If you’re in the market for a motorcycle and ready to take out a motorcycle loan, you may wonder how much it will cost. Just like a car, a motorcycle is a significant investment. While some bikes offer basic features at an affordable price point, others are ultra-luxury and loaded with all the bells and whistles for tens of thousands of dollars. Therefore, the cost of a motorcycle varies greatly.
Keep reading to get a better idea of what you can expect to spend on a bike.
How Much Do Motorcycles Cost?
For a new, entry-level motorcycle, you may pay anywhere between $4,000 to $6,000. However, if you decide to splurge on a high-end bike, you might have to dish out $30,000 or even more. Most middle-of-the-road motorcycles are priced somewhere between around $6,000 to $15,000.
You can save some serious money if you don’t mind a used bike. Once you shop around for used options, you’ll notice they’re priced at 20% to 50% below MSRP. Just keep in mind that some used bikes may have mechanical issues that compromise their safety. In addition, you won’t get a warranty like you would with a new motorcycle.
Factors That Impact Motorcycle Costs
There are a number of factors that will play a role in what you pay for a motorcycle, including:
- Engine size: The engine size for motorcycles is measured in ccs or cubic centimeters. In general, the larger cc, the more a bike will cost.
- Horsepower: Horsepower shows how much physical force a motorcycle produces. The greater the horsepower, the more expensive the motorcycle will be.
- Brand: Some motorcycle brands, like Harley-Davidson or Ducati, for example, are considered a luxury and therefore pricey.
- Features: While customizing your bike with all the features you want is a good idea, the cost to do so can add up quickly. Features like anti-lock braking, extra seating and satellite radio will increase its price.
Hidden Costs of Owning a Motorcycle
Once you buy a bike, you’ll still have to cover a variety of other expenses to use and maintain it, such as:
- Interest: If you use a loan to fund your motorcycle, you’ll be on the hook for interest charges until you pay it off.
- Safety gear: While safety gear to ride your bike like helmets, goggles, and a visor are essential; they don’t come cheap.
- Insurance: To protect yourself and your bike, you’ll need motorcycle insurance, which is required in most states.
- Maintenance: If you’d like to keep your bike in optimal condition and avoid breakdowns, you’ll need to maintain it on an ongoing basis.
The Bottom Line
Before you move forward with a motorcycle, do your homework. Find out how much motorcycles cost as well as the factors that will impact the price you pay and the hidden costs of ownership. Make sure you’ve compared all your options and can comfortably afford the bike you choose.
Name: Michael Bertini
Job Title: Consultant