First time motorcycle rider, need help planning?

Question

Hi! I'm currently 17 and planning to get a sports bike (Ninja 300) this summer. Right now, this is my current plan.

1). Take and Pass the Written Test for motorcycle.
2). 2-3 Weeks later take the MSF Course.
3). Go to DMV once it's been 30 days (I live in Oklahoma) and get the driving portion waived.
4). Buy the motorcycle.


For question on how I'm going to afford this, I got quite alot of money saved up and going to work full time this summer.

The bike I'm planning to get (2013 Ninja 300 Special Edition) is around $4,999 MSRP

I'm probably going to make a 2,500 down payment and have my mom finance it under her name. It's going to be a 24 month term and I'll probably pay more than the minimum amount on the bill each month so that interest won't get a hold of me quite too much and I get the debt out of my hand soon.

For the insurance coverage part; Should I have the bike insured under my moms name since she haven't been in an accidental all her life and the rate will be much lower? Or should I have it under mine.
If it's under hers, do she need to have a motorcycle license in order for it to be insured under her name?

Also, am I require to show up with my bike when getting the driving test waived?

That's currently my plan and I would love to know what's missing or if anything important should be added.

Answer 1

Actually I'm glad to see you have it so well thought out.



I would strongly suggest you don't start with a brand new bike. You're going to feel really bad when you drop it. You want to learn on a used bike, maybe one with already a few scars and bruises. If you buy carefully, after 6 months or a year you can sell this old beater for about what you paid for it, and by then you'll have a much better idea of what you really want. (And anyway, do look into the 'out the door' price on that Ninja.)



No matter whose insurance it is, the cost will be based on -you-, the person riding the bike. And it's going to be rough because you're young and inexperienced. If you had that old beater bike, you might consider just liability insurance, which will save a lot of money but involve a 'calculated risk' of damage to your bike.



Otherwise good. Stay out of those tornadoes!

Answer 2

Motorcycle license plan -- good.



Getting the bike, BWHAHAHAHAHA!!!



$4.999 MSRP, plus $600 freight, plus $600 setup, plus $280-$600 or so for sales tax, plus DMV fees -- out the door cost about $7,000. $2,500 down, $4,500 on term. For insurance, since you do not own the motorcycle, you will have to have full coverage. 17 years of age, new rider, 100+ mph sport bike -- insurance company know you have a 20% chance of crashing your first year. Which means to not lose money your insurance will cost at least $200 a month. Yeah, your mom could be the owner, but your could not be a driver. When you got your car license her insurance took a big hit. If you don't tell the insurance company you are the driver, they will not cover any loses you cause.



If you are smart, you buy a used motorcycle, for $2,000 or less -- then you can get just liability coverage. To reduce the insurance costs, get a 250cc class cruiser, such as a Rebel, and ride that for the first three years.

Answer 3

It sounds like a perfectly sensible plan to me, but I also would recommend buying a secondhand bike rather than brand new. Sometimes the price difference between new and used is so small that it's better to buy the new one, but generally speaking a nearly-new bike will be a much better deal than brand new.



It also has the benefit that you won't be so worried about scuffing the paintwork. When you have a shiny new bike straight off the showroom floor it feels great - everyone loves the smell of a new vehicle - but you'll be treating it like it's made of glass. If you buy a bike that alright has some minor cosmetic damage you'll be more able to relax and focus on just riding and enjoying it.



You will probably have to insure the bike in your own name, but the Ninja 250 or 300 shouldn't sting you too badly on insurance even as a 17 year old.



Don't forget to budget another $500 to buy a new helmet and secondhand clothing.

Answer 4

What's missing in your plan is a brain. Please don't tell me you're going to ride a motorcycle before you learn to drive. Absolutely the crazies thing you could ever do. Also, if you have a big chunk of cash, why would you buy a new motorcycle? You should be able to find the same bike--a couple years old--and not have a payment.

Next, if Oklahoma is anything like Texas, your plan is a little out of order. In Texas you would:



Take the MSF course

Take the written test at the DMV

Get your class C license (may be different in Oklahoma, or different because you're a minor, not sure)

At least you're waiting until you get your license to buy the bike.

Answer 5

Check with the MSF, in TX passing the class IS the riding test.

You can't take the bike to get a waiver, you don't have a license to ride it yet, but you'll need a licensed RIDER to take the bike there if waiver is denied and you have to take the test.

Answer 6

Make sure your loan doesn't have a penalty for early pay-off.