Motorcycle owners love their two-wheelers. But as with many things in life, there comes a point when the motorcycle ceases to meet the rider’s needs, and the rider needs to upgrade.
However, selling a motorcycle to private buyers is not always easy. The solution that works most of the time involves the owner trading in their used motorcycle with a new one or a used one with the desired parts.
How exactly does motorcycle trade-in work? What strategies can owners of motorcycles take to ensure a successful trade-in?
Determine the Trade-in Value
The biggest worry before trading in a pre-owned motorcycle is determining its market value to avoid losing money. Before trading your current motorcycle, it is advisable to research the current value of similar bikes in the online marketplace. Another hassle-free method is to browse the internet for online calculator sites that estimate the value of pre-owned motorcycles.
The websites typically ask the bike owner certain questions, such as the mechanical condition, year of manufacture, brand, model, exterior condition, features, mileage, and performance. These factors help estimate the value in the current market. So, bike owners should answer these questions honestly for accuracy.
Ask the Dealer to Appraise the Motorcycle
After doing some research and knowing the current value of the motorcycle, it is time for the owner to have their bike appraised by a dealer offering a trade-in option. This is best done by a renowned motorcycle dealer, preferably a local name-brand dealer for specific motorcycle brands the owner wants to trade in for another.
After identifying a reputable local dealership, the motorbike owner should book an appointment and show up with the bike for appraisal. Professional appraisers only take a few minutes to review the bike. However, some might request ownership documents and take a test ride to give a realistic figure.
Negotiate the Offer
Once the dealer has examined the motorcycle, they will make an offer to the owner. Generally, the owner should not accept or reject the first offer. It is advisable to negotiate for a better offer, considering the motorbike they want to acquire. Since the dealer is in business to make money, motorbike owners should not expect the dealer to agree to the actual market value.
However, the motorcycle owner should not feel obliged to trade in their bike at one particular dealer. They should be ready to walk away if they are unhappy with the offer, even after negotiating.
Finalize the Trade-In
If the dealer and motorbike owner agree on the trade-in value, the owner will choose another motorbike and negotiate the buying price. After that, the owner will submit the required documents and complete the necessary paperwork.
Depending on the location, these documents include a driver’s license, proof of residence, certificate of title, and evidence of motorcycle insurance. The dealer will transfer the title and pay off any applicable fees. Finally, the trade-in value will be factored into the new motorcycle’s cost, bringing down the price the owner pays the dealer. The dealer then releases the new ride to the old motorbike owner.
Trading in a motorcycle is not so much about parting with an old bike; it is about making an informed and practical upgrade without losing money. To prevent sentiment from overriding sound financial judgment, the owner must first determine the bike’s actual market value, get a competent appraisal, and negotiate without pressure before closing the deal. These steps are crucial for a successful trade-in deal.