Most people do not have any prior experience of selling a used motorcycle. Some avoid the process because of the tedious paperwork, while others are unable to find the right buyers for their bikes.
In this article, we shall teach you how to sell your motorcycle and where to look for potential buyers. We shall also discuss the documents that need to be compiled before you approach a buyer. Looks are also important which is why we also recommend the best motorcycle cleaners before presenting it to a buyer.
Private Party Sales
Selling your motorcycle in a private party sale is a good option. You get the best returns for the deal in a private party sale. The reason for this is that the buyers here do not have a commercial interest in buying the bike. The motive behind all other deals is to earn a profit on selling it further.
Moreover, most other sales are mediated by a middleman. Since this is not the case with private party options, the seller reaps better benefits.
However, you need to be patient in finding the right buyer. It usually takes a lot more time than dealership sales. You can do a private party sale on platforms like eBay, Marketplace Craigslist, etc.
Sales dealerships buy used motorcycles only to sell them further and earn a profit. Usually, sellers do not get the expected amount of money for the motorcycles sold to a dealership.
This is because the dealership negotiates the price more diligently. From slightly worn-out motorcycle tires, to the absence of warranty benefits, they slash the price for every small shortcoming.
However, trading becomes more convenient when you sell the bike to a dealership. They not only make the transaction process smoother but also help you get rid of the bike quickly.
Although you have the scope to earn more when dealing with a private party, sometimes the transaction process can be risky. When the whole process becomes inconvenient and tedious, you do not get the most out of a sale even when the negotiated price is good.
How To Approach Buyers
It is crucial to decide how to approach buyers to make the deal successful. You can either sell the motorcycle online or search for local buyers. Both of these methods have their benefits and demerits. Let us take a look.
Finding Local Buyers
Most sellers find selling the motorcycle to local buyers more convenient and less tiring.
- Since both buyer and you would live in proximity to each other, you can either call the buyer to your place to pick up the motorcycle or deliver it yourself. You do not have to bear any additional transportation costs or shipping charges, which saves a lot of money. Thus, the deal is more profitable.
- Everybody likes dealing in cash. When you sell the motorcycle locally, it is easier to convince the buyer to make payment in cash. It is not possible to do so when you sell the bike online, to a buyer living in some other part of the country.
- If you are a motorcycle enthusiast and want your bike to be taken care of even after you sell it, it is a great option to sell it to a local buyer. You can meet the buyer and see if he or she is capable enough to look after the bike as you want.
- Despite all its benefits, selling the motorcycle locally is a lot more difficult than online. When you put up the motorcycle for sale online, your reach to potential buyers increases. You have to wait longer to get the right buyer when searching locally.
- You can reach out to only a limited number of people in a local buyers’ pool. Even fewer react to the offer, delaying the sale further.
When you think of selling the motorcycle online, you can reach out to buyers on a national level. It not only fastens the process of finding a buyer, but you also end up getting the best amount for the sale, amidst competition.
- One benefit of selling the motorcycle on an online platform is that you can reach out to both dealerships and private parties at the same time.
- Some of these online platforms have a large motorcycle enthusiast community. Therefore, you can find several buyers who are interested in a particular type of motorcycle, making the process a lot easier.
- It is better to sell the motorcycle online because most buyers prefer these platforms. It is because online platforms can either have an exclusive collection of a particular type of motorcycle or can have an array of motorcycle models, all at the same place.
- Therefore, it is easier for them to make a decision. As a seller, if you can leverage this situation, your sale can be a lot more profitable.
- One drawback of selling the motorcycle online is that you have to pay for the shipping charges as well. It takes away a considerable amount of money from your profits. Therefore, the deal becomes useless sometimes.
- Secondly, you do not get to meet the buyer physically in most cases. Thus, people end up dealing with buyers with dubious profiles, leading to all sorts of troubles.
Your final option to get the best buyer for your motorcycle is an auction. However, auctions mostly take place only for rare and exotic motorcycles. Even if you get to auction your regular dirt bike or sports bike, there will be a lot of scrutinies, which ends up decreasing the value of the motorcycle.
You need to have attractive features like an advanced motorcycle GPS, sound systems, anti-lock braking systems, etc. to be able to auction a regular bike.
If you think the bike is unique and rare, and collectors may take great interest in buying it, an auction is the best bet for you.
After you have decided on the platform where you want to sell the motorcycle, you need to complete the paperwork. It is the most tedious aspect of selling a motorcycle and a common reason why people delay the process.
Three documents should mandatorily be present. The first is the title that legally guarantees that you are the rightful owner of the motorcycle, capable of selling it to someone else. Secondly, you should have a valid Vehicle Identification Number. Thirdly, you should have the original bill of purchase of the motorcycle.
Selling used motorcycles has become easier with online platforms. However, the old method of selling it to local buyers has attractive benefits too. Always pay special attention to completing the paperwork before you initiate the sale.
In this article, we taught you how to sell your motorcycle on different platforms, and what all things you should ensure when making a deal. Scout the market thoroughly, and you shall get the right buyer.