PLANNING YOUR FIRST SUPER BIKE? HERE’S YOUR BUDGET CHEAT SHEET FOR THIS GOAL
Nothing beats the pleasure and thrill of riding your own super bike on the open roads. With the right approach, it is possible to answer the call of the open roads with your ultimate super bike. It helps to know what you are getting into when you decide to make the purchase. The process of buying a super bike is like any other investment you make. Super bikes do not come cheap, and it requires planning and research to make the right decision. We have broken down the process into different steps to help you achieve your goal.
With these steps, you will be able to purchase a super bike without disrupting your budget:
- Research the Market
First, you need to research the market and understand the technicalities of the super bike. There are several brands and models in the industry. Before you decide, you need to choose the one that best fits your needs. Understand the mileage, power difference and the cost of maintenance of the bike.
The higher the cost of your bike, the higher will be the cost of maintenance since the spares are expensive. Evaluate the costs and compare the mileage, the capacity of the engine and the power amongst different super bikes in the market.
- Take a Test Ride
Before you make a buying decision, you need to take a test drive. It will help you make the right decision about comfort and convenience. When you take a test ride, you will be able to see how the engine performs and the power the bike holds. Additionally, you will also be able to decide if the seat is comfortable and the height and weight of the bike are suitable for you. It is must to take a test ride before you purchase any vehicle.
- New or Preowned
This is an important decision to make. With the preowned bike market growing by double digits, there are several used super bikes you can purchase. If a brand-new bike does not fit into your budget, you can look for a used super bike. It is best to purchase a used bike if you are buying a bike for the first time. You can then invest in a new bike once you are comfortable riding the bike. If you have recently learnt to ride, it is advisable to go for a used bike.
- Funding the Purchase
Banks and financial institutions offer to finance for the purchase of a bike. The amount of loan depends on the cost of the bike you intend to purchase and the amount of down payment you make for the same. If you do not have excess cash on hand, you may opt for a loan for the purchase. However, with the financing option, you will be liable to pay the monthly installments including the amount of interest on the loan. Evaluate the options and consider your current financial situation before deciding. In some cases, financing may turn out to be costly, but if you do not have adequate funds on hand, you will have to opt for financing.
- Negotiate the Price
Lastly, make your best attempt to negotiate the price of the super bike. If you are purchasing a used bike, there are higher chances of a negotiation. If you have the right negotiation skills, you can bring down the price by a substantial amount. If you are purchasing a brand new super bike from a dealer, you can ask for special discounts or look for festive offers.
It is best to assess your situation before you make any decisions. It is easier to get driven away by the number of options and features of the bikes on the market. However, it makes sense to consider your current financial standing and evaluate the options.
Consider your budget and look for super bikes that fit into your budget. If you can negotiate the price of the same, you will be able to save a certain amount on the purchase. If you opt for financing on the bike, you will have to be prepared for a regular monthly outflow in the form of EMI to the lender.
Consider the Cost of Insurance
Since these bikes command higher market value, their IDVs are also higher, thus demanding higher insurance. It’s better to consider the cost of insurance as well with these bikes, and check for the share of repair expenses insurance will cover.
With high-end bikes, however, it is a good practice to get a long-term two- wheeler insurance, so that you don’t have to bother about it for a couple of years.
Nowadays, you can buy even the long-term two-wheeler insurance online, just select the insurance to provide your vehicle details and pay the premium. The policy is issued within hours if details are in order.