Financing an E-Bike?

C

Charlie

1 mW
Joined
Feb 20, 2008
Messages
18
I'm wondering if anyone has suggestions or advice on financing the purchase of an E-Bike.

By my way of thinking, an E-Bike can be a viable substitute for owning a car - especially in cities with car-sharing programs such as Zipcar. To me, that's a very appealing combination - use a bike or e-bike for the daily commute and getting around town, and use a car when you have a specific need for one, such as moving large items, going on a ski trip to the mountains, etc.

I have a pretty good financing deal on my current car - I'm paying 4.74% through my employer's credit union. Just a couple days ago I learned about the Optibike, built and sold just up the road from me in Boulder, CO. Their 800 Watt models approach $10,000 but if I compare that to owning a car, it doesn't seem like such a bad deal - except for the financing. My credit union's car loans - and those of most other banks apparently - requires things like a VIN # and vehicle title, which are not part of the e-bike package.

None of the financial institutions I contacted offered a better deal than their standard personal loan, with a rate much worse than their vehicle loan rates. Has anybody else dealt with this issue? If so, any suggestions or advice? I'm strongly considering making a switch, but I don't want to be ripped off on the financing. That would likely kill the deal for me.
 
Welcome to the forum !

My opinion on that, is if you are seriously considering a 10,000 $ ebike, the financing is the least of the factors to deal with.

:mrgreen:

You can build a seriously well equipped ebike for half that..

And a usable one for a fraction of that half !!!! no financing required !
 
Hi - I garaged my motorcycle, saved rego, insurance & put off a major service (to do myself after a little study :lol: ) = $1500 saved. Bought a Nice new bike, quality accessories & a good hub kit = Still have $400 left. I know this is not what you meant by financing - but is a very viable option if you wish to tinker to get the best cost effective solution.
 
Dr. Shock said:
Credit comes from the Devil. Save, don't borrow.
Click to expand...
Not always... Ask the recent Nobel Laureate:
http://news.nationalgeographic.com/news/2006/10/061013-nobel-peace.html

Credit allows faster productivity:
While labor creates all wealth, it gets help from good tools. Getting those tools faster, brings more wealth to society. The lender can benefit, as can the borrower; provided all parties are reasonable and dilligent.

:D
 
Ypedal said:
Welcome to the forum !
Click to expand...

Thanks :)

Ypedal said:
My opinion on that, is if you are seriously considering a 10,000 $ ebike, the financing is the least of the factors to deal with.

:mrgreen:

You can build a seriously well equipped ebike for half that..

And a usable one for a fraction of that half !!!! no financing required !
Click to expand...

I see your point, but I'm just not sure about seriously using a "kit" bike every day.

Should the motor really be on the hub of a wheel? That would mean that it doesn't always get to operate at the rpm at which it is most efficient. It can't take advantage of the rider's ability to shift gears. And, it would not be supported by the suspension - it would rattle around with every pothole you hit, and add to the angular inertia, making the bike harder to handle and stop.

And won't a kit bike have problems when it gets wet? Seems like everything should be waterproofed and sealed off.

I'm concerned that if I did this halfway, I'd end up with something that I wouldn't actually use every day. If there are cheaper options that are high quality and have a solution to these issues, I'd love to hear about them!
 
Dr. Shock said:
Credit comes from the Devil. Save, don't borrow.
Click to expand...

I understand but, well, I'm borrowing against the car right now. Swapping a bike for the car and borrowing against the (cheaper) bike seems like an improvement, and then with no gas and low cost of ownership, well, wouldn't that just make financial sense?
 
That would mean that it doesn't always get to operate at the rpm at which it is most efficient. It can't take advantage of the rider's ability to shift gears.
Click to expand...

All modern train engines have singlespeed electric motors powering the wheels. Using a singlespeed electric system on a bike or train leaves out a bunch of transmission parts that can wear out or break, and will also create efficiency losses. By contrast, a singlespeed system loses some efficiency due to being used outside of its ideal operating speed and has to be made big enough to have useful power at a variety of operating speeds. Both systems have merit.

I definitely wouldn't buy an optibike on credit when such great options are available as kits. If you are really in to having your motor run through multispeed gearing, but open to trying a kit, check out http://cyclone-tw.com - i bought their 500 watt motor (powerful enough for about 20mph on flat ground without pedaling; can climb extremely steep hills in low gear) but they have kits ranging from 200 watts to 1000 watts, and they use your batteries efficiently. None of these will outdo the strongest crystalyte hub-motor setups in terms of hill climbing ability or top speed, since crystalyte motors have been used at power levels of over 2000 watts and top speeds of more than 40 mph.
 
cerewa said:
That would mean that it doesn't always get to operate at the rpm at which it is most efficient. It can't take advantage of the rider's ability to shift gears.
Click to expand...

