My brother-in-law did the same sort of thing that you did. In 07 he bought a brand new 600RR off the showroom floor and after all was said and done, he paid just a little over $10,000 for it. He knew better because I showed him over and over where he could get a barely used one for almost half the price. His problem was he didn't have the money, banks wanted really high interest rates, and he would have to get full coverage. He found that through the Honda dealer, he could put the entire purchase on a Suzuki credit card, have low interest for the first 3 years, and get liability only.
Ever since about a month after he bought it, it has been periodically up for sale and he talks about how much he hates the payments, blah blah blah. Now, about a year and a half later, he has lightly laid it down twice (once he just pushed it over on concrete while washing it) and his wife pushed it down the driveway 6 feet with her car.
He wants to get out from under it, but there is no way he will get his money back. He probably still owes $8,000 on it, both sides have some scuffs from going down, his sidestand is bent (thanks to his honey) so badly that it barely stands on it's own, the front fender is cracked all over and flops in the wind, and the front fairing is scuffed pretty bad and the lines don't match up (again thanks to the driveway incident).
He would be doing good to get $5,000 for it in my opinion.
Unless you are Bill Gates, money is almost always an issue. I am already thinking about this winter and how it will put a squeeze on the budget. The bike will be parked, I'll be spending more on fuel in the truck, the heat will be running and the gas bill is going to suck, I have to start making a $200 per month student loan payment in Jan. etc.
My advice is to sit down at your computer with Excel and create a detailed budget. Put all of your income lines together in one area, then put your monthly expenses in another. Look for areas to cut and try to run lean. If you already have a good handle on your money flow, then that's great, but you probably would have seen this coming.
is a good source of information. I think sometimes he gets a little extreme in his ideas, but if you follow most of them, you should be fine. As long as your income is greater than your payments and you have some money in savings...well....you know.
Sorry for writing a book here, but I guess what I could have said in about two sentences is...although the bike may not have been a smart choice, see if there are even dumber decisions that have placed you in this current financial crunch. Also check your budget really well before jumping to any decisions.
EDIT...Disclaimer: No offense was meant to people who purchase brand new vehicles/motorcycles.
If you have the money, go for it. If not, get the best you can afford.