What are your thoughts on my "Hope to purchase a 2014 RT" plan

[rworell]

So I've owned a 2008 GS(RS) for a year. I purchased it with 200 miles on it and now it has 8400 miles on it.... Like all of you, its well taken care of and looks / rides like new.
I want an RT and test drove a 2014 the other day and can't stop thinking about it, I dream every night about it.. :roflblack:

When I purchased my 08 I paid 12,000. Mabye a little high but it was owned by an elderly women actually and it still smelled new.. I wouldn't think I could sell it for anything more than 11,000 or even 10,500. Do you think I could get that for a trade? or is my best option to sell it outright?


Lastly, is it safe to say a 6yr financed loan is crazy? Its affordable.. I could easily afford more, but I'm tight with my funds and like to use the extra to do other things.... Not trying to bore you all , but looking for some advice from my spyder family

Rich

 

[Bob Denman]

Hi Rich!
Well; we all know WHY you like the '14 so well! :thumbup:
But the dollars :shocked:; Only you, your dealer, and your banker; can say how THAT story will unfold!
Selling the bike outright will definitely get you more cash for the transaction... if you're willing to wait for the sale to happen!
The question becomes: "How much, are you willing to wait?" :dontknow:
6 years on the loan; why not?
If you opt for a shorter term; it may bump the Monthly payments to a point that it tightens your wallet too much!

 

[finless]

You don't say what interest rate you getting on the loan but I would do the math and see how much in interest you will be paying!
I say that because on a 6 year it could be $10K or more just in interest.

That's what you look at when considering financing. I usually don't do more than 2 year loans myself for that reason.

Bob

 

[rworell]

Great info guys!!! thanks, cause that's good stuff.

 

[sddinnh]

I don't know if it helps your decision, but I got 2.5% on 60 mo. thru Northeast Credit Union. I'm just not sure they're up in your area.

 

[PrairieSpyder]

The longer the loan term, the more interest rate they want. But, even so, the payments are lower. My financial advisor told me that if I can get a loan for less than 5% I should finance the heck out of it (as opposed to pulling $ from my investment accounts).

And, just because the loan term is 60 months, you don't have to take that long. You could always pay it off early. That's my plan. I got the payments where I'm comfortable, but will throw any extra money I have at it so it won't take that long.

Good luck. And post some pics when you've got your new machine.

 

[Dan McNally]

The longer the loan term, the more interest rate they want. But, even so, the payments are lower. My financial advisor told me that if I can get a loan for less than 5% I should finance the heck out of it (as opposed to pulling $ from my investment accounts).

And, just because the loan term is 60 months, you don't have to take that long. You could always pay it off early. That's my plan. I got the payments where I'm comfortable, but will throw any extra money I have at it so it won't take that long.

Good luck. And post some pics when you've got your new machine.

:agree: . . . if you do a 60 month loan, and make double payments when you can, you'll save interest over the long run, and, if you are a little short from time to time, you could make a single payment, or, depending on your loan terms, even skip a payment, if they considered you ahead . . .