My <1 year debt free plan/advice

87mave

Yes, you really did.

Now stop with the subliminal messages!

sassman

I purchased a 125cc Honda CBF to reduce my transport costs, not just fuel, but daily parking at the railway station as part of my commute. In my experience there is some good saving to be made here:

Year 1 costs:
Motorbike cost: £1400 (2014 model)
Road tax: £20
Insurance: £360 (first motorbike, no NCB)
Fuel: £96 (£8/month so over the last 6 months. The bike will achieve 120mpg)
Protective clothing: £400
Lessons: £200 (CBT, Theory test, hazard perception and some training materials)

Year 1 Total: £2476
Year 2 Costs: £476 (remove the cost of the bike, clothing and lessons)
Year 3 Costs: £676 (Add lessons. CBT is valid for 2 years. I'll have to upgrade the licence or buy a scooter)

Comparing this with my impulse purchase new BMW 520D

Year 1
PCP Rentals: £5472 (£456 per month)
Insurance: £400
Fuel: £480
Road Tax: £30 (very low emissions)
Car parking as part of daily commute: £1200

Year 1 Total: £7582
Year 2 Total: £7582
Year 3 Total: £7582

I'm be handing the car back this October and buying a small runaround car - I don't intend to endure the costs to Year 3! For long journeys, weekends away etc, I'll rent a car.

I've removed maintenance from both the car and bike as the car has it included and I have no idea what the service costs are on my motorbike!

So Yes - Buy a Motorbike!

andyfromotley

Pay yr debts, save, but new car = happy mave.

Yup just pay the catalogue company.

MERFE

You did well if you managed 3 years without replacing any of the protective clothing, I found my OH replaced his waterproofs yearly, he also had summer and winter gear and upgraded his helmet. He also went on to do his full licence. There are definitely maintenance costs with a bike too, OH broke down once. He is handy for things so managed to do an engine swap. There was always something - heated grips, trickle charger, new battery but it was definitely less than the old mini he had before that which broke down on a weekly basis.

I'd go for a cheap run around, pay off the debts asap, then save for a nicer car or do the bike thing once the debts are gone.

87mave

Thanks for the information folks, duly noted.