How to buy a used bike privately without getting screwed?

Closed Thread Subscribe

Thread Tools

Search this Thread

Jun 28, 2010 | 09:53 AM

#21

panz4ever

Seasoned HDF Member

Joined: Oct 2005

Posts: 7,488

Likes: 3,687

From: Santa Klaus County, Cali

About the only thing I would add is to ask to see receipts for work done. Some stuff you can obviously see but if there are any engine mods then you want to know who did it and when it was done.

Regarding vin... I would not give out the vin on my bikes to anyone. If you wanted a pic I would block out the production numbers or just show a partial. If you are truly interested, go look at it and inspect it in person. Identity theft is alive and well for people as well as property. Last thing you want to find out is that there are 2 bikes in 2 different states both having the same vin (one of which is yours)

Jun 28, 2010 | 10:08 AM

#22

cruzmisl

Thread Starter

Road Master

Joined: Jun 2010

Posts: 757

Likes: 4

Waiting for the check to clear is great for the seller but what about the buyer? I hand over a draft, wait for it to clear and the guy splits with my bike or flat out refuses to give me the bike. Then its court and a bunch of BS to get my loot back........

I'd imagine most dealers would be willing to work as an escrow service for such transactions though. Buyer pays the dealer, dealer waits for funds to clear and then owner signs the ownership over and dealer cuts seller a check.......

Sounds good to me...

Jun 28, 2010 | 10:21 AM

#23

Markymannn

Stellar HDF Member

Joined: Oct 2008

Posts: 2,086

Likes: 154

From: Buffalo, NY

Quote:

Originally Posted by cruzmisl

I'd imagine most dealers would be willing to work as an escrow service for such transactions though. Buyer pays the dealer, dealer waits for funds to clear and then owner signs the ownership over and dealer cuts seller a check.......

Sounds good to me...

Why would a dealer want to do that? Unless there is a couple thousand in it for him for his time and effort

Jun 28, 2010 | 10:28 AM

#24

Lardog666

Elite HDF Member

Joined: Aug 2009

Posts: 4,271

Likes: 6

From: madison wisconsin

Quote:

Originally Posted by cruzmisl

even if you get a loan from the bank or credit union, you can tell the lender that the seller wants cash only, they'll give you the borrowed amount in cash & you bring them the title to to the title work.... That's what I did, seller got cash, I didn't have to wait for the check to clear.

Jun 28, 2010 | 12:18 PM

#25

JustDave71

Outstanding HDF Member

Joined: Jul 2008

Posts: 2,115

Likes: 5

From: SoCal

another suggestion...not sure, but for cars there are inspection services you can purchase. I did it once...cost about $125 I think. Very thorough, but not so thorough as to do compression tests and all that.

Maybe there's something like that?

Or have the seller meet you at a shop and pay the shop to give it a good going through...

as for payment, www.escrow.com. Ive used the several times for high dollar pro audio deals.

Jun 28, 2010 | 11:54 PM

#26

Bluehighways

Stellar HDF Member

Joined: Feb 2010

Posts: 3,389

Likes: 259

From: Southern California

Lots of good advice here . . . one other "trick" I use; I look inside their car/truck (not their bike(s)) even if it's an old one and kinda beat up. I look to see how clean the inside of the car is. If they keep the interior clean it's a fairly good bet that they treat all of their machines that way . . . all the time, not just when they're selling them!

Jun 29, 2010 | 06:18 AM

#27

skootchnc

Grand HDF Member

Joined: Jan 2008

Posts: 4,528

Likes: 606

From: Raleigh NC

Quote:

Originally Posted by cruzmisl

Awesome advice! Thanks a ton! Now the question is how to find a "fair" value to both me and the seller. Looking at a few 2008 RKC's all with less than 8000 miles. Which book value is most accurate with todays economy? For example KBB trade in is $11750 (+$405 for abs) KBB retail is $15730 (+$600 for abs) and NADA has it listed as low retail $13545 and average retail $14700.

Where the hell does a used bike from a private seller fall? I see lots of RKC's for sale at $16K and above and they're all still for sale. Even those that are $15K are still "for sale". It appears only those around $13-14K are actually selling.

Seems like
every SELLER.... wants/expects HIGH retail.....
every BUYER.... wants/expects LOW wholesale...

Check out Kelly, and NADA, and understand they are a price guide, and the range is based on a bike's "value".... Now there are plenty of sellers out there who owe more than that bike is "worth"

Are you paying cash for the bike? or are you getting a loan? Many banks have limits as to how much they will lend for a used vehicle..Check with your bank first.