Is It Worth Leasing A Motorbike?
With spring just around the corner, motorbike enthusiasts will be getting ready to get back out on the road for some long rides.
If you’re in the market for a new motorcycle and don’t have the funds to purchase a bike outright, there is the option to lease the vehicle.
Before leasing a bike it’s important to weigh up the advantages and disadvantages.
Pros of motorcycle leasing
Opportunity to ‘try before you buy’ – If you’re unsure about what bike you want, then leasing might be a good way to ‘try before you buy.’ If you’re a new rider, leasing allows you to experience the thrill of riding without a hefty price tag. You can get a feel for different models, assess your preferences, and determine if a motorcycle is genuinely for you. If you end up falling in love with the experience, you can explore purchasing a motorcycle later on.
Lower monthly payments – When you opt for a motorbike lease, you’ll typically have lower monthly repayments compared to financing a bike with a loan. This is beneficial if you’re not in a position to make significant financial commitments. Leasing can also include lower upfront costs, as dealers frequently waive down payments making it more accessible for those on a tighter budget.
Easy to upgrade and maintain – For motorbike enthusiasts who always want the latest models, leasing is an attractive option. Leases allow you to regularly upgrade to newer models, staying up-to-date with the latest features and technology. Additionally, basic maintenance will typically fall under the lease agreement.
Cons of motorcycle leasing
You never own the motorbike – If your ultimate goal is to own the motorbike, leasing might not be right for you. One of the best parts of owning a bike is the freedom – knowing that the bike is not technically yours might not sit well with you. At the end of the lease term, you will likely have to give the bike back. Instead, you might be better off directing the money spent on leasing towards repayments on a motorbike loan, allowing you to own the bike outright.
Driving restrictions and charges – Motorbike leases often come with mileage limitations, restricting the number of kilometres you can ride per year. Exceeding this limit can result in additional fees you might not be prepared for. On top of that, you might be liable for charges related to excessive wear and tear on the bike. If you plan on taking long rides or extensive trips, these limitations might not suit your adventurous spirit.
Limitations on customisation – Leasing a motorbike means you won’t have complete control over the bike’s customisation. Since you don’t technically own the bike, modifications and adjustments may not be allowed. If personalising your bike to suit your preferences is a priority, leasing might not be the best choice.