People with too many toys, they save up and buy it, or all financed? (ride, lease)

[bentstrider]

Not trying to start a riot or anything here, but I've been putting away money for various means.
One of them is to get a simple, dual-sport to use for whatever.

Any how, I see many people with trailer loads of quads or dirtbikes for many people.
I like to think they could just be a group friends pooling their individual toys onto the friend that has a truck and trailer.
But most of the time, it seems to be married couple and their 3-4 kids that each have one.
Most of the time these things look pretty shiny and new.

So, does the majority of everyone getting large amounts of these things save up and buy in bulk?
Or do a lot of people managed to get financed/credit for each toy?

Just some random thoughts since I live in an area where toy-haulers are seen passing through regularly.

[ferretkona]

Not all people are on your budget. Some people earn more, some less.
I have just wasted too much thought on the why mores and why lesses in writing this responce.

[Brian_M]

Not sure why it matters, but it seems like most people I know are "working poor", living paycheck to paycheck with HUGE credit bills each month. I just can't do that, so if I can't afford to pay cash for something I can't afford it.

But don't worry about other people. As mentioned, maybe they have the money to pay cash, or made sacrifices in other areas to afford their toys. Or maybe they're up to their eyeballs in debt, but that's their monkey and not yours.

[Marc Allen 242]

I find it advantageous to keep a low debt-to-income ratio. I pay cash.

[flynavyj]

Depends on the purchases, I've financed my homes and my cars, then keep some $$ in the bank incase something unexpected happens...My toys however I try to pay cash. I've been known to take a "no interest" loan from my savings, which I payback over a year...but most of my toys have always been cheap.

My bike purchases cost (In order of acquisition):

1. 79' CM400T ($325)
2. 02' SV650 ($1400)
3. 85' CB650SC ($275)
4. 96' Magna ($1500)
-----------------------
Total $3500

I've had friends who've financed more for one bike that I've paid for all mine combined. I normally only keep two in the stable, since I try to do my own maintenance...and keeping up on 3 cars, and more than 2 motorcycles can get really taxing, very very fast!

[animalcrazy]

I live by the philosophy of want what you need don't need what you want.

[bentstrider]

Originally Posted by flynavyj

Depends on the purchases, I've financed my homes and my cars, then keep some $$ in the bank incase something unexpected happens...My toys however I try to pay cash. I've been known to take a "no interest" loan from my savings, which I payback over a year...but most of my toys have always been cheap.

My bike purchases cost (In order of acquisition):

1. 79' CM400T ($325)
2. 02' SV650 ($1400)
3. 85' CB650SC ($275)
4. 96' Magna ($1500)
-----------------------
Total $3500

I've had friends who've financed more for one bike that I've paid for all mine combined. I normally only keep two in the stable, since I try to do my own maintenance...and keeping up on 3 cars, and more than 2 motorcycles can get really taxing, very very fast!

Those are some nice rides for the price right there.
I take it you had to look far and between for those types of deals.

As far as the "up to eyeballs in debt" goes, I've been seeing a rather large amount of "off-road only" toys over street-legal ones in the various classifieds.

[Brian_M]

Originally Posted by flynavyj

1. 79' CM400T ($325)
2. 02' SV650 ($1400)
3. 85' CB650SC ($275)
4. 96' Magna ($1500)
-----------------------
Total $3500

Ahh, a person after my own heart! My last 5 have been:

1992 Suzuki Kat 1100 $300
1988 Honda CBR600 $20
2005 Kawi EX250 $1000
1999 Kawi KLR650 $900
1999 Kawi Concours $1000


Of course, I sold three of them for a slightly different sum (Katana for $1200, CBR for $1500, KLR for $2800). Then again, that supplements my income as a MC mechanic.

It doesn't take a LOT of looking to find these deals, just keeping abreast of the market and being ready to move the instant you see a good deal. Cash in hand, ramp and tie-downs in the truck.

For the OP, if you go to Denver, the motorcycle scene there is fantastic. LOTS of bikes on CL, some really fantastic deals for just about anything you could want. Only the Connie above was not bought in Denver, I picked that up shortly after moving to GA. Lots of riders, lots of rides ~ if you're not on ADV yet and you're into off-road stuff, get to that forum. I really, REALLY miss that group and the rides they did.

[flynavyj]

Originally Posted by bentstrider

Those are some nice rides for the price right there.
I take it you had to look far and between for those types of deals.

As far as the "up to eyeballs in debt" goes, I've been seeing a rather large amount of "off-road only" toys over street-legal ones in the various classifieds.

Did alright on all the buys...but the price of the SV is offset. I traded the CM400T for $1200 towards the SV, so my remaining balance was $1500. Still the CM400 was a great purchase, and I traded it for more than I had in it after fixing a few issues, and putting some new paint on it. I sold the Nighthawk for $700 with some very mininal work, but it was a fantastic bike when I purchased it, just had some clutch issues, and developed a starter issue, all of which i fixed. The best buy (thusfar) is the Magna, which is more than $1000 under what other's are selling them for...I could throw the thing on CL and get $2500 any day of the week. The PO sold me what he thought was a lemon that wouldn't keep running after 20 minutes...It took some searching to figure out, but the problem was a bad automatic fuel shutoff valve that caused the gremlin, bypassed the shutoff and bike rode great...few miles later a bad Regulator/Rectifier reared it's head and left me stranded at work, but I purchased a new unit from a craigslist ad for $50 (Listed for $80)...works like a champ now

[Dport7674]

I lease my car which is a waste of money probably but I've come to think of a car payment as another bill that needs to be paid every month.

Bikes and other toys are strictly cash. It helps that I only buy used and cash is king in the used market.