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  1. #1
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    I just got financed, should I pull the trigger?

    I just got approved to finance the Specialized Camber 29er.

    I'm riding this:


    And fell in love with this:


    It is $1900 at my LBS. I have weighed the pros and cons on buying a new bike.

    Cons: I pay $500 a month for 4 months. But I am working like crazy so it shouldnt make too much of a dent in my savings.

    Pros: I get a new bike that is red. FSR. And I can feel confident if I crash it isn't at the fault of the bike.

    As for my current bike. Pros: I save $2,000 until the summer of 2014. Cons: I could get hurt again and maybe not be as lucky next time. I keep a bike that has 2 gears and duct tape all over it.

    I test rode the Camber and it was like a world of difference. It felt like it was made for me. Even though in bike land 2k is cheap, I have never financed anything or bought anything that expensive at once. My drum kit is worth about that much, but that was upgrading over time.

    I would like the oppinions of the bike gurus here if spending 2 grand on a bike is justified.

    ~kevin~

  2. #2
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    is it 0% interest, or are you paying interest on it? if that 1900 includes interest, wait until you can pay cash for it. borrowing money to buy things you can't afford is never a good practice to get in to and nearly everyone i know who borrowed $ to buy stuff aside from a house or car, regrets it.

  3. #3
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    If I pay it off in under 6 months 0% interest

  4. #4
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    I don't finance bikes ,and I have spent more than that on bikes. If you can pay 500$ a month on a payment ,you could save that much and have a bike by the end of summer. That's a big upgrade and a nice bike compared to what you are riding. If you ride it and have fun with it it's justified ,in the end only you can decide if you want to spend your money on .

  5. #5
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    I mean I could drop the $2k now and buy it outright, but it would make a huge dent in my savings. Say in August my alternator goes on my car (worst case senario) I'd be scrambling to to get payment. I can handle 500 a month and not have that hurt my savings. And I would be riding all summer. So in that respect it is justified.

  6. #6
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    You can "justify" spending assine amounts of money on anything in life. Those bikes out there that cost $5k+ make my eyes big, I could buy a used motorcycle for that price. As far as financing vs buying out right, that is another debate. Some will say pay for your toys in cash, some will say financing isn't bad if you are smart with it. If you can get good terms and the rate is good, I say screw it, go for it, pending all of your other financials are in line.

    Before you buy, just make sure you will actually ride it and it won't end up on Craigslist in a year or two with that "I just don't ride enough" description....

    Life is short and you can't take any money or material possessions with you. YOLO responsibly.

  7. #7
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    I feel for you. I rode a crap bikes for three years then upgraded to something in the $2000 ballpark. If you are into the sport, it is a worthwhile expenditure IMO. Take care of it and it will last for years and years.

    Borrow money to buy a bike, no way would I recommend that to anyone. But if you have the money in savings and can get free interest and are disciplined, why not? We are big credit card users, just make sure to pay them off in full every month.

    DON'T miss a payment or be late with a payment. Read the fine print -- probably if you are late for a payment the whole interest charge is added.

    I would feel better if you had another grand or so in savings. Is a bum alternator really the worst-case scenario? (an easy DIY repair BTW). What if the engine blows? What if you wreck it, do you have collision insurance or would you be looking at a new car? Home expenses? Refrigerator quits? Death or illness in the family and need to travel? (Sorry to be so morose, but it happens sorry to say).

    Plus it's a good life policy to live below your means and save something every month barring emergencies.

    I gather this is the '13 model? Check when the '14s are nearing release and maybe work a deal on the '13.

    Anyway, all the best!

  8. #8
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    If you already have the money to pay for it outright, than you probably won't have any trouble making payments. And if you'll have it payed off before interest kicks in, you'll be building credit for free. It's a no brainer.

