With increasing traffic and shrinking roads, bikes are definitely better alternatives to overcome challenges that several cities in India face. However, when it comes to buying a bike, deciding whether to buy a new one or second-hand poses big trouble for buyers. It is one of the biggest questions that every motorcyclist faces when initiating a purchase. Although for many people this is not a significant issue. But a wrong purchase may provide you with long-term pain. Therefore, it is better to perform some mind exercise before only.
Obviously, deciding it yourself without any proper guidance can be pretty difficult. So, here is some help for you. Given below are the pros and cons of buying a new bike as well as a second-hand bike.
What are the Pros of Cons of Buying a New Bike?
Pros of Purchasing a New Bike:
Performance: It’s useless to say, a new bike will always ensure you uninterrupted performance. It will have minimal possibility of a breakdown. Buying a new bike means smooth parts and a fresh slate so you can expect better outcomes and effectively plan things without any nasty surprises down the line.
Access to the latest features: When you buy a new bike, you have the freedom to explore technology and specification as per your requirement. Also, the new features with add-on sophistications will add to your driving experience.
Warranty – A new bike will get you covered for after-purchase defects or failures for up to a certain period of duration. Also, free-of-cost workshop services provide you protection for a particular duration to ensure your bike remains in a sound condition.
Sound Vehicle History – When purchasing a brand-new bike, you don’t have to take stress about the vehicle history. Since you are the first-hand owner, your vehicle will have more value and worth.
Cons of Buying a New Bike:
Higher Expense – New bikes tend to be highly-priced. With all their new sophistication, they turn out to be more expensive than used ones. To own a new vehicle, you are required to splurge your investments.
Lots of Extra costs: Purchasing a new bike involves a lot of overhead expenses such as registration, RTO charges, etc. In addition to this, third-party bike insurance for a new vehicle is way more expensive than second-hand vehicle.
Depreciation – A new bike has a higher depreciation value than the second-hand one. Within five years of purchase, it may depreciate up to 50%. Thereby, making it outdated very sooner.
What are the Pros and Cons of Purchasing a Used bike?
Pros of Purchasing a Used Bike:
Lower Price – The major benefit of purchasing a second-hand bike is that it is much affordable than a new bike. In many cases, the price difference is maybe 50% or more.
Lower Premium for Insurance – Insurance premiums for vehicles are decided based on the vehicle’s market value. As such, a second-hand vehicle that has already crossed its depreciation will probably have a much lower premium amount. Hence, premiums for second hand bike insurance are less expensive than that for a new bike.
Resale Value – After the completion of five years of purchase, the depreciation rate of a vehicle slows down. Thus, for a second-hand vehicle for which you already paid much less, selling it again to the other party will provide you the nearly same amount you spent for purchase.
Cons of Purchasing a Second-Hand Bike:
Vehicle History –Vehicle history is a major concern that comes with purchasing a second-hand vehicle. It is a blind purchase; you never know what might have gone wrong with the previous owner. So, if you make your mind to buy a used bike, make sure to get its history checked.
Too much maintenance – Undoubtedly, a used vehicle will need more maintenance. Unexpected repairs may come up very often, thus, it will require more upkeep than a new vehicle.
Bad Condition – Purchasing a second-hand bike implies that you have to compromise with degraded vehicle condition. Outdated features, design, and technology you have to deal with or get it fixed yourself.
Valuation – Before finalizing a purchase, make sure to have walkthrough mechanical aspects of the bike. Verify whether it is worth the money or not. Get it assessed by an authorized mechanic, plus, check online sources to come up with a wise decision.
To Sum up…
So, this was all about purchasing a new bike vs. an old bike. If you have sufficient funds, go for a new bike. Else if you don’t want to spend more and use it as a second mode of transport, then better go for a second-hand bike. But make sure to check its history and condition. Also, purchase through an authorized dealer, so in case if there any faults you can approach them easily.