The color is faded, the seats are damaged, the kickstart is no longer working, and so on. There may be numerous issues with your current bike. The issues may be one or many. A Bike is a necessity now and no one can deny this fact. But at some point in time, on the way towards the repair center have you ever considered the scenario if you want to buy a new bike instead?
Let’s pull out few points to keep in mind while deciding the best choice:
1. Going with the current trend:
You got to move with the current trend. Staying upgraded with time is essential in this fast-moving world. To upgrade the present vehicle, you will have to pay a significant cost. Instead, the new bike would be available with the latest technology, high speed, and warranty coverage. Also, the feeling of owning a new vehicle would be at a different level altogether.
Check whether your current bike is up to date with the current economic environment in the country. Gone are those days of greenhouse gasses emission in the middle of traffic. India is now moving towards electrifying transport. This would promote a pollution-free transport system. Hence, consider the fact of new electric vehicles entering the market. Even if you refurbish the new vehicles, the emission of gasses would be much higher than new petrol-based vehicles. With electric vehicles, you would be standing in line with environment-friendly riders.
3. Running cost:
Petrol prices are rising & there seems no upper bound considering the present usage of petrol in industries and consumer driver market. Petrol is a finite resource and the natural behaviour of the prices of finite resources will be always at the uptrend. The situation becomes worse if you are owning an old vehicle with lower mileage and thereby increasing your running cost. Comparatively, if you own a new bike, the mileage would be good and allow you to save on petrol costs. If you choose an electric bike as a new bike, the running cost is almost negligible since the cost incurred is electricity only.
4. Upgradation cost vs new bike cost:
The cycle of refurbishing old vehicles is never-ending. Once you start incurring the repairs costs, it won’t end easily. If your current vehicle needs a lot of repairs and up-gradation costs, you should think about buying a new bike. Now the cost of electric vehicles is around Rs. 1 lac and more. Also, the newly launched Ola Electric scooter starts from Rs. 99,999. The prices of electric bikes are higher than the present petrol-based bikes but the bankers can help you with the finance. The interest rates are in good range considering the demand for electric vehicles.
5. Discount or Subsidy:
Many state governments are providing subsidies if you buy a new electric vehicle. There is no such discount or subsidy if you choose to only upgrade the old vehicle. The Subsidy helps you lower down the number of bike loans. You can check the two-wheeler loan eligibility and also compute the EMI amount using a two-wheeler loan EMI calculator.
6. Features of new bike:
A New bike will always have new features even if you go for upgrading the existing bike. Now the price range of electric bikes comes with new features such as reverse gear, low weight, easy to pick up in case of breakdown, speed fast enough for travel lowering the probability of road accidents, low pressure on wrists for racing, and many more.
Whatever option you choose will have some consequences for you to accept. Even if you just go for the upgrade, you may have to incur some costs in the future for newer upgrades or extra repairs. So, buying a new vehicle is a far better option. In a nutshell, if budget is not your concern you may choose to buy a new bike. If budget is your concern, you can avail of a two-wheeler loan. For the said loan, you can check the amount through the two-wheeler loan EMI calculator.