Mine runs until end of December 2021and my GFV is 10900......its mental too think I'll be handing it back knowing full well that it'll probably worth a lot less than that. What do we reckon a 3 year old SP will be worth in 2022?? 8-9 grand?? I can't think why anyone would pay off the lump payment at the end knowing it isn't worth the GFV unless you are extremely attached to it!!! It's a shame really as I'd love to keep mine.
2019 bike up for the 13k with less than 2000 miles bargain when you think about how much the RRRP is really.
TBH we all know buying a new bike is a waste of good money. I don't really see any motorcycle as a significant investment, and anybody that thinks they are are deluded. They just make too many of the limited editions. The NR750 was last investment bike they made, in my opinion.
I was thinking the exact same thing...... Could Honda finance offer us a current market value deal at the the time??
When you sign the PCP contract you are agreeing to the figures within so those figures are set in stone basically. You’d obviously need to be very naive to not realise that bikes depreciate but the 0% deals really have caused unprecedented chaos in the used bike market.
Just cane it.. 4,000 a year hand a 12,000 mile SP back and say thanks a lot i was looking at whether to bail but bought a 2011 Speed Triple with what it would have cost to bail the blade circa £4k. madness but obviously that was never a £19k bike new. £17k with the £2k off, £3k of interest... Realistically it was a £14k bike + interest and the used value is about right at £12k
£20k for a Fireblade that was re-hashed from the previous model is where all the problems started. They were always going to lose big money.
I don’t know anyone who makes money out of a new bike or even a five year old bike, have a look what cars drop like 30k in two years. People are investing in older bikes 94 urban tiger/ 98 R1 okay there not going to drop in price but my mint 94 urban tiger is still 3k lower than it was when it was new. Never going to get rich owning a bike. Its not just Honda Look at the new rsv4 they dropped the price over night by 5k the poor buggers who had bought the newer model all of a sudden see there bikes lose 10k. YOUR NEVER GOING TO WIN
For me it’s never again, probably ended my 13 year bike new buying madness, no bad thing, so its a case of live and learn, ride and smile, enjoy what it gives rather than what its given away. No matter what the price or negative equity is, it does not change pride in ownership with amazing technology and the once in a lifetime experience it gives you. Self therapy
If you’re going to enjoy the bike I guess future value doesn’t matter. My old man puts around 30k+ miles on each GS he has, buys new and replaces after 3 years. He’s not too fussed about future values as he expects to get his money’s worth with the bike. If you’re only doing 3k over 3 years it’s a hard pill to swallow. For me personally I couldn’t justify the price of a new bike for a toy, put simply I wouldn’t use it enough to counteract the dip in value after 2-3 years so I don’t bother. My riding skill would be out performed by a 30 year old bike too
I painfully agree with your philosophy, That’s were my lesson learned comes in but i intend to make my mark on it too.
I must have been lucky ish, bought my 2017 standard blade on PCP 0% and got a decent discount and some extras, put down a decent deposit and paid £66 a month, the final balloon payment was £7800, I cleared the PCP off last month and sold the bike for £9600. Not sure why the Honda's depreciation is worse than some of the others.
That’s a great situation to have won in mate! Done it with cars, I find PCP the best deal, if the vehicle is worth more than the GFV then I buy it and sell it on, if not give it back
Had a similar thing to the fireblades a few years back with a fiat 500. Misses wanted one so went to look at used ones, cars 3-4 years old were the price of a new one minus the VAT so we bought new. Needless to say after the 3 years the used market was swamped and the price was mediocre at best for a used one so we gave it back.
We did the same with the wife's Honda Jazz in April, Final PCP payment £7600 but they gave us £9600 trade in on new new one, so we took that and got discount from the dealer and got a contribution from Honda, so it was a really good deal, but then the market is not swamped with Honda Jazz's. My daughter is in the same boat as you with her Mini, there are just so many available the second hand values are low
best thing I done after was buy a 2 year old car for the wife and kids and picked a shot box up for me for work (and a blade of course )
I have complained often enough about depreciation on my SP2. I know I will be heading for a similar hit on the Daytona 765 to be acquired in March, and the 2020 Honda I also intend to buy. But, despite all that complaining, I think we have to accept depreciation and loss with anything we buy, (save for real estate) from an iPod to a lawn mower. We must factor in a value on possession and enjoyment. Whilst I can say I've 'lost' £7,000 on a bike I've ridden only 2,000 miles in 18 months and had it sitting in my lounge room the remainder of the time, it is the price I pay for my enjoyment, passion and hobby. Wearing my 'positive attitude' hat I have no problem with this. Everything will lose value, so why are we so obsessed with netting our outlay on resale? (I accept there's a different formula if buying bikes as a profit-making exercise)
Erm, I think Henry Ford's 'Edsel' might have run very close!! (Would love to have one now though!) https://en.wikipedia.org/wiki/Edsel