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    I am extremely diciplined when it comes to $$ I would never miss a payment. The only credit card I own is a Macey's card (I wanted to buy a suit jacket and I saved 20% when I signed up for the card lol) my actual card is a debit/credit. I dont like doing loan type stuff, but It is loan or no bike. Wost case senario is I am dropped from my car insurance. Dont have the best track record when it comes to driving. I live at home and my dad is already dead. I have never missed a payment on my student loans anyway. I have a savings account that is for everything. Wants, needs, emergencies, etc. It is a 2k13 model. I dont know when the 14's r coming out. I'd rather not ever do any loan/installment pay.

    I am just wondering if I am playing roulette w/ the bike I have now. Paying $500 a month for 4 months is definitly worth it vs getting injured and not being able to work. I already almost lost 3 teeth cause I went into a tree stump because I lost traction and my back breaks went out.

  10. #10
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    Alternative: Used.

    My MTB was $1750 new. I paid $600 and got extras/upgrades out of it. Little use. In my area, people make too much money, buy high end things brand new, never use them, then list them on Craigslist at deep discount.

    Your accident sounds crappy. I know you aren't riding one of those high end, carbon ti-fiber 2oz bikes, but are you sure it is the bike and not the operator? I haven't been MTB long at all, but I've crashed enough motorcycles to know that I can rarely blame the bike

    0% for 6 months? I'd probably take that deal though.

  11. #11
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    The accident was half mine half bike. I was riding in mud and rain= my fault. Breaks going out= bike's fault. As far as going used. I would love to, but I am short and it is hard to find stuff my size. I need a small bike frame. I have the same issue w/ hockey stuff. I have been looking around used for new goalie pads for 2 yrs. Cant find any in my size I like. In rochester. Craiglist is offering walmart bikes or old hardtails.

  12. #12
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    Wow, that's alota personal information, maybe tmi
    If you can make your own decisions you're an adult, or is that the other way around?
    Personally, I wouldn't finance a bike. You can always make your best deal with cash in hand. I'd sooner get an awesome used bike for a fraction of that, save and get the other if you still want and have 2.
    It's always better to "fill the stable" than to "pull the trigger" when it comes to bicycles i always say.
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  13. #13
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    Yea, not sure about your area, CL is highly dependent on the area. I am tall and it took me a good 6 months to find something worthwhile used. Again, you could just slow down a bit and chalk it up to learning to read conditions better?



    And it is brake. Sorry, just a pet peeve.

  14. #14
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    I say, go for it!

  15. #15
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    I f you can afford to pay the 500 a month for it, and not have to pay interest, I say go for it. Why wait for it and not be able to ride all summer?

    I hear you about not wanting to take that big a chunk out of savings. I'm pretty much the same way, when it comes down to taking that lump sum out, or making payments on something, I'll go the payment route as long as it's interest free and I know I can afford it.

    I did pretty much the same thing you're thinking of doing when I bought my Ridley, except I used a new AmEx card offer I got. 0% for 15months and 30,000 bonus air miles. That basically equates to a free flight.

    The people that say save up and pay cash have a valid point, however my philosophy is to enjoy life now (within reason). If I can save up the cash in 6 months, or make all the payments in the same time, why deprive myself of it for that time?

    Just be careful not to miss a payment, the interests is always retroactive and I'm sure the rate is astronomical through them.
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  16. #16
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    Paying $500 a month for 4 months is definitly worth it vs getting injured and not being able to work.
    Good point. $2k won't buy much medical care either.

    Personally, I think the dangers of cheap bikes are overrated. The better bike would be safer if you rode it the same way, but you're not going to. The new bike will be so much better you're going to push it all that much harder. I've had two significant injuries in the 18 months since I got me new bike, 0 with the Roadmaster and Schwinn in 3 years. Ok, I'm riding a lot more now and I'm admittedly an old guy who bit off more than he can chew :-)

    Anyway, it looks like you've thought everything thru well. Sleep on it a few days, and if you still feel good about your decision, go for it!

  17. #17
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    Re: I just got financed, should I pull the trigger?

