Owning a motorcycle can have its perks. They represent fun, freedom, and even sustainability (did you know motorcycles are often more sustainable than cars?) But as you start to add up all the expenses that come with motorcycle ownership, you may feel like your head is spinning.
Along with the initial purchasing price, you’ll need to think about insurance, safety precautions, repairs, and many other costly aspects. If you’re unprepared, motorcycle ownership can put quite a dent in your wallet!
Luckily, with some planning and insight into your possible motorcycle expenses, you can be on the road to a less stressful motorcycle ownership experience.
Initial Purchasing Cost of a Motorcycle
When you first set your eyes on that dream bike, your first instinct is to look at the initial price tag to see if it fits your budget.
Motorcycle prices can vary greatly, with some costing up to about $35,000. However, you can expect to pay around $5,000 to $10,000 in most cases.
Multiple factors can determine the initial motorcycle cost, including the following:
- The brand of motorcycle. Brands like Harley-Davidson will often cost more.
- Motorcycle type and its features.
- Whether the bike is used or new.
- When you decide to purchase your motorcycle. Prices of motorcycles can be cheaper in the fall and winter, due to low demand.
You should be aware that there are often sales taxes, dealership fees, and delivery fees. If you’re opting for financing, you’ll also need to account for finance charges, interest, and additional sales tax, which can add a substantial amount to the overall price.
Essential Riding Gear
Safety should be a top priority when purchasing a new motorcycle, and this requires investing in some riding gear.
A high-quality helmet is essential and studies show they can reduce head injuries by up to 60%! Helmet prices can range from $50 to over $1,000, depending on the brand and features. But keep in mind that you’ll also need to replace your helmet about every five years, as its materials will degrade over time.
Some other things that should be on your purchasing list include the following:
- A sturdy jacket
- Riding gloves
- Pants
- Boots
- Eye protection
All of these safety gear items will keep you safe while on the road, which is vital since you aren’t protected by doors and windows like a car. The total cost for a complete set of safety gear should be somewhere around $1,500.
Motorcycle License and Training
Obtaining a motorcycle license is a requirement before you can ride on the road. To get this, most states will have you complete a motorcycle safety course, which you’ll need to pass. License and riding courses, which typically cost between $100 and $500, will teach you the basics of motorcycle operation and safety.
The license itself will cost anywhere from $10 to $30, depending on the state. In some states, you might also need to add an endorsement to your existing driver’s license.
Motorcycle Insurance
Having motorcycle insurance can provide coverage against accidents, theft, or damage, and it’s often required by most states.
Motorcycle insurance costs can vary widely based on several factors, including your age, driving record, the type of bike, and your insurance history. With these things in mind, you’ll usually pay between $20 and $200 per month on insurance, depending on the coverage type. Liability-only coverage, which is the bare minimum, is typically your cheapest option.
Maintenance and Repairs
Similar to cars, keeping your motorcycle in optimal condition necessitates routine upkeep and sporadic repairs. Generally, you’ll spend about $1,000 per year on repairs and maintenance. Some things you may need to get done include the following:
- Routine tasks like oil changes
- Chain tension checks
- Tire pressure checks
- Carburetor tuning
The age of the motorcycle, how often you ride, and your upkeep with preventative care are all factors that determine your maintenance and repair costs. Pro tip: Regular servicing keeps your bike running smoothly and safely, and neglecting these tasks can lead to larger, more expensive repairs.
Fuel
A significant advantage of motorcycle ownership lies in its fuel economy. An average motorcycle can get about 50 miles per gallon, whereas cars typically get about half that. This means you’ll save money and become more environmentally friendly over time if you decide to use a motorcycle for transportation.
Most motorcycle owners will spend around $20 per full tank of fuel and around $300 per year on fuel.
Motorcycle Storage
Ownership costs can increase due to the need for motorcycle storage. This is especially true in the winter months, which can get pricey.
If you don’t have a garage, you might need to consider off-site storage options, which can tack on some additional costs. Proper storage is essential in protecting your motorcycle from the elements and keeping it in good condition.
You can use Neighbor, a peer-to-peer storage marketplace, to find vehicle storage options in your area. Monthly storage options for motorcycles will typically cost you $30 to $80 per month.
Upgrades and Accessories
Many motorcyclists love to upgrade and accessorize their bikes, but this comes at an added cost.
Popular upgrades include
- Crash bobbins, which protect your bike in case of a fall. These can cost up to around $100.
- Heated grips, which provide comfort in the winter months. You’ll typically pay around $100 to $300 for these.
- Customized exhausts, which can change the sound of your bike. Exhausts are usually $200 or more.
- Upgraded tires for better grip and handling. Each tire will typically be around $100.
- Radiator and oil cooler protectors, which can cost around $100.
- Clutch and brake levers for easier operation. These are usually in the $50 to $100 range.
While these upgrades can make your ride safer and more enjoyable, they can increase the price of motorcycle ownership significantly.
Final Thoughts
After spending thousands of dollars on your dream bike, you don’t want to damage it by leaving it out in the elements, especially if the area you live in is prone to harsh winters.
Thankfully, if you’re out of space in your home garage, there’s another way to store your motorcycle. Using Neighbor, a peer-to-peer vehicle storage marketplace will help you find vehicle storage options in any neighborhood in the country with prices up to 50% lower than traditional motorcycle storage selections.
Frequently Asked Questions
How Much Should I Budget for Essential Riding Gear?
You should budget around $1,000 to $1,500 for essential riding gear. This budget includes a helmet, jacket, gloves, pants, and boots.
How Much is the Average Motorcycle Payment?
If you don’t pay for your new motorcycle in full, the average monthly payment is typically around $150 to $600. The price of the bike and interest rates will determine the exact amount.
Is Owning a Motorcycle Cheaper than Owning a Car?
Yes, it is generally cheaper. This is because a motorcycle’s initial price is cheaper than a car’s, insurance is much cheaper, and it’s more fuel efficient.
