How to Sell a Used Motorcycle

Part 1: Do your homework.
1a. Research your bikes current value and competition: NADA, Kelley Blue Book, various advertised prices on multiple website (Cyclehound, craigslist, eBay, etc.). Compare bikes with similar mileage, condition, location and accessories. That will give you an approximate asking price. Compare ads for competing brands and models, so you know where yours stacks up.How

1b. Compile your bikes records: Title, loan payoff and bank information (if applicable) or lien release (if applicable), service and accessories receipts, general specification (mpg, hp, CC or CI, etc.) and vehicle identification number (VIN) and engine number. Make sure you have all necessary documents PRIOR to advertising for sale.

Part 2: Prep your bike.
2a. Service it. If it needs any maintenance or repairs, fix it prior to sale. Unless you want to sell it as ‘needs work’. Generally, you will recoup the maintenance cost with higher sales price anyway and it will eliminate possible objections from buyers.

2b. Wash it. Clean and detail your bike so it looks as new as possible. You only get one chance to make a first impression.

Part 3: Prep your ad.
3a. Take several digital pictures. Choose the best ones. Pay attention to lighting and composition. You do not want poor quality images. No shadows or ‘trees’ growing out of it (background). DO NOT use huge image files. Low to medium resolution settings on your camera are best for online ads. Generally, 4 images are good: side profile, gauges (to show mileage), front and rear profiles.

3b. Compose your ad prior to posting. Use a word processing application or write notes, so you know what you want to say and you have your required details (year, make , model, VIN, etc). It will save you time later. Be descript, but be brief. Too many details can overwhelm a prospective buyer. Too little information or ‘Call for details’ can annoy a prospective buyer.


Part 4: Post your ad.
4a. Place ads on multiple websites (Cyclehound, craigslist, Trader, etc.) and resources (bulletin boards or clubs) to maximize your bikes exposure. Reference the other ads to create a sense of urgency.

4b. Give multiple contact information; email and phone, so you are accessible to buyers. Return messages promptly. Timing is important otherwise, a buyer may buy something else.

Part 5: Conduct the sale.
5a. Negotiate the best selling price within a short time frame. If you get reasonable offers, entertain them, but do not ignore low ball offers either. Politely reject low offers, but get their contact information because you may not get any other offers. Standard rule of thumbs is, ‘your first buyer is your best buyer’, especially if they make offers within 10%-15% of your asking price.

5b. Make firm appointment times, so you do not waste time waiting for prospective buyers.

5c. If you allow test rides, understand it is a HUGE liability. If they crash, it is your responsibility. Require and retain the prospective buyers valid drivers license with motorcycle endorsement and have them sign a liability waiver prior to test ride. When in doubt, DO NOT allow test rides.

Part 6: Close the Sale.
6a. Require ‘certified funds’ or cash payment. Verify the funds prior to completing the sale. Call the issuing bank and/or use a ‘counterfeit’ testing pen (looks like a highlighter) to verify cash. If there is a balance of a loan to be paid, funds should be payable to the lender bank and seller.

6b. Sign an ‘As-Is’ sales agreement. This does not have to be anything fancy, just a document with the vehicle description, VIN, date, buyers and sellers information and signatures (copy and paste the one posted in the Cyclehound blog). Make copies for both buyer and seller.

6c. Sign the title. DO NOT make any errors or scribbles. The title is a legal document. If you make ANY errors, you will be required to resubmit the title with a correction affidavit (form from the DMV).

6d. Transfer the title immediately into the buyers name OR immediately contact the issuing state to notify of the sale to limit accident liability and risk of motor vehicle violations (registration, tabs, parking, speeding, etc.).


Part 7: Close loose ends.
7a. Cancel all advertising. Save yourself the hassle of calls and emails for sold stuff.

7b. Cancel your insurance. You may get a partial rebate of your premium.

7c. If you had to pay off a loan, get the lien release (usually available two weeks after sale) and get it to the buyer. If you lose it, you will be required to get another one.

Part 8: Buy a NEW motorcycle! (or whatever you intend to use the funds for). Congratulations, you’re done.

Generic Sales Agreement

Sales Agreement:


Date of Sale:


Vehicle Description:

VIN:

Special Terms: (Loan payoff, Manufacturer warranty, etc.)



Buyer Name:
Address:

Phone:



Seller Name:
Address:


Phone:


All parties involved in this transaction understand that the above mentioned vehicle is being sold ‘AS-IS’ or no warranty, unless there is a balance of a manufacturer or extended warranty that is transferable to the buyer after the sale and stated in the ‘special terms’.

Buyer Signature:





Seller Signature:






(Copy and Paste or Print to make you own document.)

How to pick the right motorcycle for you

Think of it like dating. What are you looking for? Some hot number for a summer fling or a lasting relationship for years? Just learning? Is it for commuting? Is it just for fair weather weekend riding? Is it just fulfilling a childhood neglect or short-coming?

Seriously; no one bike is perfect for every purpose.

Unless you are fortunate enough to afford a stable of various motorcycles, DO NOT just buy a bike based on looks. Otherwise it will likely just drain your bank account and probably leave you stranded by the side of the road, like some worthless gold digger.

Step1: Know your budget. How much can you afford? Consider: down payment, insurance, and monthly payments, if applicable.

Step 2: Factor in purpose, style, comfort, performance, utility, quality, price, resale, and operating cost (insurance, maintenance, repairs). Use the Quick Reference: Factors of Buying a Motorcycle.

Step 3: Narrow your scope to the ride style (or purpose) and the look that you like. In other words, know what type of bike you want: standard, dual sport, touring, sport, super-sport, custom, cruiser, etc. Try to pick a bike that most matches your needs and wants. Otherwise, you won’t be happy with your purchase.

Step 4: Compare different brands and models that fit your scope and meet your needs and wants. Educate yourself about the available products and the current market. Know what to buy and when. Do some homework and read articles about product comparisons. Go to events and dealers to actually sit on the bikes to compare style, quality, comfort and fit.

Step 5: Find it and Buy it! Use the tips on “How to Hunt for Deals” to make sure you’re getting a good deal.

This process is the same whether you’re buying your first or your 50th bike. The only difference is that if you are a new rider you should only be looking at smaller size and lighter weight machines and then move up to larger bikes as your experience grows.