Fair asking price?

[phire]

Alright well, this is such a dumb thing to do but I have to sell my 2005 GS. It has about 2,300 miles on it and has some minor scuffs on the right fairing. Just one little scratch about a half inch in length. Also a little on the backside of the right mirror and a slight scratch on the crankcase and exhaust. They aren't bad by any means and you can only see them if you're up close checking out the bike, otherwise you wouldn't know they're there. Anyways, other than that it's mechanically 100% of course and it's the blue model. There are no aftermarket mods and there's nothing wrong with the paint, either. So, I don't know how fast bikes depreciate in comparison to cars but what do you guys think a fair asking price would be for this thing? Obviously I'd like to get top dollar for it but I also understand that since I bought it brand new that I'm going to take a considerable hit to the wallet. I bought a 2006 Chevy Silverado 4x4 LT3, loaded, etc and the wife will be buying a 2007 turbo Saturn Sky in about a year. Our plan is to Have the truck paid off in 1.5 yrs AND have all of our consumer debt paid off by then as well so we'll have only her car payment and have that paid off within a year or less.... then after that, it's time to save for a down payment on a new house so it's just in my best interest to sell all of my other vehicles that aren't in use and put that money towards the current debt. So, there isn't anything wrong with the bike, it's just that every few thousand dollars that I can get out of something here and there will help quite a bit.

I'll probably buy myself a cheaper used one in a few years but the 5,100 price tag on a brand new one really didn't seem all that bad when the payments were 99/mo.

[chrisalberts]

Not at all trying to flame you, and I realize we all make our own choices in life, but why would you want to sink a ton of money into two fast depreciating assets (new vehicles) when you don't even yet own a home.

C.

[Queso]

If you can afford the gas on your brand new loaded silverado beast, why would you be worried about getting a few G's out of a bike? And if your financial standings allow for a brand new turbo sports car, what kind of burden is a little bike that you need to get top dollar in selling it? 

[annguyen1981]

PHIRE:  Just ignore the newbs...   

I'd probably ask around 4G's for it around this time of year.

[werase643]

never ask the peanut gallery for this kind of advice....they are all cheap assed bastards

[Queso]

I was implying to keep it...

[Egaeus]

$100.  Sell it to me. 

Check kbb.com and nada.com to see how much they're worth.  But I have to agree that if you're selling it because of financial reasons, you shouldn't be driving the truck (and soon-to-be car) that you're driving.  There are better, cheaper options. 

[phire]

Well, it seems some of you are fairly short sighted. Let me put it to you this way. Two years, two new cars, no debt and $40,000 down payment on a house. Try acquiring that when you've already got yourself a nice hefty mortgage payment and all of the bills that go along with a house and family. Also, I'm selling much more than the bike so I'll be freeing up much more than just a few G's, but, I'm sure you were well aware of that beforehand. But like I said, a few G's here and there add up...

Oh, Queso, 21mpg isn't bad for mpg so I'm not sure what you're smoking. Obviously if my financial situation was WORSE, I wouldn't have it in the first place and if it were considerably better, I wouldn't be asking what I am today now would I? You need to open up your mind a bit, buddy, and try to look beyond your own eyebrows. My financial situation will increase by a multiple of 5 within the next 5 years, however, as outlined in my initially stated plans, we'll be many years ahead of the game. This way, we'll have our cake and be able to eat it, too. Like I said, I'll buy another one in the future, I'm just selling off all my unneeded equipment and vehicles to help slingshot us into the future. How many kids move out into a new house with two brand new cars that are both paid off with a $40,000 down payment and no debt??? Not many. Usually the new cars come way later after both partners have gotten steady raises at their rat race jobs or one of them hits it big. Most don't even bother with a down payment and usually end up racking up more debt. Anyways, we're taking 2 years to live extremely conservative and go full steam at our debt, cars and savings. Who does that? No one I know. Probably not even you.

But anyways, we're both in a situation where we can make it happen and are making it happen, just every extra thousand dollars here and there just gets us a couple months closer to our goals. How's that one?

If you still don't understand, yet... I'll let you dig into my personal life a little bit more... Let's assume that we go ahead and buy a house now, right? sure, we could easily afford two car payments, our bills, living expenses, mortgage, etc. However, we'd be tied down for the full length of the loans which is 72 months and end up with around $25,000 in interest paid... Doesn't sound too bright to me, really. That's at least FOUR EXTRA YEARS... But if that's how you'd do things, well good luck to you.

