Buying a motorcycle means keeping a substantial amount of money reserved. But it can be a fun thing to do! But there are a lot of costs associated with owning a motorcycle. Therefore, in order to be able to purchase a different, fit-for-purpose motorcycle, you will need to budget for it. This will save you enough to buy something useful, with associated costs that will be manageable. In order to keep riding easy on the finances, it is essential to budget.  

Finding Your Overall Budget  

First, think of what you can spend overall. Your income, current costs, and savings should provide that information. You need to draw the line somewhere that establishes a maximum cost for the bike. If you go on to buy it, you likely will struggle to meet costs for servicing, fuel, insurance, and other expenses associated with bike ownership. You want to balance passion for riding with cost ownership.  

Budget will also impact the age of the bike you purchase. If the budget is smaller or less expansive, you may need to buy a used motorcycle. If it is larger, you can afford to buy a new motorcycle. With new motorbikes you will spend more right now, but you will get things like better technology, warranties, no prior ownership, and more. With better ownership also comes more costs. With bike ownership comes a lot more costs. But if you do get a used motorcycle, you will need to take a better look at other things.

Planning for Insurances

Motorcycle owners are required to keep insurance, which can often be quite costly. Everyone’s insurance premiums are different depending on what type of motorcycle you own, and your own personal riding history. If you own any larger motorcycles or sport bikes, you’re gonna get hit with larger premiums. Making sure to set aside some of your budget for insurance means you won’t end up with any unforeseen service fees after you buy your motorcycle. 

Budgeting for Fuel

If you are buying more powerful or larger bikes, you will need to factor in more for fuel, as these will be more powerful bikes that will likely take up more fuel. If you go with a commuter bike, it will be more economically friendly, and take up less fuel. On that note, it would be prudent to calculate how much you plan on riding so that you can determine how much fuel you may need, and budget for that. This will help you understand how affordable the motorcycle will be in the long run, and take the factors of how expensive it will be to run into account. 

Budgeting for Maintenance and Services

Maintaining a bike properly is important and doing so helps to keep your motorcycle in good working condition, and it can be financially beneficial in the long run. Proper maintenance ensures that motorcycles are safe to ride, and can actually improve resale value, if you plan on sell motorcycle (ขาย มอเตอร์ไซค์, this is the term in the Thai) down the road.

Cost of Gear and Accessories

All riders need a safety helmet, gloves, jacket, and riding boots. These items are mandatory and can significantly impact your overall costs. Optional items such as saddlebags, phone mounts, and custom seats add additional costs. Spending a little more money on these items provides significantly more comfort as well as safety while riding.

Loan and Financing Considerations

Round out your budget with seat and saddlebags, phone mounts, and custom seats, these add extra comfort while riding. Consider all loan and financing aspects before making your motorcycle purchase. Make your monthly budget and look at your financial priorities, adjust as needed to accommodate the motorcycle payments. Careful planning ensures your ownership of a motorcycle is fun, and stress free.