My 1 Year Plan

[4W4K3]

How does this look? I've searched around and tried to forumlate a "budget" of sorts, the order in which I want to make my purchases, and the expected outcome.

Please tell me if I've forgotten any major costs.

Motorcycle Fund Planning Guide
version 1.0

FIRST STEPS:
$180 - MSF Course
$15 - License/Exam Fee

GEAR:
$150 - Jacket (Summer)
$100 - Boots
$65 - Gloves
$150 - Helmet (Full Face)

INSURANCE:
$150 (month) - $1500 (year)

BIKE:
$7000 - 2007 Suzuki Boulevard M50

TOTAL (First Year) - $9110

Some prices I expect to be lower (such as the initial bike purchase, and the insurance quotes) but I don't want to plan low and find out I come up short. I did not include gas, because that's pretty much a given. I do not plan to buy an aftermarket accessories, unless I happen to have extra cash. The following year maybe...

I plan to buy new from a dealer and finance, so REALLY it's not a $7000 one time purchase. But that is the way I am calculating it...as I want to save away money and have it THERE, instead of scraping for pennies because I thought I had more than I actually do.

What do you think?

[Time4me2ride]

You should think about some rain gear. It is almost guaranteed that if you ride very often, sooner or later nature will catch you out.

FYI, my 05 M50 costs me around $200 per year for full coverage.

[DrBob]

$1500 a year for insurance? I don't pay half that for all three bikes put together!

[4W4K3]

What insurance companies do you guys have? Being 18, with 1 speeding ticket, I figures that was a decent deal? I know some people pay way less, but they are usually twice my age, have kids, get discounts, etc.

Raind gear...grr. How feasible is it to just wear my regular gear, with a trench coat and hoodie on top? Might try it, but would definetly have to get some better pants and gloves. Thanks, didn't think of that.

[Clint]

I'd go for more like:

1995 Honda Magna - $1500
Insurance - $150/yr.

I can see the thread title now... "Only 1 week and I rashed my shiny new bike".

[4W4K3]

The bike will only see parking lot for the first few months, might ride around my subdivision as it's pretty new with little traffic. If I drop it...I drop it. It will be at speeds of less than 30MPH, hopefully nothing mroe than scratched up paint and handlebar damage.

I'm not too keen on fixing up someone elses broken bike, and I do not have the tools or the cash to deal with mechanical problems. Buying/financing a new bike is something I can afford to do, if it has any problems the warranty should cover it. I don't plan on doing any kind of mods...

Unless you know of a place that guarantees a used bike to be in 100% perfect mechanical condition lol. With my luck I'd get a bike, and 1 month of owning it I would need to dump hundreds into it just to keep it running. Perhaps making payments on a used bike is an option, but I don't know anyone willing to do that Simply put, if I want a used bike I have to wait even longer and save my money, risk the purchase, and hope I got a good bike I *might* keep for a while. Or I can buy new, not have to worry about failures, and enjoy a bike I plan to keep for years. Scratching up a bike is the least of my worries, I honestly would not even pay to fix up paint or scratched chrome. As long as it's still safe to ride, I'd be happy.

EDIT: Even for an older bike, I'm getting quotes of $1000+/year. So, any help on insurance companies? I have 1 ticket that was only 11 over, taking DD for it, shouldn't be a problem.

EDIT2: I just read your Progressive thread Rowdy. That's where I got the $1500/year quote. Wow, I must be filling in something wrong. Or there rates simply suck for people my age

[Clint]

Well, it's a common misconception that a used bike costs more to operate. I guarantee that your new bike will depreciate in a year about as much as the used one in my example would cost. Either way, it's your money.

Yes, the rates do suck for single young men. Each company has a different way to assign risk to motorcycles... some go strictly by engine displacement, which is asinine. You might have to shop around. Try entering a '95 Magna just for fun. For one thing, you wouldn't need to buy full coverage.

[4W4K3]

Why does depreciation matter? I have no intentions to sell it after a year, if anything, past the one year mark will be when I can really enjoy it and start adding to it. I may not have said it in this thread, but I am probably more "scared" than anyone I know going into motorcycles, and will still be doing practice shifts and practice turns in the parking lot while other riders would be on the streets already.

Not sure about the misconception. You're saying broken bikes are free to fix? Or used bikes hardly ever require maintenance? I wish it were so for cars then, as I had to do a couple thousands worth of fixing up on my beater to keep it running. As compared to my dad's new car, which is under warranty and will cost nothing to fix if/when it decides to kaput. I can't afford to constantly upkeep a car AND a motorcycle...I've already got the car...so the motorcycle is either new or a no-go financially speaking.

[DrBob]

Hmmm...what is worse? Buying a $1500 bike and finding out it needs work, or buying a $7000 bike and finding out that you don't enjoy riding? I'd rather start small and trade up if I like it than make payments for the next five years on something I don't use.

