If you need personal transport but are conscious of the costs, a motorcycle generally offers more bang for your buck than a car.
However, there are certain things to consider before getting on those two-wheels.
First, let’s address the obvious savings you can make by buying a motorcycle instead of a 4-wheeler …
1) Cheaper to Buy
Right out of the gate motorcycles are cheaper to buy than cars, whether you’re going for an entry level low-powered model or a top of the range luxury special edition. The same is true whether you go for a brand new or previously owned bike.
Of course, it’s hard to compare like-for-like because they’re different products. But, if you need to purchase a personal mode of transport to get for A to B, a bike is all round cheaper. You can get a brand-new bike for as little as $5,000.
2) Lower Insurance
In general, and based on the lowest liability coverage, motorcycles offer cheaper insurance than cars (mostly because the bike’s value is lower), though your individual circumstances could cause exceptions to this rule.
However, if you have a spotless record and are not a teenager trying to insure a top-end sports bike, then on average bikes are much cheaper to insure.
If you get a bike on finance you are usually then required to get collision and comprehensive coverage, which boosts the cost, but the same level of coverage in a car is also much higher.
Tip: If you don’t want to buy your bike through regular finance, you could always secure a loan online and make the purchase upfront, thus saving on insurance.
3) Better Mileage
Motorbikes also, on average, provide better mileage. This means you can travel further on a bike on the same amount of gas.
So, if you need something to get you to and from work each day, you will spend less at the pumps with a bike.
These are the obvious and most important savings, but you will also need to consider the following before making your final decision …
One area that is likely to set you back in costs with your bike is repairs and maintenance. It is just more common to have to ‘tinker’ with your bike than it is a car and bike owners tend to be more enthusiastic about buying aftermarket parts.
Bike tires often need to be replaced in as short as 3,000 miles, which is much more often than with a car.
Then there’s also the cost of accessories like safety gear to take into account. Full leathers and a helmet can set you back quite a bit and you cannot scrimp on these safety measures.
Despite all this, you’ll still be better off with a bike than a car, but these are certainly costs you must consider.
2) Breakdown Cover
If you’re out on the road on a bike by yourself, you’re going to want comprehensive breakdown cover in case something goes wrong and you’re stranded.
Because bikes tend to need work doing more often, the cost of breakdown cover is usually higher than with cars, but not by an amount that would make a car the overall cheaper option.
3) Hobby vs Necessity
Even if it doesn’t start out that way, riding often becomes a hobby. You’ll start taking longer routes because they’re more scenic, you’ll want to travel to places because you enjoy the ride, you’ll begin buying new parts for the bike and even consider upgrading or buying a second one.
If that’s the case, you may end up spending more than you would have done on a car.
You must also consider whether a bike meets all your needs. Sometimes it’s just not practical and you have to fork out for a rental car. What happens if you start a family?
Ultimately a bike is comparatively cheaper than a car if you use it for the same purpose and buy in the same range, but costs can skyrocket if you’re not careful. Your decision to buy one will also depend on your personal situation.
Do you own a bike for financial reasons? Let us know how you have benefitted in the comments below!