Estimated Finance & Insurance Cost for a Scooter? | GTAMotorcycle.com

Estimated Finance & Insurance Cost for a Scooter?

L

Lord Letto

Well-known member
Forum Sponsor
Hi,I'm New here & Have some Questions.
I'm Currently on Ontario Works, Been Looking for work for Years but not having much Luck, I Currently Live in a Rural Area (St. Clements, Outside Waterloo) With no Public Transit (Nearest bus stop is roughly a 1.5 Hour Walk according to Google Maps) I'd have to rely on a family member to Give me a Ride wherever when they're not Working, the thing is that's Limiting me on Job Opportunity when it comes to Time & Distance. After a Meeting with my OW Worker today, She said she'd support me to get my Motorcycle Licence, I Just need to Research the cost of a Licence & the MTO Approved Course (That at the Time I Thought was Mandatory for my M2, But I Think it's Optional?) She said I Could get $80 to cover the $77.25 for my M1 I'd just have to Research the cost for the MTO Approved Course & Let her Know (Doing research, I Know Conestoga College got a Motorcycle Driver Training Course for $495 (Taxes & MTO Student Fee Included I'm guessing, Got a Booklet from 2015 that shows it's Included & Price & was $10 Cheaper)).
So If the Licence Cost were to Get Covered & I Succeed in Obtaining it, Then it's a Matter of Finding something to Ride & Insuring it, I Was wondering roughly what it'd cost per month if OW ends up not Helping with those costs (Didn't think to ask, I'll likely Focus on the Licence part 1st)? Due to Limited income & No Money Saved, I'm Thinking of Financing a Scooter as That's Likely the Cheapest Option for Insurance, I Made a Stop at Tri City Cycles in Waterloo where they Have a 2005 Yamaha Vino 125 for $1200 & according to a Guy there, Minimum Loan through Yamaha Star is $1500 but the Extra would help cover Taxes, Licencing & a Helmet, He Never looked it up/applied to prevent a Hit against me but he estimated around $100 a month for Financing & $1700 a Year for Insurance as a New Rider with the Scooter so about $250 a Month Total, I'm Just Curious if anyone here with Experience is able to tell me how Accurate that Estimate is? I'm guessing that $100/Month Estimate for Financing is a 1 Year Term, if so I Might go for a 2 Year to reduce cost as M1+M2 Time=about 2 Years so When the 2 years is up It'd be paid off so I Could maybe Trade up once I Get my Full M to get something more suited to my Weight (Around 300 Lbs) & 2 Years with the Licence at the time would help Reduce Insurance for my 2nd bike. For Demographics to Estimate Insurance (Info I Never Gave him when he make his $1700/Year Estimate), I'm a 28 Year old Single Male, Had my G2 Years ago but Expired August 2013 Due to lack of funds for testing & Training, Never had my Own Vehicle & was Never Insured but I Had the Licence.
P.S: I Know this Forum is for the GTA, But I'm not aware of any Forums in my Area after the GTAN/519 Auto Forums Died, This is the Closest I'm Aware of.
Here's the 2005 Vino 125 I Mentioned: http://www.tricitycycle.ca/default....vt=motorcycle / scooter&fr=xPreOwnedInventory
 
Last edited:
Was going to suggest working at a Mc.D's or Timmies close by to make that ~$2k in a few months but I decided to Google Map St.Clements and.... Looks like a dead-spot for work unless you go in to Waterloo a 15 min drive away with no public transit. I wish you the best on your search...

As for insurance, your best bet is to start calling around, however given your age, and location, it shouldn't be too much.
 
Honestly, get a car first, its a lifeline, it will take you anywhere you want, especially work, in the rain, snow, cold, warm etc.

Read your whole post, sales people and dealers never know anything about insurance, best bet would be calling some brokers and underwriters.

I suggest Paul south @ surnet insurance
 
Last edited:
Sorry, your post is a little muddled, but I started from scratch with no drivers license at all, so I can see where you are going.

If you are 28, and take an approved training course, you hold onto your M1 for 60 days, then get your M2. I don't recall recieving any financial windfall in regards to insurance cost, but you do get your M2 30 days faster. They also do the roadtest with you, so you dont have to deal with the government run one.

As a new rider, I was forced to go with RidersPlus insurance, as they were the only ones who would insure me without a standard G license. I rode a Vespa 150cc to start, and my insurance was 800 a year. It dropped to 600 the next year, and luckily my home insurer decided to insure me, so I went down to 375.

