Owning a bike is a wonderful feeling – whether you are buying it for the first time or adding another model to your bike collection. A biker knows the feeling of riding a new bike. It’s amazing! But before you purchase a bike, there are few important things to consider.
Here’s a look at the 5 things to consider before buying a bike.
1. Set a Budget
Only a few bikers have the budget to buy their favourite bike. The rest of them have to apply for a two-wheeler loan. Setting a budget is important, even if you are getting a loan. It helps you understand the total amount you’ll spend on the bike and whether you can afford the loan repayments. Then, based on your budget, you can narrow down your options to the most affordable bikes.
2. Research Well
Which type of bike are you looking for? What features do you need in the bike? Or, where and how often will you ride it? It’s important to understand the purpose of your purchase.
Once you know your ideal bike type, research different models. Dealers sell bikes at different prices. While you are at it, check customer reviews and testimonials as well. It tells you how others liked the bike or if they are satisfied with the model. Finally, always research the bike’s make and model, price, add-ons, and other offers before going to a showroom.
3. Get a Loan
A bike loan is an affordable and easiest way to finance your bike. However, the terms and repayment plans for the two-wheeler loan can vary from bank to bank. Banks can pay up to 95% of the total price of the bike, which means you only have to make an upfront payment of 5% of the bike’s value.
Once the bank accepts your loan request, they will pay for your bike. You can repay this amount in EMIs (equated monthly instalments) with interest. Check loan offers at different banks and compare bike loan interest rates before applying.
4. A Test Ride
No matter how great the bike looks on the outside, always take it for a test drive to know it better. Test drive is the only way to understand how the bike ride feels. Plus, it gives you a better idea of the bike’s fuel efficiency and performance. A short 5-minute ride is enough to test the bike’s health. If you are buying your first bike, take a friend or a mechanic for a test ride.
5. Get a Bike Insurance
It is best to buy insurance with the bike. Every two-wheeler or four-wheeler owner in India has to insure their vehicles. Poor driving or bumpy and uneven roads can cause accidents.
The insurance protects you from these accidents by paying for all the expenses incurred on bike repairs. Usually, the dealer offers insurance with the bike, but you can also get insurance from other companies online. Research different insurance policies and compare the offerings before buying one.