The price of a new bike can be a huge burden on your wallet, but there are many smart ways to save money when buying a new bike.
For starters, you can look at the second hand market to find an affordable bike. Alternatively, you could try to use your savings.
- Use Your Savings
Using your savings is one of the smartest ways to save money when buying a new bike. While the best way to do it is with a hefty lump sum, most people will be able to manage a modest monthly contribution.
The amount you need to save for your dream ride will depend on the type of bike you want, how much it costs and what kind of returns your investments can make you. The most important consideration is your budget, so start by estimating how much you can afford to spend on your new bike.
It is not uncommon for the best deal to be found on an older model, which usually doesn’t have all the bells and whistles. However, if you are patient enough to wait for the sales to kick off, you should be able to find a steal. The key is to know what you are looking for and be prepared to haggle!
- Use Your Credit Card
Using your credit card when buying a new bike can be a smart way to save money. However, it’s important to be mindful of how much interest you are paying on the debt.
If you aren’t careful, your credit card can be a slippery slope that leads to debt that you don’t necessarily need. In order to avoid this, pay off your balance in full by the end of each month or before the due date.
For a disciplined buyer, a credit card can be a very useful tool. Some credit card companies offer periods of 0% interest, which can be especially helpful when buying a high-ticket item.
The decision to use a credit card or not for your bike purchase depends on a variety of factors, including your financial fitness, repayment capacity, your choice of bike and CIBIL score. If you decide to use a credit card, be sure to shop around for the best deal.
- Sell Your Old Assets
There are a lot of smart ways to save money when buying a new bike. Some of them involve ol’ fashion gizmos and some require a little more finesse. For example, if you want to get your mitts on a fancy new carbon fiber road bike with titanium cranks and aluminum wheels, you’ll have to put up a pretty good sized chunk of change before you can take home the prize. One of the best ways to save some cash is by selling your old assets. It’s not uncommon for used bikes to go for hundreds of dollars less than new ones, and you can even make some extra cash by trading your clunky old ride in for a shiny new set.
- Wait for Sales
The best way to save money when buying a new bike is to wait for sales. Online sellers and local bike shops typically run sales around major holidays like President’s Day, Memorial Day, Independence Day and Labor Day. By waiting for these sales to complete, you’ll be able to get the best possible deal on the bike of your choice.
Then, make sure you go into the shop with a clear idea of what you want in your new bike. This includes the size and weight you need, where you want to ride it (paved trails, road or unpaved trail), your budget and the features you need. It’s also a good idea to check out the bike in person so that you can judge the fit and see if it’s right for your needs. And if you feel comfortable talking to the staff, don’t hesitate to ask them any questions you have. They’ll be happy to show you their inventory and help you find the perfect bike for your budget.