Purchase Cost
You can expect to pay more than the list price for a motorcycle if it is your first, as several additional purchases will be required. You will need safety gear, including abrasion and impact-resistant clothing--such as a jacket, pants, gloves, boots, and sometimes specialized sunglasses. A DOT approved helmet, especially if you live in a state that has a helmet law, is essential. All of this gear, including the helmet.
Financing
If you do not have the funds to pay up front for the cost of your new motorcycle and gear, you will have to finance the purchase. Motorcycles are considered by banks to be recreational vehicles; therefore, the rates for motorcycle loans are usually higher than for a car. It can also be more difficult to get approved than for a car, resulting in a higher rate than you would expect based on your credit report, and costing you more money in the long run.
Insurance
You will also have to purchase full-coverage insurance for your motorcycle if you finance. This is expensive; young riders often pay hundreds of dollars per month. At the very least, you will have to pay for liability insurance where it is required by law. Depending on your state, you may also have to pay to participate in a motorcycle safety course before applying for a motorcycle license.
Safety
Safety, insurance costs, difficulty with purchase, and higher than expected total purchase price are all valid and often unexpected reasons not to buy a motorcycle. Carefully consider each point before making the decision to purchase.
Purchase Cost
You can expect to pay more than the list price for a motorcycle if it is your first, as several additional purchases will be required. You will need safety gear, including abrasion and impact-resistant clothing--such as a jacket, pants, gloves, boots, and sometimes specialized sunglasses. A DOT approved helmet, especially if you live in a state that has a helmet law, is essential. All of this gear, including the helmet.
Financing
If you do not have the funds to pay up front for the cost of your new motorcycle and gear, you will have to finance the purchase. Motorcycles are considered by banks to be recreational vehicles; therefore, the rates for motorcycle loans are usually higher than for a car. It can also be more difficult to get approved than for a car, resulting in a higher rate than you would expect based on your credit report, and costing you more money in the long run.
Insurance
You will also have to purchase full-coverage insurance for your motorcycle if you finance. This is expensive; young riders often pay hundreds of dollars per month. At the very least, you will have to pay for liability insurance where it is required by law. Depending on your state, you may also have to pay to participate in a motorcycle safety course before applying for a motorcycle license.
Safety
Safety, insurance costs, difficulty with purchase, and higher than expected total purchase price are all valid and often unexpected reasons not to buy a motorcycle. Carefully consider each point before making the decision to purchase.
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