Financing Sleds - Page 6 - HCS Snowmobile Forums

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Old 02-12-2020, 09:48 AM   #51 (permalink)
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Originally Posted by palu49 View Post
Paying cash for shit when you’re young is dumber than taking a loan imo. .... At 17 you could put $1000 down on a snowcheck 21 cat and have a $220ish a month payment which should be no problem to pay.
Unless, you get hurt and can't work, loose your job, get someone pregnant, decide to go to college or trade school full-time, need to help out a family member, etc. and find out you owe more on a used snowmobile then it is worth.

Fall of 2018, my neighbor was so proud of the left over 2017 ZR8000 LTD he got for $12,500 out the door. He financed most of it and put a whooping 600 miles on that season. And then the following Fall, he realized that his business would just not allow the free time to justify the payments on this sled collecting dust in his garage. So he went to sell this low-mile kitty only to find out that it was now worth about HALF of what it paid for it 600 miles ago (not including the interest he paid to the bank). I think those 600 miles cost him about $6,000; whereas 600 miles on a rental sled could have run him $500 to $600; 10% of that (plus no additional costs for registration, insurance, trail permits, oil, transport costs, etc.).
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Old 02-12-2020, 10:02 AM   #52 (permalink)
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Originally Posted by sno swimmer View Post
Guys, for the record, I dunno how you could see my age, but Iím 25, a Sales Engineer and getting married soon. Pretty far from a teenager living with ma and pa.

Thanks to those with experience who answered my question and didnít just hop up on their soap box. Any mods that would be kind enough to shut this thread down, it would be appreciated. Otherwise Iíll try and figure out how.

take the $15k and put a down payment on a house. either rent it or live in it. in 5 years you'll be able to buy all the sleds your heart desires. Just buy a crappier sled and learn to turn a wrench on it.



i did that when i was 23 and continued to ride my POS m7 for 6 years while everyone is highmarking me on their new RMK's. A few years later a new sled is pocket change but its also a terrible way to spend money. They lose value like crazy.


If you cant save up $6k for a used axys RMK then you are terrible with money and damn sure shouldnt be taking out a loan on a new sled. You buy one for $14k and lose your job next week your upside down on the payments already cuz the thing is worth $10k after you drive it off the dealers property. Would be hilarious telling your buddies how you ruined your credit with a snowmobile payment though haha
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Old 02-12-2020, 02:07 PM   #53 (permalink)
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Reading thru this thread you'd think every new sled sold was paid for in cash lol. IMO if you can afford the payment go for it life is short. Personally, I've had a toy payment off and on since I was 18 but I've managed to buy and pay off a house,many vehicles, and at 56 have a high 6 figure retirement account plus a pension to look forward to in a few years a toy loan doesn't have to be a financial disaster.
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Old 02-12-2020, 02:15 PM   #54 (permalink)
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Not everyone's life choices allows them to pay cash for everything. I personally financed both my sleds, put $1,000 down and got 0% both times. What better way to buy your toys, but with the banks money. First time was a 5 year loan (paid off early to trade for the Harley), the second I could only get 3 years. Seemed like a no brainer to me?
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Old 02-12-2020, 02:18 PM   #55 (permalink)
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Reading thru this thread you'd think every new sled sold was paid for in cash lol. IMO if you can afford the payment go for it life is short. Personally, I've had a toy payment off and on since I was 18 but I've managed to buy and pay off a house,many vehicles, and at 56 have a high 6 figure retirement account plus a pension to look forward to in a few years a toy loan doesn't have to be a financial disaster.
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Old 02-12-2020, 05:42 PM   #56 (permalink)
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you are either a credit card millionaire, or a real millionaire.

everyone wants to be a lion until it comes time to do lion stuff.
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Old 02-12-2020, 05:55 PM   #57 (permalink)
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Quote:
Originally Posted by Maximusthunder View Post
Not everyone's life choices allows them to pay cash for everything. I personally financed both my sleds, put $1,000 down and got 0% both times. What better way to buy your toys, but with the banks money. First time was a 5 year loan (paid off early to trade for the Harley), the second I could only get 3 years. Seemed like a no brainer to me?
When the companies came out with 0% for 36 months that was absolutely the best deal for people who need to finance a sled beyond 12 months. I wouldn’t stretch it beyond that but I had several friends take advantage of those offers back a couple of years ago in order to upgrade sleds.
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Old 04-02-2020, 02:33 PM   #58 (permalink)
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Anyone still think financing a depreciating luxury, with limited re-sale appeal is a good idea?
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Old 04-02-2020, 02:50 PM   #59 (permalink)
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Zero interest is a sales gimmick, you usually pay more for the sled when they offer Zero Interest. When calculated the interest is not that much in the whole picture of the game. Problem, the sport is dying, sled prices are way over priced, nice products, but price is to big to swallow and every thing that goes along with it.

Bob
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Old 04-02-2020, 04:40 PM   #60 (permalink)
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Quote:
Originally Posted by bar549 View Post
Zero interest is a sales gimmick, you usually pay more for the sled when they offer Zero Interest. When calculated the interest is not that much in the whole picture of the game. Problem, the sport is dying, sled prices are way over priced, nice products, but price is to big to swallow and every thing that goes along with it.

Bob
Actually, with the way the market is going these days, you'd be a fool to take money out of investments now to pay for a depreciating asset. Everyone's investments have been slaughtered, no sense taking money out now. Now is the PERFECT time to take a zero percent financing offer because any spare dime you have should get invested while the market is down. It's a really good time to use someone else's money for free.
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