5 Hidden Costs Of Owning A Motorcycle

The motorcycle vs. car debate has gone on between vehicle owners for years. They constantly compare the costs of owning a motorcycle to the prices associated with owning a car. As a vehicle owner thinking about purchasing a motorcycle, you need to discover the hidden costs before doing so. The expenses can sneak up on you just as the costs of providing employees with business cars do. If you buy a bike before understanding the financial impact it will make, you could set yourself up for monetary issues in the future. Thus, you need to decide the winner of that debate for yourself before making an investment. Continue reading to learn the top hidden costs of owning a motorcycle.

Safety Gear

Firstly, many vehicle owners fail to realize the safety gear expenses associated with owning a motorcycle. Although some states do not require motorcyclists to wear helmets by law, you should purchase one for safety reasons. On the other hand, as this Atlanta Motorcycle Accident Lawyer notes, “The state law also requires riders to have some form of eye protection, such as goggles, a visor, or a windshield on the motorcycle.” After all, car accidents do occur on a regular basis. Unfortunately, this piece of safety gear is not cheap. Most motorcycle owners pay a few hundred dollars for a quality helmet. In addition to that, they buy appropriate boots, jackets, gloves and pants. Combine all of these pieces of equipment together and your bill can rise to thousands of dollars. Keep this hidden cost of owning a motorcycle in mind before making a decision.

Insurance

Another impactful hidden cost of owning a motorcycle is insurance. As a vehicle owner, you are familiar with insurance policies and how critical they are to have. Numerous vehicle owners assume that motorcycle insurance is cheap compared to car insurance. After all, if you compare motorcycle insurance to luxury car insurance, the costs do differ. While the prices may be lower, it is still an expense that sneaks up on drivers. After all, insurance providers focus on a variety of factors when determining prices. These factors include age, driving record and theft rate of your bike. Insurers also look into your town’s population density before providing you with an estimate. You can find a company who offers low rates, but you will still have to fork out some extra cash for motorcycle insurance.

Registration

Also, registration poses a hidden expense of owning a motorcycle. Vehicle owners who do not do their research assume that they can ride their new bikes off of the lot without a problem. Unfortunately, you cannot legally drive a motorcycle without registering it first. Drivers who realize this go to get their bikes registered only to get hit with a price that they did not account for. On top of that, the registration price is reoccurring. Motorcycle owners pay for registration on a yearly basis. If you have a budget to stick to, incorporate registration costs into your finances for owning a motorcycle.

Maintenance

Maintenance puts holes in motorcycle owners’ wallets as well. This is one of the worst hidden costs of owning a motorcycle because the prices are often non-negotiable. If you get a flat tire on your bike, you cannot safely ride it until you purchase a new tire. You are forced to buy a new, rather expensive tire. Furthermore, these tires do not last nearly as long as car tires. The average car tire can last over 30,000 miles. In contrast, most motorcycle tires need to be replaced after just 6,000 miles. Motorcycle owners pay hundreds of dollars for new tires every few thousand miles. These costs can make debt management a difficult task. Throw other maintenance expenses onto that bill and you could go over your motorcycle budget quickly. For this reason, maintenance is a prominent hidden cost of owning a motorcycle.

Fuel

Finally, fuel is also one of the top hidden costs of owning a motorcycle. A lot of vehicle owners buy motorcycles without inquiring about the average miles per gallon. A bike owner with poor gas mileage could break the bank quickly. This is especially true if you plan on using a motorcycle as your main source of transportation. You can keep your prices down by determining your monthly costs ahead of time. Then, you can budget your money accordingly. However, your money still goes to the same place: your motorcycle. Consider the high costs of fuel when looking to buy a motorcycle. These sneaky costs can easily interfere with other expenses such as home loans.

If you want to fulfill your dream of owning a motorcycle, you need to consider the associated costs first. For example, safety gear costs motorcyclists thousands of dollars. Insurance plays a major financial role in owning a bike because it is both necessary and can get pricey. Motorcycle owners have to pay registration fees each year in order to drive their bikes legally. Maintenance costs, especially those associated with tires, put holes in numerous bikers’ wallets. In addition, you cannot avoid or minimize the cost of gas. Use these hidden costs of owning a motorcycle to make your vehicle decision.