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Discussion Starter #1
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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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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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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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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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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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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Discussion Starter #7
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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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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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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damn that's a lot!!

i decided to insure my bikes for liability and theft. if i crash i'll rebuild it on my own dime. the cost difference was about $115/yr for me. i could have paid it but i rebuild bikes and rather spend the money when i need it, not if i need it. that's just my choice, though.

if this is your first bike, then i don't recommend a pretty bike right now. there's a 99% chance that you are going to drop it within your first few months and cause expensive cosmetic damage. insure it minimally. after a year of riding insurance goes down a lot and you can afford more coverage. insurance for me went from around $80/mo my first year to about $35/mo my 2nd year, and now i pay about $140/yr for theft and liability on 3 bikes.

i'm with spyderman, Progressive gives the best deal.
 

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Discussion Starter #12
Wow that is cheap. This is not my first bike. I had a 1976 Suzuki 650 which I rode for one season. Do you think 796 is too much. I'm planning to take the msp course to get my ful licence.
 

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Wow that is cheap. This is not my first bike. I had a 1976 Suzuki 650 which I rode for one season. Do you think 796 is too much. I'm planning to take the msp course to get my ful licence.
not if you rode the 650 a lot. i'd personally get a year's worth of riding time on an ugly bike before getting a pretty bike, though.
 

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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.
Hey there Spyderman... I just moved to NOVA and have a 2011 Black 796 w/ around 3K miles on it. Only mod is a chameleon light kit (bike glows like something out of a sci-fi movie at night). Never dropped and serviced regularly.... currently winterized in my garage (getting used to the colder weather here..brrrr!!). When you're in the market to buy, give me a shout... I may be tempted to part w/ her for the right deal. ;-)

Cheers!
 

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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.
Rooz, I'm in Vancouver too. You should get ONLY your basic liability through ICBC. Purchase all of your comprehensive and collision, as well as extended liability through a third party insurer such as Beacon. It can be purchased through Megson, who are highly-regarded in the BC cycling community:

http://www.megsonfitzpatrick.com/services/motorcycle_scooter/

Also, are you a member on the local sportbike forum? For inquiries such as insurance anything these american guys are telling you will be irrelevant. Better to ask here:

http://www.bcsportbikes.com
 

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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.
Great minds think alike. I purchase vehicles/bikes/toys pre-owned for much of the same financial reasoning...
 
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