Low resale value

[Banned_imp]

Insuring the value of your vehicles is optional (except if you're financing) and, if you can afford to fix it immediately out of pocket or live without the vehicle while you save up to pay for the repairs, it could be prudent to go without this coverage. The key thing is that you know the cost of the potential loss. It is impossible to quantify the cost of the damage you could cause to another person.

Yes, exactly and said far better than I could have (do I detect a bit of your ins salesman pitch). There is no one vehicle that I can't live without and I can afford to fix them so full coverage just doesn't make sense for me.

[emptysea]

Your million umbrella will not kick in (in most cases) until you or the underlying insurance vehicle insurance policy pays $500,000 (sometimes it's $300,000). If you are carrying, say $25,000 liability on your motorcycle policy, you will be personally responsible for the $475,000 difference.

My umbrella kicks in as soon as the limit for the individual liability has been reached.

My umbrella kicks in as soon as the limit for the individual liability has been reached.
I am willing to bet a set of RLETs that your umbrella has a "minimum underlying liability" requirement of some amount, usually $300k or $500k. if the underlying policy is written for less than that, then you are on the hook for the difference. Same is true if the underlying policy was cancelled entirely; the umbrella kicks in only after what the underlying policy should have been written for and the insured pays the difference himself...including legal costs, by the way.

[SportsterDoc]

I only pay cash for a motorcycle , never finance a hobby !

Agreed on the cash aspect. Only exception I recall for 17 bikes was my 1976 CB750F, in Dec 1976. Used credit card, but paid it off with income tax refund a couple months later.

Although not all motorcyclists ride as a hobby. For about 18 years, mine was a daily commuter.

As for resale value, there is a big drop the moment it is titled/leaves the showroom.

[holy666diver_imp]

So glad all you responsible people have $8-10k cash to pay for a bike. I was 26 and did not have that kind of cash on hand. I am not asking advice about paying in cash or to be told I "should have paid cash" you think I'm stupid? Obviously I know that, but either way it's a loss. I was asking for feedback on peoples experience on resale or trade in values.

Diver... you asked for real world, relevant examples; here's mine:
I recently traded in my immaculate 2014 DLX for a brand new Triumph Bonneville Speedmaster. I had purchased the DLX used (had 2000 miles on it) back in Aug 2015 for $9800. By the time I traded it in just over two years later, I had over 25,000 miles on the clock but had also added some spendy upgrades (Road Comet fairing, heated grips, engine guards, luggage rack, etc.) All together, I estimate I had $12,000 into that DLX. I offered it for sale at $7000, then $6000, not a single bite. As a trade in, Triumph told me the best they could do was $4500. Ouch. But boy, did I want that Speedmaster, and I could not afford nor did I have space for two bikes. I swallowed my pride and took the offer, knowing full well that it was not the world's greatest financial move I later saw my old DLX in Craigslist through a different local dealer, priced at around $5k...
So yeah, not my finest moment in terms of wheeling and dealing, but now that the pain and embarrassment has faded some, I'm very glad that I made the move. The DLX was beautiful and an engineering marvel, but I believe I've found the right machine for me at this point in my life, so I'm riding on with no regrets and a big silly smile on my face. As they say, "You can't take it with you..."

Diver... you asked for real world, relevant examples; here's mine:
I recently traded in my immaculate 2014 DLX for a brand new Triumph Bonneville Speedmaster. I had purchased the DLX used (had 2000 miles on it) back in Aug 2015 for $9800. By the time I traded it in just over two years later, I had over 25,000 miles on the clock but had also added some spendy upgrades (Road Comet fairing, heated grips, engine guards, luggage rack, etc.) All together, I estimate I had $12,000 into that DLX. I offered it for sale at $7000, then $6000, not a single bite. As a trade in, Triumph told me the best they could do was $4500. Ouch. But boy, did I want that Speedmaster, and I could not afford nor did I have space for two bikes. I swallowed my pride and took the offer, knowing full well that it was not the world's greatest financial move I later saw my old DLX in Craigslist through a different local dealer, priced at around $5k...
So yeah, not my finest moment in terms of wheeling and dealing, but now that the pain and embarrassment has faded some, I'm very glad that I made the move. The DLX was beautiful and an engineering marvel, but I believe I've found the right machine for me at this point in my life, so I'm riding on with no regrets and a big silly smile on my face. As they say, "You can't take it with you..."
Thanks for being on topic. I appreciate your story.

When we lived in the UK we were able to fit TWO children's car seats in the back of the original and much smaller real MINI.

