Why, oh why did I visit the dealership!!???

[roguerower]

I got done with my daily therapy session riding around the hills west of San Antonio and we ended up coming out onto I-10 right next to the Triumph dealership. I decided to visit the dealership and see a Street Triple R in person. WOW!!! That bike is awesome to look at and the sales person was nice enough to start it up in the showroom. With the 3-in-1 Arrow exhaust system the sound coming out of the pipe was pure awesomeness. That said, I think I really shot my self in the foot because now I can't wait to pay off my current loan so I can turn around and sell it and use that as a down payment on the new bike. Hopefully this time around I don't get fucked by a massive interest rate (15% on my current motorcycle loan). Couple of questions though:

1. Is $3k a year for insurance sound about right for a bike like that for basic total coverage?

2. Personal loan or motorcycle loan? Co-worker of mine said that a personal loan would give me more freedom.

3. Will I be able to cancel my current insurance policy without any issues?

God, it's gonna be a long 3-5months until I pay off the bike. But still gonna have a blast until then!

 

[zerocool84]

Nice bike

 

[Lotheron]

Nice bike

Hmm, I don't see a bike..?!

 

[roguerower]

Nice bike

What bike?

 

[Ronstang]

1. You don't buy a motorcycle with a loan.
2. You don't carry full coverage on a bike....which is why you don't get a loan.

Consider the price of the full coverage insurance and then look at what basic liability insurance costs. The difference pretty much buys you a new bike every few years. Save up the money and buy with cash when you can afford to...and don't get a loan and carry only liability insurance. It is the only option that makes sense.

 

[StageLeft]

15% interest rate on a toy? DAYUM

 

[PhoKingGuy]

Im guessing this would be a poor choice as a first bike? lol

 

[roguerower]

Im guessing this would be a poor choice as a first bike? lol

Not my first bike. Will have at least 6 months on a gs500 before I upgrade.

 

[PhoKingGuy]

Not my first bike. Will have at least 6 months on a gs500 before I upgrade.

I was actually asking for myself, half jokingly....only half.....maybe....

 

[PricklyPete]

15%...yowezer... A toy should not be costing you this much. How much more fun would the bike be than your current bike...really? Pay off your current bike ASAP and then save every last dollar until you can afford to buy the bike straight up. $3k a year for insurance? That is over nearly 1.5K more than I pay for full coverage of both my M3 and my wife's A4 in a year.

I know you are enjoying your bike...but this is an insane amount of money to spend on something that you're still paying a loan on that is not a necessity.

 

[DivideBYZero]

My wife has that bra and panty set in pink.

 

[OILFIELDTRASH]

You'd be much better off buying a newer 600 cash once you get the 500 sold. As far as full coverage it's damn high on all sport bikes. I personally keep full coverage on mine just for the theft coverage. Bikes are stolen all the time. If someone targets your bike all it takes is a few seconds and 3 guys could have your bike loaded in a van and down the street. I'd rather pay for the full coverage and have the piece of mind. You will be paying out the nose to own a triumph.

 

[roguerower]

a. 15% was because I have no credit history coming out of school. Hopefully I can go back to the bank and it'll drop drastically since I'll have paid off this $3.8k 36-month loan in 6 months. So far my interest accrual has been kept to a minimum.

b. Thanks for the advice on the 600 but it's either the Triumph or i'll stick with my trusty little GS. The fact that's it different then most sport bikes is one of the reasons it appeals to me.

c. Will it make my riding more fun? Most likely. The extra 50 horses would be nice to have. The much wider rear tire would be greatly appreciated. The much nicer seat will help my ass out a lot.

d. If I do buy it, it will get full (to an extent) coverage. If I'm spending 13-14k on a new bike, especially one as uncommon as that one, it'll be insured in case something happens. My DD is a 2001 Civic w/ just liability for $500 every 6/mo. Right now I'm throwing down $800/yr for my GS. Progressive quoted $2800/yr for full coverage but from the looks of it, any SS is going to cost that much at my age.

We'll see.

 

[StageLeft]

My wife has that bra and panty set in pink.

Yep, but she doesn't wear it for long, wut!

 

[RedRooster]

Those headlights(on the bike, NOT the chick) are awful. The rest of the bike is great though, I've tried the 675 and thought it was very unique.

 

[OILFIELDTRASH]

A. Paying off your bike early isnt as beneficial to your credit as it would of been to make all your monthly payments.
B. So you'd rather ride an inferior machine just to be different?
C. 50 more horses does not equate to more fun. Maybe more speeding tickets but not more fun.
D. Good idea.

 

[Saga]

Full coverage on my ZX10 with a $250 deductible is $272 every six months..

