Questions about purchasing bicycles and parts
4 posts • Page 1 of 1
I am looking to sell my bike to finance it for a new bike. I have a few questions
Do you guys advertise it on Ebay, Bike exchange, BNA Forum etc..., to sell it?
Do you try and sell the old one first and then buy or buy first and then sell?
I noticed a few bike shops offer interest free on bikes through finance companies. Has anyone used this method before?
It depends on yoyr preference and financials really.. as for me, I'll advertise on everywhere I can, more people know the better, forums, ebay, bikeexchange, friends, gumtree
Your funds will determine wether you need to sell before buying. Check those online sites for similar bikes to see what your might be worth (best be sitting down for this, it could be very low in your eyes). If you are lucky you will sell straight away, but you might need to drop your expected price to sell sooner.
Interest free usally means you dont pay interest, but you will pay some sort of service fee, these deals also often mean that you will have to pay retail at the shop and wont get a discount. When banks loan you money they don't do it out of kindness, but to make money. The companies that do interest free are the same. They are not helping you out because they like you, but to make money. That money has to come from somewhere, fees. They give the shop owner the full sale amount immediately and then bleed you dry to get their profit. But dont let me stop you, it's your money and if you want a bike now and are prepared to pay extra later that's your choice.
Check the "interest free" fine print as well. Some have a balloon payment at the end. To put this VERY simply, they will lend you $1000 with "interest free" repayments of $100/month for 6 months .... sounds great, but the sting is that the $400 (remainding) is at 25% - OUCH !!!!! .... If they really do $1000, $100/month for 10 months (ie the entire amount is interest free), then the bike is overpriced and you should ask the price for a CA$$H purchase (ie no finance at all) and the price will be lower.
4 posts • Page 1 of 1
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