SO my parents are worried about my safety which is understandable to a certain degree. However, I‘m a 19 year old college student who works at Mcdonalds Needless to say, I don‘t have a lot of money, so I want a motorcycle so bad because of economic reason. I can buy one with 14,000 miles for 1500$ with only 9 dollars a month for insurance, and 60 miles to the gallon. And because they are something which have always peaked my curiosity, plus they‘re bad a*s. My parents are willing to sign me a loan for a car, at which the expenses will be MUCH higher, and then the potential of repairs. I have to pay my tuition every year so I know I will fall into a hole of debt if I get a car, they don‘t understand.
Motorcycles are not really all that economical. How much have you set aside for riding gear? Figure around $900 to $1200. This includes rain gear. The bike you are prematurely considering, is it equipped with bags and/or a trunk? You need a place to put your gear and you school books and supplies. Have you set aside $450 to $500 for tires? If you are considering a sport bike, tires will require replacement every 5K to 6K. At 14,000 you may be close to needing a replacement of the chain and sprockets. I spent about $215 for X ring chain and sprockets. Then there is the matter of the loan itself. The $9 a month for insurance must be for liability only. If you take out a loan, then you MUST carry full coverage. Cha-ching, there goes more of your money out the door. And paying interest on a loan is the same as setting fire to a pile of your money. Here is a life lesson. Vehicle ownership will be your biggest financial drain during your lifetime. Save your money and pay cash. Until then can you ride a bicycle? Cheapest form of transportation. Good Luck
They understand more than you think. For example, they would not be counting on 60mpg. (50 is realistic) They may have a clue that 2 tires that are gone in a couple months are the same cost as a set of 4 car tires that last years. Your parents are willing to take a riskand you can't see it. Co-signing a loan is a risk - they are guaranteeing payment. $1500 is not all that much. It's the down payment on a used car - not enough to take a loan out for. There's other things parents consider. How often will you ride this bike? Rain? Cold? Snow and ice? Not every day is sunny, and we must get to work no matter the weather. Further expenses of riding - you got gear? Of any kind? You WILL need something. Potential of repairs - everything must be maintained or it will break down. Maintenance intervals on motorcycles are much shorter than cars. That means they get worked on more often just to stay road-worthy. 14,000 miles.got it picked out a bit early, don't you? Start at the start - go for the class, get licensed, then look for a bike.
$1500 isn't a lot. A bank won't even get an auto loan for that little, and most banks don't touch motorcycles unless brand new. So you are wasting your time being mad at your parents. You WOULDN'T be able to get a bank loan for this motorcycle. As someone said, $1500 isn't a lot. If you make even $7.50/hr (assuming you're in the US), you should be able to afford that in about 2-3 months of saving. Something tells me you don't save your money now, so how did you plan to pay for gas and motorcycle gear (trust me you need it)? Just go buy a 96-99 honda civic for like $3000 and call it a day. You don't have to worry about rain or snow, especially if you transfer colleges and live on campus.
