Last week we chatted about establishing a value for your motorcycle and what it may be worth in the current market.
Digressing, I will never forget that when I sold my first house years ago, a friend of mine said “forget these agents, sell your house privately and avoid commission fees!”. It made sense at the time, so I proceeded to advertise my house privately. I will never forget the endless phone calls and strangers I had walking through my home followed by nonsensical offers, people trying to swap me their houses or cars, it became very clear I was not qualified to be in the real estate business! I went ahead and called a couple of estate agents, most of them promised me the world, saying “I could name my price” and they would charge a small commission if I signed a sole mandate.
I then met an agent whom I still use to this day - he asked, “If you are serious about selling your home, sell it at ‘X’ price because that’s what the market will pay. I will market your home professionally and I charge ‘X’ amount because I am a professional”. Although the price was marginally lower than what I wanted it was higher than the offers I had received when trying to sell privately. I listened, and after a bit of research on this particular agent found out that his business was reliable, reputable and trustworthy. I felt comfortable leaving my house in his hands and let him market my house professionally to a qualified audience. My house sold within three weeks at the value he mentioned and most importantly I had peace of mind knowing that I was dealing with the right agent. The deal went through as promised and I moved into my new home without any payment issues. I learnt a great deal from that experience and I apply the same principles today.
When selling your bike, you would normally be in one of the following situations and I will try and offer the best possible advice that will offer the best results:
In the end it’s the amount you are paying in that counts and the value proposition being offered. I always suggest getting various quotes/valuations including offering your motorcycle to a pre-owned specialist who purchase’s pre-owned stock. Sometimes, the same bike can be sold to a pre-owned dealer/ franchise dealer for R100 000 as an example or more and you are left with cash in hand, able to negotiate the best possible deal without a trade-in. As a rule, always get an offer from a busy, reputable pre-owned or franchise dealer as they might pay more than you are offered as a trade-in.
Need Cash Quick: If you are in a situation where you need cash quickly, the quickest option is to sell your motorcycle to a dealer that will pay you immediately. I would recommend calling several pre-owned/new motorcycle dealers and especially the busy ones as these dealers rely on a constant flow of good clean stock, which means they have the cash flow to pay you instantly and at a fair price. It’s important to call dealers including those in other provinces (most will collect once you agree on a price) and find out how much they are willing to pay and confirmation that you will be paid immediately and that any finance outstanding at a finance institution settled before you leave. A word of advice, always ensure that your motorcycle has been valeted and is presented in the best condition possible and that your paperwork is in order, books, original Natis (copy if financed) and spare keys. Be cautious of a dealer offering higher prices on the phone and then a lower when you arrive, this could be a tactic to lure you to their store. Send photos and a detailed description of your motorcycle before confirming a price with the purchasing dealer to avoid any discrepancies when you arrive at the dealership. Be as accurate as possible when describing your motorcycle especially the year of manufacture and year of registration. Give the dealer the VIN number so that he can verify as this plays an important factor when establishing a value.
As a helpful hint, please remember to cancel your motorcycle insurance when you have received confirmation of sale and payment for your motorcycle
Next week we’ll discuss distressed sales if you’re in the unfortunate position of your motorcycle being repossessed including how to purchase safely from Auctions.
Shop No 3, Showroom on Leslie
cnr William Nicol & Leslie Drive
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