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Discussion Starter #1
I put 25k miles on my second LT this last year. I just finished looking at the numbers to compare if I had bought a new LT at that time vs. the used one that I actually bought with 24k miles on it. My LT now has over 50k miles.

__My monthly payment for a 4 year loan is $250. per month. (Paid $12k OTD w/2 yr. extended warr.)
__Insurance $50. per month.
__Gas @ $2.75 per gal. X 625 gallons for the year or $143. per month.

And the most telling number:

__Services, farkles, gloves, jackets, helmet, uncovered repairs, parts, tires, pads, oil changes, dmv fees, etc. You get the picture. If I didn't have the LT, I wouldn't have the expense. This number was $457. per month.

Add it up and my number is $900. per month. Or, $.43 cents per mile. Each 225 mile day only costs me $96.75, plus food and fun.:D

A new LT would be close to the same monthly numbers as my used LT. Higher payment and insurance premium but lower in the Services area as I had about $1890. in work done last year on the 2000LT that would have been covered on a new LT. I figured about $940. per month on a '05 LT. I'm not taking depreciation into the picture right now, only what you see.

If you own your LT(no payments) and get cheaper insurance rates and use less gallons of gas at lower prices, then the only number that is of importance is the Services, farkles, etc. number. This is the only area that we have any control. Do own services, buy less farkles, put many miles on tires by checking air diligently, use old gear longer, etc. Still, if you ride 25k miles a year, there will be expenses.:p

I will probably keep this LT at least another year until the warranty is up. It will have about 75k on it this time next year. I will look at the numbers again and compare to this year. I do remember doing this with my first LT, a 2001 Pacific Blue that I totalled on St. Patricks day in '04, and the numbers were very similiar. I was around .40 cents per mile then, too.

It kind of makes me laugh when I hear people ask me about my gas mileage and how they envision themselves buying a bike and saving all this money at the gas pumps like me.;) Riding a bike can't really be compared to a car, but people do it anyway without knowing the real truth that riding a luxury touring motorcycle is many things, but not cheap.

Hopefully, someone will find useful this forrest of figures and facts.:confused:
 

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RMoore007 said:
It kind of makes me laugh when I hear people ask me about my gas mileage and how they envision themselves buying a bike and saving all this money at the gas pumps like me.;)
Buying an LT to save money on gas is like buying a boat to save money on fish.
 

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maward said:
Buying an LT to save money on gas is like buying a boat to save money on fish.
I dunno, I have a 2005 Pontiac Bonneville GXP that gets 21 mpg for me. My LT has been doing minimum 45 mpg on a work week commute. That's doubling my mileage.
So, I'm filling the Bonny w/ regular at $2.45 p/g. At 16 gallons a week that's $40 a week to fill. The bike can do the same trip for $20. That's $20 weekly I'm saving. $80 a month. $960 annual. Both vehicles under warranty. 1/2 the operating cost..............I'll break even in 17 years 8 months. From there it's all profit :D
 

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I had just done a similar comparison. I drive a Chevy 2500hd diesel gets 15 to 17 MPG factored oil changes tires shocks all maintaince stuff. Then did it on the LT Then did it for a used (12k miles) chevy malibu very cheap car $12,000 out the door. I did this to justify the purchase of the malibu for basic transportation in the winter. The LT was factored in as a after thought.

Not factoring in price of vehicle or insurance. just expenses, fuel, maintaince. I factored dealer rates in service on truck and LT.

Truck $.25 per mile
LT $.31 per mile
Malibu $.14 per mile

I am going to seriously consider doing own service in the future.
Paul Sayang? videos are on the Christmas list.
 

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Dangerous and Expensive.

No wonder I like motorcycles so much.

Depressing to see the hard facts in Dollars and Cents $$$$$$

Think I'll go for a ride so I can forget how much I'm spending.

Doug Holck
 

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Damm Roger !! .... talk about being a bean counter :crazy:

I luv ya buddy, but if you cannot freely spend money on fuel, farkles, upkeep & tires, why do it & keep track only to find if it's worth it dollar wise ?

It's a hobby, a pastime, or a vise for bigger issues of our middle age ??.
While fun to see, I for one could give a damm on what it costs after the fact once money is spent. I don't gamble, drink at bars or go on fancy costly vacations.
The bike is a vacation in itself, it's cost absorbed as the price of admission.

Enough said.
:) Scott
 

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Hello,

That 457 per month on the miscellaneous stuff must have some "optional" value in there somewhere.

I have an '03 that I bought in April, put about 14K on the odo and my figures don't come out anywhere near that...
 

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$5484 per year seems incredibly high for service and the likes. I think it's unfair to add farkles to that number since it really has nothing to do with owning the bike. Does that mean the radar detector in my truck goes into the cost of owning it? Of course not. Riding gear can be used for any other bike you might own or ride. I drive a 2002 Ford E-350 almost everyday. It gets 10 MPG on a good day when the wind is blowing in the right direction. My LT gets 50 MPG. Insurance is less then half on the LT. That's a big savings in my book. The only thing that would be higher on the LT is the 12,000 mile service and in my opinion that's a small price to pay for the smiles and the joy that the LT brings me.
Back in the 80's when I was racing Formula Fords I did the same thing you did with the LT except it was based on per hour of track time. When I came up with $1000.00 per hour I stopped figuring it out that way and just had yearly budgets. The per hour figure took some of the fun out of it!
 

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You didn't factor in reduced medical bills for motorcycle.

You didn't factor in reduced medical bills for motorcycle.

WHAT? Am I nutts? Well, maybe. All I know is that my wife notices a HUGE difference between when I commute on my motorcycle as compared to driving or taking the bus.

