I have a form to fill-in which is asking me about my likely expenditure in retirement. Got me wondering about what the actual costs of biking are and I'm trying to break them down. Buying a new bike every few years Buying new kit every few years Bling Servicing Petrol Other consumables (tyres, oil etc.) Insurance Have I forgotten anything? It obviously depends on what kind of bike we are talking about and how much use it gets, but what are your views on the costs of each item?
Do you need to answer the question? Whether you ride a bike or not is a speculative decision, so the expenditure is your choice and whether you can afford it........ Its the same as whether you might, or might not, go on a couple of round the world cruises. Of course the whether may have some bearing on the answers too.......
I ain't going to be running a D16 or all my other bikes when I retire. For regular use I reckon I'll be looking at a Multi, ST, Monster or Diavel (or whatever the equivalent is in 10 years time) and maybe a sports bike for special occasions (probably my 996SPS).
I'm trying to do some planning for retirement - how much money will I want to have to live on, when can I do it etc. - which means, yes, I do need to think about how much it is going to cost me to keep on biking in retirement - coz I definitely want to.
Apparently the multistroodle is a good alrounder....I think personally id go for just the one bike (2 at the moment) get an allrounder but keep the usage to a minimum....id rather go travelling to watch stuff....pikes peak and all that....or go to another country to watch the MotoGP just a savour the atmosphere....
Id like to think I can - depends on how much my body can handle it - apparently the older you get you don't tend to bounce as well...
Plan for a unscheduled 'off' which whilst you might have insurance, payment level may depend on excess(es). Budget for a speeding ticket? Paying for track days/van -hire or trailer. And associated purchase tyre warmers... A biking weekend away-or will that come under 'holiday ' budget?
What I do with all my vehicles is use an excel spreadsheet. I factor in, insurance, road tax, mot (if needed), yearly services, tyres, any other expenses, plus add to that cost per litre of petrol and workout the cost based upon the mileage I do per year. Then add depreciation per year on the vehicle as thats what you are really loosing. That way it gives me a total yearly figure which you can then divide down by month. When I was running my Nissan 350z the other year, I worked it out, £900 insurance, £500 road tax, £450 a month on petrol, £6000 depreciation, £700 for tyres, £200 service etc etc etc. Ended up working out that it cost me £1200 a month for the 18 months I owned the car. For my Ducati 996 id currently say its something like £60 a year insurance, £80 road tax, £250 servicing (I do my own servicing and factor in minor + major), £500 for unforceen bits (clutch, brakes), £200 tyres, £30 for MOT and thats most of the fixed items. Petrol wise, I dont tend to do many miles these days, so say 1000 miles over a year, id need to workout how many mpg my bike does to workout that cost. The costs also vary a lot depending on what you buy. If you buy a brand new bike every couple of years, the depreciation might be high, but you will have no MOT costs and maybe servicing might be cheaper too if included in a deal. You might also have less "unforceen" expenses as it will be covered by a warranty. If you buy an older bike like I did, you`d have less (if any) depreciation, but more stuff may go wrong. I spent about £1200 on bringing my 996 up to a decent standard within a few weeks of buying it (i factored that into the price), only to recently have the clutch (£300 for bits) go on it within 250 miles of buying it.
you cant really put a price on these things. but if you put a value on your remaining time what would it cost not to.
Ive a 1976 Bay Window Devon Eurovette called Lord Percy. Had him a couple of years and just getting ready to restore and slam the 50hp beast. I recommend them theyre fun.
I run an aircooled, 2v monster and a Honda Dominator for the winter. Both are old enough that they don't depreciate at all anymore. And both are simple enough to do all my own servicing. So it just costs me for petrol, oil, filters, belts every two years, the occasional tyre and tax/mot/insurance. That's not counting the continuous mods to the monster though. Cheap as chips and two bikes that I love dearly. I've even got rid of the car lately, so the saving in insurance alone on that pretty much covers all my biking bar the petrol.
This is all a bit scary, I will be 65 next May and have recently been wondering if this could be my last year of trackdays ,not to mention the cost of running a 1098r. No way am I ready for suede slip ons or any beige clothing ,hey the glass is still half full. At the moment I really don't know if I am going to keep working or not. Working =1098 . Retirement = Royal Enfield and garden centres !Its a no brainer really. Like Guy Martin said on the radio this morning "just because your breathing doesn't mean you are alive"