I have a hybrid civic which means the back seat is smaller to fit the huge battery in. I think the UK has more relaxed laws on car seats, in california we are forced to put rear facing huge car seats in the back until the kid is 2 years old. To fit them in I need to push the two front seats up as far as they will go. I am 6"4 200lbs and my wife is 5'11 it is unbearable for us to travel with our legs in the dash lol.
Well I take a week off and look at what happened to this thread hahaha. So my main point of frustration and reason I bought the bike new was

A.) I bought several lemons used with endless problems so new gave me and my wife piece of mind for safety
B.) At the time the 14 was brand new and I could not find any local used 13 or 14s
C.) This model was actually projected to be a collectors bike and retain it's value...When the '17 model was released I saw release plummet. That is my main frustration.
D.) This was not a Hobby it was my main vehicle for 2 years. I rarely ride for pleasure mostly to avoid traffic. (referring to the never finance a hobby comment)

I understand taking a loss but it seems the loss here is substantial compared to other brands like Triumph or Harley. Still has not sold so I am going to end up taking it to a dealer when we get the new car as I found out from an insider most dealers pay nada values and will cave if you are stern what you want for trade in value if you are buying a car. Wish me luck. I'll eventually get another bike when I have the money to NOT finance it lol

[Cormanus]

Good luck, indeed, holy666diver. I’m sorry you have to sell your bike in order to upgrade your car. In the end, kids and their safety, which means you have to be reasonably comfortable, must win out.

[holy666diver_imp]

Wanted to revive this and give you guys an update.

I ended up getting the SUV or cross over whatever you wanna call it, a 2015 Honda Pilot (i only buy honda at this point lol). I did NOT sell my cb1100.

After having low ball offer after another. Not only would it be a LOSS... it would be a significant Loss. The highest offer I received was $3500. That's how much I have in accessories on this bike. WHAT THE literal EFF! I talked to a few dealers too and crazy crazy low ball offers. Everyone said because of the left over 2014 stock not selling people are giving away new 2014s making the used market use..less.

So I will be paying off the bike and holding on to it forever. I didn't want to sell it in the first place but I'll try to pull in some side work to pay it off Speaking of sidework if anyone needs web, graphic or branding work done I am a Web Developer. Been in the industry for over 10 years! My current full time gig is for medline a 10 bill+ medical distributor. check my info out http://www.michaelcouts.com

[misterprofessionality]

well, i know this isn't what you wanted to hear but you're probably better off keeping the bike anyway. good on you for holding onto it. Property is at its most valuable when it is kept and used, and at its least valuable when we sell it. that goes for anything in life, be it houses, cars, or CB's!

[Nortoon_imp]

I treat cars like any other utility and have automatic monthly payments taken like I do for electricity, natural gas, water, insurance, etc. My Chevrolet Impala had a 0% interest 7 year loan option. I took that to keep the monthly payments as low as possible, although I have no intention of keeping it for 7 years.

The exception was my CB500XA. I emptied my Tax Free Saving Account so the boss couldn't complain about me buying something as frivolous as a motorcycle.

Three years later I traded it on my 2017 CB1100 EX. As my TFSA savings did not cover the difference, I took a 2 year Honda loan at 1.9%. I used the monthly deposit I usually put into my TFSA to cover the loan payments. The interest was peanuts, but Honda's unmentioned administration charge was annoying.

[holy666diver_imp]

The CB Gods told me to keep it lol.

[Guth_imp]

Wanted to revive this and give you guys an update.

I ended up getting the SUV or cross over whatever you wanna call it, a 2015 Honda Pilot (i only buy honda at this point lol). I did NOT sell my cb1100.

After having low ball offer after another. Not only would it be a LOSS... it would be a significant Loss. The highest offer I received was $3500. That's how much I have in accessories on this bike. WHAT THE literal EFF! I talked to a few dealers too and crazy crazy low ball offers. Everyone said because of the left over 2014 stock not selling people are giving away new 2014s making the used market use..less.

So I will be paying off the bike and holding on to it forever. I didn't want to sell it in the first place but I'll try to pull in some side work to pay it off Speaking of sidework if anyone needs web, graphic or branding work done I am a Web Developer. Been in the industry for over 10 years! My current full time gig is for medline a 10 bill+ medical distributor. check my info out http://www.michaelcouts.com

I call them station wagons. It's funny how people starting rejecting wagons back in the '70's. Next came the minivans which did quite well for a long time. Then the auto industry went back to wagons, only they porked them up a bit and started marketing them differently. People here in the States went crazy for them and the rest is history.