Thinking about saving money on your next ride? Here are the pros and cons of financing a new versus second-hand motorbike.
Advantages of new motorbike loans
- Lower interest rates: New models often qualify for secured loans with lower rates, reducing monthly repayments and overall costs.
- Dealer discounts: Sales events and run-out discounts can make new models more competitive with used bikes.
- Warranties: New bikes typically come with manufacturer warranties, reducing maintenance risks in the early years.
- Trade-in benefits: Dealers are more likely to accept trade-ins when buying new.
Advantages of used motorbike loans
- Lower purchase price: Used bikes cost less upfront, leading to smaller loan amounts and lower repayments.
- Wide selection: A larger variety of models and price points are available in the second-hand market.
- Quick turnaround: Using a broker ensures fast loan approvals, especially important for quality used bikes.
