Have you just found your dream motorcycle or you have decided it was time to upgrade your “first job out of high school” crotch rocket for something edgier? Either way, there are things to consider before you make the deal and trade in your motorcycle. Here are 5 simple steps to follow to get you on your new ride in no time at all.
Know the trade-in value of your motorcycle
This is a fairly simple process; just pick a website like the well-known Kelley Blue Book and use the evaluation tool they provide. Kelley Blue Book is user-friendly and a well-respected automotive resource. Remember to be generous when answering the questions and keep in mind, very few used motorcycles are in “very good” or “excellent” condition!
Have your motorcycle appraised by a dealer
If you have already picked out your new motorcycle with a dealer, bring your bike there to have it appraised. You can always look for a name-brand dealer around you if you are looking for a specific bike like Harley Davidson or Honda. Most dealerships will make an appointment for you and then do the appraisal while you wait, this includes taking your bike for a test drive.
Time to negotiate
If the dealer’s appraisal is way off, ask questions, it’s a good idea to bring your Kelley Blue Book trade-in value with you and compare. At the end of the day the dealer is there to make money, so don’t take their first offer and if you aren’t happy with the value, go somewhere else or think about selling your motorcycle privately and do away with the go-between.
Have all your documentation with you.
Once you decide on a trade-in value, you will be required to hand in the required documentation,
- Driver’s License
- Finance paperwork
- Proof of residence
- Your trade-in
- Certificate of Title
- Proof of motorcycle insurance (Varies State to State)
Although most dealerships offer financing, it’s a good idea to be pre-approved or at least know how much you can afford for a monthly payment and how much you are putting down on your new bike. Having all your financial information ready to go, including your down payment, makes the whole process so much smoother. Word of caution, running your credit will affect your credit score so preapproval is really the way to go.
Now that you have traded in your motorcycle and you are ready to get on your new bike and make some epic memories, be sure to check out VOOM Pay-Per-Mile Motorcycle Insurance and find out just how much you may be able to save.
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