If you have decided that you would rather hit the roads on a motorcycle than a vehicle, the next decision you need to make is whether to buy a motorcycle outright or simply lease one. There are pros and cons associated with both options, and it is all about deciding what is right for your situation overall. There is no right or wrong option in general. So, in this blog post, we are going to take a look at the advantages and disadvantages of both options in further detail to help you make up your mind.
REASONS TO BUY A MOTORCYCLE / REASONS NOT TO LEASE A MOTORCYCLE
So, let’s begin by taking a look at the pros associated with buying a motorcycle outright, and the cons associated with leasing. One of the benefits of going down this route is that you will have a much bigger selection of motorbikes to choose from. This is because you will also have access to the second-hand market, meaning you can purchase old models that aren’t available to buy brand new anymore or indeed lease. You can see more about the different types of models that are available on a second-hand basis at https://www.cleanharleys.com/. You will see that there are makes and models that simply cannot be purchased direct from the manufacturer anymore, which also means they probably aren’t available to be leased either.
Another reason to consider going down this route is because you won’t be subject to mileage fees. If you lease a vehicle of any sort, you will be subject to a maximum mileage limit per year. What happens if you go over this? You will have to pay a fine. Of course, one of the main reasons why people prefer to own a motorcycle is because it is theirs to keep. You own the bike, meaning you can sell it for some money once you have had enough with it, ad you can customise it in any way you like as well.
You also need to consider the fact that if you lease a motorcycle, you are effectively spending more money over time. This is because you are paying for something that you cannot own. A lot of people see this as simply throwing money away. It’s the same sort of feeling that people have towards renting a property. At the end of your tenancy, you are going to have nothing to show for your money. And the same can be said for leasing a motorcycle.
You also need to consider the lack of flexibility that comes with leasing a motorcycle. This is not only in the form of the mileage limits that are imposed, but also with regards to ending your lease. While it may be simple in the sense that all you need to do is call up the company and they will handle everything for you, it is difficult in the sense that if you want to leave your lease early, you are probably going to have to pay a hefty penalty fee. This could easily happen if you relocate or you start a family, so it’s definitely worth thinking about.
REASONS TO LEASE A MOTORCYCLE / REASONS NOT TO BUY A MOTORCYCLE
There are also many reasons why people choose to lease a motorcycle rather than buying one outright. This includes the fact that you will benefit from a solution that is a lot easier to manage financially. This is because you will pay fixed monthly payments, and so you know exactly what is coming in and going out each month. You don’t have the huge upfront cost that comes with buying a motorbike outright. Plus, you are not responsible for the repairs and maintenance of the bike, which you can find out more about at https://www.bikeradar.com/tags/maintenance/. If something goes wrong with it, you simply call up the leasing company, and they will sort out a repair as quickly as possible, and they will foot the bill for it too so you don’t have to.
Not only will you experience a lower upfront cost and more manageable payments, but also you will be able to upgrade to a new model every few years. You aren’t going to be stuck with the same motorcycle for years on end, giving you the ability to try out new makes and models. Moreover, once you have decided that you have had enough of a specific bike, you don’t have to deal with the troublesome process of trying to sell it yourself. All you need to do is call up the leasing company, and they will come and collect it. If you own the bike, you will have to advertise it, conduct research to get the price right, meet with potential sellers, and then ensure the bike is signed over to the new person correctly. This can be a hassle-filled process, and it takes a lot of time in some cases.
It is also worth pointing out the fact that while a lease can mean less flexibility in terms of the limits and the fees that are imposed; buying the motorcycle can mean less flexibility in other ways. After all, this is now your bike – you have full ownership and your money is tied up in it. If you make any life changes or you want to get rid of your motorbike, then you have to go through the process of selling it, which, as mentioned, is not always easy.
As you can see, there are positives and negatives associated with both leasing and buying a motorcycle. It is all about figuring out what is right for your situation. A lot of people decide to lease a motorcycle first, so they can determine whether it is right for them, and then they will buy a motorcycle if they believe so. This is an option you may want to consider. However, no matter what path you go down, make sure it is right for you, your circumstances, and your finances.