Also, on a financing standpoint, Honda dealerships are financing honda scooters at 0.9 percent right now. I just picked up a brand new bike and the interest charges are pennies. If you finance it for 36 months, you would probably do well for yourself.

Good luck, and if there are any other questions, post away.
 
Last edited:
Your estimate of $250.00/month to own the scooter still has to be paid for the 5 or more months of the year during winter when you can't ride. I have no idea where you'd come up with an extra $250.00/month on Ontario Works. I can't imagine anyone would approve you for any type of financing with no assets or income.

So you're paying for something you can't use.

If lack of transportation is what's holding you back from finding and maintaining employment, maybe a car which you can use year-round is a more sensible option.
 
Last edited:
Thanks for the Replies. The way I See it, As much as I'd like to go for my G Again as I now have somewhat of a income compared to when I tried before, I'd still need to have someone with me for the 1st 8-12 Months while I Have my G1 (It'll be 5 Years this August since my G2 expired, too long to start over with no Waiting time to move back up, used to be within 5 years to Waive Waiting time, now it's 3 years so I'd still have to wait 8-12 Months for the G2 that would enable me to Drive Solo) so It'd be the same as getting a ride, only difference is I'd be Driving with a more Experienced Licenced Driver in the Passenger Seat instead of the other way around (Family with Licences Work during the Day, so It'd limit me in terms of Work Schedules & Location) while with a M Licence, I Can just Hop on whatever & Go by myself as soon as I get my M1 & get a Scooter or something on the road, therefore going for my G & a Car would defeat the purpose of not needing a Ride that would Limit When & Where I Can look for employment. But then there's the Good Points you guys mentioned about if I Go for My M & a Scooter or Something, I'd be SOL during the Winter while a G & a Car I would be Good Year Round, so now I'm at a Dilemma if I Should even go for my M or go For my G instead, assuming my OW Worker would support me with my G? another thing with G instead of M, What's the Costs of having a Motorcycle Vs a Car? Is it More Realistic to Finance & Insure a Car for <$250/Month Compared to a Scooter, or Maybe a Trike or something?

@bornagainst: Thanks For a Heads Up about Honda with 0.9% For 36 Months, With that Info I Went to the Site for a Local Honda Dealer (KW Honda) & Done a Calculation for the Cheapest Scooter, For a 2017 Honda Ruckus that starts at $3649, that Starting price on a 36 Month term at 0.9% Would work out to $103/ Month for Financing, if the 0.9 for 36 Months Applies to Pre Owned though, while there's no Pre Owned or New Non Current Scooters in Stock, the Cheapest Bike that they have is a Pre Owned 2011 CBR250R for $2289, at 0.9% for 36 Months that works out to $64/Month (If 0.9% isn't Possible I Calculated with 6.9% & That would be $71/Month, Still less than a New 50cc Scooter @ 0.9%) based on Listed Price Likely not Including Taxes & Licencing Fees, + with the CBR250R being classed as a Sport bike, Insurance would likely cost more to a New Rider compared to a Scooter even though it'd cost a Bit Less Per Month to Own.
 
Last edited:
It is good you are doing research beforehand and I wish you luck in your quest to get wheels.

Given the extremely limited money of Ontario works, if I were you I would consider an e-bike. No insurance, no licensing and very little maintenance. That may give you enough mobility to get a job and save money for a car/license (winter comes soon enough). If you found work in north waterloo, it is ~20 km round trip which should work in the warmer weather (and work may even let you plug it in). I would investigate a proper bicycle style ebike as it helps you get in shape at the same time as well as provides a way to get home if the battery dies. A guy down the street from my parents was in a similar situation years ago before ebikes were an option and he started riding to work and lost ~150 lbs. He still uses a bicycle as his only mode of transportation but he was able to move much closer to work.

For financing, you may have trouble as you don't have income or assets unless OW can co-sign your loan (I don't even know if this is possible) or you have someone else co-sign. As far as super low interest rates, the fine-print normally states something like "for well qualified buyers", don't get too excited until you see what rate they will actually give you. I don't know your situation, you may qualify for the cheapest rate but it's just something to keep in mind.
 
Last edited:
GreyGhost said:
It is good you are doing research beforehand and I wish you luck in your quest to get wheels.

...I would consider an e-bike. No insurance, no licensing and very little maintenance...
Click to expand...

I second this. eBikes are much cheaper to buy and run. New they will be $1,500, no insurance and few other costs. If you want financing you could consider a line of credit from your bank. Charging the battery is mere pennies.

Usually for a small motorcycle the insurance, after a couple of years, will exceed the purchase cost of the motorcycle. This will be a huge expense for you, as well as any other young riders. Call an insurance company in your area to know your costs before considering any financing. Also consider buying a used bike instead of new. There are a lot of them around and they are much cheaper.
 
