Can You Lease A Motorcycle? (And Is It Even Worth It?)

Leasing is a concept that has been in the car world for decades. As common as leasing a car is, it's a topic that doesn't come up very often in conversations about motorcycles. Part of the reason is that motorcycles tend to be cheaper than cars, making paying for them more manageable. As a result, fewer people view leasing one as a necessity. While leasing a bike isn't as common as leasing an SUV or pickup truck, it can be done. However, you'll have to do a little footwork to find a dealership with a leasing program.

If you have your eyes on an expensive motorcycle from a major brand but don't want to keep it for a long time, leasing can make sense. Since you won't own the bike outright when the leasing term ends, the monthly payments are often lower, making it possible to get more bike for your money, albeit for a limited amount of time. When deciding whether to lease a motorcycle, thinking about some of the questions you'd ask if you were going to lease a car can be helpful in figuring out if it's the right choice for you.

Leasing a motorcycle isn't much different from leasing a car. You'll have to sign a contract where you agree to rent the bike for a specific period, usually somewhere between 24 and 60 months. During this time, you'll make monthly payments to cover how much it depreciates as it ages and accumulates miles during the lease term. When the lease is over, you'll typically be given three options: return the motorcycle, purchase it by paying off the residual value, or trade it in for a newer model and start a new lease. 

One of the nice things about motorcycle leases is they often come with unlimited mileage, unlike the mileage restrictions that are common with most car leases. That means, in theory, you could lease a 2024 Kawasaki Ninja ZX-4RR and drive it to your heart's content without worrying about being penalized. Since motorcycle leasing isn't as common as leasing a car, you might have to shop around a bit to find one. Companies like MotoLease and Speed Leasing are popular options that offer lease programs through dealerships. Just like with a car lease, you can negotiate some of the terms of a motorcycle lease, including the down payment, monthly payment, and the cost of the bike.

One thing that makes leasing attractive is the lower monthly payments compared to financing. Your payments are lower because you're only paying for the bike's deprecation during the leasing period, not its full value. So, if you're on a budget, leasing could make a higher-end model more accessible.

Leasing can also benefit bikers who like to switch motorcycles frequently. If you're someone who likes to ride the latest models or wants to explore different types of motorcycles, leasing gives you a way to do this without dealing with depreciation or trying to sell an old bike. Another potential benefit of leasing a motorcycle is lower maintenance costs. Since leased bikes tend to be newer, they usually require less maintenance, and most come with manufacturer warranties that cover significant repairs during the leasing period. It's also generally easier to qualify for a motorcycle lease than a loan, and making your payments on time can improve your credit score.

When you lease a bike, you don't own it, and that's arguably one of its biggest drawbacks. At the end of the lease, you'll usually have the option to buy it, but if you don't, all of your payments will go toward using the bike and not building equity. While your monthly payments will be lower when leasing a motorcycle, depending on the terms of your lease, the costs might end up being higher than purchasing the bike outright, especially if you decide to buy the bike when your lease is up. That's because when you buy a motorcycle after leasing it, the residual payment and other fees can add up quickly.

While it's true that leasing often has more flexible credit requirements compared to loans, you'll need a good credit score to qualify for the best lease terms. If you have poor credit, you might end up with a lease with high-interest rates and have to make a sizeable down payment. 

As with all things that involve money, the decision about whether leasing a motorcycle is worth it or not will be a personal one. Leasing a motorcycle can be a smart move if you want to try out different bikes without committing to just one for several years. New bikers can benefit from leasing because it gives them a chance to try out different motorcycle styles, like sports bikes, cruisers, or touring bikes, before settling on a permanent choice. If you tend to put a lot of miles on your bikes, leasing can make sense because, unlike car leases, there are no mileage restrictions. If you have bad credit, leasing can help you rebuild your credit score and build trust with lenders. 

While leasing can be worth it in the situations listed above, there are times when it's better to buy a motorcycle outright. If you want to hold on to a bike for several years, buying will usually be a better financial decision than leasing because it allows you to build equity in the motorcycle and is typically cheaper than purchasing it at the end of a lease. If you want to customize your bike, you'll likely be better off buying it. When you lease a motorcycle, you're often required to return it in its original condition, so you won't be able to make any permanent modifications.