Even though it's really none of your business, we've decided to have our cake and eat it too. What's a two year pause in your life when it can put you 6-7 years ahead?

annguyen1981: Thanks for your opinion, you're the only one that didn't decide to take your current life situation and impose it on someone elses. Well, you and werase643.

chrisalberts: See above statemente for the reason in sinking a ton of money into two fast depreciating assets. Everyone will buy a brand new vehicle at some point in their life... Why wait 5-10 years when I can have all debt paid off, two brand new cars paid for and $40,000 in 2 years?

Egaeus: Better and cheaper options for what? I'm not looking for the cheapest car to get me the most mpg... If that were the case, I'd sell everything except for the GS as it gets me a nice 65mpg and was only $5400 after signing and driving off the lot.

[Egaeus]

Look at it this way.  The greatest depreciation is in the first year.  You're going to lose about $2000 when you sell your 1-year-old bike.  If you keep the bike, it will depreciate more, but the loss per year will be much less. 

As far as the "cheaper and better," you're the one who is trying to save up a $40,000 down payment on a house. 

[Queso]

Whoah, whoah... Didn't intend to offend, sorry man.

[annguyen1981]

Look at it this way.  The greatest depreciation is in the first year.  You're going to lose about $2000 when you sell your 1-year-old bike.  If you keep the bike, it will depreciate more, but the loss per year will be much less. 

This is true, but here's the main point...

Sell now = get more $$$
Sell later = get less $$$

I'd do the same if I were in Phire's shoes

[MrDan]

I wish I could find a house around her for 40k down, but since I just sold my little 2 bedroom condo for $240k, I don't see it happening.  Must be nice.

An alternative to consider would be to keep the bike, let your wife drive the truck and not have a third vehicle.  Or think about it this way.  If you buy the house and get an equity line to buy her car, then the interest is deductible.  You don't have that luxury when you're paying interest on a car note.

Now I'm off to my bachelor party 

[phire]

Look at it this way.  The greatest depreciation is in the first year.  You're going to lose about $2000 when you sell your 1-year-old bike.  If you keep the bike, it will depreciate more, but the loss per year will be much less. 

As far as the "cheaper and better," you're the one who is trying to save up a $40,000 down payment on a house. 

I understand that depreciation is the most during the first year, this isn't a depreciation for dummies 101 course, all I was asking for was opinions on fair asking prices. That is all.

And as far as your 'cheaper and better' rebuttle prod goes, I'm not going to fight over ~5mpg. That's ridiculous to buy a cheap, flimsy, crappy car over ~5mpg. Might as well buy what you want/need and what's best for the family and what gives the most versatility. Screw cramming myself into a geo for a negligible difference. Now, if I had the 8.0L heavy duty model that got ~5mpg, I might say you have a point but so far, you're arguing over pennies.

Now, back to the original point and why you think it's ridiculous to sell and only make ~$3,000 back... Sure, if the bike was the only thing to be sold.... You might also have a point, but I've already mentioned that it isn't... Sell a few things worth a few thousand dollars and it all adds up quick. Sell one item and it becomes nearly pointless as you've already pointed out. I'll be selling a couple 3rd gen camaros, my project honda crx, an older early 80's truck that really is a gas hog; it has a 454 and 2 gas tanks... selling a windstar and a few other odds and ends. Almost everything is in mint condition, each item worth a few thousand or more. Also note the 2 year timeline for having all goals accomplished.

Anyways, learn to read a little bit and you may just very well go further in life and have something creative and intellectual to contribute to the conversation.

Queso: apology accepted.

MrDan: Property value around here is very cheap compared to larger cities around the nation. $250,000 would buy you an extremely large house with all luxuries included. $100,000-$150,000 is about the average price for a 'large' house around here. Smaller houses run anywhere from $40,000-60,000 depending on what part of town you're in. It's nice because we have all the qualities of a big city in a small city. Property taxes are generally pretty steep but the cost to actually purchase a house is low compared to anywhere else. We also thought about including the car in the mortgage payment and having the interest as a deductable, but... This way, it's out of our hair in 6 months or so and it keeps the monthly mortgage payment low..

[pandy]

Alright well, this is such a dumb thing to do but I have to sell my 2005 GS. 

Why ya' gettin' so mad when everyone's just agreeing with what YOU said!? 

Good luck with your two-year plan! Hope it all works out the way you want it to! 

[phire]

Well, because pandy, it seems like some only read the first couple of sentences. Sure it's a dumb thing to do to buy a new bike then turn around and sell it 8 months later. It's depressing to let it go, and I may not let it go afterall but... It's just good to keep your options open, ya know? When I bought it brand new I didn't think anything about the future. I still don't HAVE to sell it, my 2 year timeline doesn't include the sale of anything and is purely based off of our salary.. I was just tryin to get an idea of how much quicker I could reach my goals if I decided to do so.

Anyways, thanks pandy, I'll need it!