The onset of the coronavirus pandemic has led to a surge in the sale of motorcycles. Why? Because having a private vehicle has become a necessity, and two-wheelers are the most affordable option. Still, buying a bike is a significant purchase that can take a toll on your savings. As such, the most convenient way to finance it is by taking a bike loan.
Now that you know how you can finance it, you must also decide whether to opt for a new or a pre-owned bike. Need help? Then, read further to learn the pros and cons of buying a new bike vs used bike.
Pros of buying a new bike
- The feeling of owning a brand new motorcycle is unmatched as you can get the latest models with top-notch technology, up-to-date features and safety equipment.
- A new bike comes with a warranty that can cover any malfunctions for a specific period and offers you peace of mind.
- Being the first-hand owner means that the bike doesn’t have many miles on it. You also don’t need to worry about any previous mechanical problems, which is one of the key benefits of new bike.
Cons of buying a new bike
- The biggest con of purchasing a new motorbike is the price. But you can solve this issue by taking a two-wheeler loan and bringing home your dream bike.
- Buying a new bike also means that it will start losing its value right away, which means you can never get the original price if you decide to sell.
- The cost of insurance will be much higher for a new bike, and you will have to spend on new security equipment.
Additional Read: New Traffic Rules of 2021 You Must Know before Buying a Bike
Pros of buying a used bike
- The biggest advantage of opting for a used bike is that you get access to feature-rich and expensive bikes that you would not be able to afford otherwise. Also, with lenders offering competitive two-wheeler loan interest rates, you can afford your dream pair of wheels conveniently.
- If you are a beginner, buying a used bike is a better idea as it’ll help you understand if you enjoy riding motorcycles or not, without taking on a considerable expense.
- You will have to pay a lower premium on the insurance of a used bike.
Cons of buying a used bike
- With a used bike, you might not know the history of the vehicle and the issues the previous owner faced. This can make you question its reliability.
- The maintenance and service cost of a bike goes up with time, so you might have to spend more in the long run. Moreover, used bikes rarely come with a warranty which is a big downside.
- You might not find many options when it comes to purchasing a used bike. Thus, you will have to compromise on various factors like model, colour, features etc.
Additional Read: Things to Keep in Mind while Buying Bike for the First Time
Over to you
While there is nothing like driving a new motorcycle, choosing a used bike has some significant advantages that you must consider.
Whatever you choose, Tata Capital can help you finance the purchase comfortably. We offer customisable loans with attractive interest rates, flexible tenure and easy two-wheeler loan eligibility terms.