Mostly a waste, but at least a fairly good natured waste. For the record: satanic motorcyclists conjure demon but get killed by another gang. Demon possesses a bike that is eventually sold to our hero who slowly discovers he's got something worse than a lemon.
This is an excuse for someone to show off their flair for gore make up to so so effect. The special effects for the vampire motorcycle are also so so. Thankfully, so were the special effects for the talking turd. Note to film maker: The viewing audience is not clamoring for dream sequences of talking turds throwing themselves down the throats of people. Thank you.
If there is a saving grace to this film, it is that some of the actors are not TERRIBLY bad. The lead is personable enough and doesn't seem as thick as a brick as so many heroes in horror movies tend to be. The leader of the motorcycle gang is sort of filtering a "Fright Night" Evil Ed/Matthew Lilliard thing and that works. The priest chews the scenery rather nicely. All these fellows could certainly be in better films.
All in all "I Bought A Vampire Motorcycle," just shows the world isn't really ready for hybrids yet.