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8 Financial Factors to Consider While Buying a New Bike


When it comes to purchasing a bike, each individual has his/her own preferences and priorities. That said, there are a few financial factors that one must never overlook while buying a new bike.


This includes weighing in loan options and the decision to take a pick from insurance policies, such as Third-party two-wheeler insurance, own damage two-wheeler insurance, and comprehensive insurance. When it comes to making an informed buying decision, research is the key!

Read More Raymond Terrace Accident: Man Dies After Motorbike Crash At Raymond Terrace

Here are the Top 8 Factors to Take into Account When Buying a New Bike

  1. Plan your Budget

Before you make a purchase, it is imperative to first ascertain your savings, monthly expenses, and post-tax income. To chalk out your budget more accurately, you can use any bike loan EMI calculator available online to get an estimate of how much you will have to shell out every month to service the loan.

You can modify the tenure and loan amount in the calculator to arrive at an EMI that suits your budget.

In addition, bear in mind that you will own the vehicle for a minimum of 2 to 3 years, which will also call for regular maintenance. Therefore, it is wise to set aside an additional sum as a safety margin.

Also Read Explained: Why Pensioners To Pay National Insurance In UK?

  1. Loan Approval

Several banks and non-banking financial institutions in India offer two-wheeler loans. However, to receive loan approval, one must be eligible to apply for the same. Although the criteria vary with every insurer, the generic requirements are as follows:

  • Applicant should be 21 years to 70 years of age
  • He/she should possess a good credit score
  • He/she should have a considerable monthly income
  1. Get a Bike Insurance Policy

Given the high number of road accidents in India, it is advised that one should opt for suitable bike insurance. In addition, motorists can choose comprehensive two-wheeler insurance and its add-ons. At times, all of the add-ons might not be useful, when considering the usage of your bike and the frequency.   Therefore, choosing policies and add-ons wisely,  according to your needs and usages is one way to save money.

Also, Read – Pensioners To Pay National Insurance

  1. Down Payment

Down payment depends on the type of bike and its cost, alongside your amount of income and repayment capacity. Lenders require you to pay a certain sum as a down payment, which generally ranges from 15% to 30% of the vehicle’s value.

  1. Fuel Cost

With petrol prices increasing at an alarming rate, it is wise to purchase a fuel-efficient bike. So, we suggest that individuals consider buying ARAI-tested bikes. These vehicles come with superior fuel efficiency, and therefore, allow significant savings on fuel costs in the long run to save money.

  1. Choose High-mileage Bikes to Cut Costs

Regular commuters can cut down on their daily expenses by choosing a high-mileage bike. One must note here that the top bikes in this regard come with a mileage of about 70-100 kmpl.

Read More – Motorbike Accident Capalaba: 1 Dead In Capalaba Motorbike Crash

  1. Servicing and Maintenance

Contrary to common perception, buying a bike is not a one-time investment. Instead, they call for regular servicing and maintenance, which can cause a financial crunch to some. In fact, bikes requiring the least maintenance also need periodic changes of oil, oil filter, spark plugs, etc. Therefore, when purchasing a bike, remember to take such recurring costs into account.

  1. Invest in the Right Accessories to Save Money

Many motorists prefer customizing their ride so that it matches their style. Some common accessories that are worth shelling out more money include custom exhaust, windscreen, sliders, crash bar, customized tires, and saddlebags. Individuals can invest in such accessories at the time of purchase and get them installed. Or, they can wait to add them at a later date.

Therefore, these are the top factors to consider while purchasing a new bike. So, weigh in the above-mentioned aspects and buy a bike that fits you best.

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