Choosing between a new and used bike can be difficult for new buyers. Repairs and maintenance are generally less expensive on new bikes than on used ones. Also, newer models are more accessible to repair than older models because they use more advanced technologies, and the parts are readily available on the market.
Here’s a detailed guide about choosing a new and an old bike to help buyers make an informed decision.
Pointers to Consider While Buying Between a New and an Old Bike
Although this is quite a moot topic, a prospective buyer can get a detailed idea about it by considering the below-mentioned pointers:
- Perks of buying a new bike
- Cons of buying a new bike
- Perks of buying an old bike
- Cons of buying an old bike
- Insurance for the new bike
- Insurance for an old bike
Let’s dive-in detail:
Perks of buying a new bike
Having a brand-new bike is an unparalleled experience because one may find the newest features with cutting-edge technology and safety gears. Also, there is a guarantee from the company that it will provide necessary repairs and replacements for a set time.
But importantly, a new bike hasn’t been driven before compared to a used bike because you are the first owner. Hence, one of the main advantages of a new bike is that one doesn’t have to worry about any previous technical issues.
Cons of buying a new bike
The cost of buying a new motorcycle is a major drawback. Purchasing a new bike also implies that it will begin to lose value immediately away, meaning that if you decide to sell it, you will never be able to collect the actual price.
Additionally, for a new bike, insurance will be significantly more expensive than a used one, and one might also need to spend money on new security measures.
Perks of buying an old bike
The main benefit of choosing a used bike is the reduced price. One can get the desired model without paying the high price of a new bike.
Also, a second-hand bike is a great choice if one is just starting. Furthermore, a used bike’s insurance rate will be lower than the new models.
Cons of buying an old bike
With a used bike, one might not be aware of the model’s past or any problems the former owner encountered.
Also, a buyer might have to pay more long-term because a used bike’s maintenance and servicing costs will increase over time. Another drawback of used bikes is that they rarely come with warranties, and options may be limited.
Insurance for the new bike
Most leading insurance providers offer insurance policies for new bikes. Although there are many options available for buying new bike insurance, perhaps opting for an online insurance provider might be suitable.
Leading insurers provide protection against theft, accidents, fire, natural disasters, third-party losses etc.
Most importantly, if one chooses an online insurer for the new bike, they can avail themselves of advantages such as less paperwork, cashless repairs, fast claim etc. Furthermore, with comprehensive bike insurance, one can add a few add-ons such as zero-depreciation cover, breakdown assistance, and engine and gear protection to extend the coverage of their bike insurance.
Insurance for an old bike
If an individual opts to buy a used bike, choosing second hand two wheeler insurance might be financially wise. If the used bike does not already have a bike insurance policy, one needs to buy a policy mandatorily. The most popular insurance plan for a used bike is a comprehensive one that may provide maximum coverage with specially designed add-ons to one’s advantage.
In this regard, buyers may either insure the second-hand bike online or go in person to the insurance firm with all the necessary paperwork and select the best insurance policy for the used bike.
Which One to Choose – An Old Bike or a New One?
Whether to purchase a new or used bike can be a bit challenging for buyers. This will, however, depend entirely on the buyer’s preference and budget. One can consider the pointers mentioned earlier to make a particular decision.
If a buyer has enough money, they can opt to buy a new bike. However, they can go for a used bike instead if they don’t want to spend on a new model. But they should make sure to look into the second hand bike’s background first. Additionally, one needs to buy from an authorized dealer so that they can contact them for any issues in the future.
However, no matter which bike one chooses, it is essential to have at least a third party bike insurance plan. As per the Motor Vehicle Act of 1988, it is mandatory to have third party motor insurance.
A third party insurance policy will provide financial coverage against third party liabilities. However, a comprehensive plan provides all-around protection. Additionally, it is also possible to enhance the coverage with a few add-ons to eliminate unnecessary monetary outflow during any mishaps associated with the bike.