Motorcycle buyers compare the cost of a used and new motorcycle when shopping for another bike. Their choice could dictate their lives for at least the next five years if they choose a new bike. If the buyer needs financing, this could further complicate things. A complete comparison of all pros and cons could help them make a well-informed decision about their purchase.
Pros of Buying A New Motorcycle
A new motorcycle could provide a buyer with a more reliable motorcycle that no one else has used. A brand-new motorcycle will come with a warranty from the manufacturer that will replace it if the motorcycle is faulty or fails to operate within the warranty period. A buyer who has the ability to invest money in a motorcycle may want a new motorcycle simply because they can afford it. When considering new vs used motorcycles, there are common factors that a buyer would evaluate.
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The Cons of Buying a New Motorcycle
The price of the new motorcycle is not affordable for all buyers, and some buyers may have to save for years just to get a new bike. When purchasing a license for the motorcycle, the owner will pay a lot more in taxes initially and each year. Newer models have higher tax implications simply because they are of a higher value.
When insuring the new motorcycle, the buyer could face higher premiums based on their age and the value of the motorcycle. If the buyer is under the age of 21, they are in the highest risk category when it comes to insurance for motorcycles or automobiles. If they have to finance the motorcycle to buy it, the buyer will have to purchase comprehensive and collision coverage to fulfill their obligations to their lender.
Another sad reality for motorcycle buyers is that, if they become involved in an accident and the motorcycle is totaled, they may not get the full value from their insurance coverage. If they committed one moving violation during the accident, they may lose all access to coverage. Even if the motorcycle is restored, this doesn’t mean that the full amount of the loan is covered by the insurance, and if it isn’t, the owner must pay all outstanding balances.
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The Pros and Cons of Buying a Used Motorcycle
First and foremost, the price tag will be more affordable for most buyers. Some will not even need to finance the motorcycle to buy it, and this could decrease costs even on insurance premiums. They can find a motorcycle that had only one previous owner, and they could get a used motorcycle that is in great shape.
The cons of buying a used bike include that there aren’t any guarantees the information about the motorcycle is accurate. If it was involved in a crash, the buyer may not get all the details about it. They could find motorcycles that had more than three previous owners and no records of maintenance.
Motorcycle buyers have a choice between buying new or used motorcycles, and each of these options has benefits and disadvantages. Newer models have hefty price tags and could be out of reach for some buyers. They could also present higher insurance premiums, too. A used bike may eliminate most of these issues and give the buyer a more affordable motorcycle.
