Things to Know Before You Sell Your Bike
- Author :
- TATA AIG Team
- Published on :
When a person has a bike of their own, there may also be situations where you may need to sell your bike. Now a person may need to sell their bike for several reasons. It could be that they are buying a new bike or moving away and do not wish to take their old bike with them. Finding the right customer to sell the old bike can often be difficult. But there are a few things that you can do to ensure that the bike selling procedure goes on smoothly.
If you have read this article, you may want to sell your bike instantly and might know that you will need to transfer the insurance for your two-wheeler to the person buying your old bike. Two-wheeler insurance is an important and mandatory part of driving a bike in India. The Government of India has made having insurance for two-wheelers mandatory as they know that the condition of the roads is not very good and that there are way too many people out on the streets at any given time. Thus, having two-wheeler insurance ensures the safety of everybody involved.
It is possible that when you wish to sell your old bike, you realise that the insurance for your two-wheeler has expired or is expiring soon. In such cases, you need to buy or update your two-wheeler insurance. To buy or renew your insurance, you need not look beyond Tata AIG. We offer you several online two-wheeler insurance plans you can choose from, all of which are available at cost-effective rates. We encourage you to use our bike insurance calculator so you can buy a plan that is the best fit for you.
Keeping this in mind, let us look into the bike-selling procedure.
If you wish to sell your old bike, you can do so online and offline. We have mentioned the process you will need to follow, and if you do what has been listed above, your bike-selling procedure will go smoothly. However, as we have also stated, be careful about getting your two-wheeler insurance in place, without which the sale cannot go forward. And if you require insurance for your two-wheeler, do not look beyond Tata AIG for your needs!
How to Sell My Bike Online?
If you are in a hurry and wish to sell your bike instantly, the question ‘how to sell my bike’ may come to your mind. In this case, here is what you must do.
Getting the bike ready
While preparing your bike, there are several things to bear in mind. First, make sure all your paperwork, including the registration certificate, the PUC, the two-wheeler insurance, etc., is in order. Next, having your bike serviced would be the next step. It won't be sufficient to use high pressure to wash your bike. Finally, make sure to clean every area of your bike meticulously. This will hasten the sale of your vehicle.
Think about how much you want to sell your bike for
Before telling others that you intend to sell your bike, you must first determine its market value for yourself. You can use the internet to research pricing by entering your bike's model, type, and manufacturing year. Alternatively, you may visit a secondhand bike dealer and inquire about the bike's price. In the absence of that, you might visit any mechanic in your area or a service centre you prefer to get a sense of the general cost.
Look for an interested party
The first step in attempting to sell your bike is to find a buyer who can pay the bike's asking price and is also willing to do so. Then, you can either get in touch with a purchaser yourself or use a broker, dealer, or other intermediary services to help you find an interested party. The latter choice is appropriate if you need to sell your bike instantly and have limited time.
To assist you in completing the transaction comfortably and without fuss, the agency or business will take care of the paperwork, the legitimacy of the buyer, and all other procedures. It might be ideal for you to contact a purchaser directly and complete the sale at the greatest price without being required to pay any finder's fee or commission, though, if you have plenty of time, don't mind the inconvenience, and aren't in a rush to make the transaction.
However, you need to keep in mind that a third-party person will be taking a cut out of what you are getting as their fee. If you have time, you can afford to get in touch with a seller on your own and sell your bike without any third-party intervention. If you can do this, you do not need to share your profits with any other person or agency.
Get your papers, including the bike sale agreement, in place
You must arrange all the necessary papers and documents once you have secured a reliable buyer for your bike. A driver's licence with all fees paid, a bike sale agreement detailing all the terms of the transaction and any key determinants that either person might have put forward and a test drive consensus that permits a test drive before the sale—are some examples of the important documentation you need to prepare before the sale. The bike's title—which demonstrates the bike's ownership and is necessary for the authorised ownership change from the original owner to the purchaser of the bike—is another important document to have in place. By doing this, you would be able to safeguard both the bike and yourself as the owner. This will conclude your sales process.
After the emergence of online tools, selling things has become easier. If you are wondering how to sell your bike online, there is not much you need to do. Ensure your bike is well-presented and has quality images if you want to make a good impression when you list it. The photos should be taken from various perspectives so potential purchasers can evaluate the bike fairly from multiple perspectives. To draw in potential buyers, provide crucial information for the purchaser, for example, the bike's age, the brand and model, etc. It is advantageous to state your justification for the sale, the asking price, and if the valuation is flexible. Provide a list of your contact information. Transparency will be achieved by consenting to a trial run before the transaction.
Then, of course, you must prepare the documents and the bike sale agreement; the process remains the same as when selling your bike offline.