella here...
I have pretty good credit, make enough to afford a new bike but the one I bought was a Kawasaki Vulcan S (yeah, dude. The one you thought was awful). I've had it for two years and I try to ride whenever the weather cooperates as I live in Maryland and we have weather, snow and other impediments to riding. Less than $8,000 out the door. I bought using a loan from a Kawasaki program in 2023 at 3.5 % APR with $3000 down. $124 a month. I'm keeping the bike. I love riding it. Mods were a set of crash bars, a wind screen from Puig and a fender eliminator. Looks good and rides good. Reliable and inexpensive.
I bought a GoPro but it's to share my rides with family and friends. It's also a pretty terrific general use camera, actually. I take my lunch to work and live in a 4 bedroom townhouse in a town outside Baltimore. Life is full of choices. I almost bought a SV650 and it would also have served. I love my commute in the summer. It's easier to work with that sort of start in the morning.
A good idea is to learn how to ride what you have if you stick to this you will have the same bike your entire life. As soon as you think your good go to a track day that will help you understand that you are not any good! Thanks for your time and have a nice day 😂
Bought a very low mileage 2011 Vstrom 650 in like new condition with color matched panniers for $5000.00 cash. I don't need anything bigger, or faster. Works for me! 😁
Me: "Yammie 100%, sir, great advice." Also me: "That new Hypermotard is telling me Yammie is a moron."😂
Bought a $4,000 2019 Z650 for my first bike about a year ago, it’s been the perfect bike this first year. Now I’m looking at buying my next bike in cash after saving up for a year and being able to sell my current bike will put me over the top and allow me to get insurance, new gear, etc for my next new to me bike. Buy your first bike in cash and be patient to find the right one, it’s the best move you can make as a new rider in my opinion.
60k a year? Sign me up! Been working IT professionally for 5 years and only get paid $9K in 3rd world country
Preach it! Especially for the young guys, a paid-for bike and good liability only insurance make the sport so much more enjoyable and affordable. It also allows you to live longer and enjoy those track monsters with the wisdom of experience and cheap, old-guy insurance rates.
This should be required watching for all high school kids.
Loving my ‘04 cbr600rr so far (2months). Even more now after reading other examples of financing newer ones.
definitely i just picked up a 06 after selling my ‘17 ninja 300 and love it so glad i didn’t go the finance route , it feels good knowing some days i can just wake up & ride and not have to worry abt money or a monthly payment
How do you tell you are a dad without saying you are a dad ?
Yammie :
Why is the second situation exactly me my first bike was a 2006 SV 650 S with 1200 original miles. I paid four grand for two years later. I sold it for five grand picked up a gsxr 600 2011 with 14,000 miles off of marketplace for 6000 for two years and I just sold it last night for 6000 and looking for my new bike currently as I’m driving on my way to go check out a Daytona 675
Also cash guy here no loans on anything or credit cards
This is good education. If you think you can finance something and are a mature adult, go for it. But the message behind this video is if you want to ride a bike, do not go over board. It will grind you down before the loan is done. We all live and learn at the end of the day. Don’t go end world mode over a few grand lost or made. Live and learn! And in my experience, if you are in your early 20s thinking about taking out a loan, you will not regret taking the ladder.
This is an abridged video version of the book, "The Millionaire Next Door". So true!
I've just spent £2000 on mods for my bike, paid cash and while there's more I want to do on the bike that will wait until I've saved for it. As much as I'd like to get all the work done now it's better to spread it out so I get more of those dopamine hits from getting some work done and I can really think about what the next mod will be.
MAKING 60K AT 23???
I try my best not to borrow money from the bank but sometimes a really good deal comes across while I don't have the full amount. But I don't think I will NEVER finance more than 5k on a vehicle.
I pulled a Fred back in the 80s. Fortunately, I learned fast. A few years ago, I started buying and selling stuff on Craigslist, Ebay, and Facebook. This is my motorcycle money. No motorcycle money comes out of household money. If you buy the right used bike, you can sell it for the same or a little bit more. Made money on my last two bikes.
I started out with mini bikes, worked my way up to trail bikes, got my first dual sport bike at 21. Rode it until I was 25, then traded it for a used Harley Sportster. Never owed anything, and the my most expensive piece of gear was my helmet.
And now squidlets pappa yam will tell you some priceless advice. Fixing cheap shitbikes and flipping em has served me well, and its given me the opportunity to put my butt on quite a few bikes while making a few bucks
What's your preferred ad platform to sell stuff?
If you buy every bike used and never newer than 5 years, you'll probably be just fine with this hobby.
And in life.