All modern train engines have singlespeed electric motors powering the wheels. Using a singlespeed electric system on a bike or train leaves out a bunch of transmission parts that can wear out or break, and will also create efficiency losses. By contrast, a singlespeed system loses some efficiency due to being used outside of its ideal operating speed and has to be made big enough to have useful power at a variety of operating speeds. Both systems have merit.

I definitely wouldn't buy an optibike on credit when such great options are available as kits. If you are really in to having your motor run through multispeed gearing, but open to trying a kit, check out http://cyclone-tw.com - i bought their 500 watt motor (powerful enough for about 20mph on flat ground without pedaling; can climb extremely steep hills in low gear) but they have kits ranging from 200 watts to 1000 watts, and they use your batteries efficiently. None of these will outdo the strongest crystalyte hub-motor setups in terms of hill climbing ability or top speed, since crystalyte motors have been used at power levels of over 2000 watts and top speeds of more than 40 mph.
Click to expand...

Well of course with enough power a hub-mounted motor will do the job, but then by feeding it all that power, aren't you seriously cutting back on how far you'll be able to ride before the battery runs out? Particularly when you have hills on your route? My commute is about 50 miles round trip! Range is important!
 
50 Mile range is ALOT for any ebike.. optibike included..

You might want to consider a Gas-Powered-Bicycle !!!! :lol:

The bike in the rain above had 72v 8ah of nimh.. 25 miles no problem

The bike in my Avatar has 72v 20ah of Lithium .. i will do 50 miles per charge with a light-throttle usage..

but if you charge after 25 miles.. then return .. it would be alot easier.
 
Ypedal said:
50 Mile range is ALOT for any ebike.. optibike included..

You might want to consider a Gas-Powered-Bicycle !!!! :lol:

The bike in the rain above had 72v 8ah of nimh.. 25 miles no problem

The bike in my Avatar has 72v 20ah of Lithium .. i will do 50 miles per charge with a light-throttle usage..

but if you charge after 25 miles.. then return .. it would be alot easier.
Click to expand...

Yeah... not sure my employer would be very accommodating about providing a place to charge it. We can't even bring an iPod inside (sigh).
 
Ok, Tyler and Charlie, sometimes it makes sense to borrow in order to produce wealth, and sometimes the government artificially makes it more attractive to borrow than to rent, as with home mortgage interest. None of that means that credit does not come from the Devil. You just have a better chance of getting away with your soul in those cases, although there are lots of mortgagees right now who wouldn't allow even that exception.

For almost 20 years, my profession brought me in contact with a lot of people in debt. My observation, based on a lot of hard cases, is that debt is really a form of slavery, and the more you can resist the temptation to borrow, the better off you will be. A lot of marketing energy goes into getting you to think about monthly payments, instead of the total you're going to end up paying. It is always a good exercise to look at some desirable thing and say to yourself: "I cannot afford this. If I buy this, I will suffer a calamity the next day and my life will begin a steep downward spiral which will endure into my bitter old age." This is exactly what the sellers of things don't want you thinking about. "You deserve it--you need it, why should someone else have it and not you?" is what they want you thinking. Only if your inner voice loudly and clearly gives you clear reasons why calamity will not ensue, should you consider moving ahead. If your inner voice is any good at all, it usually will not steer you into debt.

Charlie, at $10,000, an ebike doesn't make any sense, because at least right now, you can't get one for $10,000 that will be so much better than one you can put together for $1,000 to make it worth it. If you had a lot of money, then blowing $10,000 on an ebike would be a fine amusement, but if you have to borrow the money, you should look for something much more affordable.

So you can put together a decent ebike for $1,000, and you shouldn't have to borrow any money for that kind of expense, especially since you don't have to buy everything at once.

I live in So. California, one of the sunniest parts of the US, but for most of the past month or two, it has been too rainy, windy and cold to ride a bike anywhere most of the time. If you live anywhere else, you'll likely see worse weather, meaning more time you can't ride the bike, so you'll still either need a car, or find a ride either on the bus or with someone else.

Maybe what you should do is sell the car and get a beater car that you don't have to borrow for, or ride the bus while you save some cash. In fact, even if you don't go ahead with the ebike, getting out from under the car loan and replacing it with a cheap car you pay cash for probably makes some sense.

Sorry to run on.
 
Charlie said:
Yeah... not sure my employer would be very accommodating about providing a place to charge it. We can't even bring an iPod inside (sigh).
Click to expand...

Lets not forget a safe place to Park and LOCK IT !!!!

I bring my 3000 $ ebike indoors and lock it in a office, that requires ID cards to enter and exit !

