Once you’ve found your dream bike, don’t forget to factor in the additional expenses you’ll have to pay. Just like when you buy a car or a house, there are plenty of extra costs beyond the principal value of your loan.
The purchase price of your motorcycle itself will be the largest part of your expenses, but the type of bike you choose can make all the difference.
If you buy the latest, top-of-the-line Harley Davidson, you could spend as much as $52,000 (or more) just on the MSRP, not to mention all the bells and whistles you might want to add. On the other end of the spectrum, an entry-level 2023 Honda Navi can be less than $2,000. In other words, you have complete control over the most expensive aspect of your motorcycle purchase.
Average cost: $800 – $1,500
For most buyers, motorcycle safety gear tends to run in the $800 to $1,500 range. But you can easily pick up gear for less — or much more.
For example, a decent helmet can cost $150 to $200 on average, though you can find high-end, carbon fiber helmets for as much as $4,000. Jackets can run from about $50 to $500 or more, while boots might cost between $75 and $250.
Average cost: $721 per year
Riding a motorcycle can be dangerous, which is one of the many reasons why you’ll need to factor in the cost of insurance to your purchase. Fortunately, motorcycle insurance is typically much cheaper than auto insurance.
The annual cost of a liability-only motorcycle policy may be as low as $127. However, if you’re financing your bike, your lender is likely to require comprehensive and collision coverage, which will add substantially to the cost. According to ValuePenguin, the average cost of full-coverage motorcycle insurance is $721 a year, though the rate you receive will depend on many factors, including your age, location, bike and credit rating.
Average cost: Anticipate $800 – $1,500 per year
Like insurance, maintenance is an ongoing expense that increases the total cost of owning a motorcycle. According to J.D. Power, a good rule of thumb is to anticipate $800 to $1,500 in annual maintenance for a motorcycle — more if you own a premium brand like Ducati.
→ Reminder: Properly servicing your vehicle on a regular basis can save you from bigger costs down the road.