The Real Cost of Owning a Motorcycle | Monee & Chicago, IL (2024)

FAQs

The Real Cost of Owning a Motorcycle | Monee & Chicago, IL? ›

Monthly expenses for motorcycle owners really only include fuel costs and monthly insurance payments—both of which are considered pretty affordable when compared to car prices. On average, your monthly insurance payments should come in under $200 while your gas costs can come in as low as $40 a month.

On average, a new motorcycle will cost anywhere from 7,000 to 35,000 dollars, while motorcycle gear will come in around 1,000 to 1,500 dollars. If you're shopping for a used model, you can expect your motorcycle to come in around 4,000 to 15,000 dollars.

Maintenance. Maintenance is another huge factor to consider when buying a motorcycle. On average, maintenance usually costs around $1,000 annually. Newer models won't need as much upkeep whereas used bikes usually require higher maintenance costs.

Legally, you can purchase a motorcycle without a motorcycle license. But you'll need to register the bike with the state within a certain amount of time after the sale. In almost all states, you'll need insurance before you can register — and to get insurance, you might need a license.

It's cheaper overall to own a motorcycle than a car. Motorcycles cost less to buy and to insure, but there are extra costs to consider for things like safety gear, and the risk of an injury is generally higher. Mark is a freelance journalist and analyst with over 15 years of experience covering the insurance industry.

Dangerous to drive

Even if you have complete protective gear and take all the necessary precautions, motorcycles are more dangerous than cars. Riders are difficult to see, and there are no airbags to protect them from impact. Accidents can be much more severe for motorcycle riders than for those in a car.

While most motorcycles depreciate over time, there are a few exceptions that can increase in value: Limited edition models - Motorcycles produced in limited quantities or special editions can become collectible and increase in value over time.

It's not unusual for a touring motorcycle to last about 200,000 miles if well-maintained. Sport bikes are at the other end of the spectrum. They are built for speed and performance over durability and longevity. This added strain means that sport motorcycles tend to have a “lifespan” of about 50,000 miles.

So what is the typical term for a motorcycle loan? In most cases, it's anywhere from 12 to 60 months. While a longer term means lower monthly payments, it will cost the borrower more in interest over the life of a loan.

How much is a motorcycle license in Illinois? ›

Motor-Driven Cycle — If you are age 16 or 17 and have completed driver education and passed the motorcycle written test, you may apply for a 24-month instruction permit to operate a motor-driven cycle (under 150cc).

In Illinois, motorcycle insurance is required by law. And from the streets of Chicago to the open roads of central Illinois, The Land of Lincoln has a strong motorcycle culture. Find out more about riding in the Prairie State, including what insurance coverage you need and how you can save on your monthly rate.

Generally, motorcycle insurance is cheaper than car insurance due to lower coverage requirements and the lower cost of most motorcycles compared to cars.

Generally, motorcycles are cheaper to maintain and repair because of their small size. While costs can vary depending on the car and the service needed, you will pay more to maintain and repair a vehicle. Cars often have more complex systems than motorcycles.

Once you're appropriately outfitted and focused on the road, the first rule of riding in the rain is to slow down. Assume that your braking distance and ability to maneuver will be compromised, and adjust your speed accordingly.

Many people choose to use a motorcycle for daily transportation because it can be a great way to save money. On average, motorcycles are cheaper to purchase and cheaper to maintain than a car. They also are much better on fuel, which can result in major savings at the gas pump.

The sense of freedom, cost-effectiveness, thrill, community, and personal growth are just a few of the reasons why owning a motorbike is worth it. As with any major decision, it's crucial to consider your lifestyle, finances, and personal preferences.

The Motorcycle

Beginner riders typically pay between $5,000 and $10,000 for a new motorcycle. Experienced riders typically pay between $10,000 and $35,000 for a new motorcycle.