    If you wreck and get effed up, how much will your medical bills be? I think that might be worth the $500 a month, especially if you can afford it. It's also a way to build your credit... Which you'll need down the road. It's a want and a need that won't impact you too much in the wallet. I say go for it. And enjoy.

  18. #18
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    Look on Car-Part.com for an alternator. $75 is usual and put it in yourself.
    You can afford a bike so don't get sucked in to this one bike by an offer you don't even need.
    Here's a review of the carbon version.
    Specialized Camber Comp Carbon 29 Review - BikeRadar

    You can and should be looking for the best bike for your money. Ride more bikes.

  19. #19
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  20. #20
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    work your azz off then buy it. don't take out a loan on a bike. although, if you do pay it off quick that will be a good building block towards building credit. personally, i scrubbed over 3000 plates, pots and pans and mowed lots of lawns to earn the $2400's for the bike I wanted in 1999 ( schwinn 4 banger). so you could go either way i guess. I'm old enough now to know to buy things in cash
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  21. #21
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    My $0.02


    A few years ago, I was able to afford road bikes for me and my wife, but opted for the in-house financing because I could make big payments........

    Housing bubble burst and I stopped making money almost over night and that original $2500 turned into $4500.

    I'm sure this won't happen to you, but my philosophy is that if you have the want and the money, pay cash and be done with it!! Life can change quick!!!!
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  22. #22
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    I have read a bunch of reviews for the Camber and it sounds like a good bike.I have also read the review already that was stated above. The Comp carbon is waaaaay out of my price range. I have ridden 2 other bikes in my range. One name I dont remember, but it was ok. And a GT Sensor 4.0 It was ok as well, not the right size and it was 1 2012, so they couldnt order a small. There was also a Cannondale in my range, but not in my size.I would go w/ a hardtail because they r cheaper, but I have back issues, so i need an FSR. And also, I YOLO and carpe diem within reason.

    Building credit is also a good pt. Thanks GelatiCruiser

  23. #23
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    A better question here is, is that bike the right choice for you? Why did you pick it, and what other bikes have you tried? Coming from your current bike, anything in the $2k price range is going to feel like a million bucks. You have a lot of options, though, and you would do well to explore them first.

    Where are you riding, specifically? (A fellow Rochesterian here). Dryer Road, Tryon, Bay West, Ontario County Park, Whiting Road, Pinnacle, city parks, etc? Help us get an idea of what you're doing, what you like, and what sort of riding you want to be doing a year from now.

    Second, Rochester has lots of bike shops. You shouldn't limit yourself to one shop or one brand when you're making this sort of decision. Is there a specific reason you're interested in Spesh? You could get a Trek Fuel EX 5 or a Cannondale RZ120 with better components for the same price.

    Why are you looking at a 29er, specifically? If you need a small frame and you're riding in Rochester, big wheels might be a bad idea. A lot of our trails are narrow and twisty. 29ers are harder to maneuver in tight spaces, especially for smaller riders. Especially in your price range, the bigger wheels are going to be heavier (harder to accelerate) and weaker than 26" wheels.

    Edit: And when you say you test rode the bikes, you mean in the parking lot, right? Did you get the opportunity to take any of them into the woods?

  24. #24
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    Building credit is a great point. Paying cash for everything does nothing for your credit. I've financed plenty of things over the years, and normally have a small CC balance, but being responsible & always paying on time has left me with a credit score over 800.
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  25. #25
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    Pay cash for toys. Always.

  26. #26
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    my apologies, my 1st question should have been how old are you 'Dummy? (no pun intended)
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  27. #27
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    I just got financed, should I pull the trigger?

    yolo is ********. You live every day. You only die once.

    My take: credit is overrated. If you can pay cash, pay cash. As was previously mentioned, life can change quickly. VERY quickly. Taking big payments for a few months is taking a big gamble. Agreed that you had problems with the current bike because you pushed yourself too much. In that case you pushed beyond the capabilities of your bike. On a new bike you are most likely to push beyond your own limits but the bike still has its own limits that can be surpassed.

