Knowing the Market Prices: Here’s How to Appraise the Value of Your Motorcycle in 5 Simple Steps

Putting your motorcycle up for sale can be a daunting task if you have never been through the process before. From appraising, listing, selling, and doing any post-sale paperwork, there are many things that you need to do to ensure you are getting the best value when you go to sell your motorcycle.

Value of Your Motorcycle

One of the first things to do in the process is to appraise your motorcycle. Appraising is many different factors into consideration in order to come up with a fair market value for your bike. This can include the year, make, model, condition, and mileage of your motorcycle. It will also rely heavily on the competition of other like bikes on the market. Today, we are going to look at 5 simple steps you can take to appraise the value of your motorcycle.

Determining The Right Value

While there are many different things to consider when listing your motorcycle for sale, knowing what you need to get from you sell is most important. The right value not only means the best price for consumers to be interested, but it also means getting enough to pay off any loans that may still be attached to the bike or recouping any expenses from major upgrades. While upgrades don’t always pay off for the same amount, there are many that can help to add a few bucks here and there for the right buyer. You will want to check your loan on your motorcycle for the payoff amount if you have one, and ensure that what you are selling the bike for allows you to at least pay off the bike, if not more.

Define Your Motorcycle’s Condition

Once you have got a ballpark amount of what you would like to get out of your motorcycle sale, you will need to clean and inspect your motorcycle to determine the condition of the bike. Cleaning the bike not only makes the motorcycle more appealing, but it will also help you better visualize any damage that is on the bike. Most sites use a 4 level tier system to determine the condition of the motorcycle – fair, good, very good, and excellent. What you will want to do is look over your motorcycle for any physical damage, scratches, paint fading, or any other damage that could be a cause of a lower rating.

Excellent – While you may be tempted to select this option as you want to get the most money for your motorcycle, this rating is reserved for newer, low mileage bikes with no signs of wear and tear

Very Good – A very good rating is going to be for cars that may have a few miles on them, but are still very clean inside and out. You will want to use this rating for very well kept motorcycles with lower than average miles.

Good – Good is a rating used for motorcycles that have been taken care of but have an average amount of miles. This is going to be the most used rating as many motorcycles have a couple of scratches or rock chips.

Fair – Fair is going to be the rating you will want to use for anything less than average miles or physical damage.

Make Any Necessary Repairs To Improve Condition

Now that you have accessed the condition of your motorcycle and determined the condition of it, you will need to figure out if you can make any reasonable priced repairs or maintenance services to help increase the value of your bike. For example, if you have a bike that is in fair condition due to a scratched up body part, consider the cost of getting it replaced compared to the amount of extra money that you can ask for the motorcycle once it’s repaired.

This is going to be a crucial step in making sure that you do not overspend to correct a problem that will not help you get a higher price for your bike. Doing so can easily put you back in the hole when you would have been better off selling the motorcycle with the damage and asking a lower price. Check with a local body shop for a free quote to see whether or not the repair will be a good investment.

Comparing Your Competition

Once your bike has been repaired or self-appraised to the appropriate condition, you will need to look at how your bike will stand out against the competing motorcycles for sale in your area. The last thing you want to do is put your bike up for sale for thousands more than bikes in the same condition and risk your motorcycle being on the market for a very long time, or worse, never selling. This is going to weigh heavily on whether you are trading it in or selling to another individual. Many sites can help you determine a private party value and a trade in value. You will most likely always get more money by selling it outright as dealerships will offer you less to make a profit when they sell the vehicle.

Determine A Fair Selling Price

The final step in appraising any motorcycle is determining what the fair selling price is that you will be looking to get. Up to this point, you have done all of your research on your bike, other bikes in the market, and determined how much money you will need to ensure that you can pay off your loan or get what you need to out of your bike. Now is the time to set a fair price.

One of the biggest tips when setting a fair selling price is to ask a little more than the fair price as many people will want to haggle with you on the price. While this is not a necessary step, it can help you to keep a little wiggle room at your price for negotiation. In the ideal situation, the buyer will be so impressed with the price and condition that they will not ask to negotiate, but most of the time, be prepared for some type of haggling.

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