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Pulled and checked the carbs. All 4 floats were set too high. Reset the floats, put in premium gas, new plugs and reset the idle. Got the fuel mileage up to about 30 mpg but it is still running rich so I guess I will go ahead and rejet when I can get to it. With the good fuel and new plugs this bike has excellent performance for a 700cc. My oldest son has a new shadow spirit 750 and this old Magna will just blow his bike away in all the gears.

Is it normal for this bike to have a high idle for about 20 or 30 seconds when cold starting? The idle will go above 3k rpm and then settle down to normal after about a half minute or so. Thanks again for all the input.

Both of my V45's get better than 45MPG. These are also 750cc so I would expect yours to get close to or better than 45MPG.

I have had a V65 Magna also and it would get at least 36MPG. Maybe you jets were changed when the floats were messed with. There are jet kits out there for these bikes but the stock jets rock! I have never found it necessary to change the jets for better performance. I think Honda hit a home run with these bikes and they are excellent performers stock.

I am not real familiar with the 86's though. Is you choke automatic? The 82 / 83's have a manual choke and the RPM's don't change unless you change the position of the lever. It is normal for them to rev up to 3K RPM when it is on. If yours is an automatic system, maybe it is not turning off completely which could contribute to the poor mileage. In my opinion you should be getting a lot better than 30 MPG. Anyway, I hope some of this helps. Sean.