A lot of the time when people buy things like cars and motorcycles, they only look at the actual sticker price of the vehicle. While this is obviously a major part of determining your ability to afford something or not; it is not the whole story. Cost of ownership is a large part of owning any motor vehicle that is often forgotten about until it is too late. To help you understand what it could really cost to own a motorcycle, here are the 5 hidden costs of motorcycle ownership.
Motorcycle insurance is the largest hidden cost to owning a motorcycle. As safe and good a motorcycle rider as you may think you are, accidents are bound to happen and are often times not even your fault. When talking about how common motorcycle accidents are, many people say that its not “if” you are going to crash, it’s “when.” Insurance companies understand this so personal liability insurance for an motorcycle rider is often extremely high. Motorcycle insurance is also expensive for the bike itself do to that same probability accident probability.
Other then purchasing the motorcycle and paying for the insurance, many people forget that you have to pay for registration. Just like with the insurance, this a recurring cost that will have to be made annually. While the price of the registration wont break the bank in and of itself, when stacked onto all the other hidden costs, it can really be a burden.
The next thing on the list after motorcycle insurance and registration is maintenance. Following the dealer recommended regular maintenance is important if you want to keep your motorcycle in top running shape for a long time. While this may be expensive, it will be cheaper than having to buy an entirely new motorcycle if yours breaks due to not following proper maintenance.
While not an essential part of motorcycle ownership, the modification of ones bike often comes shortly after purchase. Everyone likes to customize their motorcycle in order to make it their own and we cant blame you. Those aftermarket parts aren’t cheap though. Some people even spend more money on parts then they did on the whole motorcycle to start with!
Motorcycle Financing Interest Payments
Most people who buy a motorcycle cant afford to pay for the entire thing up front. This means that they have to finance the motorcycle with either a bank or the dealership they bought it from. The ability to do this comes with our last hidden cost known as interest. Sometimes people ending up owing more to the bank then the motorcycle is actually worth! This is never a position you want to be in.
Above you will find 5 hidden costs of motorcycle ownership. Unfortunately, these are not the only hidden costs you will encounter when owning a motorcycle however. When purchasing a bike, be sure to do all your research and make sure if owning a motorcycle is really something you can afford in the long run!