Are you in the market for a new bike? If so, you’re probably wondering how much to spend. The answer depends on your budget and what type of bike you want. Here are some tips on finding the right bike for your needs and how to stick to your budget.
Before purchasing a bike, consider your finances and your needs. If you are new to cycling, spending a lot of money on a bike can be tempting but not always necessary. If you’re on a tight budget, look for affordable options that will still provide you with a good ride.
If you’re looking for a high-end bike, be prepared to spend at least $1,000. But remember that you don’t need to break the bank to get a good bike. There are plenty of great options available in the $500-$1,000 range.
When deciding how much you can spend on a bike, consider the following:
How much do you have available to spend on a new bike? If you are trying to stick to a strict budget, be sure that the amount you pay is reasonable. If you have a maximum budget of $500, don’t spend more than that. Spend $450 and upgrade a few parts.
What type of riding do you plan to do? Are you looking for a bike to commute to work, go on long rides in the country, or just pedal around town? Different types of bikes are designed for different purposes, so consider your needs before making a purchase.
Your experience level
If you are new to cycling, spending more on a high-end bike can be tempting to ensure you get the best possible performance. However, this isn’t always necessary. There are plenty of affordable options available that will still provide you with a great ride, even if you are just starting.
How much do bikes cost?
The first thing to know is the average prices of the most common bike types. After all, it would help if you always were prepared. Here’s what I’ve found:
|Bike Type||Average Price|
|Entry-Level Hardtail MTB||$600 – 800|
|Fixed Gear Bike||$300 – 400|
|Entry-Level Road Bike||$800 – 1000|
|Folding Bike||$500 – 700|
|Hybrid/Commuter Bike||$600 – 800|
|Beach Cruiser Bike||$300 – 400|
|Tandem Bike||$500 – 800|
|Electric Bike||$1000 – 1500|
Read more: Best Fixie Bikes Under $500
How much is too much on a bike?
The quick answer here is that you should never spend more than 2-3% of your annual household income on a new bike. Even if you plan to use it as transportation and don’t own a car, stick to the 3% maximum. If you’re buying your first bike, you may pick the wrong bike type. Also, keep in mind that electric bikes have more expensive maintenance than regular bikes. You should budget that as well.
|Annual Household Income ( U.S. Dollars )||% of Households||Bikes Budget|
|Under 15,000||9.1%||Max $450|
|15,000 – 24,999||8%||$450 – 750|
|25,000 – 34,999||8.3%||$750 – 1050|
|35.000 – 49.999||11.7%||$1050 – 1500|
|50.000 – 74.999||16.5%||$1500 – 2250|
|75.000 – 99.999||12.3%||$2250 – 3000|
|100.000 – 149.999||15.5%||$3000 – 4500|
|150.000 – 199.999||8.3%||$4500 – 6000|
|More than 200,000||10.3%||More than $6000|
How to find cheaper bikes?
Yes, bicycles are costly these days, but fortunately, I can offer a few fantastic tactics here. Here’s everything you need to know about buying a new bike on a deal.
The first thing you should know is that the best deals on brand new bikes come twice a year. The fall is usually your best bet because then bike shops are looking to eliminate the remaining inventory to make room for newer models. Black Friday is one of the best days of the year for bikes, with prices off up to 40%.
In some parts of the country where the weather is warm year-round, bike shops order bikes as needed, rather than having extra stock on hand. It’s more challenging to find clearance deals in those places. But you can always buy online to save some money.
Buying a brand new bike online is probably the best way to save money. As we know, the profit margins of bikes are razor-thin, and most dealers have arrangements with suppliers on how low they can go. Big online retailers like Amazon and REI can offer better deals than small brick-and-mortar bike shops because they sell a ton of production and negotiate prices.
Here is another practical tip: if you find a nice bike on a big sale, throw the link into archive.org to check the original price. This way, you can avoid being scammed with a fake deal.
How does finance work on a bike?
Here’s what I think about this.
You should never finance the purchase of a bike. If you can’t afford it right now, wait until you save enough money for it. Another option is to sell your car and buy a good commuter bike for a percentage of the sale price. This way, you will save a lot of money in the long run. As we know, bike maintenance is much cheaper than car maintenance.
Read more: Best Bikes for Uber Eats
Are used bikes worth it?
Used bikes are an excellent option for experienced cyclists who know what to look for in an old bicycle. If you’re a first-time buyer, please don’t try to save money with a second-hand bike. The only way you can do it correctly is to find a friend who knows a thing or two about bikes and wants to make a quick inspection on the spot. But never order used bikes online – it’s a recipe for disaster.
Here is a great article we wrote about the topic: Should I Buy New or Used Bike?
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