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what would you do?

Old 06-15-14, 08:01 AM
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what would you do?

My wife just told me to go ahead and put a bike on layaway. She told me it's ok to go with the Kona Rove. After all said and done, we don't have a whole lot of money. Would you go for it or my other choice would be the Kona ***** Tonk.

So, what would you do?

Price difference is $1800 or $1200.
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Old 06-15-14, 08:05 AM
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Not having much money would have me doing one of two things - visiting Performance this weekend, or looking at Marin Bikes, on Amazon.......... that's where you will get the most for your money............ MHO
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Old 06-15-14, 08:06 AM
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I'm not a financial planner, but

1. Putting a bike on layaway? Since leaving the US, I never buy anything without cash in hand (cars/clothes/travel/etc...). I guess that a house would be an example where I would buy on credit but I'm not convinced it's a good long-term purchase yet.
2. If you don't "have a lot of money", is $1200 or $1800 bike a good purchase. That's half of a good car ... or a half year worth of public transport.
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Old 06-15-14, 08:15 AM
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Originally Posted by acidfast7 View Post
I'm not a financial planner, but

1. Putting a bike on layaway? Since leaving the US, I never buy anything without cash in hand (cars/clothes/travel/etc...
"Layaway" is delayed buying until the cash is on hand. Presumably the merchant puts the desired product aside (lays it aside/layaway) and delivers it at an agreed future date when the merchant has received the full purchase amount, usually received in some sort of installment plan.

Layaway is a backward credit scheme where the merchant gets the money from the customer, interest free, in advance of delivering the merchandise.
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Old 06-15-14, 08:22 AM
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Originally Posted by I-Like-To-Bike View Post
"Layaway" is delayed buying until the cash is on hand. Presumably the merchant puts the desired product aside (lays it aside/layaway) and delivers it at an agreed future date when the merchant has received the full purchase amount, usually received in some sort of installment plan.

Layaway is a backward credit scheme where the merchant gets the money from the customer, interest free, in advance of delivering the merchandise.
Essentially, it is credit (in a way.)

I am assuming that the purchaser loses their "deposit" if they don't pay within a certain period?

Therefore, it's essentially a 0% loan (with fee?) with two payments?

Why not just wait until all cash is in hand?
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Old 06-15-14, 08:25 AM
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Originally Posted by I-Like-To-Bike View Post
Layaway is a backward credit scheme where the merchant gets the money from the customer, interest free, in advance of delivering the merchandise.
Usually with no cost penalties to consumer and an efficient savings incentive as well.

The merchant has gets cash from inventory and the consumer gets a reason to save towards a fixed price. It beats the hell out of a savings account at the bank that pays a lower interest rate than the current rate of inflation, or stuffing cash in a mattress trying to save for cash in hand as you watch retail prices rise, and rise.
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Old 06-15-14, 08:27 AM
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Originally Posted by gregjones View Post
Usually with no cost penalties to consumer and an efficient savings incentive as well.

The merchant has gets cash from inventory and the consumer gets a reason to save towards a fixed price. It beats the hell out of a savings account at the bank that pays a lower interest rate than the current rate of inflation, or stuffing cash in a mattress trying to save for cash in hand as you watch retail prices rise, and rise.
I get 5% on cash savings up £5000. It adds, up (£20 per month is roughly 10 pints at the pub!)
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Old 06-15-14, 08:30 AM
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As far as Madmans question......

Would either bike be equally desirable to you? Or, would you be riding the $1200 bike still wanting features of the $1800 bike?

How long would it take to pay off the six hundred difference and would the delay in riding time be worth it to you?

Questions, questions.......no answers.


Bike specific for my tastes (nice synonym for "worthless opinion"):

For a commuter bike, I would test ride the Rove and compare it to other cross or touring bikes. Especially the Kona Jake series.

The Tonk is "meh", I'd bet that I would ride home on something else.
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Old 06-15-14, 08:31 AM
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Originally Posted by polishmadman View Post
......we don't have a whole lot of money. Would you go for it ........
So, what would you do?
Well.... seeing that you "don't have a whole lot of money".... maybe you ought to buy a new car and take a "special" vacation at the same time. Or... maybe if you already have a bicycle.... a good washing, lube, and new handle bar tape might be enough to get you by while you save up some money. If you don't have a bike.... find a friend that is willing to spend some time chasing down a few CL bicycles till you find a nice bike that is also affordable.

There is nothing wrong with not having a whole lot of money. But no one wants to live that way. And the best way to have money... is to stop spending it.
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Old 06-15-14, 08:35 AM
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All of the conservative, practical financial advice above. Do no let your, or anyone else's emotional (I want it, you deserve it) hind-brain have any say in the matter. Your wife is being gracious, but not hard enough. A bike is kinda a necessary toy for some. A better bike is really a luxury. My rule of thumb is if I cannot put money away for a luxury, I probably shouldn't spend the money. Good financial sense has a few hard and fast rules.

With patience, while putting the cash aside in an envelope, a really nice bike, very gently used can be had for half or less of it's going new price. In this case that's a whopping $600 to $900 bucks.
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Old 06-15-14, 08:37 AM
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Hey if the wife approved the purchase you better do it before she changes her mind.. This could be your one and only chance at the bike!
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Old 06-15-14, 08:39 AM
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What I would do is a "self-layaway" and then find the best deal for the money, after I have the money. I tend to agree with acidfast, better to save the cash as opposed to paying it in layaway installments. I just set aside the layaway payment amounts, and if something comes up in the meantime that's more important I'd have the cash instead of having it tied up. That goes even more when money is tight and credit problematic.

