Deciding Whether to Buy or Lease a Motorcycle? Here’s What to Know

Leasing a car has become a popular way to have a vehicle without all of the expenses and hassles of ownership. So, if you’re interested in getting on the road on two (or three) wheels, you may be asking yourself, “Can I lease a motorcycle?”

Yes, leasing is an option for motorcycles. It may even be an option for used motorcycles. And motorcycle leases might not have mileage limits like auto leases, so you can take long trips and explore the roadways without worrying about extra charges.

Leases generally have lower monthly payments than loans, since you’re only paying for the value of the two to three years that you have the bike. At the end of the lease period, you turn the bike back in to the place where you leased it. 

The Benefits of Leasing a Motorcycle

Along with the lower monthly payments, there are a few other reasons leasing a motorcycle may be more attractive than owning a motorcycle. 

If you’re new to motorcycling, leasing gives you a chance to try it out without committing to a purchase. You might even be able to trade up during your motorcycle lease, so you can try out different motorcycles as you discover what you like best.

With leasing, every two or three years you can get a new motorcycle, so it’s a good option if you plan on upgrading frequently.

Reasons You May Want to Buy a Motorcycle

Should you buy a motorcycle instead of leasing it? If you know what type of motorcycle you want and you plan to keep it for a long time, you may decide to purchase it. Buying your bike yourself is also a good idea if you plan to customize it. If you make changes to a leased bike, you have to restore the original parts and paint at the end of the lease period. 

Finding a motorcycle to lease can be harder than buying one, so you might prefer buying for the wider availability. 

Other Options to Consider

If you’re not ready to commit to leasing or owning a motorcycle, you can rent one for a short time. Renting gives you a chance to try out the lifestyle and experience before you commit. You’ll need a motorcycle license to rent a motorcycle.

You may also want a lease-to-own or rent-to-own motorcycle option. These purchase plans may be structures so that at the end of the lease term, you have the opportunity to buy the motorcycle for a certain price. 

Plans may also be set up so part of every payment goes toward ownership, and at the end of the rental period you own the motorcycle. These plans are usually designed for people who don’t have good credit and the price you pay for the motorcycle may be higher.

Make Sure You and Your Motorcycle Are Covered

Whether you lease, rent, finance or own a motorcycle outright, you’ll need to make sure you have insurance coverage. A Farm Bureau insurance agent can review your needs and finances and make sure you get the protection you need at a price you can afford. Reach out today to learn more about motorcycle insurance options.