Congratulations on being a motorcycle owner! Now that you’ve got your bike, let’s get you up to speed on typical ownership costs to be sure you’re prepared for the road ahead.
UNDERSTANDING OWNERSHIP COSTS
Past the purchase price of your bike, the core costs to keep in mind are insurance, riding gear, maintenance, and fuel. There are certainly plenty of other elements to consider based on your riding style, the area you live, etc, but for now, let’s focus on these universal items.
Insurance: Almost all states require motorcyclists to insure their motorcycles, but even the few that present alternatives, most find that securing insurance is the path of least resistance. Costs depend on your level of coverage, age, location, driving history, and all the things you may be used to with standard vehicle insurance.
Riding Gear: Your gear can be an extension of your personality, but more importantly, quality gear keeps you covered! We outlined all the essentials to get you started, but consider this a reminder to factor in gear costs as you start your journey, as well as little upgrades or additions to your riding kit.
Maintenance: Taking care of your bike should become standard practice as you want to ensure it’s in the best operating condition it can be. The great news is that regular maintenance can be done in your garage! However, in the early stages, this will require research and likely investment in some tools for the tasks at hand. Not a DIY’er? No problem! Find your favorite dealer that works with your bike’s manufacturer and let them keep you up to date. Keep in mind that although dealer service does incur more cost, it does bring peace of mind that your bike is being cared for by professionals.
Fuel: Motorcycles are great when it comes to fuel economy, so trips to the pump won’t be too painful. The majority of motorcycles utilize regular unleaded gasoline, but some high-performance bikes require fuel with a higher octane rating to ensure performance isn’t impacted and no damage is done.
Storage: Although this mostly comes down to your accommodations and/or local weather, it is worth noting that new riders should be mindful of what comes with on-site or off-site storage. If you’re storing your bike in your home garage, this is arguably the most convenient option. If you live in a complex and have to leave your bike exposed outside, investing in anti-theft equipment is a must. Finally, if you’d like your bike to be a bit more secure when you don’t have the option at home, off-site storage could be worth looking into.
Equipped with the main financial factors around motorcycle ownership, you’re set to plan your journey with ease!