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Why should I sell my Bike instead of trading it in?
It's simple—to boost your profit. Sell it yourself, and you get a higher value
out of your Bike.
Depending on the age and condition of your Bike, you can pocket an extra 3500
to 10000 or more. If you have a late-model vehicle, you stand to make much
more. Just think of it as cutting the middle man out. If you trade your bike
in, the dealer has to pay to clean it, advertise it and sell it while making a
comfortable profit. Your lower trade-in reflects that.
Besides, with today's online resources, selling your bike is easier than ever.
Find out all you need to know to put your bike up for sale, and then list it at
a less expensive price than traditional printed classified listings. Plus, you
reach more buyers in your area—and across the country, thanks to the Internet.
You can advertise for free on
AutoIndia.com and millions of people see your advertisement. Here are
10 simple steps that will help you turn your used bike into cash. Buyers from
down the street, or across the country, will read your ad. You can even e-mail
potential buyers, sending them additional photos or answering their questions
about your vehicle. In general, selling your bike today is a completely
different experience than it was just 10 years ago. Everything from pricing,
advertising and negotiating is covered in this short, easy-to-follow
process.
Step 1: Preparing to Sell
In order to get ready to sell the bike, you should do a little more preparation
than merely washing the bike. Potential buyers are going to be looking for
things besides a clean bike, and if you have it ready for them you stand a much
better chance of attracting a high offer.
Step 2: Preparing the Bike
Take sometime and clean the bike with the proper tools to really clean it
better than you ever have before. You might also want to get to things you
normally wouldn't touch, like cleaning the turn signal lights, seats and inside
the tail cowling, black plastic fenders, black frame pieces, etc. Also fix the
small things and give the bike a thorough going over.
Step 3: Evaluating the Bike
To you (especially after you spent all afternoon washing and waxing) it will
look stunning, better than stock. However, I can't count the times I have gone
to look at a bike that the owner has advertised as "mint condition" only to
find a generous amount of obvious flaws. You will need to allow yourself to
realistically assess the condition of the bike.
Find a friend that rides and ask him to look the bike over as if he were
looking to buy it. Not only will this feedback give you the condition of the
bike through the eyes of a potential buyer, he or she may find some things you
missed and can quickly repair before any real buyers are let loose. It will
also give you the opportunity not to be taken by surprise by a buyer with a
sharp eye.
Step 4: Setting a Price How much is it worth?
To you, probably a lot more than to your potential buyers. Unfortunately, much
like bikes or any other high-price consumer products, bikes depreciate.
Generally no-one buys a bike as an investment and you will have to expect to
sell for somewhat less than you have bought.
The best way to price your bike is to know what other sellers are asking by
looking at AutoIndia.com and local news papers. Take all the prices you have
found, and, adjusted either up or down depending on the overall condition of
your bike Remember, selling often takes time a patience (which is why some
people will simply trade in a bike for a very low sum.) Setting a reasonable
minimum price and sticking to it will stop you from accepting a lowball offer
out of frustration or the desire to simply "get it over with." You have just
determined what you will ask: "Top Price/or best offer"
where the minimum "best offer" is your basement price.
Step 5: Create Ads That Sell
Advertising is key to the successful sale of your bike, and you don't even have
to go broke doing it The best way to advertise is to utilize all advertising
venues you can find at the get-go. Your aim is not simply to find someone to
buy your bike who will make you an offer more than the minimum you can accept,
but to find several people who want to buy your bike. The Internet is literally
doubling every 100 days. It is a rich resource just waiting to be utilized. You
might also try the AutoIndia.com bike
classifieds.
Deciding where you want to advertise is one piece of the puzzle. The other
piece, of course, is what to say about your bike. To attract buyers to your
advertisement, you will need to include your bike's characteristics. These
include the bike's make, model, year, color and special features. You can check
out other ads to use as a model for your own.
There is more to a winning ad than bike specifications. Your ad should
emphasize the most important selling points of the bike. For instance, if the
bike has low mileage, say so! Use the selling points that first attracted you
to buy the bike. Is the bike very reliable? Does it use fuel efficiently? These
benefits should be emphasized in your ad, but only if they are truthful. Avoid
exaggeration.
Finish up your ad by listing an asking price. (Some sellers choose not to list
a price. This will result in a lot of phone calls from people asking for this
information, who may not be looking to pay what you want for the bike. It may
just be easier to list the price in the ad.) Include your contact information
and wait for the calls to come rolling in.
Step 6: Respond to inquiries
Once prospective buyers start calling, be ready to answer
questions. Prepare callers for what to expect when they see the bike. Answer
questions honestly over the phone. You will save yourself a lot of time and
hassle making appoints that will not turn into a sale.
Make an appointment with each caller for a specific time, rather than allowing
them to come "sometime after work." Making an appointment will increase your
chances of the buyers showing up, and if they're late, you don't have to feel
obligated to wait for them. Make sure you ask for a phone number preferably a
cell phone. Don't be surprised if some of the folks don't show it comes with
the territory.
Step 7: Showing Your Bike
Now that the bike is ready, it's time to show your bike and
prepare for the test ride.