All this cool stuff to look cool on Instagram. Always see young kids with brand new bikes. One of the youngins said he bought an sk1 to "build his credit". I almost cried for him.
Granted I have almost 30 years riding experience but to be perfectly honest, my recent purchase of a 2001 Gixxer 1000 was probably my happiest. Best $2000 I've spent. Granted then I put about another 4 grand in suspension and farkles I know I won't get back but it makes me happy and everything is cheap for it. Hunting far and wide for parts makes it even more fun. Through skill I keep up with my riding group of young kids with S1Ks and other liter bikes (with my girl as a passenger). Granted thre are faster guys out there but I'm happy to be in the top 20% of the group at 10% of the price... ;-)
Good avice! I bought a new bmws1000rr last year, put 6 down finaced 20k. Paid out of pocket for the maintence plan. And pay extra a month vs the minum payment. Being in mt mid 30s my insurance is cheaper, living in florida i log alotta miles. Also if you finacing get gap coverage bro!
Yammie aint wrong, tho. If you can pay cash! If not do what best fits you. Nobody knows your finacial situation better than you.
You didn't borrow against your 401K? The interest from your 401K loan goes directly back into your 401K fund since you're both the borrower and the lender. Plus your tax burden is way less assuming you stuck 20K / year into your 401K. Rich people and high income people do this all the time when buying a vehicle. You'd be nuts to pay cash or get a bank loan.
Unless the dealership has a mfg special offer rate, shop around for a loan beforehand and pay "cash" at the dealership. Makes insurance easier and there's no lien on the title. Don't use the loan or checking to make the purchase, use a credit card (CC) if you can and try and negotiate to have the CC transaction fee waived by the salesman. Then pay off the CC a month later with the loan to avoid double interest, but still net the rewards points. That's a $200 dollar savings if you were getting 1% cash back on a $20K purchase. You're welcome for the free helmet or jacket.
Yammie starting off with the truth bomb.
I paid cash for my brand new Ducati Panigale. It was still more expensive to run than I was comfortable with once I moved house and had a dealer I didn't trust to service. I kept it in until the extended warranty expired.
Those insurance payments are insane, my 24 busa costs me 67 a month, my 16 zx14r is about 33. Gotta find the right company for motorcycles
In 25yrs i only financed 1 bike and it ended up a lemon. An 09 Speed Triple anniversary addition that came with a watch and a blown motor. Ive had over 30 bikes not counting dirt and i bought them all used. When u finance u gotta get full coverage insurance too and as specially on a Sportbike in NJ your fuct then. I got a mint 2014 S1KRR 2yrs ago for 8k cash. And i got a salvaged Bandit 1200 for 2k and put 3k into it to build a bored out streetfighter out of it. I could drag race if i stretched it. Theres so many mint bikes out there 2nd hand as specially sportbikes that have really low mileage, people bought during covid, it scared them or they got married and now its sitting in a garage just waiting for someone. I live to ride, it keeps me sober because the freedom and adrenaline is what its all about. I have respect and love for anyone on 2 wheels. Dont feed into the internet hype and just get out there and experience it for yourselves. Everyones an expert on youtube. Screw them. Gear is so important and ride safe. Its better than any drug out there!
This is a video that needs thousands of views because the amount of “creative financing” that has destroyed credit histories is ridiculous
I'm getting a new bike this week. I'll finance it and use it to commute to work. My loan payments + Fuel + Insurance will be less than what I pay for transportation today (mostly Ubers and Buses).
I think in this situation it makes sense to finance
I so much prefer to buy bikes that people have given up on. So often people get bored and a bike sits and really hits rock bottom as far as value goes. That's the time to grab it for cash, do the repairs myself and go have some fun.
I got back into riding. I got a bmw K-75. It’s a sleeper. No maintenance. It does 100 on the interstate all day long. I rode from Louisville to Des Moines in one day. $3000 and it had $500 worth of luggage on it.
Thank you for making this.
Fred’s a shmuck
(I am Fred)
Hey there, Fred!
😂😂
No, I am Fred! 😂
No, I am Fred!
We can all cry in Fred together 😭
God damn. I thought i was being absolutely mental on a £92 monthly payment for 2 years on a 600. Now i feel like I have an easy life.
Yammie.. I hate you. Why you gotta rain on our parade like this 😭
What? You wanna be that broke, in debt dude laid up in the hospital with a shattered superbike?
Damn, I feel somewhat personally attacked here lmao.
29 years old, bought my first bike brand new. Used my employee discount to pick up an MT-07, which cost me $6500 after tax, shipping, and registration. Financed it through YFUS at 6% for 60 months. Bought my gear with a credit card (introductory APR of 0% for 18 months). But somehow my insurance was only $177 for the whole year.
