Steps For Buying a New Motorcycle
Many people dream of owning their own brand new motorcycle, but knowing where to start isn’t always obvious. From different manufacturers, riding styles, and purposes, there are a lot of factors involved with buying a new bike. Whether you’re a first-time buyer or an experienced owner, our team is here to help!
1. Narrow Down Your Search
The first step in the buying process should be deciding what kind of motorcycle is right for you. If you’ve had a vision of your dream bike for years, you may be ahead of the game for this step!
Make sure you’re honest with yourself about how you intend to ride and how often. Some models are better for long-term trips while others are perfect for speed. Some models will require different riding positions and can influence your insurance fees.
2. Set a Budget
Once you have an idea of what motorcycle is right for you, you can set a budget. Research different manufacturers and features within the specific category to build knowledge about what’s available and how much you’ll have to pay.
From there, you can determine what features are non-negotiable for you and build your budget around the ideal bike. Make sure to be realistic about your situation, especially if you intend to finance.
3. Schedule a Test Ride
After you’ve solidified your budget, browse through nearby inventories and call to schedule a test ride with your dealer. It’s important to actually get hands-on with the motorcycle you’ve fallen in love with in case it isn’t the right fit. You want a bike that matches your riding style and skill level, but it should also feel comfortable and handle well while you ride.
Most dealerships will have strict requirements for a test ride, so contact them in advance to discuss your options. If you can’t test ride, at least spend some time in the seat to get a feel for the model you like.
4. Discuss Terms
Once you decide it’s time to buy the bike, it’s time to discuss the financing options. You can work with the dealership to find a lender, but it’s crucial to understand all of your obligations before agreeing to the loan!
Ideally, you can put a decent down payment toward the purchase of your new motorcycle and qualify for a low interest rate. When you look over the loan terms, pay attention to the monthly rate, interest rate, and fine print.
5. Get Insurance
Many dealerships will require you to have proof of insurance for the sale. If you already have auto insurance, you can work with your provider to add coverage to your existing policy. Double-check that your policy covers at least the value of your motorcycle and situations like theft.
Buying a new motorcycle can feel overwhelming, but there are few things more exciting! Our team at GP Bikes, located in Whitby, ON, would love to help you with the buying process. We proudly serve Peterborough and Toronto.