Life is a ride, so it makes sense that some people want a vehicle that offers freedom. This is one reason why people look to motorcycles. In fact, the popularity of motorcycles has been rising in the last few years. Those who are considering this lifestyle, though, need to figure out how to afford the motorcycle life, and the following tips will help:
Think of Financing
Purchasing a motorcycle without taking out a loan may seem impossible for some people. This is not just reserved for motorcycles but most things in life. This is why it is important to find a dealership with several financing options. What you want to hear is that the establishment offers options that are backed by banks and private lenders, which gives the buyer more options.
Gather multiple financing options from a few different banks and then sit down and see which option best fits your needs and budget. Of course, you should have in mind beforehand what type of interest rates you’d be willing to consider, how much you’d be able to afford in your monthly payment, and how long you’d be willing to pay it off for.
A new motorcycle will look great, but that does not mean an older, used bike will not look great too. I guess that you can say that some bikes age like wine. As long as the bike was inspected, it may still have a lot of life left in it. Pre-owned bikes are a lot more affordable, which should make monthly payments bearable.
Keep in mind that a good motorcycle dealership will offer bikes that are fully inspected to give the buyer peace of mind. When you get a pre-owned motorcycle, treat it like you would a car before purchasing it. By this, I mean that you should always make sure that you get to know the history of the bike beforehand. Here are some questions that you can ask the dealership before buying:
- Has this motorcycle ever been involved in an accident?
- Has it been in the shop within the last six months?
- How much mechanical work has been done on it in its lifetime?
- Has it ever had any issues with water damage?
The purpose behind asking such questions is to make sure that you know what condition your bike is in. Even if all of the necessary repairs have been done, it’s still a good thing to know whether or not the bike has gone through anything in the past. Who knows, it could cause you a financial headache later on if previous issues reoccur.
A motorcycle owner could spend a lot on repair services. These expenses could really hurt this free lifestyle, so it is best to have a backup plan. The best thing that a potential bike buyer should think about is going to a dealership that not only offers an inspection mentioned earlier but also a warranty.
This means that the buyer can bring the bike to a dealership, such as Harley-Davidson of Dallas, for service or repairs without breaking an arm and a leg. If you’re buying a bike that you already know will need some repair work done, then you should most definitely calculate the cost. By making such calculations, you will know whether or not the initial purchase is really worth it.
I mean, you might just end up spending way too much money than you want to on repairs, which is why you should buy a bike that needs minimal repairs or the type that you can afford. If you think you’ll have some trouble figuring out what repairs will need to be done or how much they’ll cost, then you should have a mechanic check out the bike for you before purchasing it.
Leasing Could Work
Another good idea is leasing a bike instead. This means that the buyer could, in essence, purchase a new bike at a reduced price and have the option of trading it in for a newer model after the lease term is up. It is a good way to ride in a new bike every so often without breaking the bank.
Of course, this option does depend on a person’s credit history and other factors, but a good dealership should be able to figure out how leasing would work for the potential buyer. With leasing, though, it may require that you are fully covered through insurance, and so that is another financial decision regarding the biker lifestyle for you to consider.
Keep in mind that these are just a few ideas that may help a new rider figure out a way to live the motorcycle life. It might take a second to do the research and find the right bike, but it should be worth it in the end.