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Are you planning to sell your bike? To trade it in, or simply want to know its current value for insurance purposes?
In this article, we’re explaining ways to find out how much your motorcycle is worth, how to understand appraisals, how to negotiate prices, and more.
- Kelley Blue Book (KBB) and the Motorcycle Price Guide are reputable sources to determine the value of your motorcycle, taking into account factors like make, model, year, mileage, condition, and additional equipment.
- Insurance companies rely on fair market value to determine coverage or payouts in case of accidents or theft.
- Factors such as overall condition, modifications, demand, and geographical location can influence the value of your motorcycle, so it's important to consider them when assessing its worth.
- Vintage, collectible, custom-built, and antique motorcycles may require specialized valuation tools due to unique factors that can affect their worth.
What Is the Value of My Motorcycle? 5 Ways to Find Out
1. Use an Online Motorcycle Value Estimator
An online motorcycle value estimator is a tool that provides an estimated price range of your motorcycle based on factors such as make, model, year, mileage, and condition.
This estimate is typically generated using data from various sources, including historical sales, auctions, and dealer pricing.
A popular online motorcycle value estimator is the CycleTrader motorcycle price guide.
Online motorcycle value estimators are helpful for both buyers and sellers. Sellers can use them to set a realistic asking price, while buyers can use them to ensure they're not overpaying for a motorcycle.
2. Compare to Other Motorcycle Values
Another way to gauge the value of your motorcycle is by comparing it to similar listings on motorcycle marketplaces.
Take note of the prices at which similar motorcycles are being listed and sold. The prices you see listed may vary widely due to factors such as geographic location, seasonality, and market demand. Also, prices may be higher in areas with a longer riding season and lower in areas where fewer people ride.
By comparing your motorcycle to similar ones, you’ll get an idea of what others are asking for similar bikes and be able to estimate the value of your motorcycle accordingly.
3. Find the Market Value of Your Motorcycle through Kelley Blue Book
Kelley Blue Book (KBB) is a reputable resource for up-to-date car and motorcycle values. Visit their website and use their motorcycle valuation tool to get an estimate of your motorcycle's worth. KBB takes into account factors such as make, model, year, mileage, condition, and additional equipment to provide you with a comprehensive valuation.
4. Appraise the Motorcycle Yourself
If you have some knowledge about motorcycles and their value, you can try appraising the motorcycle yourself.
Inspect your bike thoroughly, assessing its overall condition, including condition of the engine, tires, brakes, damage, rust, signs of wear and tear, and more.
You should also inspect any modifications or upgrades and keep in mind that some upgrades will increase its value, whereas others, such as ones that are too personalized, may decrease the value of the bike.
Consider these factors, in addition to the bike’s mileage, and market value when determining the value of your motorcycle.
5. Get the Motorcycle Professionally Appraised
For a more accurate and professional opinion on the value of your motorcycle, consider getting it professionally appraised.
Hiring a certified appraiser who specializes in motorcycles can provide you with an expert assessment. They will consider all the relevant factors, such as mileage, condition of the bike, modifications or upgrades, signs of wear and tear, and more, and provide you with a detailed report, which can be beneficial when selling, insuring, or financing the motorcycle.
8 Factors to Consider When Finding Your Motorcycle Value
When determining the value of your motorcycle, there are several factors that you need to consider. These factors can help you estimate the worth of your bike more accurately. Here are eight key factors to keep in mind:
1. Make & model: Some makes and models have a higher demand and better resale value in the market. Harley Davidson, for example, is the best-selling motorcycle brand in the United States, and the Honda Super Cub is the best-selling motorcycle in the world.
2. Motorcycle brand: The brand of your motorcycle can also impact its value. High-end brands like Harley-Davidson and BMW tend to hold their value well, while lesser-known or entry-level brands may not fetch as high a resale price.
