How Much Does a Motorcycle Cost?
Summary
Purchasing a motorcycle can mean major expenses. Before deciding to buy, be sure to consider additional expenses like insurance and safety gear.
In this article:
Owning a motorcycle has plenty of appeal—whether it’s the thrill of weekend rides or the idea of a breezy daily commute. But before you gear up, it’s important to break down the costs that come with it.
Buying a motorcycle comes with expenses beyond the sticker price that can add up faster than the Grand Prix. Do your research to make sure you’re hitting the road on a bike that your budget can fuel.
What kind of motorcycle do you want?
Just like buying a car, there are many options when choosing a motorcycle for your needs — and the costs can vary widely. Ask yourself: Are you looking for a comfortable cruiser suited to a beginner? Do you want a motorcycle as a way to get to work, or are you looking for a bike you can take off-roading on weekends? Do you live in a warm climate where you can ride year-round? Be clear about why you want a motorcycle, and be sure to avoid impulsive buying. Stay true to what you can afford and how you’ll use it and take your time with this important financial decision.
If you want a motorcycle because you think it costs less than a car, it may be best to check out the facts first. Popular name-brand motorcycles could, in fact, cost more than a car. Just because it's a smaller vehicle doesn't mean it's less expensive.
Prices for new vs. used motorcycles
One of the first costs to consider when buying a motorcycle depends on whether you’re going to buy new or used. Get a handle on the pros and cons of each to help you decide which might work better for you.
Costs of a new motorcycle
A new bike means you could get the latest features, pristine condition, and usually a warranty to cover any necessary fixes. Be prepared for extra expenses, like documentation, set-up fees and higher costs for the tags and title and sales tax.
Costs of a used motorcycle
A used bike may mean a lower price initially, but you may not be able to know every detail about its history. The bike may be due for major servicing, and unless you’re mechanically inclined, you’ll have to cover any maintenance or repair bills. You’ll also be responsible for the sales tax, tags and title of your motorcycle even if it’s used.
Additional motorcycle expenses to add to your budget
Owning a motorcycle is fun but could mean a more expensive lifestyle. You may want to join a motorcycle riding club (check to see if membership perks include discounts on insurance premiums) and start traveling to rallies and road races. The motorcycle life can be practical or recreational, which may replace the cost of other means of travel and vacations. Weigh those options, and the following motorcycle expenses.
Motorcycle license
Check the licensing regulations in your state, including title, registration and license plate, as well as the cost of a license. Your state may require a knowledge and skills test, too. You can find in-person or online courses here.
Motorcycle insurance
Most states mandate coverage, even personal injury protection, and the average annual price of motorcycle insurance in the U.S. is $396 per year.1 Just as with car insurance, however, your individual policy price depends on your age, driving record, where you live, crime rates and other factors. Explore how you may be able to drive down the cost of motorcycle insurance, including negotiating with your insurance company, taking a driver safety course, and installing an anti-theft device.
Motorcycle safety gear
Nearly every state requires a motorcycle helmet to be worn, and there are other highway safety laws to consider as well. You’ll want to think about getting a helmet and other protective gear, like a jacket, protective pants, boots and gloves, which could be expensive. If you buy a used bike, the previous owner may have some used gear for less than the retail price.
Regular motorcycle maintenance
Yearly maintenance costs will vary depending on how much you ride. Determine how much repeat items like oil changes and replacement filters cost each year, but also assess long-term items like your tires, drive belts and more.
Where you live
Depending on the climate where you live, you may have to store your motorcycle in the off-season and find another means of getting around. Using public transportation when your bike’s stored away may be cheaper than the yearly cost of a second vehicle.
Fueling your bike
Consider your fuel efficiency with a motorcycle, how much you plan to ride it – and when. Gas is typically more expensive in the warmer months, so if you only ride then, your fuel costs will be more than if you ride during cooler weather. Where you live may also be a factor that affects gas prices.
Tips for determining motorcycle costs
Do your research on motorcycle pricing
Before you walk into a dealership or private transaction, explore websites that provide price comparisons for the retail value of new and used motorcycle models. Figure out what you can afford, and stick to your budget.
Take advantage of seasonal promotions
If you’re preparing to buy a motorcycle, start researching when dealers offer the steepest discounts on new bikes. This could be during the holidays or right before the new year’s models hit the sales floor. If you live in a colder climate, do dealers lower prices during the off-season and raise them again before the warm weather comes? These are all factors to look into.
Find the right location for the best price
Conventional wisdom is that many warm-weather states are home to pricier bikes, but that may not always be true. It may be cost-effective to shop around in neighboring states and travel to pick up a bike or to purchase your motorcycle online and have it delivered. Just keep in mind that buying out-of-state may mean paying road tax in your state as well as getting a NOC (No Objection Certificate) from the state where your bike is registered. For details, check with your state’s Department of Motor Vehicles.
Don’t be afraid to negotiate the price
Whether buying from a dealer, an online marketplace or a private seller, prices are all over the map, and the worst someone can say is no. If you buy from a private seller, you may be able to negotiate a lower price.
How to pay for a motorcycle
Financing your motorcycle can involve as much research as finding the right bike for you. Begin by learning the difference between direct and indirect financing.
Dealership financing
Motorcycle dealerships may offer on-the-spot financing (indirect financing) with promotional interest rates for qualified buyers, but don't just take the first offer. Shop around at different dealers to see if you can get better terms from one dealer compared to others.
Get a motorcycle loan
You may be able to find preferable terms through direct financing from a bank or other lender by shopping around for the best rates for you. Some lenders may offer loans specifically for motorcycles, while others will offer personal loans that you can use for a motorcycle purchase. Arranging financing in advance through direct financing or a personal loan may let you think through the terms of the motorcycle loan, see what works best for your budget, and walk into a negotiation with more bargaining power.
Financing from the manufacturer
If you’re looking for a particular motorcycle brand, you may want to ask if you can get manufacturer financing from the company. Just as with other options, you’ll want to compare the terms to those offered by other lenders to find the best rates for you.
Weigh motorcycle costs and other factors before making your decision
The cost of buying a new or used motorcycle can vary based on a number of factors, starting with the type of bike you want. Then consider how much you'll have to spend every year to use and maintain the bike. Once you have a rough estimate, you can better determine how much financing you’ll need. Learn how a motorcycle loan from OneMain can help you stay in your financial lane.
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This article was updated from its original posting in 2020. Kim Gallagher contributed to this post.
This article is for general education and informational purposes, without any express or implied warranty of any kind, including warranties of accuracy, completeness, or fitness for any purpose and is not intended to be and does not constitute financial, legal, tax, or any other advice. Parties (other than sponsored partners of OneMain Financial (OMF)) referenced in the article are not sponsors of, do not endorse, and are not otherwise affiliated with OMF.