    Something happens while you are still making those big payments and you are in trouble. About all I will do is put down a deposit to order a bike and then pay the rest off when I take it home.

    Home and car, I will finance but I'd rather not. Other than that, I am stingy with my credit.

  28. #28
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    $1900 on 0% credit. How much for cash. My Spec dealer runs 20% off deals on in stock stuff a few times a year. You should be able to get 200 off for cash. That's only 10% off.

  29. #29
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    Face: It is hard to finance a car let a lone a home with little to no credit history and with bad credit. It could be the difference between paying very little extra or a whole lot of times more the base price of the investment.

    True, regardless to someones religious preference you only live once. The question is, do you want to make life easier or harder for yourself? Me, I pissed my life away blowing $$ on cars for the past 10 years. Although it's been fun coupled with a major headache of some simple math, When I retire in 8 years, had I saved my money I could have had over a quarter of a million dollars in my bank account... oops, but you have to live right? A 2k$ loan isn't that much as long as you can pay if off quick and still live within your means. No debt is bad, some is good, too much is bad . It takes patients and discipline. But you still have to live... $250,000+, over a quarter of a million dollars pissed away...... There are still 60+yearold guys out on bikes ripping up the trails, I would like to be one of those guys, not working my ass off till I die. The future is scary no doubt! but you have to set yourself up for success because no one else will do it for you.
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  30. #30
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    Haven't seen this mentioned yet: make SURE you make the payments, otherwise the zero percent interest becomes 30% interest or higher.
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  31. #31
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    if the bill is due on the 10th, pay it on the 5th. Just because you pay it on the 10th doesn't mean the computer will get updated to reflect it. I almost got screwed on a late payment once because of that
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  32. #32
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    Quote Originally Posted by lazarus2405 View Post
    A better question here is, is that bike the right choice for you? Why did you pick it, and what other bikes have you tried? Coming from your current bike, anything in the $2k price range is going to feel like a million bucks. You have a lot of options, though, and you would do well to explore them first.

    Where are you riding, specifically? (A fellow Rochesterian here). Dryer Road, Tryon, Bay West, Ontario County Park, Whiting Road, Pinnacle, city parks, etc? Help us get an idea of what you're doing, what you like, and what sort of riding you want to be doing a year from now.

    Second, Rochester has lots of bike shops. You shouldn't limit yourself to one shop or one brand when you're making this sort of decision. Is there a specific reason you're interested in Spesh? You could get a Trek Fuel EX 5 or a Cannondale RZ120 with better components for the same price.

    Why are you looking at a 29er, specifically? If you need a small frame and you're riding in Rochester, big wheels might be a bad idea. A lot of our trails are narrow and twisty. 29ers are harder to maneuver in tight spaces, especially for smaller riders. Especially in your price range, the bigger wheels are going to be heavier (harder to accelerate) and weaker than 26" wheels.

    Edit: And when you say you test rode the bikes, you mean in the parking lot, right? Did you get the opportunity to take any of them into the woods?
    I've done Tryon, Hamlin Hojack, Somewhere in Webster, and I few others I cant remember. I'm planning to do Bay West and Ontario this summer. Possibly Swain next summer. In roc I've checked out park ave, bike zone, and burts bikes.

    I have no brand loyalty to Specialized or to 29's. That just felt the best. And yes I was test riding in parking lots, but jumping over speed bumps and curbs.

    In a year from now I would like to try Swain and make a full run through Tryon w/o ending up on my face again.

  33. #33
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    hell yes go for it! you're riding a bike-like-object at the moment. the specialized will change your life and riding addiction for the better. $1900 is nothing...

  34. #34
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    Regardless of what is said here you have already made up your mind. Unless you convince yourself that it isn't the best idea in the next few days you are already financing this bike.

  35. #35
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    Quote Originally Posted by CrashDummy31 View Post
    I just got approved to finance the Specialized Camber 29er.
    ..
    It is $1900 at my LBS. I have weighed the pros and cons on buying a new bike.

