Guide to owning your first motorcycle

Experts narrow down the questions motorcyclists should ask before making their first purchase

- By Andrew Wong

Motorcycles at the Kawasaki showroom in 2024.

(CHONG JUN LIANG)

Whether you are looking to buy your first motorcycle after getting that licence or getting back on the saddle after a hiatus, the starting point for owning a two-wheeler can be intimidating, with myriad choices in the type of motorcycle, financing options and insurance coverage.

The Straits Times speaks to Mr Wang Yinghao, branch manager at automotive retailer Yew Heng Group, and Mr Mohammad Haritz, after-sales manager at motorcycle dealer Mah, to find out what questions a buyer should be asking before making the purchase.

Is a “$0 down payment promotion” too good to be true? That depends on the motorcyclist’s needs at the moment, says Mr Haritz. “While there are many shops promoting deals with no down payment, this means the interest rates on monthly instalments are much higher.”

The current market rate for motorcycle loans offered by most motorcycle dealers stands at between 3 and 5 per cent. For deals without any down payments, the interest rate can be as high as 7 per cent, according to Mr Haritz.

“There can also be hidden fees within the promotions, including extra administrative and service fees. Those who eventually find the interest fees too exorbitant might also be charged a full settlement fee if they attempt to pay off the loan for the motorcycle before the agreed date.”

His advice? “Purchase motorcycles only from established dealers and ask for a full cost breakdown and financing options before signing any agreements.”

A secondhand motorcycle may be a lower financial barrier to entry for a rider, but it may not always be the cheaper option in the grand scheme of things.

In 2023, I bought my first motorcycle, a 20-year-old Honda Phantom TA200, for $2,500. A new, comparable model would have cost between $15,000 and $17,000 – money that I was not keen to part with.