Things To Consider Before Buying a Second Motorbike

Once you have invested in your first motorbike and experienced the thrill of riding, it can be tempting to expand your collection with a second bike. But before you take the plunge and purchase another motorbike, here are a few things you should consider.

How will it benefit you?

Consider how often you use your motorbike, and what kind of journeys you use it on – this will firstly allow you to determine whether a second motorbike is a worthwhile investment, and if so what type of motorbike would be the most beneficial.

For example, if you use your standard bike for commuting to and from work every day, you might invest in a touring bike that is better suited to leisurely rides on a weekend. On the other hand, if your main vehicle is a car and you already have a motorbike for leisure, purchasing a third vehicle might not be the right choice for you.

That said, buying a second motorbike ‘just because’ can be reason enough, if you have the money of course. The second bike can start your journey towards being a motorcycle collector – just be clear in your motivations and long-term expectations.

Type of bike

There are a multitude of different types of motorbike on the market, from a range of well-respected brands. It is crucial to do your research into what is out there so that you can be rest assured that you made an informed decision on the option that is best for you.

Some of the most popular types of bike include standard, cruiser, touring, dual-purpose, and off-roaders. You can also get a chopper, enduro, ATV, street, naked, sports or sports tourer, scooter, and more – it all depends on your personal preference.

Of these, the most popular and highly regarded motorbike manufacturers in the UK include Triumph, Yamaha, Ducati, Honda, Harley-Davidson, Zero, BMW, Kawasaki, Asprilla, and Royal Enfield.

Budget

It might go without saying, but the type, brand, and quality of your second motorbike will likely be dictated by the amount of cash you have available to spend. Whether you purchase the bike outright or repay monthly finance instalments, it is crucial to ensure that you can afford the expenditure.

To do so, you will want to understand exactly how much money you have coming in, how much you have in savings, and how much you spend on rent, mortgage, utility bills, food, and so on, every month. To help you, there are some free Government budget planning resources to assist you with planning your finances.

Even if you find that you will have a lower budget, however, this does not mean that you will be limited in choice. You can find a wide range of good quality second hand bikes for a reasonable price if you know what you are looking for, so don’t be afraid to shop around until you find the right deal. 

Insurance

In addition to the cost of the bike itself, you will also need to budget for insuring your new motorbike, too. The cost of the insurance will depend on (but is not limited to) your age, location, and riding history, the cost, power, and popularity of the bike, how often and how far you will ride, the number of named riders, your voluntary excess, and the level of cover you require.

Of course, this will mean that you will be required to insure two separate motorcycles – and these costs can add up. However, if you will be the only named rider on the policies, a more cost effective option might be to consider multi bike insurance.

Multi bike insurance has the rationale that one person cannot ride more than one bike at one given moment. This reduces the road risk of the other bikes on the policy. Subsequently, the premium is based on the most expensive motorcycle, and any additional bikes will benefit from significant cost savings.

Storage space

Before you purchase your new motorbike, it is important to determine where you will store it. It goes without saying that you won’t be able to ride both at the same time, so you might consider whether there is room in your garage for the one you aren’t using – or indeed for both of them to be safely stored overnight.

Where you store your bike will also impact your insurance, too. If you have to park it on the road, it might be more liable to damage or theft, and thus can be subject to higher premiums.

By considering these things before making any purchase, you can ensure that you get the best motorbike for your money, and that it will be a worthwhile investment for exciting future rides.

Top 5 Reliable Cars You Can Get Used for Under £3000

You need a reliable car to help you get on with your daily life. Whether you’re planning on going on a road trip, need to take your kids to school or want an easier way to commute to work, it’s important to have a car that supports your needs. However, you don’t want to buy a car that is too expensive. That’s why you should consider these 5 reliable cars that you can get used for under £3000.

Ford Fiesta

It’s normal for a car to lose its value after spending some time on the road. After all, driving around in a new car can eventually lead to deprecation because of wear and tear and unfortunate bumps and potholes on the road. But that shouldn’t stop you from being able to get a nice car for under £3,000 with modern technology included.

The Ford Fiesta has been one of the best-selling cars over the last 40 years. So, it’s very likely that you will be able to find a second-hand model that is currently on sale. We would recommend the Mk5 or Mk6 Fiesta. Both have a large amount of space in the boot and can seat up to 4 adults. Not only that but if you go for a titanium model, then you will have a car that has alloy wheels, auto headlights, keyless entry and cruise control. You’ll even have a choice about whether your car is petrol or diesel, manual or auto.

With this variety of choice and the knowledge that you can find a Ford Fiesta vehicle for under £3,000, they are worth buying second-hand!

