If riders have the option to pay full cash up front, or get anything from 12 months upwards on 0% finance or low rate finance - should it be an option and why?
5 years?
that's pretty long for a consumer product which is probably going to be either broken or mostly replaced in 3 years?
Let me guess, does your shop offer it by any chance?
Let me guess, does your shop offer it by any chance?
[s]His shop offers 2yrs. I assume they are contemplating upping it to 5 years, so doing a bit of research, to see if it would drum up extra business.[/s]
Apparently so.
Had to be something along those lines. Seems almost like free advertising?
I'd quite like it if bike shops offered part exchange. It'd save the hassle of selling privately.
Anyone who needs 5 years to buy a bicycle shouldn't be given finance.
And TBH should really consider buying a cheaper bike.
Seems excessive for something that's generally not that expensive.
3 years should be plenty.
Had to be something along those lines. Seems almost like free advertising?
Not really. As no company has been named etc etc.
I'm sure it's just coincidence 😆
3yrs is plenty. At 5 there is a fair chance you would be paying for something you no longer own.
At 0% why not spread the cost over 5 years if you can afford the payments. If you were being hit by a usual credit APR of 19-31% then no.
5 years is a long time for something that is getting on for worthless in 5 years/tiny fraction of what you paid. As a consumer i wouldn't want to be paying for something in 5 years, that i've paid a lot of interest on that is worth £250 or less (depending on model/brand). A car has the residuals for this, much else doesn't.
Also, the repayments would be pretty tiny and pointless, but you'd be bound by a credit agreement.
No.
EDIT: assuming 0% is only offered on short term not long..?
What wwaswas said. Can't see any need for more than 3. Or 1 really TBH!
I'd quite like it if bike shops offered part exchange
Leisure Lakes agreed to buy my old Stumpjumper off me when I was purchasing an Enduro off them. Made my life very easy. Rocked up with one old bike, walked out with something bouncy and shiny.
This was back in 2004.
@faustus - the ad clearly says 'We can offer u up to 5yrs 0% finance on them!'
0% is a no brainer if the monthly payments are affordable
As a consumer i wouldn't want to be paying for something in 5 years, that i've paid a lot of interest on that is worth £250 or less
I'm no good with maths, you say a "lot" of interest.
How much interest would you have paid on a £5k bike on 5 years 0% finance 😉
How much interest would you have paid on a £5k bike on 5 years 0% finance
Hang on, I'll get my abacus.
Hang on, I'll get my abacus.
Cheers 🙂
Thread closed for borderline astroturfing.