Should You Rent or Buy a Motorcycle? Here's How to Decide

Every motorcycle enthusiast knows the joy of open roads. The wind whipping through your hair, the engine purring beneath you, and the world blurring past is a feeling of pure freedom. However, before you experience this exhilaration, there's a crucial decision to make: should you rent or buy a motorcycle?

Choosing whether to rent or buy a motorcycle is not always straightforward. You'll need to consider various factors such as cost, frequency of use, maintenance, and lifestyle. Nevertheless, do not worry if you are facing this dilemma. This guide will discuss the pros and cons of renting and buying a motorcycle to help you determine the best option.

Factors to consider when deciding between renting or buying a motorcycle

While deciding whether to rent or buy a motorcycle might seem challenging, it’s quite simple if you consider a few key factors. Here are five aspects to consider so you can make the most informed decision.

Financial considerations

Cost of renting a motorcycle

Renting a motorcycle is cost-effective if you don't ride frequently. Rental costs usually vary depending on the type of motorcycle, location, and rental duration. You can expect to pay between $75 and $200 per day. However, some rental companies usually offer discounts for weekly or monthly rentals, which can significantly reduce the daily rate.

Pros of renting

• You won't spend the high upfront cost that goes into buying the motorbike.
• You only pay when you need the bike.
• You avoid long-term financial commitments like loans and other costs of owning a bike.

Cons of renting

• Frequent rentals will add up and become more expensive over time.

Cost of buying a motorcycle

Owning a motorcycle involves a significant upfront investment. A new bike usually costs $5000 for an entry-level model and over $30,000 for high-end bikes. However, you can get a used bike for between $2,000 and $10,000. Furthermore, getting a motorcycle loan can be your next best option if you can't buy a bike in cash.

Pros of buying a motorcycle

• The motorcycle is yours to keep and use as you want.
• Although it will depreciate, you can still sell it later to recoup some costs.
• You have the freedom to modify and personalize your bike.

Cons of buying a motorcycle

• You require a significant upfront investment.

Usage and frequency

Occasional riders

Renting a bike is more beneficial for occasional riders. This is especially true if you only need a bike for specific trips, vacations, or weekend rides. Renting allows you to hire different models depending on the terrain you want to tackle or your preference. Keep in mind that rental motorcycles have mileage limits. Exceeding the mileage will attract an added cost.

Frequent riders

Owning a motorcycle is practical and cost-effective if you ride frequently. For instance, if you commute daily, renting will be expensive. Moreover, it won't be convenient, as you'll have to rent out the bike each time you need to ride. Commuting with your motorcycle is very convenient because you'll spend less than fueling your car, and you can even run errands. Owning a motorcycle also allows for familiarity and comfort with a specific bike, which enhances your overall riding experience.

Maintenance, repairs and insurance

Buying a motorcycle

Buying a motorcycle is not the only cost you need to consider. You also need to include the cost of maintenance, repair, and motorcycle insurance.

Regular maintenance is crucial for your bike's safety, reliability, and longevity. A regularly ridden motorbike must be serviced every six months or every 4000 miles. This plus repairs will cost you about $1,000 per year. While this is an added expense, it allows for greater control over how the bike is cared for. Moreover, with time, you can learn to do some repairs yourself to reduce expenses.

In addition, you'll need the right motorcycle insurance before hitting the road. On average, you'll pay $33 per month or $399 per year for insurance. This cost can be higher depending on your type of bike, age, experience, and location.

Pros of buying

• You have complete control of how the bike is maintained.

Cons of buying

• Regular maintenance and unexpected repairs can be time-consuming and costly.
• Monthly insurance premiums can be expensive, depending on the policy.

Renting a motorcycle

One of the most significant advantages of renting a bike is that you are not responsible for maintenance, repair, or insurance. Your rental company takes care of it.

You'll get a fully serviced bike each time you rent a motorcycle. In case of a roadside breakdown, the rental company will take care of repairs and offer a replacement if the bike takes longer to repair. This is a significant advantage if you lack the time, expertise, or interest in maintaining a motorcycle.

Pros of renting

• The rental company handles all upkeep, repairs, and insurance.
• You get a well-maintained bike each time. This improves the riding experience.

Cons of renting

• You have limited control over how the bike is maintained or repaired.
• You have to wait for the replacement when the motorcycle has issues.

Depreciation and resale value

Motorcycles depreciate over time. A new bike experiences the most depreciation within the first few years. When deciding between buying and renting a bike, you need to consider its potential resale value, especially if you plan to ride different brands. Some brands and models retain value better than others. However, regular maintenance and proper care can also help preserve the motorcycle's value.

Pros of buying

• Owning a motorcycle allows you to build equity in the bike.
• You can sell the bike to recoup some of the initial investment.

Cons of buying

• The motorcycle will lose value over time, even with good care.

Pros of renting

• You are not affected by depreciation.

Lifestyle and flexibility

Renting a motorcycle

Renting offers flexibility and variety. You are not stuck with one bike; you can rent a different bike based on the terrain you want to cover and your preference. Moreover, if you are a frequent traveler going to other countries, renting allows you to have a new bike for each country. This is important because different countries have varied road conditions. Sometimes, the bike you have at home may not be able to handle road conditions in another country. In addition, shipping the bike to different countries will be time-consuming and expensive.

Pros of renting

• You have access to different motorcycle models.

Buying a motorcycle

While renting offers many advantages regarding access to various motorcycles, buying is more logical if you ride frequently or prefer a specific type of bike. For many motorcycle enthusiasts, riding is not just for transportation; it's a culture and lifestyle. You can customize your bike however you want, enhancing your riding experience.

Pros of buying

• You will always have access to the bike.

Cons of buying

• You are limited to one ride unless you purchase multiple motorcycles.

Renting vs. buying a motorcycle: which one should you choose?

Renting or buying a motorcycle is a personal decision. Ultimately, it will depend on your financial situation and preferences. Here are summary points to help make your decision:

Rent if:

• You ride occasionally or seasonally.
• You prefer trying different motorcycle models.
• You don't want to be responsible for maintenance and storage.
• You want to avoid high upfront costs and financial commitments.

Buy if:

• You ride frequently or use the motorcycle for daily commutes.
• You prefer owning and customizing your bike.
• You have the means to handle maintenance, storage, and insurance.
• You want to build equity and potentially recoup some investment through resale.

Conclusion

Buying or renting a motorcycle will depend on your budget, riding habits, and the level of commitment you're looking for. If you are a beginner rider, you could start by renting and trying different motorcycles to find one that suits your needs. While buying offers significant advantages, don't buy until you find a comfortable bike.