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SELLING
& BUYING
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TIPS AND
SUGGESTIONS
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 SELLING
Price:Determine
the price you would be asking for your bike. If you are not sure about
the value of your bike, check the classifieds, newspaper, local newsletters,
for ads selling similar bikes. Call the seller and find out if the
bike has been sold and for how much. Also ask how the bike was, if in fair,
good or excellent conditions, so you can have an idea about your own bike.
Calculate
a slightly higher price than average prices, so you have room to negotiate.
Once
the price for your bike is set, you should advertise it. Be specific
about the model and year and include anything special about your bike.
Indicate OBO (Or Best Offer), so potential buyers will know there is room
for negotiation.
Get
it shining: Before showing your bike to
prospective buyers, clean it thoroughly, touch up scratches, eliminate
rusts, polish the chrome and adjust everything. Replace inexpensive
items that may be worn out. Gather and organize maintenance records,
receipts, manuals and accessories or original parts.
Meeting
prospective buyers: Arrange to meet interested
parties at a public place rather than at your home, to avoid having
strangers see where the bike is kept.
Test
Rides: Absolutely out of question. The
bike could be crashed and you could get sued. The best presale solution
is to have a dealer mechanic (who should be insured!) look it over and
take it for a ride. Offer to pay half of the cost if the shopper
purchases the bike. Be honest about any flaws to avoid legal problems.
Concessions:
Be willing to make concessions. If, for example,
a part is worn and you don't want to bother to replace it yourself, know
the price of a new one and be prepared to figure that into the asking price.
If a prospective buyer's offer is too low, make a counteroffer. If
you can't reach an agreement, ask for buyer's phone number or ask him to
call you within few days, so you and buyer can follow up if the bike doesn't
sell.
I
will take it: The sale does not
end with the magic words "I will take it". The title transfer liability
to the buyer; make sure it's dated and perhaps even TIME-STAMPED * (see
notes on the left about transferring liability).
Payment:ABSOLUTELY
CASH ONLY |
BUYING:
Emotions:Do
not get emotionally involved with a bike before sale is completed. It can
leave you susceptible to overpaying and to buying something you don't really
need or want. Take your time and do some research, look for common
problems, check out the insurance cost for the particular model (remember,
high performance bikes may have a high insurance cost). Figure out
exactly how much you can spend, while still having money left for registration
fees, eventual repairs and apparel you will need. The more bikes
you look at the better.
In
addition to the usual advertising sources, check the bulletin boards at
supermarkets and schools. Ask for friends who ride if they know of any
bikes for sale and try browsing over the Internet.
Insurance:Shop
around, do not get scared because a particular insurance company quoted
astronomic premium value. You will competitive insurance coverage.
Just shop around. A suggestion: Try http://www.progressive.com
Questions:Before
you call sellers, have a list of questions prepared, like: How the bike
runs, If need repairs, if title are in order, if there is any loan on it.
In any case, listen not only to what the seller tells you, but also to
what he or she doesn't say.
Attention
to details: When appraising a used motorcycle
in person, pay close attention to its appearance. What may seem to
be minor, like small dents or rust, it may be difficult and expensive to
repair. Also peruse the maintenance records, major work done on the
bike, may lead to prior crash or negligence.
Point
out any flows that might help bring price down, but don't beat up the seller,
be fair.
If
you like what you see, offer a deposit with a condition, such as a mechanical
inspection, and get a receipt that spells it out.
Test
Ride: Do not insist to test ride, it could
be a disaster for you and to the seller. Ask if the bike can be brought
to your mechanic. You might ask the seller to pay for half of the cost
or deduct a certain amount if you buy the bike. Adjust your budget
for repairs if needed.
Closing
the deal: If everything goes okay with
the mechanic and you have the price you like, arrange to close the deal.
Arrive at your meeting place with the seller. The meeting place
should be a public place as you should have quite a bit of cash
in your pocket. Seller should leave a signed and dated bill of sale,
a clear title and any promised parts and or accessories. If you are
not insured, arrange to take the bike home in a truck or van.
Do
not ride the bike until you are properly insured.
Enjoy
your new - or not so new - bike. |
Contributed
by Marion, Classic Bikes hobbyist and enthusiast:
BILL
OF SALE: The title is not the most important document,
the bill of sale is!
Here's a scenario.
Somebody buys your bike, pays you cash, you sign the title. He rides
off, and two blocks away he runs over a pedestrian. He merely destroys
the title, and you have no proof that you're not the actual owner of the
bike, and thus liable for the pedestrian's injuries.
The way you should document
a sale is: Sign the title over; prepare TWO bills of sale,
one marked ORIGINAL, and one marked DUPLICATE ORIGINAL.
Both the seller and the new
owner should sign both bills of sale, acknowledging that:
"I, (name of seller), sell
to (name of buyer), a 19xx (motorcycle make, model), for ($sum).
The undersigned hereby acknowledge transfer
of all ownership rights
and responsibilities as of the date signed below.
Seller sign & date
Buyer sign & date
Now, give the original to
the buyer, and keep the duplicate original for yourself. In this
way you BOTH have proof that ownership and liability has transferred. |
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