Smart plan! Lot's of people here could learn from you. I bought my S new, but put $20k down and paid it off in a year. And like you, I pay cash for the bikes. There are great deals out there for the savy shopper. I paid $5k for the VFR. It only had 634 miles on it!

 

Cool = we bought our Element in 2005 and still have it / love it. It's at 52K and we have had no issues. Just runs and runs and runs.

 

For a Honda, 52K is still its infancy!

 

Now if you can just discipline yourself to make that monthly bike payment into a savings account. You're used to living on your income and making that payment. If you continue to live as you have, and make the bike payment into savings, you'll soon have a nice cushion to tide you over if something goes wrong.

Medical bills, job losses, expensive car repairs, and other things happen. A cash cushion can make it much easier to sleep at night if the "grim reaper" is walking the halls at work. Debt free is wonderful, but debt free with no cash won't keep you afloat if the unexpected happens. And it does, from time to time.

Sorry if I sound preachy; you sound like you're very responsible with your money, but many people don't understand the value of having some cash to pay the bills and buy groceries if they lose their job, are unable to work, or whatever.

 

Paid mine off last year. It is a great feeling.

It was my 3rd one (2001 then 2003 SS)... totaled the first 2. I'm keeping it unless I get a newer one. 2002, Suzuka blue, 72K miles.

It is a good point that you shouldn't be debt free and have no cash. I haven't really increased my standard of living much over the years, but my pay has gone up...I save about 40% of take-home. My only debt is student loans @4% and I could write a check for that tomorrow if necessary.

I've gotten the upgrade bug, though. Got a Comptech exhaust just today, and now eying the Science of Speed SC group buy! I do need a new top though, too.

 

Sir, I salute you for your self-discipline.

Owing only student loans at a low interest rate is commendable. You've done well for yourself. I think we agree, it's good to have cash in the bank to ensure that you can pay your rent, buy groceries, pay your insurance, your student loan, etc. for a few months if life happens to you. Because life does happen.

 

congrats- i did the same thing last week. I sold my daily (chevy s10 extreme) since I will be paying off the S in less than a month, and bought an 05 toyota tacoma so i can tow the S when I start tracking it.

 

Congrats, I sold my 2005 Element and picked up my S.