Who wants to talk me INTO a bad decision?

[greenskeeper]

I'd be concerned about marrying someone and then being "surprised" with $13k of debt. No offense or anything.

[~bs]

IMO saving is very important, but having fun is also very important. One can debate the meaning of life, but I'm sure having fun along the way should be a very important factor. And you don't take excess money into the afterlife, and some sports/hobbies are best enjoyed young.

You also need to take into consideration the opportunity cost of investing the money. $15k may seem doable for the purchase. That 15 grand is probably 150k 30 years from now. with that little in savings and the fact that you arlready have one, I'd say dont do it. Unless you think you can sell your current one for as much as the new one costs (which I have to guess not).

Bikes are an expensive hobby, and so is cars. But if you can purchase a bike/car and be happy with what you have instead of constantly chasing after something else, you'll be a lot better off. Personally, I enjoy fast/luxury cars, so I own an AMG that I bought 2 years old during the financial crisis years. People were panicking and dumping their over leveraged assets cheaply, and I was out car shopping. I let the original owner take the massive mercedes depreciation hit, then I picked it up at 1/2 it's original cost. Yes it did cost quite a bit, and I did purchase it in cash. Do I see other cars that I WANT? Yes, but I'm going to run this car until the cost of maintaining it isn't worth it. The car already has enough horsepower that I rarely ever use all of it, it is a nice looking car, so why chase after something else with even more power? If I open the car up for longer than 2 seconds, I'm already speeding excessively. I suspect the same can be said about you and your bikes.

On another note, if bikes are your passion, why not look into becoming a part time dealer? You'd be able to purchase and enjoy many different bikes while still focused on the ultimate goal of making money on them. It seems like you're already quite used to buying and selling bikes, why not do it with a profit motive in mind? Just a thought.

[segmond]

I personally won't do it. I can only ride one bike at a time, if I sold the first bike, then perhaps. But to own two bikes? That's too much, the opportunity cost of that money is too much.

[Diavel_guy]

First off, I think you can tell I'm a fan of Italian bikes myself. I own (both fully paid for) a 2012 Ducati Diavel Carbon Red and a 1975 Ducati 860GTE. So if anyone would say, "Go for it!", it would be me.

That being said, if I were in your shoes this would be a no-brainer. Don't buy the bike!

Why? You don't save enough, you don't appear to have a big enough emergency fund once the debt is paid off (one Big medical emergency and your bike and life is on the ropes), etc. Hopefully your contributing a significant portion of that cash outlay every month into 401k's and IRA's if your asking this question.

And most importantly, I agree with what others have said. You have the money to pay your wife's debt in full. When you married her you took the moral obligation to help her out with that debt. Whether you knew of its existence or not. To settle down on the debt would be morally wrong in my opinion. If you create a debt and have means to pay it, you don't even deserve to consider luxuries like a second bike.

I'm not trying to be mean, trust me. I'd love to say yes. But since you asked our opinion I have to adamantly say no on this one.

[theduc]

I'd be concerned about marrying someone and then being "surprised" with $13k of debt. No offense or anything.

no offence taken... I knew she had a little debt from the business she shut down (which her attorney told her to walk away from). And that's what this is...

IMO saving is very important, but having fun is also very important. One can debate the meaning of life, but I'm sure having fun along the way should be a very important factor. And you don't take excess money into the afterlife, and some sports/hobbies are best enjoyed young.

You also need to take into consideration the opportunity cost of investing the money. $15k may seem doable for the purchase. That 15 grand is probably 150k 30 years from now. with that little in savings and the fact that you arlready have one, I'd say dont do it. Unless you think you can sell your current one for as much as the new one costs (which I have to guess not).

Bikes are an expensive hobby, and so is cars. But if you can purchase a bike/car and be happy with what you have instead of constantly chasing after something else, you'll be a lot better off. Personally, I enjoy fast/luxury cars, so I own an AMG that I bought 2 years old during the financial crisis years. People were panicking and dumping their over leveraged assets cheaply, and I was out car shopping. I let the original owner take the massive mercedes depreciation hit, then I picked it up at 1/2 it's original cost. Yes it did cost quite a bit, and I did purchase it in cash. Do I see other cars that I WANT? Yes, but I'm going to run this car until the cost of maintaining it isn't worth it. The car already has enough horsepower that I rarely ever use all of it, it is a nice looking car, so why chase after something else with even more power? If I open the car up for longer than 2 seconds, I'm already speeding excessively. I suspect the same can be said about you and your bikes.

On another note, if bikes are your passion, why not look into becoming a part time dealer? You'd be able to purchase and enjoy many different bikes while still focused on the ultimate goal of making money on them. It seems like you're already quite used to buying and selling bikes, why not do it with a profit motive in mind? Just a thought.

I could sell my current bike for the same price if not more than the new one if it came down to that... I don't feel as though I'm chasing after something else though as I'm very happy with my current bike. I feel more like it's an opportunity... My friend has only had the bike for about a year and is not in a big hurry to sell. It's more something he's contemplating at the moment and wants to give me a heads up if I'm interested (which obviously I am). I'd say that my current bike could be compared to your car... I've had it pretty fast a few times (shifting from 2nd to 3rd at 85mph is pretty quick!) but mostly I don't push it and cruise around town in 3rd or 4th and have rarely seen 6th gear.

First off, I think you can tell I'm a fan of Italian bikes myself. I own (both fully paid for) a 2012 Ducati Diavel Carbon Red and a 1975 Ducati 860GTE. So if anyone would say, "Go for it!", it would be me.

That being said, if I were in your shoes this would be a no-brainer. Don't buy the bike!

Why? You don't save enough, you don't appear to have a big enough emergency fund once the debt is paid off (one Big medical emergency and your bike and life is on the ropes), etc. Hopefully your contributing a significant portion of that cash outlay every month into 401k's and IRA's if your asking this question.

And most importantly, I agree with what others have said. You have the money to pay your wife's debt in full. When you married her you took the moral obligation to help her out with that debt. Whether you knew of its existence or not. To settle down on the debt would be morally wrong in my opinion. If you create a debt and have means to pay it, you don't even deserve to consider luxuries like a second bike.

I'm not trying to be mean, trust me. I'd love to say yes. But since you asked our opinion I have to adamantly say no on this one.

Yes, I'm currently only contributing 8% to my 401k (Roth IRA) and have about $100K in 3 other 401k/IRA accounts that I'm looking to roll into one... plus about $115K in equity of our rental property ($45K left on the mortgage).

The current plan is to take care of the $13K debt and pay off the car first... plus build the savings account back up to 3 to 6 months of expenses. Then up my 401K contribution to around 15% and come up with a plan to pay off the mortgage aggressively. Then... MAYBE contemplate the other bike.

Thanks for everyone's input!

[amarowsky]

I'd be concerned about marrying someone and then being "surprised" with $13k of debt. No offense or anything.

This is true. Although motorcycles can't lie, spouses can. There is a lot more to this than the bike purchase.

[siggy_freud]

This is true. Although motorcycles can't lie, spouses can. There is a lot more to this than the bike purchase.

Meh, I think too often we try and make posts more about the OP's personal life than really the topic they are asking about. I know people are trying to look at the overall picture, but it sounds like the guy is well aware of his financial situation, including what his wife's situation is. I don't think we're really in a position to critique that side of his life.