Here are some tips and helpful tools if you are considering selling your motorcycle.
The N.A.D.A website www.nada.com is a good resource to determine if your asking price is appropriate.
Whenever possible, do not disclose your home address or location of the motorcycle stored when advertising, and when a potential buyer wants to see the bike, try to meet in a neutral location. There have been a number of instances of theft where the bike was up for sale with the address listed in the ad or a potential “buyer” came to the home but did not purchase, and then the bike was stolen. Although there is no way to be sure the two were related, it is better to be on the safe side.
If you’re allowing someone to test-ride the bike, verify that he or she is qualified, experienced enough to handle the ride and has the proper credentials, including a motorcycle license/endorsement.
Make certain anyone test-riding your motorcycle is wearing a DOT approved helmet (where required by law) and proper safety apparel.
If you are selling your motorcycle on consignment through a dealership/shop, verify the dealership/shop has the proper insurance coverage in the event of accident or theft. Get a consignment agreement in writing.
Payment - If the transaction involves a check or money order, verify the payment is valid before relinquishing possession of the bike.
Transferring the Title - Sign and date the title as “Seller”, and keep a copy of the signed title for future reference. Make the terms of the sale clear and put it all in writing, creating a receipt/agreement for both you and the buyer to sign and date. Each of you should retain a copy of this document. Click Here for printable bill of sale.
Registration and License Plates - Remove and retain you license plate, and do not allow the buyer to keep your registration card. Under no circumstances should you allow someone else to use your plate and registration, even if it’s just to get the bike home. If you’re not transferring the plate to another bike, turn it in to Motor Vehicles as soon as possible and be sure to get a receipt.
Insurance - Do not give the buyer access to you insurance card. Keep the card for your records or destroy it, but do not leave it in the possession of the buyer. The insurance is not transferrable. Cancel the insurance, or remove the bike from your policy as soon as possible after the completion of the sale.
Personal Items - Don’t forget to check for and remove personal items in your saddlebags or under the seat.
If you have the owner’s manual and/or an extra set of keys, remember to give them to the buyer, who will likely be very appreciative.