Buying or Leasing: Which Option is Best for Your Next Motorcycle
As motorcycling enthusiasts know there is nothing like having your very own bike to ride whenever and wherever you choose. After obtaining your motorcycle operators license there are two financing options available for purchasing a motorcycle: buying and leasing. Figuring out which option is best for you will depend on many factors.
Buying a Motorcycle
Purchasing a bike gives you the freedom to do whatever you'd like when it comes to customization and usage. This is also a great option if you know that you will keep the motorcycle for many years. Once you finish making all of the payments you will own the bike outright. However you will still need to pay for insurance maintenance registration and repairs. Insurance costs are generally lower for bike owners than leasers. There are also a few drawbacks associated with buying a motorcycle. You will typically have to come up with a large down payment which will increase the amount of upfront costs. Your monthly payments will also be higher than if you were to lease the bike.
Leasing a Motorcycle
Leasing a bike often means that you will not have to provide a down payment. Your monthly payments are also lower and most repairs will be covered by your warranty. Leasing also gives you the opportunity to trade your motorcycle in for a different bike when the lease term is up. The drawbacks of leasing include fees for breaking the lease early mileage fees if you go over the set limit higher insurance costs and no option to customize the bike. You will have to assess your own financial situation to decide which option works best for you. Either way you will need to properly insure and maintain your motorcycle while it is in your possession.