When i go some place that requires i leave the bike out of my sight, i take another of my bikes that costs much less .

Imagine a 10K $ bike !
 
Simply another opinion: Being retired and comfortable and having owned many cars, trucks and other vehicles over the years I have been able to draw a few conclusions. The astute buyer needing dependable transportation and having limited funds buys the least expensive car that will suit their NEEDS and not their wants and then finances at the best rate available to them. Financing an expensive car can be compared to financing a Rolex watch and neither make any long term sense as the value of the object declines faster than the loan can be repaid, you are always "upside down".

Taking this to the Optibike, it is a wonderful machine for those that have 10K disposable dollars but the job it does can be done for a LOT less money. On a personal note I can afford all the Optibikes I want, need or desire but I ride a 13 y/o beach bike with a Crystalye motor, LiPO4 batteries and even counting the original purchase price of the bike have around 2K in it and it is WONDERFUL. It's dependable, fast, fantastic range, stealthy and if it gets stolen or destroyed I will be upset but not financially crippled.

Explore your options and determine is the Optibike is desired simply because of it's status or shiny or styling or if you NEED everything it provides and nothing else will work. If so you are going to need to get insurance on it in order to gain financing. That alone could open a whole new can of worms.

Mike
 
Dr. Shock said:
Ok, Tyler and Charlie, sometimes it makes sense to borrow in order to produce wealth, and sometimes the government artificially makes it more attractive to borrow than to rent, as with home mortgage interest. None of that means that credit does not come from the Devil. You just have a better chance of getting away with your soul in those cases, although there are lots of mortgagees right now who wouldn't allow even that exception.

For almost 20 years, my profession brought me in contact with a lot of people in debt. My observation, based on a lot of hard cases, is that debt is really a form of slavery, and the more you can resist the temptation to borrow, the better off you will be. A lot of marketing energy goes into getting you to think about monthly payments, instead of the total you're going to end up paying. It is always a good exercise to look at some desirable thing and say to yourself: "I cannot afford this. If I buy this, I will suffer a calamity the next day and my life will begin a steep downward spiral which will endure into my bitter old age." This is exactly what the sellers of things don't want you thinking about. "You deserve it--you need it, why should someone else have it and not you?" is what they want you thinking. Only if your inner voice loudly and clearly gives you clear reasons why calamity will not ensue, should you consider moving ahead. If your inner voice is any good at all, it usually will not steer you into debt.

Charlie, at $10,000, an ebike doesn't make any sense, because at least right now, you can't get one for $10,000 that will be so much better than one you can put together for $1,000 to make it worth it. If you had a lot of money, then blowing $10,000 on an ebike would be a fine amusement, but if you have to borrow the money, you should look for something much more affordable.

So you can put together a decent ebike for $1,000, and you shouldn't have to borrow any money for that kind of expense, especially since you don't have to buy everything at once.

I live in So. California, one of the sunniest parts of the US, but for most of the past month or two, it has been too rainy, windy and cold to ride a bike anywhere most of the time. If you live anywhere else, you'll likely see worse weather, meaning more time you can't ride the bike, so you'll still either need a car, or find a ride either on the bus or with someone else.

Maybe what you should do is sell the car and get a beater car that you don't have to borrow for, or ride the bus while you save some cash. In fact, even if you don't go ahead with the ebike, getting out from under the car loan and replacing it with a cheap car you pay cash for probably makes some sense.

Sorry to run on.
Click to expand...

You sound wise. I suppose I shall save up toward the goal of affording one of these. Of course, deep down, I knew that...
 
Don't sound glum. I tried as an experiment building an electric bike for around a hundred bucks. It was based on a $10 scooter motor. No controller, just an on/off switch. It actually ran really well.

The one I ride most now cost about $400, plus a couple hundred more for a battery upgrade. Oh, and the bike was a gift. Everything else I bought used, made or got cheap on ebay. It zooms along and everyone who rides it comes back with an ebike grin. I use it for most of my errands.

A buddy of mine once said that you can have as much fun with a $400 car as a $40,000 car (I having just bought a '66 volvo for $400). A $40k car is fun in different ways from a $400 car, but at the end of the day, there's a lot of stuff you can do with a $400 car that you can't do with a $40k car.

I swear to you, and so will many others on this forum, that you can build a practical, fast and fun ebike on the cheap, and use it for commuting and funriding.
 
Dr. Shock said:
I swear to you, and so will many others on this forum, that you can build a practical, fast and fun ebike on the cheap, and use it for commuting and funriding.
Click to expand...
True, that.

Then, you can blow a ton of dough on slammin batteries and upgrades... :twisted:
 
Hmm, I've been debating on whether to make this poll or not, but it seems like a good time. To the Polls!
 