3. Age and mileage: Generally, newer motorcycles with lower mileage will have a higher value compared to older ones with high mileage. Just like with used cars, motorcycles depreciate in value over time.
4. Mechanical condition: Well-maintained motorcycles with no known issues are likely to have a higher value than those in rougher conditions. This is because buyers are likely willing to spend more on a bike knowing it won’t cause problems down the line.
5. Cosmetic condition:. Bikes in good cosmetic condition without major scratches or dents will typically have more value. This is because their appearance likely suggests careful and responsible ownership, which potential buyers often associate with well-maintained mechanical condition.
6. Availability of OEM parts: If the manufacturer still produces and stocks parts for your model, it can be considered a positive factor for potential buyers. Available OEM parts are generally easier to get and less costly to repair or restore, making them more appealing to potential buyers.
7. Aftermarket modifications: Any aftermarket modifications or upgrades made to the motorcycle can influence its value. Customizations that enhance performance or aesthetics may increase its value, while overly personalized modifications may limit the potential buyer pool.
8. Mechanical issues/recalls: If your motorcycle model has a history of mechanical issues or manufacturer recalls, it can lower its value. Potential buyers may be hesitant to invest in a bike with known problems.
Understanding Motorcycle Valuation Appraisals
Whether you are in the market to sell or buy a used motorcycle, getting it appraised is a crucial step to determine its true value. Motorcycle appraisals help both parties ensure they are getting a fair deal and prevent any potential disputes.
During a motorcycle appraisal, an experienced appraiser will thoroughly inspect the bike and assess its overall condition. They will consider factors such as mileage, whether it has had multiple owners, and the presence of any aftermarket modifications or customizations.
Appraisers pay close attention to specific components of the motorcycle. They examine the condition of footpegs, tires, wheels, the exhaust system, and the motorcycle frame. They also inspect the oil, brakes, clutch, and other mechanical aspects to ensure everything is in proper working order.
Another aspect that appraisers consider are maintenance records. Having a well-documented history of regular maintenance and repairs indicates to potential buyers that the motorcycle has been well taken care of. Appraisers also look for paperwork and valid registration documents to confirm ownership and legality.
By undergoing a professional motorcycle appraisal, you can have a clear understanding of the bike’s condition, its true value, and negotiate or set a fair price based on these factors.
How to Negotiate Motorcycle Price When Buying
When it comes to negotiating the price of a motorcycle, there are a few key tips to keep in mind. Whether you're buying a used motorcycle or a brand-new bike, these strategies can help you get the best deal possible.
Negotiating Used Motorcycle Value
When negotiating a used motorcycle's value, it's important to respond to ads right away. By showing your interest early on, you can establish yourself as a serious buyer.
Instead of relying on emails or texts, try calling the seller directly. A phone conversation allows for better communication and a more personal connection. By engaging in a conversation, you can build rapport and potentially have a better chance of negotiating a favorable price.
Negotiating New Motorcycle Value
To negotiate the value of a new motorcycle, it's important to understand the margins for bikes compared to cars. Motorcycle margins are typically much lower, which means there may be less wiggle room for negotiation. However, consider looking into "leftover" models that are new bikes from previous model years. These bikes may be discounted as dealers try to clear their inventory.
In addition to negotiating on the price of the bike itself, don't forget to negotiate on additional fees. Ask the dealer if they can waive or reduce fees such as destination charges or emissions inspections.
Final Word: Pricing Your Motorcycle Accurately
When it comes to selling your motorcycle, pricing it accurately is crucial to attracting potential buyers and maximizing your return on investment. To ensure you set the right price for your motorcycle, consult KBB and other motorcycle pricing guides, contact an insurer to get a price estimate, or seek a qualified appraiser to help determine the value of your motorcycle.
Knowing how much your motorcycle is worth can help you determine what you want to spend on your next motorcycle purchase. If you need to purchase your new one with a loan, make sure to research top motorcycle lenders to compare rates and terms prior to making a decision.