Wondering if it is worth to buy a new motorcycle? Despite the relatively lower cost of a motorcycle as compared to a car, purchasing your new ride requires a certain level of commitment and there’s more to consider than just price and depreciation. Here’s some food for thought with our easy guide!
Purpose
You are clear on the fact that you want to buy a motorcycle, but why? Delve deeper and explore the reasons behind the purchase so that you can narrow down your bike options. Do you envision your new motorcycle to be for leisure purposes – taking you far on road trips beyond Singapore – or is it for practical work where you can vie for the best food delivery rider of the year?
Either way, depending on the mileage and frequency of use, you’d want to ensure that your motorcycle works well under all circumstances, according to your needs. A second-hand motorcycle may be able to do so, but do you have the experience and expertise to do the relevant stringent checks prior to purchase?
Preference
Be honest. Is there a particular style or image that you like to portray when you are on the road? Having graduated from ‘standards’ that you were riding during your bike lessons, you may be secretly coveting the ‘cool’ street bikes or cute, classic scooters.
We’re not judging but your style matters, and this will influence your decision on whether to go for a used or new motorcycle. Feeling uncertain? Check out this Motorcycle Personality Quiz to determine your biker style.
Experience
Nobody would think about getting into an accident (touch wood!) but just like the Chinese saying, “the road is dangerous like the mouth of a tiger” and experience matters. Chances of mishaps are higher for new riders and this could be a reason to consider a used motorcycle as a 1st bike.
There are some who prefer not to spend so much on a new motorcycle because of the higher potential accidental drops. Nonetheless, used motorcycles may come with its own set of issues too. Hence, you should get an adequate motorcycle insurance regardless of your bike choice.
Availability
By now, you should have narrowed down your motorcycle options with a preferred style and maybe even a model in mind. Nonetheless, purchasing a vehicle is not that different from finding a reliable partner, and what you are looking for may not be readily available.
Perhaps you have your eyes set on a vintage bike but it does not provide the optimal performance and you have limited choices in the resale market. Perhaps your preferred model is currently sold out and will take several months to deliver – can you wait?
Value
All of us perceive value differently, so let’s focus on the tangible factors such as prices. Let’s face it, we all have a budget (not necessarily bad since it helps to narrow down options!) and beyond the motorcycle prices, you need to factor in COE (Certificate of Entitlement) price.
COE price for motorcycles closed 0.4 per cent lower in September 2020 as compared to the previous month – giving hope to those who are currently looking to buy new motorcycle. However, let’s not forget that this COE price increased by 70% in July after Circuit Breaker restrictions were eased. A new motorcycle is likely more costly than a used bike.
On the other hand, you can save on the costs of inspection for new bikes for at least 3 years. Depending on your luck, maintenance fee is another potential cost that comes with used motorcycles.
Lastly, there’s the cost of motorcycle insurance that’s determined by rider’s age, motorcycle type, and extensiveness of coverage.
With all these miscellaneous costs to factor in, it is best that you draw up a list to ensure that you do not exceed your budget, especially in current times when the economy is not doing so well.
Motorcycle Insurance matters
Regardless of your choice to purchase a new or used motorcycle, getting a reliable motorcycle insurance with adequate coverage is important as it can shield you from unexpected expenses in the event of an accident.
ePROTECT motorcycle from Tiq by Etiqa Insurance offers comprehensive, third-party fire & theft and third party only coverage types with up to $500,000 coverage for loss or damage to 3rd-party property.
Decided to buy a new motorcycle? Be sure to protect your precious bike with up to 50% vehicle theft valuation and more with ePROTECT motorcycle. Learn more here.
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Information is accurate as at 26 October 2020. This policy is underwritten by Etiqa Insurance Pte. Ltd. (Company Reg. No. 201331905K). Protected up to specified limits by SDIC.
Tiq by Etiqa Insurance Pte. Ltd.
A digital insurance channel that embraces changes to provide simple and convenient protection, Tiq’s mission is to make insurance transparent and accessible, inspiring you today to be prepared for life’s surprises and inevitabilities, while empowering you to “Live Unlimited” and take control of your tomorrow.
With a shared vision to change the paradigm of insurance and reshape customer experience, Etiqa created the strong foundation for Tiq. Because life never stops changing, Etiqa never stops progressing. A licensed life and general insurance company registered in the Republic of Singapore and regulated by the Monetary Authority of Singapore, Etiqa is governed by the Insurance Act and has been providing insurance solutions since 1961. It is 69% owned by Maybank, Southeast Asia’s fourth largest banking group, with more than 22 million customers in 20 countries; and 31% owned by Ageas, an international insurance group with 33 million customers across 16 countries.
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