When I ride my motorcycle I'm in a much better mood at work and when I get home. This equates to a significant reduction in stress. Stress can kill you. Add up that number. Of couse, once you're dead money doesn't really count.

Also, food is expensive. You can live off of $5 or less on beans and bread a day. Why go for that "fancy" food? Wives and friends are expensive too. They keep wanting you to go places which costs money for gas plus food plus whatever. And don't get me started on how much more a house or apartment costs than a tent...
 

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Used vs New. You have to buy new tires, oil change, etc.

Also don't forget than when you buy a used bike they most likely have already used at least half the tread and probably haven't done an oil change or other maintenance since they realized they were going to sell it. So factor that into the cost of a used bike too.
 

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Discussion Starter #11
nplenzick, you have some good points. If I take out the yearly farkles of $1500., then the Services figure would go down to $3984. or $332. per month. Subtract another $1800. in repairs that my extended warranty did not cover and the services figure would go down to $2184. or $182. per month, but of course the 'new' bike payment would go up a couple hundred dollars a month. I only own this one bike.

My real purpose was to explore buying a new LT 12 months ago or used, which is what I did.
I just like to know where my money went last year so that I can budget for next year. I certainly don't mind paying around $900. per month (2200 miles) for my "Vacation Machine". It just seams that no matter what I do, I can't get away from the $.40 cents per mile figure.

I'm sure that if I could just keep any LT long enough to pay off, my monthly committment would be much lower. And get off my butt and do at least one 12k service myself each year. Just happens that a Tech Session is coming up in a couple of weeks. I will be there for sure. And next year I can report much lower figures.:)
 

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Recently, I began looking at how often I use my car compared to just it’s annual fixed costs of registration and insurance.

Seems as if it would be more economical to rent a car for the few times I need to use one.

Bob
 

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Roger,
Did you have allot of problems with the bike when you first got it or are you still having a problem? Maybe that might explain the high maintenance costs. Although you do ride allot at 25,000 miles a year the $2184 service per year seems like allot of money to me. Then again I do most of the work on my vehicles myself.
I think the only way you can justify new verses used would be the cost of a used bike plus the cost of the latest service, and also the cost of any problems you have with that bike such as worn tires and the like.
Then I think you'll get a pretty good idea if its worth it or not.
Maintenance costs are pretty much the same new or used.
 

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ostrich

i prefer to keep this kind of thinking to a minimum

after all....what is the price of sanity?

the LT/motorcycling in general is my link to sanity.....its the one thing that exists outside of the bounds of work and kids and household repairs and all the stuff that wears us out......

i havent ever bought a new bike because i dont want to have a payment at all......i like to work on my bike to the extent i am capable so that i know the work got done right and really got done.....

most of all though.....i want to ride.....i need to ride.....

there is no way to put a value on what it means to come out of a stressed out day of work....hop on the LT for the commute....take the long way home.....and get home destressed and feeling good about the world....

i'm not summing up what owning an LT costs me....but i am sure its a bargain!

:)

kip
99 LT
jefferson, ga
 

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The only "fact" that I ever consider when someone asks if they should buy used or new is . . . Are you paying cash or making payments? More often than not, the interest rate on a used vehicle kills the bargain aspects of it. So if I'm the one making payments, I typically buy new. If I'm paying cash, I typically look at things that are almost new. Let someone else pay the upfront depreciation. I bought my LT at 0.9% interest...no money down. They gave me the money, so I took it!

I don't even see where farkles, maintenance, insurance rates, etc., come into play in this conversation at all. Just my $0.02. (add 8% interest for those of you buying used! :D )
 

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Interesting insurance numbers. I pay about $450 per year for 5 bikes for two riders. My LT and RT and my wife's V-Star are fully insured and the other two just have the minimum on them.
 

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Discussion Starter #17
nplenzick, I spent $2184. for service for 12 months. It was 2 sets of tires, plus an extra rear, 4 oil changes, 1 12k service, 2 6k services and front and rear brakes. Probably the same, new or used.

As far as warranty items, my extended warranty did not cover throttle cables, oil leak, new rear speaker, and a rear disc that had to be renewed.

DPPeter, it's all about zip codes, insurance carrier(State Farm 17 years), minimums required on all my vehicles because of umbrella policy, etc. Hard to compare. Be thankfull. Also, my second bike(sons) is $30. per month.

Joe, I got some free financing on my used LT. And, perhaps you missed it but I was trying to see if it was smarter to buy new or used, and what the real monthly total of owning a bike is if you figure in all the costs. Budgeting for the next year is important to me, maybe not you rich guys.:) So, it looks like if I plan to ride another year, I should plan to budget about $700.-$900. per month.

And finally, I do not think this is a lot of money at all for what I get out of it. I only like to know where most of my money goes in a year. And believe me, this is one of my smaller committments.
 

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I'm not sure why, but the LT seems to depreciate faster than it should. A very reliable bike like this should hold it's value longer. But, since the value does drop so fast, I will be sticking to the used models. I don't really factor in the price of riding gear and my bike was loaded with farkles when I bought it (that's part of the beauty of buying used). Since I do my own maintenance, the cost of ownership on my bike is very low.
2002 LTE (loaded down with extras) 27,00miles, with maintenance history documented and new tread
$13,400
Added Cee Bailey windscreen and Highway Ottomans
$400
Beautiful, stress relieving and relaxing journeys around the U.S.
Priceless
 

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BecketMa said:
Recently, I began looking at how often I use my car compared to just it’s annual fixed costs of registration and insurance.

Seems as if it would be more economical to rent a car for the few times I need to use one.

Bob
Yep, sold my car 15 years ago for the same reasons. Just wasn't worth paying on so it could sit in the driveway.
 
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