It
doesn’t get any easier than that. Postponing
the sale of your used bike is like throwing hard
earned money away. Whether your motorcycle is paid
for in full or you financed your purchase, it is
still costing you money. Depreciation, insurance
premiums, and additional loan payments are three
of the most common financial burdens associated
with motorcycle ownership.
As
your motorcycle ages and hot new models hit showroom
floors, it becomes outdated, less desirable and
therefore less valuable. This depreciation occurs
at an alarming rate on most late model motorcycles.
Resale values on some models can drop by hundreds
of dollars in just a few short months.
Insurance
premiums are another expense that most motorcycle
owners incur. These premiums can cost bike owners
hundreds of dollars per year. Many insurance companies
even dictate how many months of the year you can
ride your motorcycle, while continuing to collect
fees in the off-season.
If
you financed your motorcycle purchase, every payment
you make is money out of your pocket. Unlike a home,
a motorcycle does not appreciate. Each additional
payment decreases the amount of principle owed,
but it generally isn’t enough to offset high
interest rates and rapid depreciation. You continue
to pay while your bikes value continues to fall.
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