Harley-Davidson motorcycles are iconic, and known for their distinctive style, powerful performance, and loyal fan base. For many, owning a Harley is more than just having a bike—it’s about being part of a larger culture. However, purchasing a new Harley can be a significant financial investment, which is why many riders consider buying a used Harley bike. Opting for a pre-owned Harley can not only save you money upfront but also offer long-term financial benefits that make it a smart choice for budget-conscious riders.
In this blog, we’ll explore why buying a used Harley bike can save you money in the long run and how it offers advantages that extend beyond the initial purchase price.
1. Lower Initial Purchase Price
The most obvious financial benefit of buying a used Harley bike is the lower initial purchase price compared to a brand-new model. Motorcycles, like cars, depreciate in value over time, with the most significant drop occurring within the first few years of ownership. By purchasing a pre-owned Harley, you can avoid this initial depreciation and pay a much lower price for a bike that still offers excellent performance and durability.
How Depreciation Works:
- New Bikes Depreciate Quickly: A new motorcycle can lose up to 20% of its value in the first year alone. By the time it’s three to five years old, it may have lost as much as 40-50% of its original value.
- Used Bikes Hold Value: After the initial depreciation phase, a used Harley bike retains its value much better. This means that if you ever decide to resell your bike, you’re likely to recover a significant portion of your investment.
For example, if you’re eyeing a new Harley-Davidson Sportster, which might cost around $11,000 brand new, you could find a two- or three-year-old model with low mileage for significantly less. This not only reduces the upfront cost but also minimizes the financial hit from depreciation.
2. Lower Insurance Premiums
Another major advantage of buying a used Harley bike is the potential for lower insurance premiums. Insurance companies calculate premiums based on several factors, including the age and value of the motorcycle. Since a used bike has a lower market value than a new one, the cost to insure it is typically lower, resulting in long-term savings on insurance.
Factors That Influence Motorcycle Insurance Premiums:
- Age of the Bike: Older motorcycles tend to have lower insurance premiums because they’re valued less than new models.
- Repair Costs: The cost to repair or replace parts on a used bike is often lower than on a new one, which also contributes to lower premiums.
- Comprehensive and Collision Coverage: Riders of used motorcycles may choose to reduce or opt out of comprehensive and collision coverage if the bike’s value is low enough, further reducing monthly premiums.
By purchasing a used Harley, you can enjoy the same riding experience while potentially saving hundreds of dollars annually on insurance.
3. Avoiding Initial Depreciation Losses
As mentioned earlier, depreciation is a key factor when considering the long-term financial impact of buying a motorcycle. New motorcycles experience steep depreciation during the first few years, meaning they lose value quickly. By purchasing a used Harley bike, you avoid the steepest depreciation period and retain more of the bike’s value over time.
Benefits of Avoiding Depreciation:
- Better Resale Value: Since the largest depreciation occurs within the first few years, a used Harley will retain more of its value as it ages. This means that if you decide to sell the bike later, you’re likely to get a better return on your investment.
- Reduced Financial Risk: When buying new, you’re essentially paying a premium for the novelty of owning a brand-new bike. With a used bike, you’re paying closer to the true market value, reducing the financial risk associated with depreciation.
For instance, a new Harley might lose 20% of its value in the first year, but a three-year-old used Harley bike will depreciate at a much slower rate, saving you money in the long run.
4. Availability of Customization and Upgrades
Many Harley-Davidson riders love to customize their bikes with aftermarket parts and accessories to enhance both performance and style. When you buy a new Harley, the cost of adding these customizations can quickly add up, increasing the total investment. However, many used Harley bikes already come with popular upgrades and accessories, allowing you to benefit from these modifications without paying the full price for them.
Common Upgrades on Used Harleys:
- Exhaust Systems: Many Harley owners upgrade their bikes with high-performance exhaust systems, which can cost several hundred to thousands of dollars if purchased new. A used bike with an upgraded exhaust system can save you this expense.
- Custom Paint and Graphics: Personalized paint jobs or custom graphics can significantly add to the price of a new bike. With a used Harley, these customizations are often included in the sale price at no extra cost.
- Seats and Handlebars: Riders often upgrade their seats and handlebars for comfort and style. When buying used, you may find a bike that already has these premium parts installed.
By purchasing a used Harley with existing upgrades, you can enjoy the benefits of a customized bike without the added expense of buying and installing new parts.
5. Harley-Davidson’s Reputation for Durability and Longevity
One of the main reasons why buying a used Harley bike is a smart financial decision is Harley-Davidson’s reputation for building durable, long-lasting motorcycles. Harleys are designed to withstand years of riding, making them a great option for buyers looking to save money while still investing in a high-quality motorcycle.
Harley-Davidson Durability Factors:
- High-Quality Engineering: Harley-Davidson motorcycles are built with premium materials and high-quality engineering, making them known for their long-lasting performance.
- Easily Serviceable: Harley-Davidson bikes are relatively easy to maintain, with a wide availability of parts and a strong network of service providers. This reduces the cost of repairs and ensures that your bike remains in good condition for many years.
- Strong Aftermarket Support: With a large aftermarket community, finding parts and accessories for a used Harley is easy. This means you can maintain or upgrade your bike over time without the high costs associated with newer models.
Thanks to their durability and ease of maintenance, used Harleys can remain reliable for decades, giving you plenty of value for your investment.
6. Financing and Warranty Options
When purchasing a used Harley bike, many dealerships offer attractive financing options that can help you spread out the cost of your purchase. Additionally, many used Harleys come with warranties, particularly if they’re part of a certified pre-owned (CPO) program. This allows you to enjoy the benefits of a lower-priced used bike without sacrificing peace of mind.
Financing and Warranty Benefits:
- Low-Interest Financing: Dealerships often provide competitive financing options for used motorcycles, allowing you to spread the cost over time with affordable monthly payments.
- Certified Pre-Owned Programs: Harley-Davidson dealerships offer certified pre-owned programs that include multi-point inspections and warranties, ensuring that the bike is in excellent condition.
- Extended Warranties: Many used bikes come with extended warranties that cover major mechanical components, protecting you from costly repairs down the road.
These financing and warranty options make buying a used Harley even more appealing, allowing you to enjoy long-term savings while still protecting your investment.
Conclusion
Buying a used Harley bike is a financially smart decision that offers several long-term benefits. From the lower initial purchase price and reduced insurance premiums to avoiding steep depreciation and gaining access to pre-installed upgrades, used Harleys provide excellent value for riders on a budget. Harley-Davidson’s reputation for durability and the availability of financing and warranty options further enhance the appeal of buying pre-owned.
For those looking to experience the thrill of riding a Harley without breaking the bank, purchasing a used model offers a cost-effective way to enjoy the legendary brand’s quality, performance, and style for many years to come. By considering these financial benefits, you can make an informed choice that will not only save you money in the short term but also provide lasting value in the long run.
