What is better: buying or leasing a bike?

What is better: buying or leasing a bike? Transport is very much changing in modern times. With the arrival of many rideshare schemes and companies such as Uber, you have a lot more options for getting around without physically owning any form of transport. One of the biggest movements has been the leasing of cars for not just companies but general day-to-day drivers.

What many people don’t know is that there are similar schemes with bicycles. If you wanted to, you could have a bike to help you get around but never need to own it. In this article, we will explain the difference between buying and leasing a bike and also discuss the best option. 

1. Buying a bike
   1. Pros of buying a new bike
   2. Cons of buying a new bike
   3. Buy a new or a preowned bike?
2. Leasing a bike
   1. Pros of leasing a bike
   2. Cons of leasing a bike
   3. Lease or rent a bike ?
3. Buying or leasing a bike: Which is for you?
   1. Cost
   2. Ownership
   3. Modifying and preservation
   4. Choice
   5. Maintenance 
   6. Switching bikes
4. Should you buy or leasing a bike ?

Buying a bike

The traditional way of getting a bike is buying one. You could go to a shop and buy something new with limited choice, or you could buy something much cheaper online pre-owned with a company such as buycycle.

The beauty of buying a bike outright means that you own it and can do with it whatever you wish. If you want to change any parts or modify it, you can, or even sell it to, buy another upgraded model or different type. 

In modern times, buying a bike has become more difficult because of how quickly technology has advanced. Many bikes, especially mid to high-end models, are now much more expensive, which can make buying a bike a bit of an outlay.

Pros of buying a new bike

• You own the bike and can do with it as you wish. 
• No regular payments unless you choose to use finance.
• You can modify the bike any way you wish. 
• The condition you keep it in is your responsibility. 
• There is much more choice of different bikes compared to leasing.
• You don’t just get new bikes but preowned ones too.
• You can sell when you are finished and want to move to another bike.

Cons of buying a new bike

• Large outlay when first buying
• Must be maintained by yourself
• Not easy to swap if there is an issue. 
• Insuring your own bike can be challenging.

Buy a new or a preowned bike?

We are often asked about buying bikes and whether you should buy new or preowned. In our opinion, both new and pre-owned bikes are great options, but you get a lot more for your money when going pre-owned. 

The risk of buying pre-owned was always that you might buy a poorly looked after bike, but with websites such as buycycle, that is no longer anything you need to worry about with their warranty and return policies. 

Leasing a bike

A new option that has become available in recent years is a long-term bike leasing. Instead of buying a bike outright, you can lease a bike to use long-term. This is a great option if you don’t want to make a big outlay or don’t know if you will like cycling.

Leasing contracts typically last from a month to a year. The longer you agree to lease a bike, the better deal you will get. It means you can have a higher-end bike to use, and there is less commitment to money. 

You even find that with a lease, you get some benefits, such as many companies having insurance and some even looking after the maintenance while you own the bike. With leasing, the choice is limited, but you get to use some amazing bikes like you own them.

Pros of leasing a bike

• Next to no outlay when leasing.
• You get to choose the bike and the duration you want it.
• Maintenance is often covered.
• Insurance is often in the monthly cost.
• Get to ride great up-to-date bikes at a low cost.
• Companies often let you swap for other kinds of bikes.
• It can come with tax benefits.

Cons of leasing a bike

• You never own the bike.
• Over a certain duration you can spend more than the original bike.
• You must ensure the bike is well looked after.
• You cannot and must not modify the bike to suit your needs. 
• They often don’t let you use the bikes to race or go abroad.

Lease or rent a bike ?

We are often asked what the difference between bike leasing and a rental is when it comes to bikes. Well, a lease is generally very short term, but a rental is more considered long term. You cannot generally lease a bike for a weekend, but you can rent one. Long term bike rental is more of what leasing is.

Bike leasing also comes with an offer at the end of the contract to buy it for a cheaper cost. It is important to remember that over the 36 months or so you might have owned it, you would have paid a lot of its value already. Long term bike rental is not a bad way to experience a bike.

Buying or leasing a bike: Which is for you?

When it comes to choosing between buying and leasing a bike,, there is a lot to consider. In this next section, we want to keep it simple and tell you the main differences between the two so you can understand what is going to be best for you.

Cost

When buying a bike, you spend your money upfront. When leasing a bike, you spend it over time. It might seem like it is a lot cheaper to lease, but you do not own the bike, and you still have to buy it at a cheaper cost at the very end of the contract. 

Buying a bike outright is not cheap, but you also have the option of buying pre-owned, which is a big saving in itself. Websites such as buycycle can accommodate this and even offer finance options, which could help.

Ownership

There’s a big misunderstanding about leasing when it comes to ownership. Most people think that when leasing, you are the legal owner of that bike when you are actually not. Unless you have finished the lease and officially bought the bike, you are not. The only way to be an owner is to buy straight out. 

Modifying and preservation

When buying a bike, you can modify it as much as you want. You can change parts, add performance upgrades, and really make it your own. However, lease bikes are typically requested to be in the same condition as when they were new. 

When bike leasing, you also have to be a little careful about keeping it in tip-top condition. If you return it and it has been used for lots of bikepacking and tough riding, you might need to pay a charge. 

Choice

When buying, you have a lot of choices and can pick any bike you like, from new to pre-owned. When it comes to leasing you have a small pool of different bikes to choose from. You don’t always get the bike you want but more what they have to lease. 

If you are particular about what you ride, leasing might not be the best option. You could struggle to find the perfect bike and modify it in the ways you want. 

Maintenance 

Another big factor is maintenance. If you are happy to maintain or organize the maintenance of your bike, then buying is typically a good option as this is required. If you lease quite often, the majority of the maintenance is done for you through their programs. 

Having the maintenance done for you does make it a lot less hassle for you but it does come either within the cost of the rental or you are paying a premium on top and not everything is always covered. E bike leasing is popular for this because they often require more servicing.

Switching bikes

Another factor is switching bikes. If you are someone who likes to change bikes often and have all the latest up to date technology then you might want to consider a lease over buying. It does give you the option to send bikes back and get new ones in some contracts. This also means you could switch out to an e bike leasing if you felt you needed more assistance. 

Should you buy or leasing a bike ?

When it comes to bike buying and bike leasing, it is mostly about what is going to suit your needs as a rider. Some people find they would rather buy so they can modify and make it their own, others tend to enjoy a lease which gives you a standard bike but a lot less hassle. 

One of the best routes a lot of cyclists go down is to buy but instead of having a big outlay on a new bike they buy second hand guaranteed with a website such as buycycle. That not only keeps the cost down but also makes switching bikes a possibility later down the line.

Make sure to check out the amazing selection of bikes on the buycycle website at amazing costs to see if anything is going to be your new bike.