Thursday, November 7, 2024
AutoWays to find the current value of a motorcycle

Ways to find the current value of a motorcycle

When planning to trade in a motorcycle at a dealership or put it on a classified site, one must research extensively to assess the vehicle’s current value. But when one looks for “what is the current value of my motorcycle?” one may notice that the value on the used motorcycle pricing guides would rarely match those on the marketplaces. This is because, like in everything else, the law of the market applies to motorcycles, too. 

Ways to find the current value of a motorcycle

The value of a motorcycle is nothing but the price a buyer is willing to pay. There are various methods that help one determine the current value of their motorcycle.

Use an online motorcycle value estimator

Various online tools help provide an estimated price range for a particular motorcycle based on factors such as the vehicle’s condition, mileage, manufacturing year, model, and brand.

Broadly, these estimators assess the value using data from different sources, such as dealer pricing, auctions, and historical sales.

The estimators benefit both sellers and buyers. Sellers can employ them to arrive at a realistic asking price. Likewise, buyers can use these tools to ensure they are paying a fair price for their chosen motorcycle.

Compare with other similar motorcycle values

Another easy method to assess the value of a used motorcycle is to compare it with similar listings on marketplaces. Both buyers and sellers can consider these listings to determine what a similar make and model of vehicle sells for. But one needs to understand that the prices listed on these marketplaces may vary depending on an array of factors, such as market demand and geographic location.

Typically, in some areas, the prices of motorcycles may be higher than others due to certain reasons.

  • High demand, low supply ratio
  • The areas with a more extended riding season will have a higher price

When sellers compare their motorcycles to similar ones listed online, they get a fair idea of what other sellers are asking and what buyers are comfortable paying for. 

Use the Kelley Blue Book values

Kelley Blue Book is one of the most popular sources for determining the current values of motorcycles. Consider visiting the website and employing the valuation tool to find the motorcycle’s worth. Kelley Blue Book gives a fair price estimate as it marks the value based on factors like additional equipment, vehicle’s condition, mileage, year, model, and make. They offer a comprehensive valuation.

Appraise the motorcycle

Some sellers will have adequate knowledge about motorcycles and their pricing, so they can consider appraising the motorcycle themselves by following certain steps.

  • Inspect the motorcycle thoroughly.
  • Assess the overall condition.
  • Look at the wear and tear on the tires.
  • Check if the engine is noisy.
  • Look for any external damage or dent.
  • Examine for rust.
  • Check if the brakes work fine.

Further, consider making some upgrades or modifications to the vehicle, as these may increase the motorcycle’s value. On the contrary, some personalized upgrades may also lower the motorcycle’s value, so it’s best not to go overboard. 

Get the vehicle professionally appraised

For a professional and more accurate opinion on the motorcycle’s value, get it appraised professionally.

A certified appraiser specializing in motorcycles can help with the most accurate assessment. The professional will consider all the relevant factors when determining the value, such as wear and tear, upgrades or modifications, the vehicle’s condition, and mileage.

Based on this, the appraiser will provide a detailed report that can be helpful in financing, insuring, or selling the motorcycle.

Factors to consider when determining the motorcycle’s value 

Make and model

Naturally, some models and makes are in greater demand and have a higher resale value than others. For instance, Harley-Davidson is one of the top-selling motorcycle brands in the country, and the Honda Super Cub is globally famous; both these automobiles may command a higher value.

Brand

The motorcycle’s brand also impacts its value. Top-end brands like BMW and Harley-Davidson retain their value for long. On the contrary, entry-level or lesser-known brands are cheaper and might have a lower resale value.

Mileage and age

Motorcycles with lower mileage will have a higher value than those with high mileage. Like cars, even motorcycles depreciate over time.

Condition

Well-maintained motorcycles with no apparent issues will have a higher value than those in bad condition. Buyers do not mind spending more for a motorcycle that won’t cause expensive breakdowns in the future.

Recalls or mechanical issues

Motorcycles with a history of manufacturer recalls or mechanical issues will have a lower value, as buyers may hesitate to shop for a vehicle with problems.

Exterior

A motorcycle with appealing exteriors but devoid of any dents or scratches will have a high value. Such a vehicle’s appearance suggests responsible and careful ownership, which buyers usually associate with a well-maintained mechanical condition.

Easy availability of OEM parts

Motorcycles for which the manufacturer still stocks and produces the parts will have a higher potential demand among the buyers. On the contrary, if a vehicle’s parts are hard to find, the buyers will not be willing to buy it unless the price is unreasonably low.

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