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Buying a Second Hand Bike Makes Sense This Year – Know Why!

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To navigate the often busy and congested Indian roads, Indian citizens turn to two-wheelers. Two-wheelers – and motorcycles in particular – are easy to manoeuvre and offer excellent fuel economy. Moreover, cruiser bikes and tourer motorcycles can be used for long-distance travel, making them your perfect travel partner.

However, these two-wheelers can drain your savings, as they can cost anywhere from ₹1.5 Lakhs to ₹20 Lakhs. While two-wheeler loans can help you easily afford such premium bikes, repaying the loan amount can prove to be a hassle.

In recent years, prospective bike owners haven’t been shying away from buying second-hand bikes as these are economical alternatives to new two-wheelers. In fact, during the COVID-19 pandemic, when there was a slump in the sales of new motorcycles and scooters, used bikes registered a growth of 27 percent!

Consumers are looking for cost-effective solutions to their travel woes, and second-hand bikes offer the perfect solution. Additionally, second-hand bike loans make it extremely simple to afford second-hand bikes.

Why should you buy a second-hand bike?

Affordability: While the low cost of a second-hand bike is certainly the most attractive proposition, there are numerous advantages of purchasing second-hand two-wheelers.

To this end, you can also get bike financing options, making it extremely easy to buy premium motorcycles or ‘super bikes’, which otherwise fall outside the affordability threshold of the average consumer.

Perfect for beginners: If you are a novice rider and have just started learning to ride a motorcycle, you would be better off purchasing a second-hand bike. You wouldn’t want to invest a significant amount on a new motorcycle only to realise that you aren’t keen on riding motorcycles. Moreover, second-hand bikes play the perfect foil for inexperienced riders, who will likely scratch, dent, or rough up the two-wheeler.

Better resale value: Used bikes also have a better return on value. The rate of depreciation of a second-hand premium motorcycle is lower than that of a new premium motorcycle.

This is because a bike loses around 50 percent of its value within the first five years of purchasing it. However, after these initial five years, the depreciation rate slows down. Thus, if you maintain the bike’s condition, you can even sell it later for almost the same amount!

No additional charges: While buying a used two-wheeler, you won’t incur overhead costs such as registration charges, road tax, or RTO charges, as these are already paid for by the original owner.

Lower insurance premiums: Another benefit of purchasing a used two-wheeler is that the insurance premiums are considerably lower than the insurance premium charges of a new two-wheeler.

Thus, when you buy a second-hand bike, you get access to feature-rich and expensive two-wheelers at considerably lower rates. Furthermore, check bike loan interest rate as they are extremely competitive, rendering the purchase cost-effective.

Second-hand bike loans

Lending entities today offer second-hand bike loans at highly competitive interest rates. Additionally, multiple dealers also offer second-hand bike finance. The loan amount and interest rates against the loan are determined based on your credit score, credit profile, employment status, and monthly income.

By availing of a loan directly from the dealer, you can also get access to post-care support, lower insurance premiums, and other value-added services. Apart from lending entities and dealers, you can also get second hand bike finance from OEMs or use personal loans to purchase second-hand bikes.

Things to remember while buying a second-hand bike

While purchasing a second-hand bike, you must remain vigilant and perform the following checks.

  • Check for oil leaks and do an oil check – Inspect the engine area closely for any oil leaks. You should also check near the engine oil and remove the dipstick.
  • Check for rust – Examine the metal parts for rust. If you find deep rust in the edges, you will have to replace the parts soon.
  • Inspect for scratch marks and dents – Ensure there aren’t noticeable scratch marks and dents.
  • Note the mileage – Inspect the mileage metre and the tyre condition of the bike.
  • Go on a test drive – The easiest way to gauge the performance of the two-wheeler is by taking it for a test drive.

You should also check the condition of the two-wheeler’s spark plug, gears, brakes, exhaust pipe and other body parts.

Eligibility criteria and application process

The eligibility criteria to apply for – and get a second-hand bike loan are similar to the criteria to get a new two-wheeler loan. You should be between 21 and 65 years old, have a steady income, and have a good credit score. You should also live in the same city for more than one year.

Considering the benefits of buying a second-hand bike, buying a used two-wheeler can be prudent. You can opt for second-hand bike finance and apply for a loan from banks and NBFCs. The application process is straightforward, and you can apply for the loan online or offline.

You can apply for a second-hand bike loan on Bajaj Markets and get up to 100 percent funding of the vehicle’s on-road price. Moreover, you can get highly competitive interest rates starting from just 8.75 percent per annum.

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