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Motorcycle Buying Guide: How to Buy a Motorcycle

What you need to know before you buy your dream set of wheels.

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Zyane Tan

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James Martin
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A motorcycle is a practical purchase for many Singaporeans. Considering how small our country is and how traffic is often congested, a motorcycle can be a more efficient way to get around. Also, with new car prices going upwards of $100,000, getting a motorcycle is a more affordable option.

Use this guide to find some tips and tricks to help you make your motorbike purchase, along with financing options if you don’t have the full amount at your disposal.

Quick tips on purchasing a motorcycle

Buying any sort of vehicle can be a big financial commitment for most people and this includes buying a motorcycle. Having a motorcycle can be a wonderful experience for those with the confidence, good reflexes and experience to ride one but when it comes to buying your own motorcycle, there are a few things that you need to take into consideration.

  • Price. Buying a motorcycle needs to be given the same thought and consideration as you would exercise if you were making any other considerable investment. As is the case with cars, buying a motorcycle can be a costly affair, as the price can be quite high depending on the type of motorcycle you are looking for and whether you buy new or used.
  • Safety. In addition to the financial side of things, you also need to look at other important issues, such as the suitability of the machine that you are looking to purchase and also the safety aspects. For example, if you buy a second-hand motorcycle from a private seller you will be generally be taking greater risks in terms of safety than if you bought a brand new and fully checked motorcycle from a dealer.
  • Your experience level and type of riding. Your experience level should give you an indication of the type of bike you should be looking at, and so will the type of riding you think you’ll be doing. Scooters, scramblers, sport bikes or more lifestyle-suited models, there is no doubt that manoeuvring a motorcycle is riskier than a car. So make sure you get a bike that’s going to compliment your skills and needs.
  • Accessories. There are various other things you’ll need to purchase along with your bike, so make sure you factor the cost of all them into your budget. Remember things like a helmet, jacket, gloves, rain and weather gear, boots, and dedicated eye gear if you need it. All of this doesn’t come cheap, so make sure you shop around.

It is important not to get carried away and rush into any decisions when you are buying a motorcycle, as this could otherwise end up being a costly or even a dangerous mistake. You have to respect that these are powerful machines and therefore safety should be paramount. This, coupled with the variety of other considerations that have you need to think about, means that you should do your research before you purchase a motorcycle.

5 key considerations before making the purchase

You need to remember that buying any sort of vehicle, including a motorcycle, is a big step and there are a number of things that need to be considered before you take the plunge. Some of the things that you need to think about before you purchase a motorcycle include:

  • Whether to buy new – Most people would, of course, like to be able to buy a gleaming brand new motorcycle but this is dependent on your budget amongst other things. You need to look at your finances and work out whether you can afford to buy new or whether you need to be looking at your second-hand options. The value of a new bike can depreciate significantly the first few years, so you may end up paying even half of the original price with a used model.
  • Decide which motorcycle you want – Some people will already know exactly which make and model of motorcycle they want whereas others will be more flexible. If you are open to different makes and models at the right price, make a list of features you want from your new motorcycle, such as the engine size, as you can then target your search accordingly.
  • Comparing models and prices – Whether or not you have a particular make or model in mind, it is important to compare prices on motorcycles before you commit, as there could be a big difference in price based on where you buy from. This is something that you can do online, from websites such as SGBikeMart, which means that you don’t have to go out of your way to try and find a good deal.
  • Safety aspects – Motorcycles are big, powerful machines and in order to reduce the risk of accidents and issues, you need to take action to ensure that the motorcycle you buy is safe. This is particularly important if you are buying a used machine from a private buyer, as you do not have the same safety checks and reassurances as you would with a new motorcycle. You can consider employing the services of experts in the motor industry to carry out checks before you commit – even if you have to pay a little cash for this service, it could save you a fortune in the long run and more importantly could save you from serious accidents resulting from riding a faulty motorcycle.
  • The funding for your motorcycle – Whether you buy a new or used motorcycle, the cost is likely to be quite high, so one of the first things you will need to look at is the funding for your purchase. There are a number of different options that you can look at when it comes to funding. You may be lucky enough to have the money in savings to make your purchase outright, otherwise you will need to look at options such as financing from the dealership to make your purchase. Don’t forget, you’ll also need to get the right insurance policy in place.

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Personal loan comparisons for your next Motorcycle

Name Product Interest Rate From Loan Amount Processing Fee
Standard Chartered CashOne Personal Loan
Standard Chartered CashOne Personal Loan
3.48%

EIR: 6.95%

S$1,000 – Up to 4x your monthly salary, subject to a cap of S$250,000
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UOB Personal Loan
UOB Personal Loan
3.4%

EIR: 6.22%

S$1,000 – Up to 95% of your available credit limit
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Get up to S$600 cashback if you choose a loan of S$30,000 or more with a term between three and five years. This online offer ends on 30 November 2021.
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HSBC Personal Instalment Loan
HSBC Personal Instalment Loan
3.4%

EIR: 6.5%

S$1,000 – S$200,000
S$88
Apply online and get cashback of up to SGD3,100 upon approval. Offer ends 31 December 2021. T&Cs apply.
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Citi Quick Cash Loan
Citi Quick Cash Loan
3.45%

EIR: 6.5%

S$1,000 – Up to 4x your monthly salary
S$0
Get cash starting at 3.45% p.a. (EIR 6.5% p.a.) on a 36-month loan tenure. The interest rate does not vary according to income but tenure instead.
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Apply for a Personal Loan with Lendela
Apply for a Personal Loan with Lendela
5.3%

EIR:

S$1,000 – S$100,000
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DBS Personal Loan
DBS Personal Loan
2.88%

EIR: 5.79%

S$500 – Up to 10x your monthly salary
1% processing fee
Apply today and receive an interest rate from 2.88% p.a. (EIR 5.79% p.a), plus a 1% processing fee. Loans of up to 10x your salary may be available.
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POSB Personal Loan
POSB Personal Loan
2.88%

EIR: 5.79%

S$500 – Up to 10x your monthly salary
1% processing fee
Enjoy a fast approvals service and an interest rate starting at 2.88% p.a. (EIR 5.79% p.a), plus a 1% processing fee.
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Bottom line

Putting in some time and effort into doing your research before you make your decision means that you can enjoy greater peace of mind when you are buying your motorcycle as well as cutting the risk of problems and issues that could arise from buying a defective or unsuitable motorcycle. Remember to compare your loan options if you’re considering finance to ensure you get the best deal for you based on your needs.

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