You must be aware of all of the costs of owning and operating a motorcycle prior to shopping for one, especially if this is your first motorcycle. You may choose to calculate based on a full year, six months to match most insurance premium periods, or monthly.
Here are some of the inevitable expenses that you need to plan for when you have decided to buy a motorcycle:
Price of the Bike
Whether you are buying from a dealer or a private party, the amount you actually pay is the starting point.
You can always reduce the amount you spend by choosing to find a Honda motorcycle (or any make that you wish) that is pre-owned, instead of buying a brand new one. These kind of motorbikes can usually be found at local used vehicle dealerships or even on online used motorcycle trading websites. They may help significantly reduce your expenditure while still giving you quality rides.
Interest on Your Loan
If you are going to take a loan to buy the bike, either use your monthly payments if you are calculating monthly cost, or multiply by six or twelve for half yearly cost or annual cost. Don’t forget to include your down payment.
Taxes and fees
If you are purchasing your bike from a dealer, be sure to include the sales tax and dealer fees that you’ll be paying.
Motorcycle riding gear, such as helmets, boots, jackets, leggings, and gloves are an important layer of protection when it comes to motorcycle safety. Find a reputable source like BikeBandit.com to buy your safety gear, genuine Suzuki parts and motorcycle parts.
This is an important aspect of owning a bike that cannot be neglected. If you have an accident and you don’t have insurance, you’ll be considered unsafe to ride and the crash will be deemed your fault. With insurance, on the other hand, any claims you make should be approved, helping you to get your bike fixed and your medical bills paid. If you suffer a serious injury and it’s not your fault, you may also be entitled to compensation, but only if you have insurance. An injury attorney similar to Valiente Mott can give you legal advice and help you to make a claim – a serious injury can result in quite a large compensation payout which should help to cover your losses.
Maintenance and Repairs
Allot some money for the unexpected repairs by knowing the replacement cost of parts and the average life of items like tires, electrical components, head and tail lamps, and so on. A good platform to check the prices of these items and motorcycle parts online is at BikeBandit.com. It is usually best to overestimate the repair costs to account for the completely unexpected, rather than have a shortfall that prevents you from riding.
License and Permit
If it is your first bike, remember to include the cost of getting a motorcycle learner’s permit. If you are under 18 years of age and do not have a driver’s license, you will be required to get a motorcycle permit, after completing a driver’s education course.
Estimated gas costs
Another item that only you can estimate is the cost of your gas. To calculate, simple estimate how many miles you will be riding in the time frame you are calculating (monthly, bi-annually, or annually), figuring the average dollars per gallon your local stations charge.
Don’t be afraid to ask questions before you buy the motorcycle. Consider all the expenses and ensure that you do not skimp on the safety gear – they save lives!