Expidia
Well-known member
In BLOOD!
Bought with a credit card then transfered money to another card with 3% balance transfer fee but otherwise interest free for 2 years. Looked obvious that inflation would rise into double figures so no point in paying cash. Credit card also provides additional buyer protection under British law.
JP-NZ
E*POWAH Elite
Paid $10,000 cash and Credit Card with 0% interest for 12 months the balance
Andy__C
Active member
Sold my Stumpjumper, used it as a decent deposit and did the rest interest free over 3 years.
Should clear that in April - always happy to do an interest free if it makes sense, other people's money and all that.
Should clear that in April - always happy to do an interest free if it makes sense, other people's money and all that.
Will also run my Rail into the ground. The warranty expires in January 2024 so if the motor shits itself after then I'll take it to the eBike Motor Centre (which is about an hour from me) and they can rebuild the motor. All the components on the bike are (now) good and the frame is alloy, no point in buying a new bike just because the Bosch motor is broken ...
www.ebikemotorcentre.com
eBike Motor Repairs & Servicing - Homepage
eBike Motor Parts Repairs & Servicing, (formally, Performance Line Bearings) has become the “go to place” for all your e-Bike motor repairs...
www.ebikemotorcentre.com
LeftItLancs
Member
Lifestyle change, stopped smoking and drinking. Saved the cash up to treat myself and bought my first Cube Reaction during lockdown, sold that last year and again paid cash for my second.
2WheelsNot4
E*POWAH Master
Credit card though not mine(I wouldnt have one). Sisters. Handed her £5k cash and put it on.
I might not want one myself, but i recognize the benefits
I might not want one myself, but i recognize the benefits
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Alexbn921
Well-known member
most places don't accept that much cash so I paid with a card and then paid it off.
DirkWisely
New Member
I'm a little baffled that anyone is paying with cash. Why not just use CC and pay it off immediately? You get points / cash back / whatever.
That’s what I did for our bikes. It was a very merry Xmas.
Borrowing money for a toy you can't afford isn't much of a "strategy."
Lenders prey upon the childish impetuosity of consumers, raking in cash for their stockholders and dooming the borrowers to lives of financial mediocrity.
Average revolving credit debt for American consumers is $7,236. The average interest rate on that debt is 24.7%. The average auto loan is $22,612. The average student loan is $37,000. If you add it all up, it comes to a shit-ton of money between the ages of 20 and 70.
I find it hard to believe that people willingly buy into this losing game, but history has proven again and again that betting against the intelligence of the American public is a pretty safe bet.
I have been wanting an eBike for ages, but could never justify getting one unless I had the disposable cash.
I didn't even consider financing one, as it just wouldn't sit right with me. I don't even finance a car.
I got a bonus and worked out that if I spent a portion of it on an eBike, sold my analogue bike and kept the rest aside, I'd never regret it.
I currently have zero regrets.
DirkWisely
New Member
It's a strategy if you can play games with 0% financing and pay it off before interest comes due. Then you don't have to delay your gratification.
Yup - the ones that lose in this situation are the ones that fail to make the full payments due before interest kicks in.
That's what the finance companies are banking on...lengthy interest-bearing loans being paid on a minimum-payment basis.
steve_sordy
Wedding Crasher
You can play the banks and credit card companies at their own game.
As per usual for all finance deals, read the terms and conditions!!
Be aware of the interest charges and how they are applied.
Keep up with the payments.
Or set aside the money that you need to pay off and at the right time.
One company offered no deposit, zero % interest for 12 months. Sounds attractive until you read the terms and realise that if you don't pay off the whole sum before the 12 months are up, you get charged 30% interest back-dated to the date of purchase. Sneaky, especially for all those that bought in the January sales and 12 months later don't actually have any money left!
So all you have to do is to get a zero% credit card deal and transfer the sum onto it. You may have to pay a small transfer fee (1-3%), but then you have maybe another 12-18 months to pay it off. But DO NOT use that new credit card to buy anything because you will get charged a high interest on those purchases. The card company will tell you in which order they pay off the various sums, so even if you pay off the newly purchase item in full, they will use it to reduce the transfer debt instead and charge you their penal rate on your purchased item. YIKES!
You need to be disciplined, keep records and plan ahead. I've done it, but it can be all a bit wearing.
As per usual for all finance deals, read the terms and conditions!!
Be aware of the interest charges and how they are applied.
Keep up with the payments.
Or set aside the money that you need to pay off and at the right time.
One company offered no deposit, zero % interest for 12 months. Sounds attractive until you read the terms and realise that if you don't pay off the whole sum before the 12 months are up, you get charged 30% interest back-dated to the date of purchase. Sneaky, especially for all those that bought in the January sales and 12 months later don't actually have any money left!
So all you have to do is to get a zero% credit card deal and transfer the sum onto it. You may have to pay a small transfer fee (1-3%), but then you have maybe another 12-18 months to pay it off. But DO NOT use that new credit card to buy anything because you will get charged a high interest on those purchases. The card company will tell you in which order they pay off the various sums, so even if you pay off the newly purchase item in full, they will use it to reduce the transfer debt instead and charge you their penal rate on your purchased item. YIKES!
You need to be disciplined, keep records and plan ahead. I've done it, but it can be all a bit wearing.
You're right. I've done it twice in my life. Once was on the truck I'm currently driving, the other was on a big screen tv back when big screen tv's were expensive. Both times I was ready to pay cash, but the salesman offered up 0%. Quick math told me that on the truck, I'd earn a couple thousand dollars interest by keeping the cash in the bank. With the tv, it was a few hundred. The risk is failing to make the payment and being on the hook for all that interest. It's like borrowing money from the mob: make a mistake, and they break your legs.