Fiat Panda 100HP

Costing around £2,395 second-hand, the Fiat Panda 100HP is a great car to have if you live in a city. Not only does it have a large amount of boot space, but it is an extremely smooth drive. With a 1.4 litre petrol engine, you will find that the performance of the car is fantastic. It can go fast but also maintain its handling ability to ensure your safety on the road.

You’ll love being able to drive the Fiat Panda 100HP. It has a smooth exterior but is also comfortable enough to seat 4 people. Therefore, it’s worth purchasing as your new car.

Suzuki Swift

For drivers who are interested in small and lightweight cars under 3000 pounds, the Suzuki Swift may be the vehicle for you. Just keep in mind that you will have to purchase a second-generation Swift, from 2005 – 2010, or a sports model. The best thing about the Suzuki Swift is that it is a refined vehicle. With low running costs and a reliable design, you will find it easy to drive and always feel safe when you are on the road. Just keep in mind that it is a small vehicle, therefore it may not be suitable for drivers with large families.

MINI

Another type of small car that you can get for under £3000 is the MINI. BMW actually reinvented the MINI and made it a lot bigger than its predecessor. If you are interested in looking for a retro car that can provide an extremely exciting driving experience, you will find that the MINI is right up your street. As it only has three doors and a small boot, it is perfect for solo drivers or those who do not require a lot of space on their daily commute or road trips.

If you are thinking about purchasing a second-hand MINI or a cheap model, we would recommend the petrol MINI Cooper. They tend to have higher mileages but can also be a little older than their more modern models.

Honda Jazz

For those who are looking for a reliable build on a small budget, the Honda Jazz could be perfect for you. When you are looking for a cheaper vehicle, it can be difficult to find cars that hold up well on the road. That way you won’t need to pay for any repairs that occur in the near future. It is a very practical brand and you can even find an inexpensive first-generation car. So, it’s worth the purchase!

Have you found the perfect car?

Finding a car on a budget can be difficult. But don’t worry. If you look online or go to dealerships, it’s very likely that you will find a vehicle that will suit your needs and the amount you are willing to pay. Take your time and find the best car for you!

How much does your deposit affect your car finance options?

If you’re reading this, it’s presumably because you’re considering taking out a car finance deal for your next set of wheels – and that’s pretty understandable. After all, the recent statistics do point to the car finance market continuing to see strong business, so plenty of people are evidently still buying a car on finance in 2022.

But if there’s one tricky aspect that can arise when you’re considering your options for car finance, it is the deposit. You might ask yourself, “do I really need a deposit? And if so, should I go for a big deposit or a small one? And how will that affect me going forward?”

So, let’s start answering those questions, by explaining the situation in a really simple way.

How do deposits for car finance typically work?

Over the years, the process of a motorist arranging car finance has traditionally worked out as follows: the motorist applies for car finance, and if they are successful with their application, the lender will provide them with a high proportion of the loan value.

But as is the case when someone is trying to take out a mortgage for a house purchase, the lender won’t typically offer the would-be borrower the entire loan value. What they will expect, is for something to be paid upfront – in other words, the deposit.

While the deposit requested by the lender may not be exactly the same from one lender to the next, around 10% of the loan value is a good “ballpark” figure for what to expect if you are interested in applying for car finance so that you can get behind the wheel of your ideal car.

So, could it be a good idea to offer a larger deposit?

Now, if you’ve read this far, you’ve probably already realised that offering to pay a bigger deposit than the bare minimum requested by the lender, could bring you certain advantages. After all, the bigger the deposit is, the lower the overall value of your loan will be, because you won’t need to borrow so much to repay over time. And having a smaller loan could allow you to pay back the entire sum of money sooner.

That, in turn, could also be a source of reassurance for the lender – particularly if you have a less-than-glittering credit record. It is definitely possible to get car finance with bad credit, but having a history of failing to pay back your loans can also make it harder to convince lenders to agree to give you new loans. So, paying a larger deposit could greatly help to expand your car finance options.

But putting down a bigger deposit may not be the right path for everyone

So, are there any circumstances in which paying a larger deposit could be a bad thing for you if you’re seeking car finance right now? Well, yes – there could be a risk of paying a bigger deposit leaving you financially stretched in the long run, which could compromise your ability to keep up with repayments.

Let’s take a look at the specific example of someone paying a big deposit for a personal contract purchase (PCP) deal. This is the type of car finance where, if you want to own the car once the loan term comes to an end, you will need to pay a final ‘balloon’ payment.

This means that if, for instance, you were to take out a PCP agreement, with a big deposit and subsequent monthly repayments that you can only just manage to afford, there’s a strong risk that you will arrive at the end of the loan term without enough money to actually acquire the car permanently.