I can understand wanting to nail down the price and have that one particular item reserved, if it's something hard to find or a super deal. Those are the only advantages that I can see in it. Objectively that doesn't happen often, and on the other hand after the cash is saved you can act on those opportunities instantly.
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Old 06-15-14, 08:40 AM
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I think it all depends upon your wife. I know that if my wife had said anything like, "After all said and done, we don't have a whole lot of money...", that would have been a certain signal for me to read between the lines, and think more about what I was doing in the "wants vs. necessities" categories.

I dunno, maybe your wife speaks more directly to you...

Just remember: Your bike can't keep you warm at night!

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Old 06-15-14, 08:49 AM
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This could be helpful for the OP:

For the past year, I put away every $5 bill that came into my possession. To date, I've saved $3,335. : pics
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Old 06-15-14, 08:49 AM
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If you don't have a lot of money then DON"T purchase an $1800 dollar bike. Look for something cheaper around $ 500-700 dollar...I think it's a bad idea to purchase expensive bikes on credit...The only things that should be purchased on credit is a house/condo or maybe a car...everything else use cash to pay for it. If you don't have cash then don't buy it until you save enough...A good chunk of cash can be saved by avoiding Starbucks and fast food joints.
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Old 06-15-14, 09:06 AM
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Originally Posted by raqball View Post
Hey if the wife approved the purchase you better do it before she changes her mind.. This could be your one and only chance at the bike!
raqball is only kidding of course. See the little devil? Listen to the angle on your other shoulder. Your wife should change her mind, and maybe help you to save the money. I haven't had a new bike since my parents bought me a Sekine in '75. I still have it. My mountain bike was $80, minimal scratches, and I just bought my adult daughter a mtb for $75, even fewer scratches, tire are in great shape, chain and rear cogs show no measured wear. I might upgrade shifters eventually, buying used form someone here on BF probably, and have been having fun trying different tires buying them for $5-7$ each off Craigslist.

The money that didn't go into the bikes is used for pedals, shoes, tires, seats that fit, etc. Part of the fun of owing a bike.

All of my bikes can be sold at the same price or a little more, so virtually no loss when I do that. And I have the cash to buy before I sell, so I'm not without a bike either.
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Old 06-15-14, 09:33 AM
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Well we don't have to ride it or live with the financial consequences of your decision. That aside, I like fat tires and disc brakes.
I just bought a bike on "credit". Got a credit card with no interest on purchases for an extended period of time. Also no annual fee and it pays cash back on all purchases. I only had one other card (zero balance on it) so, I put the bike on the new card. L had a little saved up for the bike to start with and by the time I have to start paying any interest, I will have saved enough to pay the balance. Is that a possibility?
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Old 06-15-14, 09:44 AM
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I bought a perfectly usable second-hand Peugeot for $200. If money is tight, then don't set yourself or your wife up for feeling resentment about the money.
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Old 06-15-14, 10:47 AM
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Originally Posted by ArnimFritsch View Post
If money is tight, then don't set yourself or your wife up for feeling resentment about the money.


PLenty of perfectly good bikes can be had for much, much less. If it doesn't absolutely need to be a road style bike, consider a hybrid like the giant escape, the trek FX, or the specialized cirrus. All can be had for anywhere from $400-800, and are excellent bikes, especially for commuting.
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Old 06-15-14, 11:11 AM
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I've recommended CL and she said she doesn't want me to regret any decisions. I love her for that. Problem with CL is most bikes are junk. The better ones are way over priced. Nearly as much as a new bike. I think she's tired of hearing about me having to fix this or change that.

Ok and maybe I misspoke. We're not in dire straits. I thought I would wait till the VA finally starts paying me for disability. Once they do that, they also back pay me to the time I put my claim in. That was Dec 2012. So who knows when that will happen.

And as far as layaway goes. It a way to put money towards an item and the bike shop holds that item at that price until it's paid off. They can't sell out from under you. And if for some reason I can't buy the item, the shop will refund all my money with no penalties.

I was just wondering if anyone would settle with a less expensive bike. Or just go for the better bike.
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Old 06-15-14, 11:17 AM
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Originally Posted by polishmadman View Post
I've recommended CL and she said she doesn't want me to regret any decisions. I love her for that. Problem with CL is most bikes are junk. The better ones are way over priced. Nearly as much as a new bike. I think she's tired of hearing about me having to fix this or change that.

Ok and maybe I misspoke. We're not in dire straits. I thought I would wait till the VA finally starts paying me for disability. Once they do that, they also back pay me to the time I put my claim in. That was Dec 2012. So who knows when that will happen.

And as far as layaway goes. It a way to put money towards an item and the bike shop holds that item at that price until it's paid off. They can't sell out from under you. And if for some reason I can't buy the item, the shop will refund all my money with no penalties.

I was just wondering if anyone would settle with a less expensive bike. Or just go for the better bike.
I like it cheap. See my BSO thread.

It will take roughly a year of commuting (about 100-120 RT commutes) for an inexpensive bike to be financially worthwhile (i.e. less expensive than the bus) given my conditions.

It would take me roughly 2 years or 3 years to break even against the bus with your lower- and higher-priced options, respectively.

That's a very long time, in my opinion.
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