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Old 01-15-2013, 04:07 PM   #1 (permalink)
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Default New vs Used 796

Hi folks, I'm in the market to get a monster and I need your feedback. I was looking to get a used 2009+ monster 796. I decided to call the Duc dealer to find out what they have. the salesperson mentioned they have a promotion on 2012 model with a 2.9% financing. I was planning to buy a used bike with the low mileage but this deal is tempting. what do you guys recommend. is it worth it to pay $3000 more to get a brand new bike or save the money and get a used bike. thank you in advance for helping.
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Old 01-15-2013, 09:40 PM   #2 (permalink)
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I am in the same boat. I'd save $3k, put it towards jacket, helmet, mods, or Elvis Costello tickets. I plan to buy a 2010/11 796 too.
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Old 01-16-2013, 07:08 AM   #3 (permalink)
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Quote:
Originally Posted by rooz1359 View Post
Hi folks, I'm in the market to get a monster and I need your feedback. I was looking to get a used 2009+ monster 796. I decided to call the Duc dealer to find out what they have. the salesperson mentioned they have a promotion on 2012 model with a 2.9% financing. I was planning to buy a used bike with the low mileage but this deal is tempting. what do you guys recommend. is it worth it to pay $3000 more to get a brand new bike or save the money and get a used bike. thank you in advance for helping.
Were you going to be buying the 2009 model outright?

Do that.

Don't finance toys.
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Old 01-16-2013, 08:14 AM   #4 (permalink)
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Default own toys during the flat spot along the dep curve

Agree. Pay cash for toys. (I'm a bank consultant/consumer finance).

But rates are low these days...so for some financing the purchase could make sense on a used bike that has hit the flat spot along the depreciation curve.

Example:
In 2008 I purchased (cash) an '06 Cayman S (orig MSRP $69k) for $44k. I sold it in 2012 for $34k. My cost to own over 4 years was $10k or $208/month. I buy all my cars/boats/toys this way. Particularly specialty cars. Buy them after the initial hit - keep it 3-5 years - sell it. Cost to own is same as a Camry. They key is to know the depreciation curve for each item and try to own it during the "flat spot" along the depreciation curve. If one were to pursue this strategy with leverage - the interest charges add to the cost of ownership.
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Old 01-16-2013, 09:12 AM   #5 (permalink)
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keep in mind, if you buy new then you'll have to sink another grand or so into mods. Most used bikes already come set up. I'd buy used from a good owner. make sure they have service records. Plus, if you buy used from an individual you can make the bill of sale for less
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Old 01-16-2013, 10:29 AM   #6 (permalink)
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Good point (great handle/name) 1UglyB; I am now just learning about the extent of the mods for a Duc. As a Harley guy for years...my wallet knows the cost of mods well. I had no idea there were so many tasty mods for Monsters. Especially the exhaust and grips/mirrors. Like a new HD, the stock grips are pretty elementary.
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Old 01-16-2013, 03:28 PM   #7 (permalink)
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thank you guys for the helpful feedback. so I will look into buying a used bike. everything you said make sense. Now about the insurance on the bike, would you get a full coverage or just one way. there is about $150 different between the two here in Vancouver Canada.
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Old 01-16-2013, 05:32 PM   #8 (permalink)
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Here in the states, if you finance any portion of the purchase, the lender requires full PDI coverage (physical damage/collision/fire&theft). If you are a cash buyer you can get just liability. For an add'tl $150/yr I would get full coverage. Insurance stinks until ya need it.
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Old 01-16-2013, 05:33 PM   #9 (permalink)
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And consider Progressive, who specializes in Motorcycle coverage....if they operate in Canada. Not sure - given you guys eat Poutine....(french fries with gravy and cheese!) LOL
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Old 01-16-2013, 05:34 PM   #10 (permalink)
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It's actually 150 per month.
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