Your first bike will always remain your first bike. Nothing can change that fact and the emotions attached with the first bike. However, there comes a time when you are on the lookout for a new bike. This means that the old bike has to be sold. Selling your old bike can be an emotional affair. But you need to view it from a practical standpoint. Read ahead to know important tips for a smooth bike selling process.
- Maintenance Record
Put yourself in the shoes of a prospective buyer. Your first bike might be someone else’s first bike. You shall receive a sizeable amount from the buyer only if the bike is in good condition. There are several other sellers from whom the buyer can purchase, for approximately the same price. What makes your bike different is the way it is maintained.
If the bike is well maintained, it will speak for itself. If you have the service record of your bike, it will add more credibility.
- Minor Repairs
It is good to make some minor repairs yourself before showing the bike to the prospective buyer. It might feel like a futile activity but minor repairs can create a major impact on the bike’s performance and you can quote your price accordingly.
- Buyer Verification
Ensure that you sell your bike to a verified buyer. You can either sell to an agency/dealer or an individual. Nowadays, with the help of internet, you can network with interested bike buyers and sell your bike without any intermediary. However, in such cases, the onus of verifying the authenticity of the buyer is on you. You need to carry out the due diligence before selling the bike. It is a good idea to check the buyer’s Aadhaar Credentials before selling the bike.
- Exchange Offer
Dealers run exchange offers wherein you can buy a new bike at a discounted price provided you surrender your old bike to the dealer. This is a safe way of selling a bike as the entire process is transparent and accountable. Such offers are often provided during the festive season.
- Bike’s Valuation
Bike’s valuation depends upon the following factors:
➢ Age of the bike
➢ Make, model, and variant
➢ Aesthetics of the bike and its physical condition
➢ Its mechanical condition, ease of riding
➢ Documented servicing history
➢ Repair history
➢ Insurance history
Make sure to take in to account the above-mentioned factors while claiming a price for your bike.
- Price Sensitivity
The price quoted by you should be in and around the valuation price. Otherwise, it won’t be considered by the buyer and chances of the buyer moving towards another seller increase drastically. Understanding the psyche of a second-hand bike buyer can give you insights. More often than not, such buyers are price sensitive. Therefore, quote your price accordingly. It would be wise to quote a competitive rate and then convince the buyer about the bike’s good condition, rather than reducing the chances of sale by quoting a higher price.
New Bike Insurance
Be proactive and transfer the bike insurance policy in the name of the new buyer. If you are planning to purchase a new bike, don’t forget to purchase new bike insurance. Bike insurance is not just mandatory but also a good way to have a financial cushioning in case of a mishap.
Note that you can purchase bike insurance online as well. Purchasing bike insurance online is a convenient process. Those who transact online often, might find purchasing bike insurance online simple and beneficial.