Is A Motorbike Financially Worth It?

A motorcycle: pretty cool, huh?

For most people, the whole point of buying a motorcycle is to look as cool as possible. They think that the bike can help them increase their street cred and add some swagger to their life in the process. Sure, you may look really cool, but is it worth it?

If you ask most people, they will tell you that riding a motorcycle is a lot cheaper than driving a car. After all, they are smaller machines so don’t cost as much in the first place, right? Well, that isn’t always the case, and once you’ve bought your bike, there is still a lot more to consider.

Are you sure a motorbike is financially worth it? These following points will help you decide.

Comparing Costs

Purchasing a bike can set you back by quite a bit.

Sure, the majority of motorcycles will be a lot cheaper than buying a car, but it’s still a lot of money to part with. Plus, if you’ve got your eye set on a prestigious make of motorbike, then you might even have to pay slightly more than what you would for a car. For instance, if you want a vintage Harley Davidson, you will have to spend quite a bit of time saving your pennies!

What About Gas?

It’s true that motorbikes don’t take as much gas to fill up the engine, so you will save some money when you’re at the pump, compared with filling up a car. However, not all bikes are as fuel efficient as cars, so you might fill your bike’s tank more frequently than you expect.

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All of those repeat trips to the gas station might cost quite a bit more than when you were only driving a car!

Insurance Issues

Next, you need to factor in the cost of insurance. Insurance is absolutely necessary, and it will be a big help after a crash to help you recover both physically and financially.

If the crash wasn’t your fault, then your insurance policy can pay out to cover any maintenance and repairs on the bike. As bikes are seen as riskier than cars, the insurance premiums are more expensive. Keep this in mind when you’re weighing the financial pros and cons of buying a bike.

Gearing Up

Don’t forget that you will need to invest in a lot more accessories and gear when you own a bike. For example, it is essential that you wear leathers while riding the bike, because they will keep you safe in the event of a fall. These are extra expenses that can add up, and could make owning a motorcycle a lot more expensive than you expect.

How To Decide

Take a sheet of paper or an excel document on your PC, and lists the cost of using a motorcycle, vs. a car. Now, there are other factors to consider that are not purely financial.

Riding a bike means that you’re exposed to weather conditions, and you can’t easily take passengers. Also, riding a bike is physically demanding, and it may take you longer to travel, when compared to a car. Finally, you may see your bike as a hobby than you enjoy- and that fact is part of your decision.

Make a well-planned decision, and enjoy your bike!

This post is for educational purposes only.

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

Co-Founder: accountinged.com

(email) ken@stltest.net

(website and blog) https://www.accountingaccidentally.com/

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Image: Bullseye, Jeff Turner CC by 2.0