The weather is warming up, and people are ready to enjoy the sun outside. Bikers may find it is time to upgrade their ride. They can’t wait to get you on the open road and take off for a day of exploring.
Before doing so, bikers may consider trading in your old motorcycle for a new one. As people ride, their skills expand, and they are ready for a new bike. Before taking this step, there are certain things a biker should do to increase the odds of getting a fair deal.
Know the Trade-In Value
Every owner should research the trade-in value of their motorcycle before heading to the dealership. Don’t rely on the dealer to provide this information. Use multiple sources, such as Kelley Blue Book, to gather this information. The more an owner knows, the easier it is to get fair value for the bike.
Dealer Appraisal
Find a local dealership that has the desired bike in stock. If the bike isn’t available, ask if the dealer can have it delivered. When it has been confirmed that the bike will be at the dealership, set up an appointment to discuss the trade-in. During this appointment, the dealer appraises the bike to determine a trade-in value.
Negotiations
Once the dealer determines a trade-in value, the negotiations begin. Ask the dealer why they determined the value they did. Explain why the bike is worth more than the dealer offers and make a counter offer. Try to agree on a fair price that is acceptable to both parties.
Documentation
Documentation will be required before the trade-in is complete. The documents needed vary by dealer, state, and payment method. Contact the dealership before the appointment to ensure all documents are ready if both parties reach a deal. Common documents required include the owner’s driver’s license, proof of residence, bike title, finance paperwork, and proof of insurance.
Finalize the Deal
To complete the transaction, the bike owner must pay the difference between the trade-in and the new bike. Some buyers pay cash, while others must finance the purchase. A buyer might have the financing in place before arriving at the dealership, but those who don’t may use dealer financing.
When the money is exchanged, the new owner will receive a title that legally proves the motorcycle is theirs. Men and women who pay cash will receive the title immediately, as they are the only bike owners. When the bike is financed, the lender retains the title until the lien is paid in full. The document will include the buyer’s name and information about the lien. The buyer receives a copy for their records.
When the lien is paid in full, the lender turns the title over to the buyer. The Certificate of Title will show the owner’s name rather than the lender’s. Buyers should contact DMV if they have any questions about this process.
Individuals who trade in their motorcycles before buying a new ride need to consider these as two unique transactions. The buying process should be completed, other than the exchange of payment, before the trade-in is discussed. Many people complete both transactions simultaneously and pay more in the end. By keeping them separate, the bike owner can get more for their trade-in and ride off on a gorgeous new bike. Everyone will be satisfied when the deal is complete.
