I need some old feller wisdom. I can’t decide what I want to get, I can only go with one. I can buy my dream motorcycle outright for $19.000, which would be better for daily use, but I am preapproved for a classic car loan if I put the $19,000 towards my dream car. I can either get a brand new CBR1000RR right off the factory floor, or I can get a 1968 Dodge Charger RT. I want both, but I can obviously only get one. I thought about flipping a coin but I am afraid I will regret that decision.
Edit: I’m 22 with no kids or wife.
Edit 2: The car loan is for 8 years at $700 a month. I can afford that but I still also want the bike.
Edit 3: I bring in around 5-6k gross a week from OTR trucking before my expenses. The payment and insurance shouldn’t be an issue, and I will still have enough to cover my rent and utilities.
Edit 4: I already own 2 trucks and a sports car outright, I don’t need to get a cheap vehicle. And I grew up on a farm, I am mechanically inclined.
Comments
Mom here. Do not buy a donor cycle. Save for the car.
https://youtu.be/CB3dkl6rPks?feature=shared
Don’t go into debt for a vehicle, and forget about the “dream” motorcycle which is not practical. Buy a used car that you can get with the $19K and save/invest the payments you’d be making on the “dream” car.
The car will continue to appreciate and the motorcycle will only go down in value.
As an older person with many bad car decisions under my belt. Don’t do either. You could use that money as a down-payment on a house. Invest the money and not have to worry later on. You’ll end up regretting which ever one you buy once you have some more life behind you.
New car
Cars are better than motorcycles, because motorcycles will leave you dead or crippled with major medical bills.
A car from 1968 is going to be hell to keep running (unless you are a a mechanical genius and even then it will cost major bucks) so the new car is a better deal
Get the car. You can drive it in all weather, unlike the bike. It’s also statistically a hell of a lot safer.
Flip the coin-
If you immediately feel sad/disappointed, then that option wasn’t what you really wanted.
Be financially practical-
A brand new mechanical device will need a whole lot less repairs & maintenance than an old mechanical device.
Be safe-
Any motorbike is a death trap.
OK, so what you really, really need is a practical, late model, reliable, cheap car, that does not have a loan on it.
Boring. Yes, but that’s what you get for “asking old people advice”.
Flip a coin but don’t look at it. Instead see what you’re hoping it will be in that moment. That’s your decision.
But another mom here to say please do not kill yourself on a motorcycle.
Say no to motorcycle.
I hate to jump on the mom train as I’m not a mom, but my cousin died in a motorcycle accident. Get the car.
New Zealand has a national accident compensation scheme and I used to work for it as an adjudicator. I often met people who’d had motorbike accidents, a lot of which were serious ones including head injuries and leg amputations.
At the hearings, I always used to ask the person who’d had the accident “Still got the bike?”. They never ever said yes. Cut out the middleman: instead of getting rid of the bike after an accident, just don’t buy one.
If you can’t buy both with your income and no real overhead than speak to an accountant to help get your dollars straight. Sounds like a hell of a time. Have fun
Am I the only one who thinks an EIGHT YEAR loan for a used car is kind of nuts? How much of that is interest and how much is car?
The 1968 dodge charger of course