Are You Financially Ready to Own a Motorcycle?
Owning and driving a motorcycle can both be a lifestyle and a hobby. According to motorcycle statistics, about 71% of people that own a motorcycle are employed, while the other 24% are retired. Perhaps the reason why there are so many employed motorcycle owners is that those with a steady and reliable income are more financially ready to own one. While owning a motorcycle may not be as costly as owning a car, it comes with its own fair share of costs that most people are unaware of. If you’re thinking of buying your own two wheels and cruising the highway, be sure to go through the following checklist first to decide if your finances can handle the associated costs.
The Motorcycle Itself
As mentioned, an auto generally costs more than a motorcycle, but you’re still looking at shelling out a few thousand dollars if you want a decent bike that performs well on the road. Although you can get a motorcycle for as little as $5,000, high-end options can also cost as much as $40,000 or even more. This is the highest upfront cost that you’ll have to deal with.
Registration
Once you have purchased your motorcycle, you might be raring to give it a test drive, but it’s important to pay your license and registration fees first to ensure you’re legally compliant. The costs will depend on your state, so it’s important to do your research and budget ahead of time.
Protective Gear
It’s no secret that driving a motorcycle carries some risk. It’s absolutely essential that you invest in safety gear when you buy a motorcycle. According to recent statistics, as much as 75% of motorcycle accidents involve a collision with an automobile. When that happens, riders wearing helmets tend to suffer fewer neck injuries than riders without a helmet. Therefore, owning a helmet, glove, riding pants, jacket, and boots should be standard. You can’t afford to skimp when it comes to your protection, so you might be looking at a substantial cost when buying quality and new safety gear.
Insurance
Even when you’re a careful rider, it’s critical to have insurance because you never know when the unexpected happens. For instance, it’s difficult to prevent accidents from crosswinds. According to a study by Knott Laboratory towing on commercial vehicle towing accidents, a 35-mph crosswind can exert as much as 3,440 pounds of force against the site of a trailer. Since there’s no guarantee against accidents, you’ll find that motorcycle insurance is compulsory in most states. Compulsory third-party insurance is designed to compensate third parties if you’re found liable for the accident.
Fuel
Fuel is one of the biggest costs associated with owning a motorcycle. Like your auto, your bike will also need fuel to keep running, and if you buy a bike with poor gas mileage, then it means you own a very expensive bike. To avoid this, calculate how much gas you’ll need per month and figure out if the cost aligns with your budget.
Regular Maintenance and Repairs
When your motorcycle is still shiny and new, it’s difficult to anticipate other hidden costs down the line. When you have an auto, you may not think that your motorcycle also requires regular service. The truth is, your bike will experience wear and tear over time. Besides regular maintenance to keep your bike in good condition, you may need to replace your tires, belts, chains, spark plugs, and other components.
If you already have an eye on your dream motorcycle, it’s still important to pause and consider all the costs that come with motorcycle ownership. As you can see, it goes beyond the initial investment. While the purchase price may be once-off, keep in mind that there are ongoing costs, such as fuel, maintenance, and repairs. Be sure to keep an eye on these factors when deciding whether to invest in a motorcycle.