Chasing freedom – Checklist of what you need to know before you buy or finance a motorcycle
Determine what you want out of a bike, and find some tips and tricks to help you get the most out of you motorcycle purchase. This guide will help you get some financing options if you don’t have the money upfront.
Tips on purchasing a new or used motorcycle
For most people, buying any sort of vehicle can be a big financial commitment — including a motorcycle. When it comes to buying your own motorcycle, there are a few things that you need to take into consideration.
- Price. Buying a motorcycle should be given the same thought and consideration as you would with any other large purchase. Be sure to work out your finances to see if you can fit all of the costs that come with a motorcycle into your budget.
- Safety. If you buy a second-hand motorcycle from a private seller, you’ll generally be taking a greater risk than if you bought it brand new and fully checked from a dealer. Bringing the bike to mechanic you trust before you start riding.
- Your experience level and type of riding. Determine what kind of bike you want: on- or off-road, sport bikes or cruiser. Make sure you get a bike that’s going to compliment your skill level — a bike with too much power will undoubtedly be overwhelming for a new rider.
- Accessories. Make sure you factor in the cost of the accessories you’ll need when riding your bike. Items like a helmet, jacket, gloves, rain and weather gear, boots and eyewear can get expensive, so shop around to find the best deal.
It is important not to get carried away and rush into any decisions when you are buying a motorcycle. If you don’t do any research, it could end up being a costly or even a dangerous mistake.
Arthur's wild ride
Arthur had always wanted a motorcycle, but wanting to save money he decided to buy a used bike for $4,000. Thinking about all of the gear needed to get out on the road, he figured he’d take out a loan for $5,000 and use the extra funds towards the extra expenses. Thinking he wouldn’t be able to save up the money on his own, he decided to compare his financing options.
He saw that he could secure his motorcycle purchase against the loan and get a lower rate in return. He found a loan he was eligible for offering a 4% rate. He worked out his monthly payments of $148 and was able to repay the loan in three years.
5 factors to consider before buying a motorcycle
There are a number of factors that need to be considered before you get on the open road. Some key points to think about before you purchase a motorcycle include:
- Buy new or used. You need to look at your finances and work out whether buying new or used is more suitable to your budget. If it’s your first bike, a second-hand motorcycle may make more sense as you can see how much you really like it.
- Decide which motorcycle you want. Some people are set on the make and model of motorcycle they want. But if you don’t know and are more flexible to different bikes at the right price, make a list of features you want, such as the engine size and style and then narrow your search.
- Comparing models and prices. It’s important to compare prices on motorcycles before you commit, as there could be a big difference in price. Research online and at local dealerships to find the best deal offered.
- Safety. You need to be sure that the motorcycle you buy is safe — especially if you’re buying a used bike from a private seller. Consider hiring a mechanic to give the bike a full inspection before you commit. Even if you have to pay a little cash for this service, it could save you from buying a faulty motorcycle.
- How to pay for your motorcycle. There are a number of different options that you can look at when it comes to making your bike purchase, such as financing from the dealership or a personal loan.
Compare loan offers
Putting time upfront can give you peace of mind when you’re buying your motorcycle. It also cuts the risk and issues that could arise from buying a defective or unsafe bike. Remember to compare your loan options if you’re considering finance to find the best deal on the market.
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