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Would you recommend a motorcycle over a car after discharge?

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  • Would you recommend a motorcycle over a car after discharge?

    My Ch7 petition will be filed by my Atty today. I work from home; so I don't need a car, but I really want one. With my FICO score of 450, I don't think I can a 20+% APR.

    I want to get out of the apartment and do activities. I want to go grocery shopping without taking Uber. I want to take a part-time job to make an extra income.

    A lot of people recommend buying a beater and drive it for a year; some people said their beaters drive like a dream and never break down on them. I think they just got lucky though. For every 100 beaters, 50 of them probably have some type of serious issues. So it's a hit or miss when buying a beater, unless you're an experienced mechanic. Additionally, if it break down, there could be a very expensive issue which may cost several grands to fix.

    I have an alternative idea. What about motorcycles? I commuted on a motorcycle during college for 2+ years, and I performed all of the maintenance from oil change to clutch replacement. I'm fairly knowledgeable about bikes, but I'd get freaked out if a car break down. I see some pretty good deals on my local Craigslist for motorcycles in the price range of $1,500-$2,500. I know enough about bikes to not bring a mechanic.

    However, the thing about motorcycle is that you can easily die or seriously get injured and become paralyzed. I crashed my bike twice. The first one was when I was a newbie and wasn't too sensitive with the clutch; I popped a wheelie (unintentional) and felt; I scrapped my knee pretty good. The second one was when was I going too fast at back road for a tight turn; I walked away with no injury. After that, I was pretty mellow about riding. I avoided major streets and highways if possible. I tried to keep the bike under 35MPH, unless I have to go faster, which not easy to ride slow for a sport bike (not a supersport). I avoided rush hour traffic. So I became a fairly mature rider.

    My plan is to buy a motorcycle for about $2,000 +/- $500 after my discharge. Ride it for about 6 months to a year while rebuilding my credit. I can expect my FICO score to increase from 450 to 550+ after a year. Since a used motorcycle is both cheap to maintain and insure, I can save a small fortune monthly and put a good down ($3K) payment 6-12 months later for a used Honda Fit ($12K sticker). By then, I can probably expect 15% APR, which I know is still terrible, but I think it's better than risking injuries from riding. A year later (2 yr post discharge), I can probably expect my FICO score to be 600-650; I'd refinance with a credit union and expect 10% APR. A year later (3 yr post discharge), I can probably expect my FICO score to be 650-700; I'd refinance and expect 5-10% APR.

    What do you think about my plan for getting a bike over a beater? Do you think the rewards (i.e. money saved, having my own reliable vehicle) for the 6-12 months out weigh the risk (injuries, possible death or paralysis)? I'm mainly concerned about getting a large medical bill that I won't have BK protection. FYI I have health insurance, but I still worry.
    Last edited by CoffeAddict; 06-15-2017, 11:10 AM.

  • #2
    Where I live, it's too cold/snowy to ride for 5-6 months of the year. I'm guessing that's not your situation. I'm curious why you think an old cheap bike would be cheaper to maintain than an old cheap car...you've still got a chance of needing expensive repairs. Just ask my buddy who got a "steal" on a bike, only to find out he was basically going to have to rebuild the whole engine.

    You can avoid the trap of buying a bad car by having a mechanic check any potential purchase. If the seller's unwilling to let you do that, then obviously that raises some red flags.
    This post does not constitute legal advice. If you use this advice instead of that of a lawyer, God help you.
    Filed CH 7: 5/11/17 341: 6/12/17 Discharge: 8/14/17

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