Friday, December 22, 2006

NYC motorcycling: total cost of ownership

So here goes... I finally decided to do a recap financial analysis of what I've spent and will spend on motorcycling this year. Though some clothing and safety items carried over from previous purchases, I'll include those here, to establish a blank slate startup cost for motorcycling in NYC:

Startup costs:
Training: 350
NYC registration/paperwork/licensing: 200
Motorcycle: 8,100
Taxes: 800
Protective gear: 2,800
Security: 350
Mods: 1,000
Lo-jack: 900

Annual costs:
Parking: 1,920
Insurance: 2,500
Gas: 520
Tolls: 260


Total startup costs: 14,500
Total annual costs: 5,200
Total: 19,700

Note: A skeptic might suggest comprehensive and collision coverage along with garage payments and lo-jack are all overkill. Minimizing these to their minimum, total annual costs would be $15,080 assuming $200 in parking tickets, but excluding any inconvenience associated with having to move the bike twice a week for street cleaning. Now it's a matter of personal decision, but I'd definitely pay $12.67 more per day to sleep easy knowing the bike is safe, and to ride with a clean conscience knowing I'm covered should anything go wrong.

So let's say the final range is somewhere between:

$15,100-19,700

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