Discuss Service History of your bike. If you have all of the service records,
say so. If not, try to find as many as possible. Records of any recent work
will help, but only if you know how many kilometers or months ago the work was
done. Proof that you've cared for your vehicle adds to its value.
Potential buyers will want to test-ride the bike. It's not a bad idea to make
sure they have a driver license.
Some buyers will want to take the bike to a mechanic to have it inspected. If
you have a report from your mechanic evaluating the bike, this might put their
doubts to rest. However, if they still want to take the bike to their mechanic,
this is a reasonable request. By now, you should have a feeling for the
person's trustworthiness.
Step 8: Get to Know Your Potential Buyer
Remember, the main purpose of the test ride is to present your
bike in the most positive light and determine if you are dealing with an
interested, qualified buyer. If you use this opportunity to get to know the
buyer, the process will be relatively comfortable and can help you save a lot
of time.
Before the negotiations begin, have a conversation with the prospect. Ask them
what they are driving now. Find out why they are looking for this type of bike.
Let's say the test ride went well and now it's time to talk—but not about
money. At this point, the potential buyer may want to make an offer right away.
Although this might seem like the perfect moment to start talking numbers, you
still need to establish a few things.
First ask, "Are there any questions about the bike?" That's a nice way of
asking, "Do you want to have the bike inspected?" Or be more direct if you
prefer. The point is, make sure that all possible negotiating points are
covered before you start talking about money.
Step 9: Negotiate With the Buyer
If a person comes to look at the bike, they test-ride it and
it passes their approval, you can expect them to make an offer. Most people are
uncomfortable negotiating, so this might take several forms.
"I like the bike, but..." This is the softest way to negotiate
on the price. They may not even state that the price seems too high. However,
if they say, "I like the bike, but..." and then lapse into uncomfortable
silence, you might consider an appropriate response. If you really want to move
the bike, you could say, "How much would you be willing to pay?"
"What's your best price?" This is a more direct way to probe
the seller to find how much he or she would come down. If you get this from a
prospective buyer, don't seem too eager to reduce your price. }
"Would you accept?" Now we're getting somewhere. This
buyer has thought it over and is making an offer. But the offer is being
presented in a polite manner designed to allow for a counter offer.
"Take it or leave it." This buyer is making an offer
that supposedly leaves no room for a counter offer. In reality, this buyer
might be bluffing. Still, they are sending a message that they are close to
their final price. The only way to know for sure whether it really is a "take
it or leave it offer" is to leave it. They may be back tomorrow ready to pay
your price. The above are just a few of the openers you might encounter. Give
your response some thought ahead of time so you won't be caught unprepared when
the time comes.
Step 10. Closing the Deal and Signing the Paper work
The test ride went well, and the buyer is keenly interested. Now what?
AutoIndia.com shines a light on the road to closing the deal.
Once your buyer has established interest, it's a good time to discuss how they
plan to pay for the bike. You just need to make sure that they have an approved
loan or actual cash. Cash is ideal for small sums, a bank cheque is the thing
for larger amounts.
If you haven't already, ask the buyer for ID with an address and landline
telephone number. At least if something goes wrong, you'll know where to find
them. Finally, write a receipt for both you and the buyer, stating that the
bike is being sold.
When you sell a bike you have to register it with the Regional Transport Office
(RTO). Every bike has its own Certificate of Registration (RC) book that keeps
track of the history of the bike.
As a seller of a bike, you need to ensure that all the legal forms should be
filled in completely and submitted to the right authorities. When the ownership
of a vehicle changes, the seller must inform the RTO with whom the vehicle was
registered, within 14 days.
If the RTO in whose jurisdiction the vehicle is being transferred is in another
state, then the seller must obtain a NO OBJECTION Certificate (NOC) from RTO
and forward it to the RTO in whose jurisdiction the new owner stays. An
application for NOC must be accompanied by :
• Application for new bike registration or Form 20
• Photocopy of the invoice, insurance policy, ration card or telephone bill as
proof of address.
• Original Sale Certificate or Form No 23, Sales Tax Receipt, Octroi Receipt
• Pollution Under Control Certificate from the manufacturer or Form No 22
• Letter from the financier, in case you have taken a loan to purchase a bike,
addressed to the RTO asking them to endorse their lien on your bike
registration certificate book or Form No 34
• Imprint of your bikes Chassis Number
As the seller does not want to retain his insurance policy, his insurance will
be deemed to be transferred in the name of the new owner at the time of
transfer of the vehicle. However, the new owner must inform the insurance
company and get documents transferred in his name within a period of 14 days.
It is in the interest of the seller that the concerned RTOs are intimated as
early as possible, with evidence of such information (registered post, receipt
etc.) If such intimation is not made and the vehicle is involved in a crime,
accident or traffic violation, the authorities will hold the original owner
responsible.
When done correctly, selling a used bike can be a win-win situation. You have
turned your used bike into cash and provided reliable transportation for the
next owner. Focus on the benefits to both parties and you are likely to have a
smooth and profitable experience. |
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