The true cost of owning a motorcycle

As the days get longer and the summer winds up, you may be yearning to take a ride down the backroads with the wind on your face. The freedom of the open road and the price of gas might have you considering a motorcycle.

There's plenty to love about traveling on two wheels — motorcycles can be a fun way to ride and relax, the biking community can be amazing and they're just plain cool.

However, there's more to owning a motorcycle than cruising and enjoying the deep-throttled roar of the engine. You'll need to consider the cost of riding gear and bike accessories, plus essentials like motorcycle insurance, maintenance and safety gear.

Buying the bike for you.

The sticker price of your motorcycle will depend on the features you're looking for. Basic, beginner-friendly motorcycles could cost between $5,000 and $10,000 brand new, though you may be able to get one for less if you buy used. If you're looking for a nicer bike or a model for more experienced drivers, you can expect to pay anywhere from $10,000 to $35,000.

You'll need to think about how you'll pay for it — will you need motorcycle financing? Some financial institutions offer loans specifically for motorcycles. If you get a loan, you'll need to factor finance charges, interest and sales tax into your budget. Motorcycle loans are usually secured loans, which means they must be backed up with collateral — in most cases, the motorcycle itself. Just like financing a car, if you can't repay the loan, the bank can repossess your bike.

Safety comes first.

When considering the costs of purchasing a motorcycle, the one area you won't want to skimp is safety gear. A good pair of leathers and a sturdy helmet can be all that stands between you and the pavement — and a fatal injury — in the event of a crash.

You'll want to make sure your helmet is ECE and DOT compliant. In the U.S., Department of Transportation testing is the standard, but ensuring your helmet is covered by Economic Commission for Europe standards means you're protected from all angles. DOT testing focuses on helmet strikes anywhere within a range, while ECE testing requires strikes at fixed points. If your helmet is approved by both groups, your odds of surviving a crash improve. Your helmet may cost between $70 to $300. This is one time when you won't want to bargain hunt. And don't forget to buy an extra for the occasional passenger.

You'll also need other safety gear, like riding boots, a sturdy – and armored – jacket, gloves and a set of riding pants. Expect to pay around $1,500 total for a full set of gear. You'll want to ensure that your gear fits well and is comfortable, so it won't distract you or cause problems on the road.

Get a license to ride.

Just like driving a car, you'll need a license to ride your motorcycle. License requirements vary by state, so you'll have to do some research to see what your locale requires. In general, licenses and permits are available starting at ages 16 to 18, and you'll need to pass a vision test, short motorcycle exam, and complete a safety education course.

You might want to take a safety training class on your own, before you apply for your license. These classes will help teach you everything you need to know about your motorcycle, from motorbike anatomy and motorcycle-specific traffic laws to proper riding gear, safe riding strategies and defensive maneuvers. Often, if your class is approved by the government, you might be able to get a waiver to skip the state's license exam. These courses usually run two to four days and can cost anywhere from $200 to $500. Keep in mind, you might also be able to use the class to get a discount on your motorcycle insurance.

Once you've met all the requirements, the cost of the license itself varies by state, but can be as little as $20 and as much as $50 or more. The average is about $35. Some states require yearly renewals, while other states issue licenses that are valid for up to eight years.

Maintenance and repairs.

Motorcycle maintenance can be one of the costliest aspects of owning a motorcycle. Bikes usually need more frequent maintenance than cars. And though the cost of the repairs usually is less than for a four-wheeled vehicle, they do add up. You'll need to service your motorcycle — get the oil changed, lube and check the tension on the chain, etc. — every 4,000 miles or every 6 months, whatever comes first. You'll also want to regularly check the tire pressure, and, depending on your bike, tune the carburetor and flush the cooling system on water-cooled engines every two years.

Many motorcycle owners prefer to do their own maintenance if they have the skills and the tools. This will save you some money on servicing costs, but you'll still have to pay for parts. And if you aren't sure what you're doing, mistakes could be costly.

You'll also want to budget for new tires — most motorcycle tires need to be replaced every 4,000 to 11,000 miles. You'll also want to have a way to pay for a backup, for days when motorcycles are impractical. If you get caught in heavy rain or are facing a snowy forecast, for example, you'll want to be able to afford a car rental or hotel room, if you decide it's necessary.

Paying at the pump.

As gas prices continue to be volatile, many people are looking to find the most efficient vehicle possible. Luckily, motorcycles — even the most gas-guzzling hogs — are some of the most fuel-efficient vehicles on the road.

They're smaller than cars, so the engine doesn't have to work as hard to make the bike move, and it needs less fuel. The average commuter bike has a fuel economy of 55 to 60 mpg, better than most passenger cars — including hybrids. The average rider drives about 4,500 miles per year, so if gas prices remain at about $5 per gallon and your bike gets 55 mpg, you'll spend about $405 per year on gas. Your mileage may vary, but that's less than you'll spend to fuel a car.

If you're feeling ready to purchase your new motorcycle, get a hand with a motorcycle loan.

Make sure you're covered.

Insurance is required by law in most states, and just like with cars, it can cover you and your motorcycle in case of an accident, property damage, medical bills and even theft. Your motorcycle insurance costs will depend on a variety of factors, including your driving record, age and the make and model of your bike, as well as where you live, but you can typically expect to pay an average of $200 to $500 per year.

Keep in mind that your chances of injury in a crash are higher on a motorcycle than in a car, so you'll want to plan for the worst. Consider adding medical payment coverage to your policy to help offset immediate medical costs after an accident. It's also a good idea to carry uninsured and underinsured motorist coverage, in case you're hit by an uninsured driver or one whose insurance limits won't pay your bills.

You may be able to reduce this premium by taking a motorcycle safety course, choosing a higher deductible and only selecting the coverage that you need. Insurers also offer discounts for safety features like anti-lock brakes and anti-theft systems.