Things to Do Before Selling Your Bike!

Posted on: Jan 12, 2022 | | Written by:

Things to Do Before Selling Your Bike!

Published on January 12, 2022. EST READ TIME: 4 MIN

There are many reasons that one may decide to sell an asset that they own. They could be purchasing an upgraded version of the same asset or something different that might suit their needs better, relocation to a different city, the asset could have become obsolete and outgrown its usefulness or they may simply just need the money. All of these reasons can easily apply to your bike as well. Selling your bike isn’t inherently a very difficult task, but to get the best value out of your bike, there are still some important things one must consider to ensure the satisfaction of both the buyer and the seller.

Finding The Correct Buyer

This is the first step to actually selling your bike. You must look for an interested party that is both capable and willing to purchase the bike at the price you wish to sell it at. You can either contact a buyer directly or just contact an agency, dealer or service that would help connect you with an interested party. The latter option is suited in case you are short on time and need to make the sale in a fast and efficient manner.

The dealer or service will sort out the paperwork, the authenticity of the buyer and all the formalities etc helping you make the sale peacefully and without any hassle. But in case you do have ample time, don’t mind the hassle and are not in a rush to make the sale, it might be best for you to approach a buyer directly and make the sale at the best possible price without having to pay any finder’s fee or commission.

Preparing Your Documents

Now that you have found yourself a proper buyer for your bike, the next thing you need to do is get all the important papers and documents in order. Some of these important documents may be- The vehicle's title- which proves the bike's possession and is necessary for the official transfer of ownership from the current owner to the buyer of the bike, a drivers' license with all dues paid, a sales agreement outlining all the terms of the sale and any necessary conditions that may have been put forth by either party and a test drive agreement- which allows for a test drive prior to the sale. This would allow you to protect yourself as the owner as well as the bike.

Repairing Mechanical Issues

This might be the most important step in terms of ensuring the safety of both the buyer and the bike itself. Before the sale of the bike, it must be properly inspected and checked out by an authorized professional mechanic. Things like tyre alignment, chain tension, brake fluid, lubrication control cables etc must be thoroughly checked along with cleaning things like the engine air filter and engine oil etc.

Creating An Online Listing

If you can plan to sell the bike via an online platform. Now to make your listing stand out and be impressionable, make sure your bike looks impressive and all the pictures are of good quality. Apart from this, you also must mention all the important details pertaining to the bike being sold, so that the buyer is able to make a fair assessment of the bike and whether or not they wish to make a bid for it. Details such as the age, make, model and any accessories etc are important to mention. Along with this, things like any prior history of accidents, current bike insurance (if active) and the insurance provider for said bike insurance are also important details that should not be omitted from the listing.

Transferring Bike Ownership

Now for the last step, you must make sure that all the important paperwork for the transfer of the bike insurance and ownership are complete and in order. You must guarantee that the bike and its liabilities are transferred from you to the next owner. To complete the transfer, the RTO will need forms 28, 29, and 30.

Conclusion

In conclusion, selling your bike might not be a difficult task, but you still must consider all these points if you want to get the best value for your bike all the while ensuring transferring any liabilities and risks to the new owner of the bike.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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