Here are some tips and helpful tools if you are considering selling your motorcycle.
The N.A.D.A website www.nada.com/ is a good resource to determine if your asking price is appropriate. Internet auction and classified listings are also a good resource for actual market price. Be flexible, a firm price may scare buyers away (remember you can always advertise a slightly higher price to come down to your actual selling price).
There are many methods of free advertising on the internet using classified or motorcycle related websites and forums. There are also great paid methods of advertising such as internet auction sites and traditional newspaper classifieds. Keep your ad short and sweet. Highlight the assets of the motorcycles and use common tags on internet auctions sites. Keep your titles broad so that your listing can be found amongst the many others. The more specific the title, the more specific the search will need to be. Try to make your motorcycle more distinguished from the rest (ie: emphasize low mileage, the amount of accessories or low selling price).
Whenever possible, do not disclose your home address or the location where the motorcycle stored when advertising. Whenever possible, take pictures of the motorcycle at a public location. If a potential buyer wants to see the bike, try to meet in a neutral location. There have been a number of instances of theft when the bike was up for sale with the address listed in the ad or a potential “buyer” came to the home but did not purchase, and then the bike was stolen. Although there is no way to be sure the two were related, it is better to be on the safe side.
If you’re allowing someone to test-ride the bike, verify that he or she is qualified, experienced enough to handle the ride and has the proper credentials, including a motorcycle license/endorsement. Make certain anyone test-riding your motorcycle is wearing a DOT approved helmet (where required by law) and proper safety apparel. (Optional: You could ask for the down payment as a measure of collateral.)
If you are selling your motorcycle on consignment through a dealership/shop, verify the dealership/shop has the proper insurance coverage in the event of accident or theft. Get a consignment agreement in writing.
Payment - If the transaction involves a check or money order, verify the payment is valid before relinquishing possession of the bike. Cashier’s checks and money orders are guaranteed to have supplied funds. A PayPal transfer also means the funds are guaranteed.
Transferring the Title - Sign and date the title as “Seller”, and keep a copy of the signed title for future reference. Make the terms of the sale clear and put it all in writing, creating a receipt/agreement for both you and the buyer to sign and date. Each of you should retain a copy of this document. Click Here for printable bill of sale.
Registration and License Plates - Remove and retain you license plate, and do not allow the buyer to keep your registration card. Under no circumstances should you allow someone else to use your plate and registration, even if it’s just to get the bike home. If you’re not transferring the plate to another bike, turn it in to Motor Vehicles as soon as possible and be sure to get a receipt.
Plymouth Rock Assurance is a marketing name used by a group of separate companies that write and manage property and casualty insurance in multiple states. Motorcycle insurance in New Jersey and Pennsylvania is underwritten by Rider Insurance Company. Each of the companies is financially responsible for its own insurance products. Actual coverage is subject to the language of the policies as issued by each separate company.