As I mentioned in Tueday’s post on the savings you can see if you don’t finance your motorcycle, I didn’t follow my own advice when I bought my SV650. Now I’m saddled with a loan that I really don’t want — especially in these uncertain economic times. I’ve decided that I really want to own this bike outright, and I thought it might be an interesting experiment to document my progress in paying off this debt.
The first thing I did was call my lender and ask for the current payoff amount. Yay, I’m $4349.83 in the hole!
Next, I’ll be using this nifty progress bar tool to show how far along I am in paying this amount down:
That 0% is kind of sad. But I’m working on it! I figure I’ll post an update next month to show my progress. At any rate, this is probably not the kind of thing you’re hoping to read about on this blog, but talking about my goal publicly makes an outstanding motivator! Thanks for humoring me. 
(Fine print: yes, I know that the payoff amount is not necessarily an accurate figure since interest is accrued daily. But it’s pretty close, and I needed a place to start.)
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{ 3 comments… read them below or add one }
Certainly sounds like an excellent plan! Best of luck.
Very responsible, a good idea. Too bad you had not checked the used market, next-to-new SVs go for a decent % off stock all the time.
Updates?