[4W4K3]

I figured I would find out if I enjoyed riding via the MSF class, and a few goes on a buddies bikes? I would think after that much time I'd know if I liked it or not? Does it really take more time? Guess I never thought it would take a long time to know whether or not it was something I enjoyed...?

Have actually financed out a 36 month payment plan, with a pretty high interest rate (based on my age and credit score). Even at above MSRP, and 10% interest, I could afford the monthly payments plus the $150/month insurance easily. But I see your point...

[4W4K3]

Hmm, yah I guess I have no choice but to get raped on insurance. Have gotten 3-4 quotes, lowest being $1500. I'll have to ask my father if I'm filling it out right, I am going with the bare minimum to my knowledge and declining alot of coverage...still incredibly high rates.

Still, $150 is only half what I pay for car insurance. If I decide to let the car go I'll actually be making a profit with that kind of rate each month. And that was with a perfectly clean record, pretty sad.

Hope I don't sound too set in my ways, I just don't see why buying a new bike is such a bad move if I don't immediately take it on the highway. Plenty of people on the forums have admitted to learning on the M50, specs wise it seems like a great beginner cruiser (meaning, it' not a 1600cc monster that weighs a ton). Maybe (if I decide to let the car go) I can trade it for a cheaper bike, and satisfy my 2 wheeler hunger that way. Hmm...actually that doesn't sound like a bad idea...

[Clint]

It doesn't matter whether you're riding it in your back yard or on the autobahn. Plenty of people dump their bike while learning. I'm sure you've read a few stories here already. I'd just rather see you spend the money feeding the homeless in Africa than buying new painted plastic and polished chrome bits.

Profit? You might look that word up. LOL!

BTW, I started riding when I was 21 and didn't pay anywhere near that much. I had several tickets on my record, too. Try a human insurance agent tomorrow instead of relying on computers for quotes.

[87gsxrnut]

$150 - Helmet (Full Face)

Plan on twice that.

- Nut

[4W4K3]

Originally Posted by RowdyRed94

It doesn't matter whether you're riding it in your back yard or on the autobahn. Plenty of people dump their bike while learning. I'm sure you've read a few stories here already. I'd just rather see you spend the money feeding the homeless in Africa than buying new painted plastic and polished chrome bits.

Profit? You might look that word up. LOL!

BTW, I started riding when I was 21 and didn't pay anywhere near that much. I had several tickets on my record, too. Try a human insurance agent tomorrow instead of relying on computers for quotes.

If you didn't read my previous posts...I said I would not spend money to fix paint scratches on my bike. I don't care if it's a day old...unless it's un-ridable(sp?) I'll deal with the minor cosmetic flaws. I'm not as looks driven as much of the board I guess, I simply do not see the point in wasting that kind of money purely for looks sake. If I have the extra cash, sure...but it's not on the priority list.

Not technically profit, but it's money that goes back in my pocket...sure feels like a profit when I'm not getting ripped off on both accounts. If you had the choice, I'm sure you'd rather pay $150/month on a brand new motorcycle than $300/month on a POS 13 year old beat up family sedan. I can't justify it at least...

You think $300 is more on target for a good DOT approved full face helmet? I just saw so many priced between $100-$200 that I figured $150 was safe. I'll keep looking though...

[87gsxrnut]

You get what you pay for.

- Nut

[wookie]

dude, you missed riding pants

[4W4K3]

So DOT/SNELL approved varies within price ranges as far as safety goes? I am so confused. For my helmet at least I don't want to skimp on it. People might disagree, but I got something I plan to stick in there that has some value to it Planned on also getting a smoked visor/lens (w/e it's called) since most of my ride time would be in the mornings to work, and about mid-day back home.

Originally Posted by wookie

dude, you missed riding pants

EEK!
Actually, what is everyone's opinion on these? Leather, Textile, denim...what's good for protection but breathes easy as well? Like the jacket I am considering textile...but thy may not be any help unless I get some armor too. Hmm...

[wookie]

bro, I'd get a Joe Rocket textile type that fits over whatever pants you normally wear.

[techgesture]

A salesman at Harley told me something that made sense... "it cost just as much to repair a 15K bike as it does a 5K bike. If you drop it and mess up the pipes for example, you still have to replace the pipes"...

Now granted I didnt buy a Harley cause I didnt have 15K...nonetheless... good point.

Also,... I was thinking I was going to buy new when I was at the same stage of planning/shopping as your are cause I thought "Since it is my first bike, I dont feel confident to have to figure out someone else's nuances on thier bike"... but after I took the MSF class and found a great deal on a bike that only had 1500 miles... that thought went away. I honest think mine is better than new now cause its already broken in and I dont have to worry about that whole "break in period".
Not only did I save $1500 off dealer price...but I also didnt have to pay another 1000 in dealer fees. Check your dealer and find out how much they are going to charge you in "fees" and have them do an Out-The-Door write up for you. 07 MSRP is 6899... be prepared to pay more like 8K OTD.

[wookie]

HJC makes decent DOT approved helmet for a reasonable price.

If it's good enough for Ben Spies, it should be good enough for the rest of us.