There’s more to buying a motorcycle than meets the eye. Beyond the price tag, you’ll have to think about maintenance costs, registration fees, loan repayments, and the like. Before you go to your nearest dealership, it’s best to understand how much a motorcycle will truly cost.
To guide you on your purchase, we’ve outlined important things you need to know about the cost of owning a motorcycle:
Average price of a motorcycle
Motorcycle prices vary depending on the brand, make and model. If you’re buying a brand new motorcycle, prices range from $3,000 to $15,000 for low and mid-range models. Higher-end motorbikes that offer powerful performance can go for $20,000 to $50,000. On the other hand, specialty or vintage motorcycles can cost $100,000 or more.
For those with lower budgets, buying used motorcycles can be a good idea. Second-hand motorcycles can cost anywhere between $1,000 to $10,000, give or take, depending on the age and model.
Motorcycle registration fees
After you’ve purchased your motorcycle, you need to have it registered. Here’s a quick overview of the registration fees for motorcycles in Australia:
| State and Territory | Motorcycle Registration Cost |
|---|---|
| New South Wales | Registration costs $83 for private and business use. |
| Victoria | Registration costs can range from $162.40 to $753.10 depending on the engine size and postcode. |
| Queensland | Motorcycle registration costs in Queensland are approximately $551.35. |
| South Australia | Metropolitan rates are between $25 to $400 while country rates go from $20 to $345. Registration fees change based on location, type of motorcycle, and payment period. |
| Western Australia | Motorcycles not exceeding 250cc cost $68.32 to register while those with a power-to-weight ratio not exceeding 150 kW/t are $95.88. |
| Tasmania | Based on a 12-month payment period, the registration fee is $55.07. |
| Northern Territory | Registration fees are based on size and payment period. Motorcycle registration costs can go from $28.10 to $959.10. |
| Australian Capital Territory | For established motorcycle registration fees, it costs $66.40. |
Motorcycle maintenance and insurance costs
Maintenance costs can be $800 to $1,500 per year. The price for maintenance depends on what type of motorcycle you own and how often you use it. For example, if you’re going off-road riding every week, your motorcycle would be more expensive to maintain compared to one that’s only ridden on highways and city roads.
The maintenance fees also depend on what kind of repair your motorcycle needs. Regular maintenance and minor services like fixing leaks, changing oils and fluids, and replacing minor components aren’t usually expensive. However, major repairs such as cleaning air filters, adjusting the chains, and replacing the engine can be pricier.
Another ongoing expense of owning a motorcycle is insurance. On average, riders can expect insurance to cost around $300 to $1,000 a year. However, this expense could be cheaper or more expensive depending on the type of bike and coverage, as well as the state or territory.
Other costs related to owning a motorcycle
In addition to one-off or yearly costs like registration and maintenance, there are also a lot of smaller expenses you need to consider before buying a motorcycle. You’ll have to include the safety gear you need to use while riding in your budget. Plus, the fuel and toll road costs vary depending on your location and how often you use your motorcycle.
Cost of motorcycle loan repayments
Financing your motorcycle purchase with a bike loan can help you manage costs while enjoying the benefits of motorcycle ownership. Motorcycle loan costs differ per person and are determined by the following factors:
- Vehicle purchase price
- Type of loan
- Interest rate
- Repayment frequency
- Loan term
- Deposit
- Balloon payment
- Additional fees (e.g., ongoing fees, annual fees, application fees, settlement fees, etc.)
The interest rate, loan features, and additional fees vary by lender. Some online lenders, for instance, may offer lower rates and fees than others due to lower overheads. When looking for loans, always check the comparison rate to see the true cost.
If you want to calculate your potential repayments, use an online motorcycle loan calculator. This online tool is great for estimating potential loan costs and helps you get a better understanding of how motorcycle finance works.
What impacts the cost of a bike loan?
Your loan’s interest rate is a factor that heavily affects the cost of your loan. It’s why most borrowers prioritise low rates above anything else. Usually, the higher your interest rate is, the more expensive your loan will be.
There are a few things you can do to get a good rate on your loan such as improving your credit score. If your credit score is less than ideal, taking the time to better your financial situation can help you get a lower rate and boost your chances at loan approval.
You could also make a deposit, reducing the amount you need to borrow and minimising the total interest cost.
For those looking for a good deal on their motorcycle loan, an easy and hassle-free way to do it is by using a broker service like Aussie Bike Loans. Our expert brokers will search through an expansive network of lenders to find the best motorcycle loan for you.
Get in touch with us today by calling 1300 889 669 to learn more about your motorcycle finance options.
