The freedom of the open road, high speeds, and tight cornering—motorcycling comes with so many thrills. But when it comes to selling, you want less surprises during the process. You can take steps to prevent motorcycle theft and, when it comes to selling, you should exercise caution, too. To avoid scams, ensure transparency, and steer clear of any other bumps in the road, Cycle Trader is sharing nine tips for safe transactions when you sell a motorcycle.
1. Sell Your Motorcycle with a Trusted Professional
When it’s time to sell your motorcycle, you should consider going with an experienced professional to oversee the process. If you feel inexperienced about selling, dealerships can be a trusted option for handling the process from beginning to end. While you may not get the absolute highest possible offer for your bike, because the dealership still needs to turn their own profit when they sell it themselves, they’ll handle the transaction and organize the paperwork that might otherwise be a headache to go through by yourself.
2. Make Preparations to Sell Your Motorcycle
If you decide to go through the selling process on your own, prepare in advance. While there can be more risk involved, you can get more value if you’re selling. Do your research and stay organized as you take everything step by step. Create a detailed listing, handle the marketing and advertising, manage inquiries when selling your motorcycle, arrange your meetings for in-person inspections and test drives, and know all the legal stipulations with your sale, such as legal transfers of ownership from you to the buyer.
Be ready to answer shopper questions about the vehicle’s history and the maintenance it may need in the near future. Leave time in your schedule to set up an appointment with the shopper so they can see the bike in-person. Then, handle the financial aspects and ensure you have all the needed paperwork for your bike, such as the title, bill of sale, motorcycle license, and proof of insurance.
3. Look Out for Scams when Selling Your Motorcycle
While online resources can make everything just a click away when it comes to making a quick sale, it can also be another avenue for fraud. You can avoid scams first and foremost by finding out if the buyer is real by verifying their contact information and doing a search online. Before moving on with a sale, you could phone them, and if they’re in your area, arrange a public meeting. You should be dealing directly with the buyer, not a third party. Use caution when clicking links, be careful with sensitive information you give online, and look for a guarantee that the payment process will be secure.
4. Bring Back-Up when Selling Your Motorcycle
When it comes to a private sale, stay safe and have back-up with you when selling a motorcycle. If you’re open to a second opinion when selling, your back-up may even help mediate the transaction to ensure everything is fair with the bike’s value when considering offers from buyers. If your back-up is an experienced biker, they might be able to give further insight on a previous sales transaction to guide you in the right direction. Set appointments for viewing and test riding the bike, in addition to financial transactions, in public places during the daytime.
5. Give Full Disclosure of the Motorcycle’s History
It’s important to keep this tip in mind to avoid going down a rabbit hole of legal trouble, expensive court fees, arguments, and headaches. Sellers legally need to provide full disclosure about any accidents or defects with the motorcycle in the transaction. Failure to follow this process can be considered fraud, which leads to lawsuits. Be transparent during the transaction, provide a detailed description of any flaws with the motorcycle, and give exact details with paperwork for ownership and payments.
6. Know Your Payment Options for Selling a Motorcycle
You want a secure payment process when selling your motorcycle, and you still have to be careful accepting all cash in-person. You want to ensure the bills aren’t counterfeit, you have a secure place to keep the money (including when you transport it), and you have records of the transaction. You can look to sell by accepting a cashier’s check or certified bank check so the money is guaranteed, but look out for scams with fake checks or buyers seeking refunds with checks when they overpay; the amount of the check should be exact.
Whether it’s a credit union or bank, double check with your financial institution on what procedures they recommend for selling a motorcycle. They should be able to give you more details about credentials you’ll need to ask for during the transaction, including a government-issued ID, credit history, proof of income, and bank statements.
7. Safeguard the Motorcycle Transaction
So you’ve found the right buyer, you’ve shook hands and handed over a form of payment, but you still need to follow up with your bank to verify and validate a cashier’s check or certified bank check. That’s why it’s a good idea to handle the payment process at your bank or credit union so you can verify the payment right away in person. Hang on to the title of your motorcycle until the transaction is cleared by your financial institution; if it’s a fraudulent buyer, the payment can be canceled, but you’ll have some difficulty getting your title back once it has switched hands.
8. Stay On Top of the Motorcycle Paperwork
Keep records of any defects and know the history of the used motorcycle for sale, take notes of any parts that may cause trouble later on, and get all the specifics of the transaction in writing. Keep a copy of the title of the motorcycle you’re selling and see what’s involved in your state for a title transfer. Remember, signatures are binding and can be used as legal documentation for a transaction, in case a buyer runs off or if there’s a dispute regarding ownership of the motorcycle. Back up your documents and keep records of the make/model/year, VIN number, date of the purchase, mileage when you sold the bike, and the sales amount. With a final sale, both parties should sign a bill of sale, ideally in front of a notary in public. Take photos and keep digital copies of all your paperwork.
9. Report Suspicious Activity Immediately
If you receive any suspicious inquiries or leads when selling your motorcycle, make sure you report it. Forward your details to fraud@traderonline.com so a representative can guide you through what you should do next. If you think you’ve been a victim of an internet scam or fraud when selling your motorcycle, you need to contact the right authorities to report your incident. Follow up with the Crime Complaint Center (IC3), and the Federal Trade Commission for consumer information regarding scams and fraud. You can also check your local government’s website for filing internet complaints.
You want to leave your cares behind when you hit the road on your motorcycle, but when it’s time to sell, be careful so you can ensure a safe transaction. Follow these tips to fight fraud, avoid scams, and land a sale. And, for more selling tips and information, check out all of Cycle Trader’s articles and videos on our Seller’s Guide resource page.
