Costs To Consider Before You Buy a Motorcycle

 

Costs To Consider Before You Buy a Motorcycle

A motorcycle is a big investment and one that can bring joy and excitement to your life. Before you buy, though, think about other associated costs.

Whether you’re a first-time rider or an experienced motorcyclist, you know that buying a bike is a big deal! But it’s not just the upfront cost you need to consider. Maintenance, insurance, and safety gear also factor into your big purchase. These costs to consider before you buy a motorcycle will give you an idea of what to expect.

The Bike Itself

The easiest cost to spot is the bike’s upfront price. If you’re a new rider, prepare to spend around $5,000 to $10,000. Experienced bikers looking for a new ride may spend between $10,000 and $35,000. If you’re financing the bike, think about how long you’ll take to pay it off. Long finance periods translate to more interest—you may end up paying back more than the bike is worth!

Insurance

Motorcycles are vehicles just like cars, and motorcycle accidents can be catastrophic. Most states require liability insurance for motorcycles and personal injury coverage. Be prepared for every possible outcome as you prioritize safety.

If you’ve financed your bike, look into motorcycle GAP insurance. If you get into an accident while you still have a balance on your loan, the GAP insurance can fill in that blank. It’ll pay the difference between the amount of your loan and the bike’s value at the time of the accident.

Safety Gear

Motorcycle safety is paramount; there’s not as much protection between you and the road as there is when you drive a car. Your helmet is the crown jewel of your biking gear, so invest in a sturdy one. Helmets often run between $70 and $300, and you’ll need to replace yours every few years or after an impact. Any damage compromises the helmet’s integrity and renders it unsafe for wear.

Purchase a high-quality riding jacket while you’re at it. Leather has an association with bikers for a reason; it protects your skin from road rash if you take a fall. Black may be classic, but bright and reflective colors will keep you more visible on the road.

Maintenance Costs

Like cars, bikes need to go in for a tune-up every so often. Most motorcycle owners spend an average of $1,000 per year on regular maintenance. Think about how often you’ll use the bike. The more you’re on the road, the more chances you have to get into a crash. 

Is your bike new or used? Newer motorcycles have a higher upfront cost, but they won’t need as much maintenance. Conversely, a used bike will be cheaper to start, but it’ll need to go into the shop more often. Before you buy a motorcycle, look at your budget. A bike isn’t a one-time cost! To enjoy it to the fullest, you must have your motorcycle fully insured and take stellar care of it. These costs to consider before you buy a motorcycle will give you a better idea of the overall price of ownership.