Many motorists spend years driving cars while secretly dreaming of purchasing their first motorcycles. While a motorcycle can offer freedom and excitement, many people do not consider the various costs that come with buying a motorcycle, such as the motorcycle gear. Here is a closer look at the true cost of owning a motorcycle.
1. The Cost of the Bike
The first cost is the cost of the bike. For a new motorcycle, people may spend between $5,000 and $15,000. While there are used motorcycles, first-time buyers may prefer a motorcycle that is already in top shape, as they have not yet had experience working on a bike.
In some cases, it may be necessary to get a loan to cover the cost. However, high interest rates and processing fees may add to the total cost of buying a motorcycle.
2. Motorcycle Insurance
Bikers also need to purchase insurance. For those with a clean driving record, insurance plans are available costing between $500 and $750 per year. However, motorcycles are considered riskier compared to automobiles.
When someone is involved in a motorcycle accident, they are more likely to require extensive medical care. The cost of medical treatment may be significant. Due to these factors, insurance agencies often charge higher insurance rates when insuring motorcycles. The extra cost may come to several hundred dollars per year.
3. Gear and Equipment
There is also certain motorcycle gear and equipment that first-time motorcycle owners may need to buy. A quality motorcycle helmet may cost between $200 and $1000, and that is just one piece of equipment.
Bikers also need proper attire to protect themselves during an accident. One of the most common types of accidents occurs when the motorcycle slides out from under the biker on a turn. This results in skidding, which may tear the skin and cause severe damage.
Leather jackets, gloves, and durable boots can help shield against skidding damage.
Depending on the quality of the items purchased, the initial gear may cost at least $1200.
4. Motorcycle Maintenance
Like any vehicle, bikers need to keep up on the maintenance to keep their motorcycles road-worthy. The most common maintenance costs include replacing tires, chains, and drive belts.
Tires cost between $300 and $500 for a quality set of two tires. They may need to be changed every 5,000 kilometres. Bikers who ride a lot may need to replace their tires every year, while others may be able to get by for several years.
Other maintenance tasks include oil changes and general checkups. First-time bikers may not have the knowledge to complete these tasks on their own. When taking the bike to a mechanic, bikers can expect to spend a couple of hundred dollars per year.
The total cost of owning a motorcycle includes a variety of factors that are easy to overlook. First-time motorcyclists should pay attention to these added costs. After adding the maintenance, gear, equipment, and insurance to the initial cost of the motorcycle, some individuals may choose to stick with their four-wheel vehicles.