    Cons: I pay $500 a month for 4 months. But I am working like crazy so it shouldnt make too much of a dent in my savings.

    Pros: I get a new bike that is red. FSR. And I can feel confident if I crash it isn't at the fault of the bike.

    ~kevin~
    Financing a bike? What has this world come to.

    If you don't have the money don't buy it. If you want a better bike you have two options. 1) save the money. 2) buy a cheaper used bike. $500 to $1000 on the used market will get you alot of bike.

    As for crashing... Don't ride over your head. On any bike.
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  36. #36
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    Quote Originally Posted by CrashDummy31 View Post
    The accident was half mine half bike. I was riding in mud and rain= my fault. Breaks going out= bike's fault. ..
    The brakes going out is your fault. Your fault for not maintain the bike. Don't blame the bike for lack of proper maintenance and up keep. Even an expensive bike needs to be maintained. The bike is what it is and you need to learn to ride within its capabilities and within your as well.
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    I haven't read the entire thread in depth. I've skimmed through most of the posts. I don't think this has been addressed, but it is important (please forgive me if this is redundant).

    In the event something happens, and you don't have the bike paid off in six months, what is the interest rate? Also, on most of these deals that offer 0 interest if something is paid off in a set amount of time, if the item isn't paid off in that set amount of time the interest is calculated from the date the loan was taken.

    Typically, interest rates for these types of loans are around 30% (in Canada) per annum. If the loan was for (let's say) $2000, and you were one day late in paying off the bike within six months, you would have to pay $300 in interest.

    Without reading all of the paperwork I can't say if that is the case here or not, but be sure to read all of the paperwork carefully. Ask questions about anything you don't understand or require further clarification on.
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  38. #38
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    Quote Originally Posted by JoePAz View Post
    Financing a bike? What has this world come to.

    If you don't have the money don't buy it. If you want a better bike you have two options. 1) save the money. 2) buy a cheaper used bike. $500 to $1000 on the used market will get you alot of bike.
    This is what I was thinking. You might be able to pick up a bike for $500 that you can ride, be safe on, improve on, and completely enjoy. Then when you have the money saved up, you can go buy the bike of your dreams and sell the old one for probably what you bought it for.

    Quote Originally Posted by JoePAz View Post
    As for crashing... Don't ride over your head. On any bike.
    Don't ride over your head? If you are not challenging yourself how are you going to improve?

  39. #39
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    Don't ride over your head so you won't crash??

    Last time I rode I went down because I spun out on a wet root. Does that mean I was riding over my head? No. Sh!t happens. Falling/crashing is part of the sport. If you aren't doing either, you need to find some tougher trails.

    And if you don't have the cash you can't afford it....then how do people buy houses and cars?

    And its not like he doesn't have the cash. He said its in the bank. To me, shelling out 4 bills a month for a payment stings less than taking the lump sum out of the bank. Once I put it in I hate taking it out.

    As long as no interest is paid, IMO there's nothing wrong with taking advantage of offers like this.
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  40. #40
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    Re: I just got financed, should I pull the trigger?

    What about buying the bike outright and putting the $500/mo into your savings account?

  41. #41
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    Re: I just got financed, should I pull the trigger?

    Why not just split the difference and pay half cash and finance half... Lower balance will be easier to pay off (good for credit as well) and you'll still have some buffer in your savings. If it was nearly winter I would say just save but you have the whole season ahead of you.

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  42. #42
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    ^ Buying a house or car is different, and alot more money. Plus when you factor in the worth of that $ today and what you could do with it because you'd have it to use as compared to what it'll be in 20-30 years when you're still paying, it makes it even more worth it. Throw in tax breaks, and a couple of refies in times of need, or when the interest rates are low, like now, and it's a no brainer.
    Financing a bike over 4 months, when you have the cash and can get a better bottom line by using it is foolish. There's better ways to build credit, and you can buy many other bikes and have just as much fun so if you're looking for an excuse to justify keep looking.
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    Well if you can get a better price by using cash, by all means do that and just pay yourself back later.

