When buying a bike, the key factors that one keeps in mind are the bike’s power, intended usage and looks. You would definitely want to create an impression as you zip through the lanes of your city or scale the off-roading territories.
An important point that often gets ignored is whether to buy new or second hand bike. Though it may not seem an important factor as far as the prominent features of a bike are concerned, it certainly makes a difference on the finance front among other things. Let’s compare the advantages and disadvantages of both options:
What are the Advantages of Disadvantages of Buying a New Motorbike?
Advantages of Buying a New Motorcycle:
- Latest Technology – You can get the best technology as per your specifications and you would not need to compromise on that front. A used bike, considering the speed of change in the technical fields, would definitely be somewhat outdated.
- Warranty – A new bike with warranty covers you for any malfunction after you have bought the motorbike. It offers peace of mind.
- Performance – A new bike is expected to give better performance and has lesser chances of having a breakdown. You can hence plan your bike-related expenses without expecting any surprises.
- Past Mileage – It is not likely to have many miles on it and hence you can get the joy of being the first-hand owner.
- Vehicle History – You need not worry about what the vehicle might have gone through with the previous owner. You can create the history of your new bike.
Additional Read: Best Mileage Bikes in India
Disadvantages of Buying a New Motorcycle:
- Greater Expense – Brand new motorbikes, with all their advantages, do turn out to be more expensive than second-hand bikes.
- Insurance Premium – You pay much higher premiums for a new bike in comparison to one that is a few years old.
- Depreciation – However new the bike may be, it will become old in terms of technology as well as its estimated value.
What are the Advantages and Disadvantages of Buying a Second Hand Motorbike?
Advantages of Buying a Second Hand Bikes:
- Lower Expense – Purchasing a bike that has added a few months to its life helps you get a better price than a brand-new model.
- Lower Premium for Insurance – Though the difference may not be huge, the age of the bike does reduce the value and hence the insurance premium.
- Choice of Seller – You can buy used bikes from a private seller as he would be able to give you the exact details of the vehicle’s history. A dealer, on the other hand, would be capable of fixing any problems that might be present.
Disadvantages of Buying a Second Hand Bikes:
- Vehicle History – You would never know the history. If buying from a dealer, it is best to get the vehicle checked by an authorised mechanic to confirm the specifications of the vehicle.
- Maintenance – An older bike costs more when it comes to maintaining it. You also might need to spend on unexpected repairs.
- Valuation – Do make an effort to find out whether the motorbike is worth the money that you are paying for it. You can check online resources as well as various showrooms to get a better judgement.
Additional Read: Best Budget Bikes in India
To buy a bike outright is good if you have the funds for it. Else, it is a good idea to go for a pre-approval for a bike loan. It makes sense as it helps you to fix a budget that you would need to stay within.
You can use a bike loan EMI calculator to calculate how much loan would be suitable for you. Buying the bike on loan would make the load on your wallet a little bit less. You can also look for suitable exchange offers where you can trade an old bike for a new one for a good discount.
Apply for Loan Calculate Your EMI