I try to justify it to myself by saying hey, I can sell this thing in a year for more than I paid (good luck finding a 1 year old MT-07 for
So my story went like this in highschool i worked at McDonalds and saved up $3,500 for a 2013 ninja 650. At the time i was 17 and i road that for about a year did an exhaust and some levers and a windscreen. I ended up selling it for $4,500 since i got such a good deal on it in the first place. I also saved up $1,000 that year riding and i wanted something a little more sporty so i got a 2012 r6 for $5,500. Same thing did a full exhaust and some little mods and i sold that after about a year and half later for $6,000. At 19 i bought 2019 636 with 2k miles for $8,000 wanted soemthing with more features and a quickshifter. I drove all the way to Indiana and trailered it back. Had that for about a year and i did full exhaust, air filter, and a dyno tune. I even changed the fairings too my taste and i really worked hard and did everything to this bike i ended up selling it for $10,000 with 10,000 miles on it. After that i took a year off contemplating if the risk vs reward was worth riding anymore. I got a dirtbike and tried that out and it was fun but also on my way to work and seeing all the bikes out really got to me and made me want to get back on the street again. So here i am at 21 i paid $13,000 cash for a 21 Panigale v2 with 4,000 miles and i love it. Yes it’s expensive but i think i truly do love bikes and sometimes it’s good to invest into your hobbies. I plan on making videos of working on it for fun..
Also i would agree getting a small bike first so much better of an idea you start out with something cheap so if you have a problem or an accident no worries. Also if you just don’t like it there is always a market for beginner bikes and super easy to sell. Same goes if you want to upgrade its a lot harder to sell anything above 10k+
As a rule of thumb, I always make sure not to spend more than half of what I get paid, that way my money is constantly building up, and if I really want something that's going to cause me to break that rule of thumb then I never buy something that will cost more than half of what I have saved up in total and even that would be pushing it, I would probably only spend a quarter of what I have saved up in total realistically if I wanted something that bad. But I guess everyones circumstances and finances are different.
Financial Noob, love it
I like doing my own tooling but I'm not convinced it's the economically prudent path. If I counterbalance the money I save on shop time with the tools I buy, I'm probably spending more to do it myself. That being said, doing your own repairs gives you insight you would not otherwise have and I think it makes you a better motorcyclist.
The 3rd guy named Stacy Smith, bought a used motorcycle that needed a little work. He bought cheap and bought twice for a lot of parts and gear, then bought a third time for quality items.
He realized that if he had just bought quality stuff the first time, he could've saved himself a lot of time & money.
DON'T BE THE 3rd GUY EITHER!!!
You don't have to buy top of the line, but there's a ton of mid-grade parts & gear that will work well and still save you a ton of money.
A motorcycle was a means for me to save money. My other vehicle is an F250 Superduty. A 450ss CFmoto is 6K new! Ill pay it off in a couple years with what i save in fuel expenses on my other vehicle!
This is probably the most important video you’ve ever made
I feel I am hearing myself on the first part of Yammies story buwhahhaha!
Bruh hospital fees in the US are the biggest deterrent to fun, can't imagine living as a middle or lower class citizen every day must feel like gambling
I bought my bike putting $4k down on a 10k bike at 3.99%. I got cc points back, and I paid it off in 1 yr. The 6k loan was paid with my cc getting more points and I just paid back. Long story short, I leveraged my credit and paid almost no interest on that bike. Play smart! (Money in my pocket made way more money than the actual cost of the loan) 😊
He is speaking facts... if you are new to riding, buy a used bike cause you are going to drop it.
Hard agree, bought my first bike brand new, shiny and flawless. I actually cried the first time I dropped it, and it was barely scratched. I'd probably cry again if I dropped my nicer bikes.
I've been riding since Noah was putting the first coat of anti foul on the Arc. I dropped my first bike, and I dropped my current bike while doing a U-turn only a year ago.
Bikes fall over.
Two thumbs up for this video. 👍👍 very well done.
If you can't afford to pay cash, you can't afford it.
I hope this video goes viral in the moto community. I see so many used beginner bikes on Marketplace for full MSRP because people make poor choices and end up upside down on the bike.
Suppose you paid cash for your house too..
@@kfkwAL7 Right? That is the dumbest thing I ever hear people say.
@@solsticenight1600 yes it’s a stupid comment normally made by people who pay for their phones, insurance, tv and everything else monthly and yet seem to forget it. Everyone uses credit, even billionaires- why? Because you use your own money for things that appreciate and other people for things that depreciate. The risk is then on the finance company…
You speak motor vehicle truth. Most people dont understand money matters at all. Big part of the school system letting the children down by not teaching these basic survival skills.