I am thinking of purchasing a Ducati motorcycle. Its price, including taxes, is about $22K.
I don’t own a car so I have no car payments. I had a $50k education loan which I paid off. I have about $10k of credit card debt which I expect to pay off in 3 more months, at which time I will be debt free. Is it a good idea to finance this purchase and take on $300 to $400 per month in payments?
I am worried about the crazy insurance costs for this Ducati bike. When I looked up the cost on the Progressive web site, it estimated that basic coverage would be $12k per year. I think that this is insane since I could buy a motorbike every year for that price!!!
I am 25. I live in SoCal and I don’t have a driving history. If I decide to buy this motorcycle, how much of a down payment should I make ?
I'd appreciate some feedback. Thank you.