Buying a Motorcycle: How to Plan Your Motorcycle Budget
Buying a Motorcycle: How to Plan Your Motorcycle Budget
Article by Melanie Broemsen
There are many different types of motorcycles, from sport bikes to cruisers, and the cost of ownership ranges from easily affordable to outrageously expensive. Depending on the motorcycle you want to buy, you may find the cost easily fits within your current budget. In fact, there are several steps you can take that may make buying a new motorcycle quite affordable. First, estimate the costs involved in owning a motorcycle. Then, determine how to adjust your finances and increase your motorcycle budget.
Determine the total cost to own your motorcycle
Begin by assessing how much of a monthly motorcycle payment you can afford without straining your current budget. Include the following factors in your calculations to be sure your result accurately represents the true cost of motorcycle ownership:
Initial purchase price – A new, customized Harley-Davidson touring bike can cost you ,000 or more. However, a gently used (mid-2000s model) sport bike such as the Suzuki Katana will cost about ,000. Protective riding apparel and gear – A new helmet will cost about 0, and a jacket will cost roughly . Fuel – Most motorcycles have a 3-gallon tank. With gas priced at about a gallon, you can expect to fill your tank for . If the bike you want averages 60 miles per gallon, you could ride up to 180 miles on one tank of fuel. Average maintenance costs – A thorough, annual inspection will cost about 0 to 0. This includes changing necessary fluids, checking shocks, brakes, tires and all important components. Motorcycle license – Plan on spending around for the license, plus the cost of a motorcycle safety course, should you choose to take one. Fitting your motorcycle expenses into your budgetNow that you have a general idea of how much a new motorcycle will cost, how are you going to fit it into your budget? While you may be eager to purchase the bike you’ve been eyeing, it’s important to review your finances and decide how you will afford it. Use these tips to help:Buy used instead of new – Unless you are an experienced or regular rider, consider purchasing a gently used motorcycle. In addition to avoiding the anxiety related to accidentally damaging a new motorcycle, you’ll forego frustration if you discover either you don’t have enough time to dedicate to your new hobby or don’t enjoy it as much as you expected.Sell your other toys – Make room for your new toy and help offset some of the cost associated with it by cleaning house. If you have a scooter, fishing boat or touring bicycle that is collecting dust, sell it and put the funds toward your motorcycle. Or, think about selling the extra refrigerator in your garage, the stereo equipment that you rarely use or the power tools you haven’t touched in ages. Remember, every little bit counts!Share a car with your spouse – Rather than owning multiple vehicles, share a car with your significant other. Because selling your car could generate enough (or close to enough) money to pay for your motorcycle, the result may be a low monthly pay – or even no monthly payment – when you buy your new motorcycle. In addition, you will save money on your monthly auto insurance expenses, fuel costs and auto repairs. On days when the weather does not permit you to ride your motorcycle, take public transportation or consider carpooling.Learn to repair it yourself – Save money on your maintenance bills by performing minor repairs on your motorcycle by yourself. If you can spare the time, buy the mechanical manual and familiarize yourself with the most common issues. Only attempt to fix something if you feel confident, and don’t hesitate to consult a certified mechanic if you need help. Get a part-time job – Even if it’s just for the summer, working an additional job on the weekends can contribute a significant amount of money to your motorcycle budget. By the end of the season, you could have saved enough to cover your down payment, riding gear and safety lessons. Although you may lose a little time this season, you’ll be able cruise the open road for many summers to come, enjoying the fruits of your labor.
Another financing solution is to take out a motorcycle loan, with an interest rate and payment options you can afford. A reputable lender like Nationwide Bank can help make your goal of buying a motorcycle a reality. Finally, once you’ve taken the plunge and purchased your new motorcycle, be sure to protect yourself, and your investment, with motorcycle insurance coverage.
About the Author
Melanie Broemsen is a content specialist at Rosetta, one of the top 10 interactive agencies in the U.S. Broemsen has a degree in Public Relations from Kent State University and more than 10 years of experience in interactive marketing.
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