Why More and More Millennials Are Riding Motorcyclesmotoplex | September 25, 2020 | 0 | Harley Davidson , Indian Motorcycle , Riding , Shopping , Triumph
There’s a new generation of riders out there, and they growing fast than ever
Brands need to adapt in order to speak to new audiences which creates a slippery slope since they don’t want to disconnect with the existing ones. Brands like Harley Davidson, Triumph and Indian know this and already have successful messaging to align with a broad range of demographics. But they’ve had some help on from other side of the coin. The newest generation of consumers are approaching these iconic brands with a desire to switch from being behind the wheel to being on two of them.
There are many reasons why younger riders are leaning towards riding motorcycles. Most of us have been preaching the two-wheel ideals for many years but, it wasn’t until recently that others are beginning to listen.
First of all, riding is so much more cost friendly. The price tag alone of a new motorcycle to a new car is often a half, if not a third, cheaper. You can ride a new bike off the lot for under 10k: even higher-end bikes can go for under 20k with dream bikes coming in at just a few thousand more. Most lower end cars start at 20k and climb well over 40k to have all of the bells and whistles. Millennials are hitting the workforce at a time when jobs are scarce. When they do find work, student loans and living expenses add up quickly. Money is tight and each penny needs to be spent just right.
Of course, a 20k car is quickly worth 15k once it leaves the lot. A few months after that it’s worth even less. Motorcycles tend to hold their value more and with that riders tend to keep them longer. The emotional attachment between a rider and their motorcycle is strong. It’s not uncommon for someone to keep their bike for the entirety of its lifetime. That alone makes a bike one of the greatest investments ever. On average a car owner trades in their car every three years. That’s about the time it takes to get out from being upside-down on the loan vs. the value of the car. Car owners are often still paying off portions of their last car with the purchase of their new car. This notion is beginning to expose its weaknesses with the new generation of motorcycle owners.
Of course, after the initial cost, you have to factor in operational costs. Gas, insurance, parking and maintenance for motorcycles are just a fraction of what someone pays for owning an average priced vehicle. The fluctuation of gas prices hits a motorcycle much less knowing how little they need to be at the pumps. Servicing a bike is not only cheaper, but faster as well. Cash is king and time is money so the more you can keep time both of those to yourself the better.
But it’s not all financial- there’s a lot more to motorcycle ownership. People are simplifying their lives and things are downsizing. Homes are smaller, families are smaller, portions are smaller, and people are living more concentrated lives. The population is declining slowly due to Millennials having fewer or even no children which requires less of a need for SUVs and minivans. Why drive a bus to get to work when it’s just you? A bike gets you there quicker and more efficiently (parking is never a problem!). And not to be unmentioned, it just looks so much cooler.
Bikes are becoming not only the more practical choice but the more desired choice for the next generation. They are a smart choice for any generation! Now that we’re all in agreement on this we can settle the soft/hard shell taco debate… But one thing at a time.