It is difficult to part with your beloved motorcycle after having owned it for a long time. However, to get something, you have to lose something. Similarly, to get a new bike, sometimes, you need to let the old one go. If this is your first time giving up a vehicle, you might wonder how to sell a motorcycle.
Table of Contents
Checklist To Follow
These are the few things that you have to keep in mind before you sell your motorcycle.
1. Decide On The Price
The first thing you have to do is decide the price for which you will be selling your motorcycle. However, keep in mind that you have to settle for a deal with the customer. Keeping a price range in mind will help you negotiate better.
To choose a price range, you need to check the condition of your bike. Take it to a professional mechanic and ask him to review the condition of the motorcycle. Be sure to repair something, if required. You can also change the tires and batteries of the bike. The more you spend on fixing the bike, the more you stand to earn from its sale.
Be upfront about the dents or small scratches that you cannot repair. This sign of honesty will help you to gain the upper hand in the negotiation.
The last thing to keep in mind while setting a price range is the Endowment Effect. According to this effect, people tend to put a higher price on objects that they possess than on those which they do not own. To put it simply, you will consider your used motorcycle to have a higher price than it is. Keeping this in mind, check out the model’s value at the moment and evaluate a fair selling price for it.
2. Advertise
The next step on how to sell a motorcycle is to put up advertisements. You can put up your ad in newspapers and on online platforms. There are many sites like Craigslist or eBay, where you can sell your motorcycle. While putting up the ad make sure to include important details like model type, year of purchase, bike mileage, etc.
If you are posting the ad online, do click some good pictures of the bike. Post a close-up, specifically of the gauges and cluster.
If you are wondering how to sell a motorcycle privately, then putting an ad on newspapers and online is sufficient. However, if you are not confident enough, you can search for consignment services, too.
Before handing it over to a specific dealer, make sure to thoroughly research rates provided by other dealers. Also,do have the consignment agreement in writing, with all the proper Terms and Conditions. Lastly, check if they have insurance in case of damage and theft.
3. Dealing With Customers
If you are selling your bike privately, you need to deal with the customers yourself. Interacting with the buy is a crucial step. You need not invite them over to your house, but you can set up a meeting location. You can ask your customers to meet you at a mechanic shop, as it will help them understand the bike’s condition better.
Remember that once you put an ad out, there will be many spam calls, customers will try to put in low offers, and sometimes, the negotiation might get heated. These are all the quirks of business, do not be disappointed by them.
Behave with the customer as you would like to be treated. Don’t be rude to them, and answer their questions with as much information as possible. If you have any queries, communicate the same with them politely.
4. Prep It To Say Goodbye
Do not hesitate to allow the customer a test drive. The customer is planning to put money on your bike, and as confident as you are that it is in good condition, they should be able to confirm this for themselves. When you meet with the customer, give them the freedom to take the motorcycle for a test drive. You can tag along with them, too, if you want.
It would also be useful if you could offer the customer a cold ride. Cold rides usually exhibit the engine’s condition. However, since you are meeting with them at another location, the most you can do is reach there early and leave the bike cold for at least an hour.
5. Paperwork
Now, this step is very tricky, as well as important. Before you even put up the ad, make sure that you have your title handy, if there is one. If there is any lien on your bike, inform the bank, and talk about how you will handle it with the customer.
Make sure to fix any title error. It will lower the negotiation deal if the customer finds any mistake later on. Also, check for the VIN.
Finally, after you get the cash, complete all the necessary paperwork. Make sure you read all the Terms and Conditions and understand every clause. While doing the paperwork, be in a quiet location so that you can concentrate better.
Wave It Goodbye
Parting with your bike can be a really sad situation. However, this makes room for a better motorcycle to come in.
Some sellers also give a parting present to the customer for a good business deal. You can give them extra parts you have, or anything which might help them keep the bike in good condition. This will be a great help to the customer if they are buying a bike for the first time.
The process of selling a bike can be difficult for beginners. If you follow the given checklist and do a little bit of research on how to sell a motorcycle, you can get through this easily.