    Maybe your experience will be different than mine...when I bought my Ridley a cash offer made no difference on the price.
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    '11 Santa Cruz Driver 8

  44. #44
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    Quote Originally Posted by StuntmanMike View Post
    Don't ride over your head so you won't crash??

    Last time I rode I went down because I spun out on a wet root. Does that mean I was riding over my head? No. Sh!t happens. Falling/crashing is part of the sport. If you aren't doing either, you need to find some tougher trails. ...
    Riding over your head is a great way to crash. Some times it just a little dust and dirt. Sometimes it is a real injury. I don't crash much, but it can happen anywhere at any time. Most of the time when I try something hard I will land on my feet. Even with clipless pedals. However yesterday I had real crash. It was totally a result of my error. I was going fast in rocky section half mile form the end of my ride and I just made a mistake. I was fatigued and show have backed off given the fatigue, but I did not. I caught a rock wrong and that tossed me off line and into some more rocks and I wend down. Got few scrapes and banged my knee. Nothing serious, but it happened because I was pushing too hard given my fatigue level. I have never crashed there before and probaby won't again, but I knew I was tired and when that happens I can loose a little focus. Do that and it can easily end up in crash.

    You can also crash by riding way above you skill level. It is fine to push the boundaries, but go to far and it will not end well. Just because you buddy can do something does not mean you can just yet. Crashes can be avoided by pushing up on the limits slowly. The alternative is just to go all out and end up with alot more bumps, bruises and broken bones as well as broken bike parts. MTB riding is not about crashing and getting hurt. It is about riding and testing your fitness and skills.
    Joe
    '12 Santa Cruz Highball 29", '13 Santa Cruz Solo 27.5", Fetish Fixation SS 26" XC, AM, blah blah blah.. I just ride.

  45. #45
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    You already figured thr monthly payment you can afford and that is a good chunk of change that you stated. As bigkat273 stated do 50/50 cash and finance. If you want ot go get it. Good luck on the new ride.

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    Re: I just got financed, should I pull the trigger?

    If you are financing a bike, why get a $2000 bike? Dont do it. You can buy a 1-2year old used model for half that. Its not the bike, its the rider. Don't finance toys. You shouldn't even have applied tbh. A hard credit pull for a bike is sucky

  47. #47
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    How long have you been riding? That seems like a huge jump from what you are currently riding. If you haven't been riding that long, why not buy something less than half that price that is a bit more your level? Unless you have been riding forever and can use that beast, then save your money and pay cash.
    2 Hands Working Do More Than 1000 Hands Praying

  48. #48
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    Don't lose a summer because you were afraid of a loan... Buy the bike.

    Plus using some credit actually improves your credit score.

  49. #49
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    I am 24. I have been thinking about it. Financing = bad. So it is either 2k outright or nothing. I have been riding for about a year and a half. So I am a beginner. I am choosing that expensive of a bike because of my back. Hardtails are awesome and cheaper, but because of my back I can't ride one of those. Also I have no issues w/ going used, but I need a small frame bike and I have been checking ebay and craigslist and those seem difficult to find.

    And I'm not one of those guys who upgrades because the new model came out. I want to get a good nice bike and have it for a long time.

    Also some of the comments above are a bit harsh. All I did was ask a question. I dont know the trail terrain around rochester. I just kinda pick one and see if I can ride it. Every crash I have I say is a learning experience, did I have my pedals vert instead of horiz, did I not shift my weight correctly, etc. So that is the way I look at it.

  50. #50
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    Plus using some credit actually improves your credit score.
    if you are thinking of financing a bike, you shouldn't be doing it. It's a rapidly depreciating asset, not an investment like an education or home.
    Instead, you should use your credit cards and pay them in full every month etc. You shouldn't even be doing a hard credit pull (lowers your credit) for an $2000 item...

    Guys, don't claim something you don't understand. Hate to be a dick, but a lot people get hurt bad by credit. check out he fatwallet finance or credit forums for info.

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