What's my bike worth?

[Georgeeboi]

I've used the scheme for about ten years with cars, as i change every two to three years,I've found it suits my needs to keep the payments low and I've always managed to chop in for a new with similar payments each time depending on what you change to of course,I've even managed to find competitive interest rates on pcp schemes as well,I think you would get stung if you refinance the ballon payment at the end as you would end up paying two lots of interest, I've not done it on the bike as I might keep it for a while so got a sainsburys loan at 6.1% but as whole I find the scheme ok as long as you haggle on price and on interest rates.

 

[Dean]

So it seems it would work very well if you change every couple of years to a new one each time and have a regular amount of money to throw at it

JB's bus sounds so scary

I can see the benefits and negatives all revolving around available funds

 

[Bendy toy]

Add up the costs for buying the same bike using all options. A loan may be the cheapest when we consider the rubbish interest rates offered on bank accounts.

Interest rates are currently as low as they are likely to get, so the future is more likely to see higher rates. With a PCP the need for a personal loan (to pay off the balloon) could come up just when rates are rising again.

Having had problems last time I bough an expensive car, I would prefer hire purchase over a personal loan. If times go hard you can simply hand the vehicle back. Plus, the interest rate is fixed at today's low rates.

 

[JohnnyBoxer]

Save up for the bike you can afford


Not only will you enjoy it more, if times get hard then you'll have no payments to make each month and/or the option to sell it

 

[Bendy toy]

Save up for the bike you can afford


Not only will you enjoy it more, if times get hard then you'll have no payments to make each month and/or the option to sell it

Good advice for a bike that's not personal transport & exactly what I'm doing. But if I needed decent transport right now, a loan (of some sort) might be the only option.

 

[Blackal]

Save up for the bike you can afford

Absolutely - although that would appear to be a novel concept these days, if some posts are to be believed.

Al

 

[Pukmeister]

that would appear to be a novel concept these days, if some posts are to be believed.

Al

Which is why the entire nation is in so much debt with a buy now pay later attitude. I owe nobody thanks to financially astute parents advising me well, I'm averse to any debt yet I'm in the same recession as all those that caused it.

 

[JohnnyBoxer]

Which is why the entire nation is in so much debt with a buy now pay later attitude. I owe nobody thanks to financially astute parents advising me well, I'm averse to any debt yet I'm in the same recession as all those that caused it.

You are the minority then

 

[BBB61]

Save up for the bike you can afford


Not only will you enjoy it more, if times get hard then you'll have no payments to make each month and/or the option to sell it

Spot on. And you can also take advantage of the current offers where BMW will pay £800 towards your deposit on the select payment scheme too. All you have to do is exercise your right to withdrawal within 14 days of signing up and paying up the balance and you still keep the £800 deposit contribution.

 

[GSmonkey]

I just save up then buy. You only have to save up once, after that you make sure that you save up between purchases. Fundamentally the same as a PCP, but self financed and a hell of a lot cheaper. If you have no discipline with money, the PCP scheme will force you to 'save'.

The argument about reliable transport is tosh. I rely on my bike to get to work so own two, the newest is 5yrs old. There is always one of them roadworthy. A duty standby arrangement (I am an engineer!!)

 

[Mad_Accountant]

Select Finance - that really IS Mad Accounting.

Just because the salesman, or the poor sod who flogs that Dealership's finance, says it's a good deal doesn't mean it is.

Just look at the total amount payable and compare it to the cash price. That sort of interest is obscene and add to that the drop in value from purchase price to resale value three years later.

Yes, the trade in value will exceed the final (balloon) payment and they will try and sell you on the idea that this will fund the deposit on your next Select Finance deal. They are inviting you to continue paying through the nose ad infinitum.

Come on guys, you're intelligent enough to own a BMW bike, surely you're not going to fall for a honey trap like this?

Keep the bike you have, save up for a replacement, buy exactly when the time is right FOR YOU and when the good deals are out there AND negotiate their nuts off.

 

[autogs]

i think thats your best post by far

 

[Mad_Accountant]

Thanks, but probably not my smartest post.

Many people are buying using Select Finance and I've just offended them.

I apologise for that.

 

[Pukmeister]

Thanks, but probably not my smartest post.

Many people are buying using Select Finance and I've just offended them.

I apologise for that.

Er....why exactly ???

Nobody forced them to sign up for finance, they are all big boys old enough to make their own decisions. If they don't like to hear the truth and get an honest opinion, they are in the wrong forum.

 

[autogs]

ive just bought and sold privatley,less money,better value for money and the bikes mine to do whatever i want.i did look into select a couple of years ago and didnt like it then.

 

[autogs]

Er....why exactly ???

Nobody forced them to sign up for finance, they are all big boys old enough to make their own decisions. If they don't like to hear the truth and get an honest opinion, they are in the wrong forum.

spot on

 

[Nutty]

Save up for the bike you can afford


Not only will you enjoy it more, if times get hard then you'll have no payments to make each month and/or the option to sell it

I couldn't agree more