 

[roguerower]

A. Paying off your bike early isnt as beneficial to your credit as it would of been to make all your monthly payments.
B. So you'd rather ride an inferior machine just to be different?
C. 50 more horses does not equate to more fun. Maybe more speeding tickets but not more fun.
D. Good idea.

a. Yea, but getting assraped by 15% isn't a picnic either. Damned if I do, damned if I don't. My credit score isn't bad (715 or so), but that combined with no credit HISTORY is what keeps screwing me over.

b. How do you figure it's inferior? It is literally the exact same bike as the Daytona 675 but stripped of the fairings and changed to a standard configuration (same engine, same suspension, same brakes). Roughly the same HP as any of the 600 sportbikes (factory claims 107).

c. You chose 1 of the 3 things that popped into my mind as I was responding. And how does having a little extra oomph not result in more fun? I know that a larger tire will definitely help going around the twisties and that my ass will thank me after one of the usual 250mi weekend therapy sessions in the hills.

d. Thanks

Full coverage on my ZX10 with a $250 deductible is $272 every six months..

What is full coverage? Does it include collision & comprehensive? Cause if so, that's ridiculous. What insurer are you using?

 

[StageLeft]

715 no history or not that is the key thing. Anybody giving you a loan over 10% now even on a toy (I know that rates on atvs and all that are higher than cars) should get curb stomped.

Big local credit union has 48 month loan on motorbikes: 7.5% on new and goes up to 8.6% as the bike gets closer to 2005. I bet 715 would get that fine.

 

[roguerower]

715 no history or not that is the key thing. Anybody giving you a loan over 10% now even on a toy (I know that rates on atvs and all that are higher than cars) should get curb stomped.

Big local credit union has 48 month loan on motorbikes: 7.5% on new and goes up to 8.6% as the bike gets closer to 2005. I bet 715 would get that fine.

We'll see in 4-6 months

Back to the original question. Personal or MC loan IF I take one out. Which one would usually yield a lower interest rate?

 

[roguerower]

Oilfieldtrash, here's a review by motorcycle.com. It's a shootout between the Triple R and the new Monster 796.

http://www.motorcycle.com/shoot-out...riple-r-vs-2011-ducati-monster-796-89973.html

Pretty sure neither of those bikes are "inferior" to the japanese supersports. Different? Yes. Inferior? No.

EDIT: It was their 2009 Motorcycle of the Year. Lost 2010 to the BMW SS1000R (which is a sexy bike).

As much as we enjoyed the plentiful powerband of the Duc’s air-cooled Twin, we nevertheless prefer the inline-Triple’s slippery smooth power delivery. What it lacks in torque compared to the Monster is more than made up for on the top end. The little 675 has way more low-end and midrange steam than any 600cc Four, and yet its upper-end hit nearly matches a middleweight supersport’s.

Granted this is just one review, but most of the reviews I've read tend to lean the same way.

You aren't going to change my mind, but thanks for trying. I'm just trying to backup my decision, don't take it personally.

 

[JTsyo]

Wait, why do you need to pay it off before selling it? Won't you get enough for it to cover the rest of your loan? No trade in option either?

 

[Saga]

What is full coverage? Does it include collision & comprehensive? Cause if so, that's ridiculous. What insurer are you using?

Just double checked because I didn't recall the exact coverage. I was off a bit on the price, as well:

State Farm Motorcycle Insurance
2007 ZX10R (Kawi Green) 998cc
Comp/Collision/Uninsured Motorist (50k/50k) - $250 deductible
$312/6m - $611/yr

25, male, flawless driving record (pulled over 12-15 times or so, evaded every single ticket to date)

 

[roguerower]

Wait, why do you need to pay it off before selling it? Won't you get enough for it to cover the rest of your loan? No trade in option either?

I could do that, but there's a couple of reasons I'd rather not:

a. Still learning how to ride. The GS500 is perfect for that and I don't see the need to trade it in right now in order to get a new bike. By the time I finish paying off the bike I will have at least 7 months of good riding under my belt.

b. Would rather not jump to a loan without a downpayment. Just a personal financial goal for me at this point in my life.

c. Selling the bike will give me a nice amount of cash (at least $2500) to use as a down payment.

 

[MiataNC]

1. Is $3k a year for insurance sound about right for a bike like that for basic total coverage?

I pay @$550 a year for full coverage on a Triumph Speed Triple 1050 (I'm 38 with a perfect record.)

2. Personal loan or motorcycle loan? Co-worker of mine said that a personal loan would give me more freedom.

Whatever loan has the best rates/terms. It is always better if you don't borrow, but better to ride what you love than settle.

3. Will I be able to cancel my current insurance policy without any issues?

You keep your current insurance, change bikes on the policy, and pay the difference (since the rate will be higher on a higher spec bike)

God, it's gonna be a long 3-5months until I pay off the bike. But still gonna have a blast until then!

Keep learning and honing your skills. The Street-R is NOT a bike for a novice. It is a slightly detuned Daytona 675 with the plastics removed, and a better seating position. It has a 3.4:1 power to weight (compared to a 1050 Triple that has a 3.5:1). So don't assume it is slow or underpowered. It just makes power differently than the liter bike.