About Chris G. Expertise I am a financial counselor that can answer consumers' personal finance questions in following areas: - Beating & Reducing Debt - Budgeting - Building Savings - Careers & Extra Jobs - Dealing with Collectors - Identity Theft - Money & Marriage - Personal Insurance.
Experience The past four years in the banking field have given me a heart for helping families with their finances to better their financial future.
Question Hello, so first off, i have always wanted a motorcycle, every since i was a little kid. i am now 21. i have about 5000$ for a down payment, i would be looking at financing another 5000 over 2 years. I honestly believe i will have NO problem at all being able to budget for the bike. but the thing is, when i come close to actually closing a deal, i have second thoughts and procrastinate. There is something about picking out clothing and helmets, and actually going through with the whole process. just knowing that i have saved all this money, and now i will be giving it all away, and will be in debt for the next few months at least. i have a fluctuating income every month. But on average, i gross about 4000$ every month. the monthly payment on the bike over 2 years would only be about 300$, and after insurance and gas, i am looking at about 600$ a month for the bike, which is not a big deal. my question is, are these feelings normal? when i am close to closing a deal, i back down, i have been approved more than once, that is not an issue. but when i am driving my car and see all the bikes on the road now, i just want a bike so much more. so are these feelings normal? is it a sign that deep down, i know i shouldn't get a bike? because i REALLY want a bike. Does money mean too much to me? Any advice would be very appreciated. thank you
Answer Hey Mark,
Thanks for the question. It would appear that you are experiencing a little thing called buyer's remorse. This usually occurs after someone has made a big purchase and regrets it soon after. In your case, you are feeling bad before spending all the money. This gut-wrenching feeling is natural, but you should still proceed with caution. Deep inside, you know all the hard work that it took to save up that money, so let's make sure that you make the most of it.
It sounds like you definitely want a motorcycle, and you probably have already picked out the exact one that you want. It sounds like you've already done your research. And that's great. If I were in your shoes, I would shop around a little bit more and see if maybe I could find a great deal. You might even be able to find a slightly used motorcycle like the one that you want for a much better price. I'd love to see you pay cash for a $5000 bike, or get a $7000 bike and only need to finance $2000. Regardless of what you decide, you're going to be just fine.
If you've done your research and are sure that the motorcycle is the right purchase, then go ahead and do it! You have done a great job saving up for it. You might still experience a little buyer's remorse because it's hard to separate from that large of an amount of money. But when you start feeling down, just take a ride on that new bike that you've wanted for so many years.