That might not seem like the greatest worry if you decide that you aren’t bothered about owning the car in the long run anyway. After all, the ‘balloon’ payment is only optional if you are on a PCP deal, and you may like the idea of switching to another car once this particular loan period concludes.

But in that situation, if you have ploughed basically all your money into that specific car finance agreement, will you have any cash remaining to pay the deposit on a new deal? That might leave you in the situation of having to pay a lower deposit on your next deal, and therefore being forced to pay more in monthly repayments.

There is, of course, the possibility in that situation that you could even find a car finance deal that doesn’t require you to pay a deposit at all – although it is also crucial to realise there is no guarantee of that.

In conclusion… it all depends on your requirements and situation

In summary, then, yes, paying a larger deposit does potentially help expand your car finance options. But depending on your financial circumstances both now and in the future, it could have the long-term effect of narrowing those options, too.

Every motorist’s situation is obviously different, so it is important to look carefully at your own circumstances, and consider what would be the most suitable path forward for you. And if you do wish to apply for car finance, at Car Finance Genie, they are ready and waiting to provide you with a free and no-obligation quote that is perfectly aligned with your needs.

How does Rent to buy work for PCO cars?

If you want to become, or already are, a PCO driver you should consider if you want to rent or buy a car for your job. It’s difficult to make a decision right away, so make sure you look at pros and cons for both options. Or maybe you choose a middle way – renting with the option to own the car at the end of the contract, via a ‘rent to buy’ plan. You might have heard of Rent to buy plans for homes and apartments, but you can also find car companies that offer them.

A PCO Licence is a Private Hire Driver Licence which you need if you want to work as a taxi driver, chauffeur or Uber driver. A PCO licence is valid for 3 years and is issued by the PCO (Public Carriage Office) in your area.

How does this work? Well, you sign up an agreement and pay for the car like you would when you’re renting one. However, instead of giving the car back at the end of the term and losing the money, a part or all of the money goes toward purchasing the car.

Rent to buy for PCO cars
Rent to buy agreements offer an easy and low risk way to start a business

A key benefit to a rent to buy arrangement is that you are not committed to a long lease or large capital investment You can try starting or expanding your PCO business with little initial outlay and therefore your financial exposure will be limited. If the business goes well great, if it doesn’t work for you simply return the car.

Credit check

Car lease the terms can be very restrictive and lenders usually ask for a pretty in-depth credit check to make sure you can afford the loan. However, for a Rent to buy contract the credit score usually doesn’t matter because you’re not applying for a car loan.

There’s something for everybody when it comes to buying a car, and the requirements vary from one company to another. For example, Splend is a PCO car hire company that doesn’t require you to have a good credit score. Why? Because you will pay for the car one week in advance. If you’re not able to pay, you will be asked to return the car just like you would when renting.

Car lease vs Rent to buy

Your needs are the main factors in determining if you want to own a car, or not. The advantages of car leasing are many, starting with the fact that you don’t own the car and therefore have no responsibility for its depreciation. It’s no secret that a car loses its value over time and should you decide to resell it, you’ll probably lose money. With a car lease, however, you can hand back the car at the end of your contract and easily get a new one. This is also a great option if you’re passionate about the latest car models and new technology, as you can drive a new one every couple of years.

At the same time, this can be seen as a disadvantage too. There is a certain peace of mind that comes with owning a car, even if it’s at the end of a contract and not purchased on the spot. There’s no risk of having to return the car, you won’t be concerned about mileage anymore and you get to customise it anyway you want. Plus, rent to buy contracts only last 3 to 4 years on average, and there are companies that also offer maintenance included in the weekly fee.

No matter which option you choose, make sure your agreement stipulates that you can use the car with ridesharing apps. This way you’ll be able to sign up with Uber, or any other platform and use your brand new car to earn an income.

Is use for ridesharing apps allowed?
Is use for ridesharing apps allowed?

Down payment and costs

Costs will vary from one provider to another. A down payment will most probably be requested by any rent to buy company, once you decide to sign a contract. After that, you’ll make weekly or monthly payments towards owning the car. Like every other car, the one you purchase via a rent to buy contract needs insurance too.

PCO license to become a chauffeur

Make sure you ask your provider if the agreement includes insurance, what it covers and if you need to pay extra for it. Maintenance is another cost you need to take into consideration. Most companies ask for regular servicing, to make sure you’re keeping the car in good condition. Among your
options might be either a maintenance agreement with the same company, or having the costs included in the rent fee which will cover servicing for the entire contract period.