Nowadays every time I buy a couple shirts or a pair of pants, they want to game me with the same "deal." The measly savings on such deals is inconsequential, and not worth my time.
Paulquattro
E*POWAH Elite
When you dont have money to piss away why not ?
Especially when you can put a little down and pay the rest over 48months interest free where's the loss in that
I say use there money not mine
Why do you suggest that successful people who have the means to buy things are "pissing away" their money, and people who don't even have enough cash to buy a bike are in some way clever? If someone doesn't even have the money to buy a bicycle, they shouldn't be buying a bicycle. Live within your means, and you'll go much further in life.
Most of my riding buddies bought their bikes through the cycle to work scheme, not really sure how much money it’s actually saved them though.
I had never heard of anyone financing a bike until I moved to the UK, I didn’t even know that was a thing you could do
I mean I get it here when the average salary is only £35k/year, not too many people have the spare cash to drop £10k on a bike.
I had never heard of anyone financing a bike until I moved to the UK, I didn’t even know that was a thing you could do
I mean I get it here when the average salary is only £35k/year, not too many people have the spare cash to drop £10k on a bike.Rando_12345
Active member
In Europe those kind of schemes (points, Cashback) are quite rare, in France for instance most cards are debit cards.
Another point, most of my riding friends with nice bikes are tradesmen spending cash from jobs off the books. Most of us on salaries are on much lower tier bikes.
Generally speaking, if it isn't a house or your primary car, make sure you actually have the money to cover the cost in the bank, even if you decide to take a 0% loan.
Not sure why so many people are buying cash, you should be paying everything with a credit card and pay the full amount at the end of month at the bare minimum (extra security and free cashback or rewards).
The only time you should pay cash is if your bike shop is doing a rebate by paying that way as they will not be paying the usual CC fees.
The only time you should pay cash is if your bike shop is doing a rebate by paying that way as they will not be paying the usual CC fees.
steve_sordy
Wedding Crasher
One of my friends used to be a van salesman for one of the big-name manufacturers. He told me once of a small business man who was ready to pay cash for his brand-new van. The guy owned his own business and didn't believe in debt etc. My mate told him that once you've paid out that £40k, its gone! Why not hang on to that and lease the van on a 3-year deal? "You get to retain your capital for use if an emergency comes up, like illness, for example". (There were additional arguments in favour).
Sure, my mate was making extra money out of commission from the deal, but it was something that the van buyer had never thought of. He liked the idea, especially as he realised that he could offset his van payments as a legitimate business expense. In an earlier life my mate had trained and worked as an accountant. Sometimes a bit of debt is the right thing to do when considering the wider picture.
Having some debt is not necessarily such a bad thing, as long as it is managed. (Mortgages anyone)?
Sure, my mate was making extra money out of commission from the deal, but it was something that the van buyer had never thought of. He liked the idea, especially as he realised that he could offset his van payments as a legitimate business expense. In an earlier life my mate had trained and worked as an accountant. Sometimes a bit of debt is the right thing to do when considering the wider picture.
Having some debt is not necessarily such a bad thing, as long as it is managed. (Mortgages anyone)?
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Paulquattro
E*POWAH Elite
"Live within your means"
Why do you feel that because you have the means to buy a bike outright gives you the right to lecture people on how they fund buying a bike or any other item actually,
What an elitist attitude
Im pleased you have the money to spend outright good for you, But many people in the world dont .
I also have a mortgage should i be living in a Tent also because i cant afford a House out right ??
And as for the Pissing it away comment why spend your money when you can have an interest free loan and leave your money in the bank making interest over the same period that you have the loan ,
Why not have the free money ? or do you have so much money you dont mind giving it away .
A22
Member
Funny you mention that, my wife asked yesterday how much I’d spent since getting my bike… $600-$800-$1000… maybe $1200. I justified the lower number by saying I only counted bit on parts and not consumables or riding gear. Money well spent!
Has anyone had to replace the landing gear on their private jet? …it’s not cheap!!
I’m usually embarrassed to disclose the price of my eMTB. Even though it’s almost 5 years old (Rail 9.7). It’s likely that the hiker was surprised and probably rolled their eyes after we parted. I stopped doing that and now quickly change the topic.
The upgrades to my bike(s) are just a luxury as I can dip into my mad-money-hobby-fund. It’s taken a few years but I think I’ve reached my upgrade limit.
I’ve sold off the gravel and road bikes in my stable since I won’t use those anymore. Other than a new or rebuilt motor, there’s not much more I want. All that has taken a few years.
I can understand financing bike. My neighbor did…but he has a young family.
I’m usually embarrassed to disclose the price of my eMTB. Even though it’s almost 5 years old (Rail 9.7). It’s likely that the hiker was surprised and probably rolled their eyes after we parted. I stopped doing that and now quickly change the topic.
The upgrades to my bike(s) are just a luxury as I can dip into my mad-money-hobby-fund. It’s taken a few years but I think I’ve reached my upgrade limit.
I’ve sold off the gravel and road bikes in my stable since I won’t use those anymore. Other than a new or rebuilt motor, there’s not much more I want. All that has taken a few years.
I can understand financing bike. My neighbor did…but he has a young family.
I'm sorry you don't have the money to buy a new bike and you don't have the discipline to make the most mature financial decisions. Don't lash out at me, though. It's not my fault.
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