At some point in our lives, we come to a situation where we feel like a big investment will help us along. Broadly categorizing them, vehicles and houses are two of the main areas people tend to look into. Be it a car, motorcycle, or house, people are prepared to invest a considerable sum of money especially if they feel this will contribute positively to their lives. Take a motorcycle for instance; it would cut down transport costs especially if you have to travel a lot on public transport, without the bulky maintenance costs of owning a car. If this sounds like something you have been contemplating, why not have a look at your options?
It would be absurd to expect everyone to be able to afford a motorcycle upfront as it does cost a bit. If buying is not an option, there is nothing to worry about as plenty of options are available as far as leasing is concerned for motorbike finance. Why lease you ask? Well for starters you would not need to pay a lot of money upfront, and you also have the option of returning it for a newer model when your lease ends.
Most agreements come with this and they come any major repairs that need to be done along the way. You will need to make sure these repairs will be clearly stated in the documents as there are some they will not cover for. For the most part, the amount you will be paying from your pocket will be considerably lesser than if you were to buy it.
Leasing has its benefits, however buying one means that the vehicle is 100% yours. That is not to say a motorcycle on lease is not yours, however as the lending body will have it in their power until you pay the loan off in full, there is a chance of them seizing it if you run into any financial issues. Although you would need to have more cash in hand to purchase one, you will not need to worry about any agreements you have signed with motorbike finance companies.
As this is a depreciating product, you will be limited on your mileage with many leasing companies setting a limit annually. If you happen to exceed, they will charge you for the extra. So if you are someone who likes to travel a lot, and are hoping to get a lot of that done on your new motorcycles, leasing might not be there option. You could also end up paying for extra damage incurred as a result. Weigh out your sides with both leasing and purchasing to find out what could be the best for you.