ArrumnDark

My plan was to get an '07 350Z in about a year, replacing my current car ('04 Grand Am).

GA insurance is around ~220/month (including life policy cost, used for discount).

The Z, with the same discounts, would run ~340/month, not likely to change within the next year or two.


BUT... I could ADD an '07 Yamaha YZF600R bike to the policy, and the total would be ~250/mo (including the GA).

What do I do? >.<


I currently have 2 loans.. one for the GA, one that was for a Camaro I no longer have.


My options, as I see them:
Wait a year until the Camaro loan is gone, then sell the GA and roll the GA leftover and a 350Z into one loan (about 37k total) and pay the icky insurance...

Wait a year, then get a bike, keeping the GA, wait another year to pay that off.. then trade the GA for the Z (still nasty insurance...)


Or finally, get the bike right away and pay all three loans down at the same time. I would then be in position to sell the GA in about 3.5-4 years to get the Z (no other loans).. and by then, my insurance rate should drop considerably due to age.
[Upon further number crunching, this would only take 3 years, or even slightly less]



Heavily leaning toward the last option myself.
I see option 2 as a better financial move... but then I have to drive a GA around for another year, with nothing to have fun with >.<

And the 1st option would be no bike at all, but paying nearly the same. (That is, the bump in insurance is almost the same as a bike payment would be).


Sooo.. What would you guys say?
Other options I haven't brought up?

davidv

iTrader: (2)

You are not prepared for a 350Z or any other vehicle. Pay-off the loans. Save for a significant down payment. Get your financial house in order.

FRLDYZPIMPN

iTrader: (25)

buy z and put insurance under mom or dad or someone older with good record. Insurance if i had put it under my policy would have been 365/month. I put under my dads policy, myself under secondary driver, and all i pay is $103/ month.

FRLDYZPIMPN

iTrader: (25)

or just wait it out.

DavesZ#3

iTrader: (26)

^^^^^ Yeah, what he said ^^^^^

1FlyZ

iTrader: (3)

Give your agent a ******* and maybe he can do something about the price.

JAB_06-350Z

ArrumnDark

I would love to!

But I live alone, so they aren't willing to rate me under a different household.
But, even so, my parents drive newer cars as well.. it doesn't help me insurance as much as I would like >.<

ArrumnDark

Why all the logical/rational thinking?

:P


I should wait at least 1 year, til I can get a place with a garage. Wouldn't leave either creature outside!

And in one year, I'll only have 1 loan to worry about... which will be low enough that a sale will take care of it, if need be.

Z_Monzter

iTrader: (11)

Don't buy what you can't afford!!!

ArrumnDark

Well.. I -could- afford them... 3 loans combined is $600/mo.
One would be gone in 2 years, the next a year later.

by then the last could be traded for a Z.

BUT... That's a loooonng time to be in debt.

creationv2

iTrader: (5)

id take all the rational advice being given to you...cuz once you get the z then you might be bitten by the mod bug..then youll be even deeper into debt....so think more logically and stop trying to make way to somehow get one cuz youll end up back here telling us you needed to sell the z to pay off your debts or whatever...

ArrumnDark

Hmm. Something's not adding up.

Why is is coming out less expensive over 10 years to get a bike now, Z later? >.< Math ftl :P


Anyway, heading home, and I'll figure this out!


Looks like waiting a year is the way to do it. So far.

kaizenro1

iTrader: (3)

2nd job?

led

iTrader: (6)

Why don't you consider picking up an older Yamaha like an 04 R6? You'll save a couple of thousand and you can sell it in a year without really losing as much as you would from the 07's depreciation.

zeekle

honestly you are setting yourself up for a long life of nasty debt. You have no business doing anything other than paying off these loans.. especially the car you no longer even own.

Rolling debt from one car to another (aka being upside down) in a car is almost the worst thing you can do.

Assuming you are on your own and you lose your job you are one paycheck from losing everything you have. If your not you are going to be living in your parents basement for that much longer.

If you can really afford it you should be able to clean a lot of this up in a short period of time.

You can't borrow your way out of debt.

Paul350Z

iTrader: (1)

Raise your deductables to a couple thousand, lower your liabilities down to the lowest legal, get married, graduate college, and get older.

I pay $320 every 6 months for 250/500K insurance.

Wmnengr

I'm 24 and my insurance on a 2006 Z roadster, a 2003 Pontiac Sunfire and my renters insurance, full coverage on all, is only $230 a month. Then when i turn 25 in 2 months it will drop to under 200.

You will not have the fun you want with a Z if you don't have the money to back it up. Don't be car poor you will just hate to look at the car. Get everything paid off the best you can.

twitch579

iTrader: (3)

Make sure u REALLY want that motorcycle and have a PASSION about riding.


BIkes get REALLY REALLY boring REAL fast. And there totally not a responsible thing to buy. Espicially if u have to budjet any money for it.

I have had 2 brand new motorcyles.

First was a 2006 Ninja ZX6RR that I totalled (not my fault at all, florida old drivers). 2nd Bike I currently own is a 2007 Ninja ZX6R.

BIkes get old really quick. Unless your a totally crazy person and live life on edge, you cant really race them because there all pretty much the same speed (FAST) if the other rider misses a shift u win, even if its a 600 Vs 750. So racing is out, also theres no roads to even go that fast on, so if your racing which is TOTALLY crazy because theres no such thing as a modern sportbike going full throttle not to be way over 130mph and thats License loosing speeds and possibly jail time, not to mention loss of Motocryle Endorsement forever. ALSO there dangerous, one accident is ALL it takes to be crippled and totaled bike. Even the slowest of crashes, 30mph will break bones and possible death. When people ask me what its like to crash a sportbike going 70, I just tell to get there car up to 70 mph and jump out the window. Thats the REALIST comparison I can give u. ALso remember the car behind u will run u over.

Also bike insurance is SUPER Expensive if u dont have a perfect record. ANd people dont realize that untill they have the bike and cant afford the insurance. Then one crash, the bikes totalled and u still owe 8,000$.

ALso for the first 3 months there fun, U drive down every street all nice, you go exploring like when you were a kid on your bicycle, you cruise the beach, you go speeding on the highway at night, you park it at restaurants so people can look at it, you clean the **** out of it for the first 3 months.

All of this gets old reeeeeeaaaaallll quick. Youll find yourself talking yourself into riding it, because you cant keep doing that stuff forever on a vehicle that your making loan payments and insurance payments on. It gets old. And making the bike payment will get harder and harder to do. Not to mention they hold NO value.

But do whatever u want just make sure u have a passion for bikes before u go signing loan papers.

Zmazing03

iTrader: (9)

So out of the 18 tickets you've gotten, and the three cars you have totalled, how many were not your fault?

$340/mo is insane. I live in a region where insurance rates are some of the highest -- and looking at that price per month, I would say someone knows how to give it to you in the ***, or your record sucks (or both). Maybe check a different company?