Charlie said:
cerewa said:
That would mean that it doesn't always get to operate at the rpm at which it is most efficient. It can't take advantage of the rider's ability to shift gears.
Click to expand...

All modern train engines have singlespeed electric motors powering the wheels. Using a singlespeed electric system on a bike or train leaves out a bunch of transmission parts that can wear out or break, and will also create efficiency losses. By contrast, a singlespeed system loses some efficiency due to being used outside of its ideal operating speed and has to be made big enough to have useful power at a variety of operating speeds. Both systems have merit.

I definitely wouldn't buy an optibike on credit when such great options are available as kits. If you are really in to having your motor run through multispeed gearing, but open to trying a kit, check out http://cyclone-tw.com - i bought their 500 watt motor (powerful enough for about 20mph on flat ground without pedaling; can climb extremely steep hills in low gear) but they have kits ranging from 200 watts to 1000 watts, and they use your batteries efficiently. None of these will outdo the strongest crystalyte hub-motor setups in terms of hill climbing ability or top speed, since crystalyte motors have been used at power levels of over 2000 watts and top speeds of more than 40 mph.
Click to expand...

Well of course with enough power a hub-mounted motor will do the job, but then by feeding it all that power, aren't you seriously cutting back on how far you'll be able to ride before the battery runs out? Particularly when you have hills on your route? My commute is about 50 miles round trip! Range is important!
Click to expand...

I have a similar set up like (Crystalyte Pheonix Cruiser, 72v40ah controller, LiMn batteries) Ypedal and I have 32+ mile round trip commute in the streets of San Francisco (very serious hills) and San Mateo.I just rode my ebike and did a 50+ miles r/t just to sight see and do errands today.

Once in a while, I let it rip and go 40+ mph on a long straight away and see the look of drivers' faces. :p Just ride safely and responsibly.

My convertion set up with bike cost just under $3000. So far, I haven't gassed up my car for a month (savings of $60 p/week) I guessed my bike paying itself off. Good luck with your purchase, but most of all have fun! :p
 
I haven't been in this ebiking for very long but here is another thing to consider from what I have been hearing. A $10,000 loan is going to take a long time to pay off. Apparently the technology in this field is taking off, in terms of batteries, controllers, etc. By the time you get a fraction of that loan paid off, you can buy the same bike for a fraction of the cost. Cars don't change that much. A 5 year old car is pretty much the same as new car. The styling is a little different and lately the mpg has been improving, but beyond that they are the same. Who knows what type of technology is going to be available for an ebike in just a year. I bought a $300 'factory' bike from walmart. Except for some damage issue from shipping I am happy with it. It gets me to work and back. Of course, my commute is a lot shorter then yours, but they do have an option to add a second battery pack to extend the range. And I am going to be making some modifications to it soon, but that was my goal from the very beginning. I'm using it as a test bike. I think if you are considering a $10,000 bike, you won't be happy with this one, but like mentioned above, there are a lot of cheaper ways to go, and you will probably end up with a better bike.
 
Jay,

Our local Wal-Mart has just recently started stocking the Mongoose I-Zip and is selling it for about $350.00 This model bike is the only other electric bike I have ever seen and even then only two with one of them just recently and it was parked and chained at a local restaurant. From your post it's possible that your bike is a Mongoose.

If so, what is your evaluation? A bag rat at the golf course is considering one and $350.00 is a lot of money to him.

Mike
 
Dr. Shock said:
Maybe what you should do is sell the car and get a beater car that you don't have to borrow for, or ride the bus while you save some cash. In fact, even if you don't go ahead with the ebike, getting out from under the car loan and replacing it with a cheap car you pay cash for probably makes some sense.

Sorry to run on.
Click to expand...

I never really caught the car bug and never became a slave to my id (inner desire)- a car is NOT an extention of one's personality - but is simply a form of transport. No matter what car salemen my spout or what friends/family think - it is simply a a tool. I chose not to play the upgrade, it's newer it must be better for my image, game from day one. Result - the family steed is a wagon, kitted out with extra seats, is 15 years young - is in good order & does the job it was intended to do. Without me wondering which meal the family should miss to make some unholy monthly repayment. Granted my kids often get told that they must be poor as their mum/dad can not "afford" a new car - but they learnt to laugh off the comments - as from a early age they have been taught that owning is a measure of material wealth & "owing" is just that.

The "coat of many colours syndrome" is alive and well - my littles ladies are agog with stories from my childhood where my siblings and I rode a mare to school - with the family steed (car) being used to only on Sundays :lol:
But one must wonder if I am making a rod for my own back - since I caught them fawning over a pony at the local fair & conspiring amongst themselves as to how to appoach mum with an argument - that 3 bithdays & Xmas's = a pony in the back yard!!!! :roll:
 
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