I stole this from a post Airetime made

Known issues with the Honda Valkyrie

Various problems have been discussed on the various Valkyrie boards concerning a few shortcomings with the Honda Valkyrie. Listed below are some of the problems that have been brought up over the last couple years. Listed below is information gathered from some owner comments. They are not necessarily something that WILL happen to you, but rather something to keep an eye out for.

#1 On the 1997 Valkyries, the rear turn signals can become loose and actually sag. Honda did issue a recall to replace them, but this information is unavailable at this time. If anyone knows the recall #, please provide it to the webmaster. The sagging problem has been corrected by disassembling the unit, tightening all nuts etc and reassembling the unit.

#2 Rear fender fatigue. On some bikes the lower rear fender portion that is holding the tail light and license plate, buckles about halfway up from the bottom of the fender. You will see the fender bulge on either side. If you flex the fender up and down you will see the bulge get larger and smaller. The only fix is to have a Honda Dealer replace it under warranty.

#3 Front wheel bearing failure. The 1997 Valkyries have smaller front wheel bearings and races than subsequent years. Possible indications of bearings deteriorating are clunking in front end when hitting bumps, brakes dragging, grinding noise or lateral movement in wheel . These bearings are sealed and can not be repacked. If the bearings are not covered by warranty, I would suggest purchasing the bearings from a large bearing supplier such as Bearing King, for about 1/2 the price from Honda, and you will probably get a better quality bearing. This problem was noticed about 25K, but could vary greatly depending on the quality of the bearing, and the amount of grease originally installed by the supplier.

#4 Rear wheel bearing failure. The bearing size has not changed for the rear. Failures for the rear have occurred as well. The possibility exists that a poor grade bearing has been supplied to Honda or that the bearings have not been properly lubricated by the supplier. The fix is the same as for the front bearings.

#5 Final drive. It has been reported by many that when draining the drive oil, it was extremely dirty and of a very low output volume. The shop manual recommends changing this fluid at 24K. I would suggest changing the final drive oil at the first oil change and replace with a high quality fully synthetic oil. The final drive unit will run much cooler than when using regular oil. If the oil was extremely dirty, change it when you do your next engine oil change.

#6 Final drive spline lubrication. There have been instances of final drive spline failure due to no lubrication from the factory and failure of the Dealer to lubricate the splines during tire replacement. If you hear strange sounds coming from the final drive, either check for proper lubrication or have your Dealer inspect it. When disassembled, the splines should be thoroughly cleaned and Molly 60 paste applied to all parts recommended by the shop manual. Anytime you are having tires replaced, if possible, watch the procedure to insure this is accomplished. Just because Management insists that it will be done, does not insure that it will be done!

#7 Dead starter switch. You have power but starter switch produces no results. Kill switch is in correct position, bike is in neutral etc. This switch can stick in the "kill the headlight" position and will not activate the starter. There is a hollow space under the button that you can GENTLY pry out a bit and retry. Not a great fix, but at least it may get you to the dealer.

#8 No power at all. All fuses check out, battery has juice. There have been many instances of the battery ground cable to the frame not making good contact either due to paint on the frame or the bolt not being properly seated. There are several possible fixes for this. Remove the bolt and insure that the threads are clean. Reinstall the bolt to see if it is going all the way in. Also clean the surface to insure a good contact with the ground cable. Some have recommended moving the ground cable to the bolt on the left side that holds the front cover w/seat lock.

#9 Dunlop D206 rear tire delamination. There have been many reports of the Dunlop tires delaminating. This is a bubble on the in side of the tire, a slight thumping vibration cause by the less severe swelling on the tread side. If this happens, slow down, get the bike to a Dealer and have them contact Honda for warranty service. Honda and Dunlop ARE aware of this problem .

#10 A whining noise coming from the engine. This usually occurs between 45 MPH to about 55 MPH gradually going away as speed increases. This is common on the flat 6 engine due to the straight cut gears in the transmission. It is one of the things we have to endure to ride the best motorcycle in the world.

#11 Leaking coolant reserve tank. These tanks crack frequently where the lower hose connects to the lower connection on the tank. Honda has been replacing them under warranty.

#12 Fuel shut off switch failure. Some switches have failed to cut off the fuel supply while in the ON position, with the engine off, due to the diaphragm in the petcock failing, resulting in the cylinders filling up with gas. If you crank your engine and get a click and/or a teeth not meshing/grinding sound, there is the possibility that the engine is frozen due to a hydrolock condition. This can cause the starter idler gear to break. ALWAYS turn the fuel switch to the OFF position when not riding.

#13 Gas cap leaking fumes from key hole. Does your garage smell like gas? It could be the gas cap. Honda has replaced caps with this condition under warranty.

#14 Tires vibrating/ growling in turns. This is normal as the center of the tire flattens out. It creates a ridge where the flat spot
transitions to the side of the tire. When cornering you will notice some growling/vibration.

#15 Buzzing sound coming from engine. There is a bolt that is directly behind the bolt that your horn is mounted to that reaches to the other side of the engine. It runs through a spacer tube and if not REALLY tight, this tube will create a buzzing nose. Have someone hold the nut on the other side of the engine and really crank her down until it squeals. It is a high grade bolt and will take a lot of torque. The radiator chrome side covers can also rattle. If they are loose, many are, bring the engine to operating temperature and use a putty knife to remove the reflectors from the covers. Use the allen wrench from your tool kit, tighten and stick your reflectors back on.

#16 Loose Header nuts. These nuts use compression type washers and need to be tightened several times before they are fully compressed. DO NOT use locktight on these nuts. The torque is 7 ft pounds so don't over tighten. You can check them during oil changes, as if left loose, it could cause popping of the exhaust system.

#17 Loose muffler hanger and muffler bolts. Check these bolts occasionally, many have not been tightened properly.