New vs Used
Purchasing a new or used motorbiked will play a role in terms of your budget, and whether you will purchase your next two wheels through a dealership or private sale. New and used motorbikes have their shared amount of benefits that you compare which can help you save. However, it is also important to check the cons. A new motorbike can give you less mileage on the clock, better performance, and less maintenance and repairs needed, but it will depreciate like crazy. While a used motorbike means lower initial costs that can let you save, but it also comes with the drawback of needing more repair and maintenance.
How long are you keeping it?
Carefully consider your motorbike needs. Are you purchasing a bike because it will be a temporary affordable placeholder, a hobby, or you see it as a long-term investment that you would like to hold onto for more than 5 years? This will affect the type of finance option that you choose to take out. Motorbike loans usually range from 1 to 7 years. Therefore, if you are not planning on keeping your motorbike for more than 3 years then it is vital that you choose a loan that will take this into consideration. If you are a motorbike enthusiast who wants to upgrade bikes after every 12 months, you may be better off renting your bike.
Be careful when purchasing used
When it comes to locking in on motorbike specials this festive season the knee-jerk reaction is to get a used motorbike. Although it is possible to clench a good deal on a used motorbike, it is vital that you do a thorough check on it before placing your hard-earned money on it. Using sites such as PPSR to find out the history of the car to find details such as whether it has finance owing on it if it has been stolen, service history and more. If it has any of these issues its best to walk away.
Compare your finance options
Many dealers and lenders know that the festive season is usually a time in which some Australians are shopping around for deals to purchase things such as motorbikes. This means that there will be plenty of alluring incentives when it comes to financing, but there are also some traps are under the guise of a great deal. To know if you are getting the best value for your money it is imperative that you compare. Remember to check key features such as the interest rate, comparison rate, ongoing fees, charges and whether the loan comes with flexible repayments that match your finances. This will can also help you to better negotiate your way to a quality deal.