Should we buy bikes

[skives]

We are looking at road bikes for us two. Total would come to $1,000 for both. We have no debt and $3,500 in emergency fund / savings. We bring home $800 a week combined.

[disneysteve]

We are looking at road bikes for us two. Total would come to $1,000 for both. We have no debt and $3,500 in emergency fund / savings. We bring home $800 a week combined.

That sounds good so far.

Are you saving adequately for retirement? Any other financial needs on the horizon like home repairs, new car, etc?

Also, is $1,000 everything? How about helmets? Bike rack for the car? Any other related expenses?

It sounds like you're just fine but you always want to think about the big picture.

[skives]

We both put away 15% for retirement. We save $400 a week for a house and $100 a week for emergency fund. Already have helmets and bike rack.

[rennigade]

Most people that I know/knew who bought bikes rode them for a couple weeks then they never used them again.

Are you sure you want to spend $500/each for bikes? Could you find some used bikes, see how much you use them, then upgrade in a year or so?

[kork13]

Most people that I know/knew who bought bikes rode them for a couple weeks then they never used them again.

Are you sure you want to spend $500/each for bikes? Could you find some used bikes, see how much you use them, then upgrade in a year or so?

$1000 for two road bikes probably already is used... New road bikes typically start around $800 (each) and go up rapidly from there. Judging from the fact that they already have helmets & a car rack, I'm guessing they're not new to biking. I'm biased (as a biker myself), but it's really alot of fun, and most people I know who invest in road bikes continue to love them. Surprising dichotomy in our experiences...

OP: Personally, I'd say it's a great idea. If you have the spare cash readily available, biking is a fantastic way to stay fit & healthy, and alot of fun to do as a couple. Sure, it's somewhat a want/luxury purchase because they are expensive, but it's also an investment in your health & wellbeing. However, your EF is light, so make sure you can buy these bikes without any impact on those or other savings. Otherwise, happy trails!

[disneysteve]

We save $400 a week for a house and $100 a week for emergency fund. Already have helmets and bike rack.

The fact that you are saving $100/week for your EF implies that your EF is not yet fully funded. How much do you have saved so far? I'd say if you have at least 3 months of expenses, that's fine.

You already have helmets and a bike rack. Does that mean you already have bikes? If so, why the new ones? Will they allow you to do things that you can't do on your current bikes? Or are the new ones just worn out?

[feh]

Most people that I know/knew who bought bikes rode them for a couple weeks then they never used them again.

Are you sure you want to spend $500/each for bikes? Could you find some used bikes, see how much you use them, then upgrade in a year or so?

This is my only concern also - are the chances good that they'll be used enough to justify the cost?

I bought an inexpensive ($500) road bike 10 years ago. I use it for commuting/exercise. I've put ~11000 miles on it. It paid for itself in saved gas a long time ago, not to mention the health benefits.

[midlifefinance]

We are looking at road bikes for us two. Total would come to $1,000 for both. We have no debt and $3,500 in emergency fund / savings. We bring home $800 a week combined.

If there's no urgency of having those bikes, I think it would be better to just save until you reach that amount.

Impulsive buying is not good. Even though you're not in debt, things happened unexpectedly. Being prepared financially even though you don't see any problems coming is a good thing to practice.

[97guns]

dont know what brand bikes your looking at but this place has great pricing on very nice bikes

http://www.bikesdirect.com/products/road_bikes.htm

[feh]

dont know what brand bikes your looking at but this place has great pricing on very nice bikes


http://www.bikesdirect.com/products/road_bikes.htm

They do have great prices, but be aware of the pitfalls of ordering a bike online. Only do so if you are familiar with the bike fitting process.

Riding a bike that is not properly sized will quickly kill the joy of cycling.

[tripods68]

I don't think you can afford it at this time especially can't pay CASH for it without using your EF. EF is pretty low. You may need to up bring that up more before buying luxury items or until you save enough to cover paying cash for it.

[disneysteve]

I don't think you can afford it at this time especially can't pay CASH for it without using your EF. EF is pretty low.

Sorry. Where did OP say how much was in the EF?

[bjl584]

Sorry. Where did OP say how much was in the EF?

OP stated there is $3500 in the original post.

Whether or not that is "low" or not isn't clear. Expenses were never mentioned.

[disneysteve]

OP stated there is $3500 in the original post.

Duh! Forgive me. I had a long weekend.

[bjl584]

Duh! Forgive me. I had a long weekend.

I know the feeling!