Seller Info: What is your bike worth?

[LaKraven]

Thinking of selling your bike? Well, it's always useful to know the "blue book" value of your vehicle before you name your price. The most common mistake sellers make is that they overestimate the value of their vehicle, resulting in little interest (and possibly no sale).
It's also not uncommon for sellers to be shocked by the gulf between their expected price and what prospective buyers are willing to pay.

This website (I'm not affiliated with it in any way, just so you know) will enable you to find the "blue book" price on your bike. Use this as a good aproximation of what your bike is worth.

Another misconception sellers tend to make is that their modifications and accessories add verbatim value to the bike. This is almost never true (especially in the case of accesories). In fact, some mods (anything that increases the insurance price on the bike) actually devalue your bike... and you can even sometimes make more money by removing the modifications and reverting the bike back to stock condition as much as realistically possible!

You can often make more money by selling accessories and mods separate to the vehicle, so it's important to recognise which accessories and mods add real value to the vehicle.

As a general rule of thumb, if a modification protects the vehicle (crash bars, skid plate and the like), it will add value to the vehicle. If a modification reduces maintenance overhead (such as NGK spark plugs and oiled-foam filters), it adds value to the vehicle.
If the modification changes the vehicles performance, this will most likely DEvalue the vehicle as the insurance rate will likely be increased.
If the modification wouldn't pass an MOT, it's likely to cost you a sale entirely!

Accessories (such as GPS units) are pretty-much worthless when sold with the vehicle, and you'll make more money on them if sold separate.

Pictures are essential when selling a bike! Nobody is going to pay good money for something they've never seen.

Now that you've read this information, it might be worth seeing what prospective buyers are looking for. See my "Buyer's Guide" (thread on this forum) so that you can assess your bike from a potential buyer's perspective. Best way to ensure it sells it to ensure it's going to meet the buyer's criteria.

And remember: no pictures = no chance of sale!

[Juvecu]

Good post, I'll sticky it so people can refer back to it

[LaKraven]

Thanks, Juvecu. I noticed recently a few 'Stroms going up for sale with pricetags as ludacris as they are insulting... figured it'd be good to have a post people can point sellers in the direction of when their asking price is unrealistic.

[Descolada]

Agree completely with this, the Wisebuyer site is a great reference and guide, but it doesn't seem to bear much resemblance to what's going on in the second hand sales market. Dealers seem to ask wildly inflated prices and private are not much better. I was very disappointing when I looked at the site, thought "Great, that's really in my budget range" and then looked at what people were selling these machines for.

Not sure now which one is more unrealistic, Wisebuyers or the people selling their bikes?

I am told that, right now, it's a "Buyers market", I am also told that "after the first day of sunshine come February the prices will skyrocket". From my search for a V-Strom I see little evidence of it being a "Buyer's Market". As I can't figure out which is more unrealistic I am struggling to decide on what is a well spec'ed bike at a great price and what's not.

Des

[LaKraven]

It really does depend on what you'd like.
Would you like a VStrom that someone has "uprated" in the key areas (brakes, suspension, NGK plugs, oiled foam air filter), or would you rather get "stock" and uprate it yourself to your own tastes?
If you're talking about a bike that's been "pimped out" (kitted out with all sorts of accessories), well then the value is just as likely to be lower as it is to be the same as stock (but rarely would be worth more). See, the problem there is the level of competance with which modifications have been made, and accessories fitted, by the previous owner(s).

My Wee, for example, is worth less because I've drilled out the front fairing to install useful sockets (lighter socket, USB charging sockets). Even though these modifications add value for me, because the fairing panel would have to be replaced to restore the bike to stock condition, it's considered a devauling modification.
In my case, I don't care as I intend to run this bike until there's nothing left of it (I would add bikes to the collection rather than getting rid of one in favour of another), but if I were ever to sell the bike, I would have to reflect things like this in the asking price.

Now, a lot of people will set their asking price high expecting that offers will always be below asking (that tends to be how people try to buy, since a penny saved on the bike is a penny they can add to the "pimping" or "uprating" budget). So if they're asking £4k, chances are they're expecting to get an offer around £3.5-3.7k (which is likely much closer to the book price).

When I buy a bike, I never offer more than book at maximum... even if the bike's been uprated.

There's nothing to lose by making an offer that's lower than their asking price! Worst-case scenario is they reject your offer, and you've lost nothing.

[Descolada]

Again, genuinely useful advice, thank you so much for taking the time to respond, its very much appreciated. My budget is around the 3.5 mark so this reply has been a great help.

Regards

Des

[LaKraven]

3.5K should get you a 2009-2010 Wee (650 AK9 model) in very good condition (or an older model in near-immaculate condition with low mileage), perhaps (if you're a good negotiator) even with some change left over to "make it your own" (a bike isn't really yours until you've modified/customized it in some meaningful way)

If you've got a bike to trade-in, you may even be able to come out with a brand new Glee (depending on what you get trade value on an existing bike... remember they'll try to screw you as much as possible, because that's how they make their money)

[Descolada]

Thank you again, that's music to my ears, now to find the bike! Out of interest, how much would you estimate a good condition 2011 Wee would go for? Would it be worth holding on a little longer to see if they come down in price a little or would it be better to try and raise more capital for the purchase?