Whether you decide to lease or rent to buy, research is key. Both come with advantages and disadvantages, but in the end it’s all about your needs. If, as a PCO driver, you want less commitment and more flexibility, you should choose a company with an all-inclusive service.

Electric Cars, What You Need to Know

It may come as a surprise to learn that electric cars are not a recent invention, but instead date back to the early 19th century. They proved popular until petrol cars came along, which offered more horsepower and increased travel distance.

Due to the current climate emergency, electric cars are making a comeback because of their zero exhaust emissions. Luckily, they have come a long way since the 1800’s and the current models offer a smoother and sleeker ride.

Most developed nations have tough Climate Action Plans in order to meet carbon emission targets. It’s safe to say, that we are in for some big changes at home, work and on our roads in the next ten years.

One of the main areas of focus is taking petrol and diesel cars off our roads as they contribute to air pollution. Governments are looking to introduce legislation to ban the sale of petrol and diesel cars by as early as 2030. So, if you’ve buried your head in the sand up to now, it might be time to learn about what you’ll be driving in the future.

How do Electric Cars work?

What is an electric car and how do they work? Basically, they are powered by an electrically charged battery pack which powers the electric motor, and turns the wheels. There is no clutch or gears, instead the car is operated just by accelerating and braking. In that way, it’s similar to an automatic car. These vehicles depend solely on electricity for power and not petrol or diesel.

By comparison, Hybrid and Plug-in Hybrid cars contain an electric motor that will power the car but they also have a petrol/diesel engine that can work in tandem with the electric motor. Hybrids are more common on our roads today than electric cars, but these are likely to be phased out too.

When you use the brake in an electric car, the electric motor stores the energy of the car as it slows down and uses it to recharge the battery. So when you slow down, you are getting free energy. This is known as regenerative breaking. This means there is less wear on the brake pads as the motor is doing most of the work in slowing down the car. It’s a win-win situation!

Electric cars are much quieter than petrol and diesel cars, but since July 1st, all new electric vehicles are now being fitted with noise emitting devices. This is to alert road users, like cyclists and pedestrians that a car is nearby. They will probably still be quieter than a diesel engine though!

Charging

So, how do you fuel your car? By charging it, much like your phone! Electric car owners can charge their car battery from a dedicated charging unit. The battery receives power when the car’s charge port is connected to the source of electricity at a public charging unit or at home overnight. If you choose a night saver rate to charge your electric car by night you will save on running costs.

Currently, many countries have a network of public charging points which are free to us. Eventually, we will need charging units to be as accessible as petrol stations, if we don’t want to be stranded with a dead battery.

Public Charging Point
Public Charging Point

The distance you can drive before needing to recharge your battery depends on the type of battery and driving conditions. At the moment, electric cars suit city dwellers more, as they are not driving long distances and there is a greater density of charging points in our cities.

Incentives

Different governments have introduced various incentives to entice people into purchasing electric cars. The Irish incentives for 2019/2020 are particularly good.

In Ireland, grants are available for people buying electric cars priced €14,000 or higher. The maximum €5,000 grant only applies to vehicles with a price tag of €20,000 or more. To avail of the grant, vehicles must be bought from an approved dealer. For more information on a grant, click here. Another incentive offered by the government is the Electric Vehicle Toll Incentive. This was introduced in Budget 2018 and offers reduced toll charges for electric car road users. Also introduced in the Budget was a new Benefit in Kind (BIK) 0% rate for businesses purchasing electric cars. This is attractive to businesses who want to add to their fleet of cars. There is a €600 grant available to individuals who wish to install home chargers. That means you can easily recharge while at home. Though it’s not clear yet how this would work for those who live in apartments or have on-street parking.

Second-hand electric cars cost less but it’s very important to check the health of the battery, as they degrade over time. Check the car warranty carefully and get an independent mechanic to verify the battery if you have any doubts before purchasing. The battery of an electric car is often the most expensive part, so you don’t want to be replacing one on a second-hand car you just bought!

Running Costs

Fuelling an electric car can cost 80% less than the petrol version of the same car. Also because there are less moveable parts in an electric car they require less up-keep and maintenance. No timing belts to be replaced and no oil changes! In most countries, electric car owners pay lower road taxes too.

Even though there can be a hefty price tag when purchasing a new electric car, experts maintain that you will end up saving money in the car’s lifetime because there is less maintenance and you pay less to refuel.

The Future

By 2030, electric cars will be mainstream. Like it or not, we’ll be saying goodbye to our gas guzzlers and hello to quieter, cleaner driving experience.

Thanks to Liberty Insurance for this article – Get their best car insurance quote online now.