Motorcycle Ownership Slowing Down
As we begin 2018 what will the New Year bring for you? A new motorcycle or perhaps a used motorcycle is on your list. Motorcycle ownership in the USA is slowing down due to the population growing older. The motorcycle industry is trying to attract new riders to the sport of motorcycle riding.
It is interesting to take a look at the current trend within the motorcycle industry, from the stats it shows a slowing of new motorcycle sales.
New USA motorcycle sales stats:
- 2015 500,695
- 2016 487,144
According to The Statistics Portal statista.com
Today’s Motorcycle Rider
With the population aging and growing older, we have to understand that the current motorcycle rider is too. It is more common to see the gray hair white bearded rider than the young thin twenty something rider these days. Why is that?
- Health Insurance
- Risk management
Many of us older ones have our homes paid for or low mortgage payments, so we have the extra money to buy a fun toy. We are going to enjoy the remainder years of riding while we can. Not true of the younger generation, who has to struggle to make high rent or mortgage payments.
Years ago you didn’t have to worry about the cost of your health insurance deductible, not true today! If for some unseen reason you have a minor accident, do you know how much that will cost? High deductibles and co-payments can place a heavy burden on any family. Needless to say the cost of lost wages from time off work. So the discreet younger rider has to weigh the finance costs of an accident with the pleasure of riding their motorcycle.
The motorcycle industry is starting to make entry level motorcycles again to attract the younger generation!
It is becoming less expensive to buy that first motorcycle and the styles are appealing to the younger rider. In 2017 Honda introduced the Rebel 500 with a base price of $6100.00! Good news for the younger first time rider! https://powersports.honda.com/rebel.aspx We are sure others manufacturers will follow, trying to catch the millenniums’ dollars.
“Times are a changing” from the days of riding that Honda Trail 90 or Harley Chopper. It will be interesting to see what the future holds for the next generation. One thing we can be sure of, motorcycle riding will never die!
The Throttle Rocker Team!