With regards to a trade in, my current machine is rubbish so I expect to get next to nothing for it.

Des

[LaKraven]

2011 old shape or new shape? It matters! If you're after a new shape, you'll need to wait a while to get it within your 3.5k budget!

If you're considering the 2011 old shape, you may as well get a 2009 or 2010 as they're all basically exactly the same (I don't know of a single difference between them... not one)

[Redsoul]

Great post LaKraven....I have just sold my bonneville at a realistic price and it went straight away....am now in the market for a glee strom but asking price for 2nd hand is hilarious.
  I look at the dealer book price of a bike then add a few hundred pounds for price I am willing to pay.
Have actually found some dealer prices more competetive than private .
Trying to stick to my guns to get a glee but year old tiger 800xc,s seem to be nearly as cheap as similar age glee .
 May just wait untill beginning of year and buy a pre-reg 13 plate glee and get the dealer to thow in a load of extras free to sweeten deal.

[LaKraven]

Yeah, it comes down to the issue of people assigning cash value in place of sentimental value (I do it sometimes with custom computers I've lovingly built and tweaked to the peak of their stability and performance), never get attached to posessions is the best policy, really!

A little over or under book price (depending on condition, of course) is all anyone should pay. Excessive markups are rarely backed up by the value of whatever customizations have been made (as I've said), but a great way of calculating the "value of extras" is this:

If it protects the bike or reduces insurance, it's worth a little extra.
If it doesn't protect the bike or (worse) increases insurance, you'll either want to offer less or move along to something better.
If it's modified in a way that wouldn't pass an MOT, just don't bother (unless you're fishing for spares/repairs projects)

[catstevecam]

Hi LaKraven

thank you and your fellow writers for your posts about buying or selling and the link to Wisebuyer - all really useful tips that help keep us all on the ground in these economically challenging times.

I particularly like the idea of teaming-up with a current Glee or Wee owner/rider when going into a shop or visiting a private seller - that sounds so empowering and really should help to prevent disasters.
(Years ago I lived near a 400/4 owner and got him to take the test ride when I was checking out a private bike to buy - that bike lasted a further 12 years.)

I think we sometimes underestimate how much useful knowledge we have accumulated - so the idea of buddying-up at purchase time gets my vote for one of the best motorcycling ideas I've heard this year.

 

[Strommer]

I'm happy to buddy up for those looking in West or North London or even Fife/Tayside if I'm in the area.  Maybe worth having a sticky register of buddies?

[jimmy b]

hello to all....a  very interested read indeed...anyway I thought  id chuck my two tuppence worth in for what its worth...I've just sold my silver & grey k9 2009 650 12,500 miles fmdsh, 2 owners ....last week......loads of extras...but as mentioned previously the dealer wanted it stock...ie original ..or as god dam near it...it attracted more potential punters...he gave a basic book price of £2750...then wanted the 3 x givi panniers &top box..2 x e 45 l side panniers. & 1x e 52 l top box & back rest..& the Suzuki centre stand.....that's what the new owner wanted/was looking for..it also had the latest Oxford heated grips also..so I agreed a sensible price of £3150..while on holiday in France he stripped everything else off it for free as part of the deal...he sold it last week I think...for £3995..then today he rang & asked  me to pop back in..so up on shooting down he gave me a bag which contained ..a new set of Oxford heated grips ...waterproof optimate lead,& a cheque for £50...he forgot to take those items off as agreed.....top bloke...so not all dealers are a bunch of tossers...he was local ie 10 miles...id buy/service /px any future bikes at his shop...d/c butlers in bishop Stortford herts..I'm now riding around on a  aerosoled matt black little Honda sf 400 streetfighter which I bought off flea bay for £500..76,000 km a years mot & tax 2x new 023 bridgestones & new headbearings..I rode it back from porthtowen cornwall..383 milesin total..wicked............I hope this bears some relevance to any owners....safe riding...    

[Oop North John]

This website (I'm not affiliated with it in any way, just so you know) will enable you to find the "blue book" price on your bike. Use this as a good aproximation of what your bike is worth.

For anybody who's sold their bike recently, did the wisebuyers valuation hit the spot?

[joderest]

Just to add my thoughts.
I bought my 2007 reg K6 for £1500, as it has 35,000 on it and is/was a bit of a mess, I bought it with my eyes wide open to the work that needs doing, and I was after a project anyway. It has a full service history, ex owner used for commuting into London every day. It has a fair amount of damage, but nothing that's not repairable, and a bit of paintwork. Engine, I am glad to say, runs like a dream, gearbox good, just checked all wheel bearings and no play, checked suspension linkage and all OK and well greased, the only major concern is that there is a knock from the headstock bearings when a hole is hit or sudden braking, it is only slight so hoping just needs a small adjustment.
I guess what I am trying to say is that there are bargains out there if you are prepared to put the work in.