Thinking of buying your first motorcycle? There are a few things to consider when planning your finances for motorcycle ownership.
Thankfully, we’re here to help guide you through the costs of owning a motorcycle in Singapore.
If you’re reading this article, you’re probably looking to get a new motorcycle for yourself. Perhaps you have just gotten your class 2B license and you’re looking to purchase your first bike.
Or maybe you’re thinking of upgrading your current one for something better.
Either way, you can get a motorcycle in Singapore for under $20,000. A Vespa here might set you back around $19,000, while Japanese motorcycles like Honda and Yamaha can be found below $10,000.
But besides the purchase cost of the motorcycle, there are also other costs that require your consideration because owning a vehicle in Singapore, regardless of car or motorcycle, is a costly affair.
Here are a few things that you would need to consider before buying a motorcycle.
Things to consider after buying:
Price of COE
Just like cars, a Certificate of Entitlement (COE) is needed to own and ride a motorcycle in Singapore.
The process of obtaining a COE is by checking the availability and bidding for it, which happens fortnightly.
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The good thing about attaining a COE for motorcycles (which is under Category D) is that it is cheaper than a car. The price range for a new motorcycle COE usually falls between $3,000 to $8,000, depending on the supply and demand of COEs for the month.
If you decide to get a second-hand motorcycle with a COE that is expiring soon, you can opt to renew its COE instead! Motorist now provides a 100 per cent motorcycle COE refinancing plan which you can pay by instalments.
Down Payment and Instalment
Upon the purchase of your motorcycle, a down payment of 10 to 20 per cent of the full cost of the motorcycle is required. After the down payment is made, the balance would have to be paid through an instalment.
If you are able to pay the remaining balance of your motorcycle in full, that would be a good option for you.
It’s important to note that some shops offer three-years instalment plans with the longest being seven years.
Also, your motorcycle instalment comes with interest rates, some higher than others.
Just like COE, road tax is a necessary cost to drive your bike around Singapore. Every registered vehicle in Singapore must have a valid road tax.
For motorcycle owners, your road tax is calculated by your motorcycle’s engine capacity. Please check out the image below to see how much you are required to pay for road tax every six months.
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The last thing to consider before buying a motorcycle would be your motorcycle insurance. Like road tax, it is compulsory for all motorcyclists to have insurance to ride on the roads of Singapore.
Providing coverage for all sorts of things, from third-party liabilities, injuries and even (touch wood) death, is essential.
Once a motorcycle passes its third birthday, it is compulsory to send it for a yearly inspection.
This is to ensure all of the parts of the motorcycle, such as brakes, lights, handlebars, engine, suspension, are still in working condition. The cost of it comes at an affordable price of $20.
Petrol will be consumed frequently, of course. Therefore, the fuel efficiency depends on your motorcycle engine capacity, riding frequency and distance covered. You can check the latest fuel prices here.
The cost of sending your motorcycle for servicing can be from $20 to over $200 if it involves the replacement of parts.
Accessories and Equipment
Unlike driving a car, you would need to wear protective gear while riding a bike. Some examples of protective gear include motorcycle helmet, riding jacket, and gloves.
Other useful accessories to have may include phone mount and a camera. Here are some listed prices that we found online:
Helmets: $45 to $100
Jacket: around $100
Raincoat: around $50
Gloves: $20 to $40
Phone Mount: around $30
Camera: $125 to $500, depending on model
Parking your motorcycle
It’s pretty straightforward, always pay for parking and don’t park illegally or irresponsibly.
Concessionary Season Parking for motorcycles costs about $20, which allows you to park in all white motorcycle lots in all HDB car parks, and most URA car parks. You can find out more here.
Motorcycles pay half the amount that cars pay for ERP. Here are the current ERP rates in Singapore.
We’ve listed down all the financial considerations as you prepare to purchase a new motorcycle. So the question is, what is the total cost of owning a motorcycle in Singapore?
The estimated range of your monthly expenses would be between $200 to $500 until your COE expires. Adding the purchase cost of your motorcycle, it should fall between from $24,000 to $60,000.
All in all, the whole motorcycle experience involves a lot of consideration with the bulk of your expenses going to the actual cost of the motorcycle, COE, and fuel.
Lastly, here’s a reminder to always be safe on the road by abiding by the traffic rules and to always wear the necessary protective gear. After-all, it’s better to sweat than to bleed.