Decide what fits your lifestyle
If you are purchasing a new or used motorcycle, there are plenty of them on the market. Some are intended for long rides, cross-country, multi-purpose, or maybe you want a touring model with all the gadgets available such as heated seats, cruise control, and a stereo. Then there are the sports bikes which can be a little uncomfortable but get you to your destination quickly and fashionable. Consider the following:
- Visit dealerships and/or manufacturers websites; maybe even get a test ride.
- Attend bike rallies or bike shows such as the Toronto International Motorcycle Show.
- Read the reviews and Consumer Reports on various bikes.
- Talk to your friends and people that have bikes that you’re interested in.
Research the value of the bike
Checking out the prices on Kelley Blue Book or Nada Guides is a good place to start your research for accurate pricing of a used motorcycle. You might also want to check out the local classifieds such as Kijiji or AutoTrader, which can provide thousands of motorcycles with the same or similar model you’re interested in. Pay close attention to the condition of the bike, the mileage, and the features that come with the bike.
Research the cost of insurance
This could be one of the largest deal breakers when considering purchasing a bike. Factors to consider are the value of the bike, years of experience you have with motorcycles, the engine size, and the style of the bike. For example, new riders with a M2 and motorcycle training may only be eligible to ride bikes with a maximum of 660cc’s. Also, sport bikes such as crotch rockets may have a 50% surcharge associated with them due to their high risk nature. If you’re a new rider get your motorcycle training and a bike below 660cc’s for the best rates, and if you want exact pricing contact your HMS broker directly.
Decide where to buy
You should evaluate the positives and negatives of buying from a dealership, an independent dealership, or from a private party. Some of the benefits of each may include:
- Independent Dealer – may take your old bike on trade, allow you test ride multiple bikes, and have a service department. Some independent dealers may offer certified pre-owned bikes that would guarantee the quality of the bike and provide a warranty.
- Dealership – offers more variety and more protection than buying from a private party. You may also receive some tax savings from your trade-in. Granted, buying from a private party won’t have any sales tax associated with it.
- Private Party – will most definitely give you the best price for your used motorcycle, but won’t provide the same security for the new bike as a dealer might. If you are buying privately you may want to investigate the bikes repair and ownership history.
Thorough inspection of your bike – especially for a used motorcycle
If you’ve narrowed down your search to one bike and are almost ready to take the plunge, you should consider the following steps before you sign the bill of sale and make payment:
- Have the motorcycle inspected by a qualified mechanic.
- Test ride the motorcycle, make sure that you are capable of driving the bike and that there are no mechanical issues that need to be addressed.
- Obtain a service history of the motorcycle from the previous owner.
- Research the title history by visiting Cyclechex.
- If you are buying from a private party the MTO suggest a used vehicle package.
- Make an offer based on your researched prices.