I will also put in a vote for the ebike
Plus many people ride them year round ish

sent from my Purple LGG4 on the GTAM app
 
Am I crazy thinking there's no way the OP will be able to finance anything... I mean I know a guy who had a bit of a hassle financing an $18k bike with 50% down and an income of $85k + per year and he owns his home...
The hitch... He had a couple of late payments on his cell phone bill.

I highly doubt someone on OW will qualify for ANY type of loan and really... Should someone in such a situation even entertain incurring debt..?
 
Hack said:
I highly doubt someone on OW will qualify for ANY type of loan and really... Should someone in such a situation even entertain incurring debt..?
Click to expand...

I agree in principle, but I don't like people telling me how to run my life so I try not to tell other people how to run theirs. I give him credit as he is researching his options instead of buying a $100 chinese mini-bike and then complaining about it not working or a $5000 ticket. He will figure out whether this path works for him or whether he needs to consider something else.

He is in an ugly situation where he wants to get a job to make progress but can't get a job without transportation (or moving closer to employment centres, but that costs money too). OW seems to be entertaining the concept of helping him, so who knows what he is able to get done. Maybe instead of springing for the M2 course, OW will outright buy him an ebike so he is able to get to work (and ultimately off OW). Leaving people on the poverty treadmill is good for no one.
 
x2 lots of the other comments here.

Nobody will finance any sort of motorcycle for you unless you find a real loan shark special who sells you a $1000 motorcycle for $6000 and then charges you 29.9% interest.

Insurance will cost you more than any possible savings from riding a motorcycle vs a car will yield.

Once fall turns into winter the whole motorcycle idea will not seem like such a great decision, again, vs a car.

Few of us here are eBike fans, but in your case it might be the best decision - buy something NEW (not used, the batteries are often cooked) and use it as a stepping stone to get to a place of employment. Chances are if you ask you'll be able to plug in the bike to charge during work which will kinda be essential to get you back home again given their limited range. Once gainfully employed, save up money to buy a car before the snow sets in - an ebike is going to be less than pleasant come the cold and snow. ;)
 
Also consider the other costs of owning a car/bike. Tires, brakes, oil changes, air filter, fluids and others are all routine maintenance items, meaning that they are ongoing and cost real money if you take it to a dealer. If you buy a scooter or other vehicle, get a service manual, join a model specific forum, watch YouTube vids and start learning how to perform your own maintenance. It'll save you cash in the long run.

Sent from my SM-A500W using Tapatalk
 
Hack said:
Am I crazy thinking there's no way the OP will be able to finance anything... I mean I know a guy who had a bit of a hassle financing an $18k bike with 50% down and an income of $85k + per year and he owns his home...
The hitch... He had a couple of late payments on his cell phone bill.

I highly doubt someone on OW will qualify for ANY type of loan and really... Should someone in such a situation even entertain incurring debt..?
Click to expand...

Curious as to what bike it was now...
 
thats interesting, BMW has their own financing company, and usually manufacters like that(honda, bmw etc) finance almost anyone(providing you dont have anything super crazy on your record like a bankruptcy)


I was denied by TD for kawasaki, but honda approved me for a more expensive bike, provided i put down a slightly bigger downpayment.

Have a feeling your friend didnt tell you the whole story
 
bigpoppa said:
thats interesting, BMW has their own financing company, and usually manufacters like that(honda, bmw etc) finance almost anyone(providing you dont have anything super crazy on your record like a bankruptcy)

Have a feeling your friend didnt tell you the whole story
Click to expand...


Whole story told... The hiccup was a ten minute delay to approval. Not an denial.
Relatively speaking I'd say the OP is going to be SOL.
 
Hack said:
Whole story told... The hiccup was a ten minute delay to approval. Not an denial.
Relatively speaking I'd say the OP is going to be SOL.
Click to expand...

ah ok, that makes more sense
 
Hack said:
Am I crazy thinking there's no way the OP will be able to finance anything... I mean I know a guy who had a bit of a hassle financing an $18k bike with 50% down and an income of $85k + per year and he owns his home...
The hitch... He had a couple of late payments on his cell phone bill.

I highly doubt someone on OW will qualify for ANY type of loan and really... Should someone in such a situation even entertain incurring debt..?
Click to expand...
Your buddy didn't tell you the whole story.

Sent from my SM-G900W8 using Tapatalk
Forum Sponsor
 
You must log in or register to reply here.

Back
Top Bottom