- This topic has 3 replies, 4 voices, and was last updated 13 years, 11 months ago by Munch.
Selling Your Beginner Bike
-
AuthorPosts
-
May 24, 2010 at 4:34 am #3987VeritechVF-1SParticipant
I’ve been around these forums for quite awhile, but I’ve only just now made an account to post and interact with all of you.
We typically read about buying beginner bikes. What about when you when you reach that point where you want to sell your bike and move up to a new bike? I feel this really isn’t touched on very much, despite its importance, as getting the most you can for your bike is certainly desirable. I think that if we could provide a list of tips or general suggestions when selling your bike would be valuable to mostly everyone.
My problem starts with a story. I cosigned for my friend’s brand new Ninja 250 back in 2007 so we could ride together. His credit wasn’t quite up to snuff. He’s my best friend, so I really had no problem helping him out. Fast forward to a few months ago he stopped paying his bill without telling me and the bank, despite telling me otherwise, said they sent me mail saying that the payment was overdue; I never received a single piece of information regarding the delinquency on the account until it was too late. My credit was demolished and I had to come up with $2200 to pay off the remaining balance or face federal charges. So now I find myself with a bike I don’t need and a good amount of money I’d like to get back, so I definitely plan on selling it.
The problem I face is that I’ve never had to sell a bike before and I really know nothing about resale value and such. What I do know is that these Ninjas have excellent resale value. The bike itself has very low miles, under 1k, it has been laid down, but at very low speeds and without much cosmetic damage, though I suspect it will affect how much I can sell it for. Can I expect to at least get what I need to make up what I lost? What are some ways I, and everyone else who plans on selling their bike, can assure they are getting the most out of their sale?
I apologize for the long winded post, but I’m happy to finally be a poster. I certainly plan on adding to and helping out the community!
– John
May 24, 2010 at 4:58 am #26691WeaponZeroParticipantDamn, that sucks about your situation. I’m sorry.
I highly recommend putting an ad up for sale on cycletrader.com. its where i got my bike, from a guy who put an ad up there.
May 24, 2010 at 3:59 pm #26694MunchParticipantGet what you expect out of it….probably…. just need to make sure you price it as *firm* and not OBO.
However….. federal charges…that’s laughable. Trust me I am a guy that after getting married and divorced at one time had my credit drop to a high 300’s thanks to my now ex wife’s bad choices. Do they have the option to take you to court… yes….do you have to show….not really. The most they could ever do is reposes the property and try to force you to pay the remaining balance of what they couldn’t get out of it. That and it is not a federal anything…. the credit laws as of probably when you/he bought the bike are state regulated….. most all states have statutes of limitations concerning pay back. Like in NC if you have not and are not in a position to make payments for 4 years consecutively then then the lender is screwed, the longest stretch I remember for a state was 8 years. The only thing they can do is sell your information to a second hand collector which will usually try and get you to settle for 3/4 to 1/2 the remaining balance. And why not …they have nothing invested in it. So it’s a money bag for them. However the original lender can keep posting the negative report on your over all report. No Federal anything……now this new joke we have in DC…….well….. that’s gonna be a problem down the road and a debate I’ll not get into on this forum.
I am not condoning by any means to not pay them back. However don’t let them mislead and misguide you by using bullying phrases like….law suit, we can take this or that …etc. Believe me after my ex wife’s muck ups….. these guys got to be nothing to handle for me.
If you don’t want the scoot…take your time to look the pricing up in your area…..compare it to what you would like to get and post it up. Don’t let their empty threats rush you into taking considerably less then what you need by selling to the first person looking to make a deal.
May 24, 2010 at 5:39 pm #26692Gary856ParticipantI haven’t sold a bike yet but I’m just about ready to sell my GS500 to make room for other bike(s). Do your homework and research your local market. Craigslist is great for that, both for browsing listing from others from which you can see what people are asking for specific model/year/mileage/condition so you can price your bike accordingly, and for you to post your for sale ad. Listing your bike at the low end (i.e., more realistic) of the pricing tend to get people’s attention and may move it faster.
-
AuthorPosts
- You must be logged in to reply to this topic.