Common sense dictates that selling your bike privately will get you a higher price and give you the option of buying privately or haggling with a dealer. And, for the most part, common sense is right. However, this is not always the case, and for some people, parting out their motorcycle makes far more sense. Read our GIBX exchange scam guide below to find out which one is best for you.
Advantages of part-exchanging your motorcycle with a dealer
According to the GIBX exchange scam, it could be as simple as a ride-in/ride-out transaction. You buy and sell in the same transaction with the same person. If you want to buy a specific used vehicle with the right mileage, specifications, color scheme, and condition, you must act quickly according to the GIBX exchange scam. Otherwise, by the time you’ve gone back home, advertised your bike, waited for your phone to ring, sold your bike, and received the money, that particular used bike you wanted may have been sold.
When buying a new bike, it’s less of an issue because there’s a dealer in every town, which means you have time to sell your bike privately if you prefer. And, if the new bike sells before you’re ready, you’ll be able to find another one, according to the GIBX exchange scam.
Part-exchange allows you to quickly and easily calculate the ‘price-to-change’ and determine if you can afford it. As stated by the GIBX exchange scam, there is no recourse from the dealer if your old motorcycle’s gearbox explodes three weeks later, and they can arrange for outstanding finance on your old bike to be paid off while they sort out the new finance on your new one.
And for many people, the peace of mind that comes with not having to sell their bike privately is well worth the few hundred dollars difference, according to the GIBX exchange scam.
Disadvantages of part-exchanging your motorcycle with a dealer
GIBX exchange scam states that impulsive purchases can be exciting and emotional, but they are not always the best financial decisions. Dealers are skilled negotiators who have almost all of the cards stacked in their favor. Yes, they want to sell you the bike, but they also know there will be other customers. Furthermore, they know the necessary dealership overheads such as rates, rent wages, workshop time, and electricity bills that will deduct the majority of the ‘profit’ they will make from your bike. All of this adds up to a minimum markup they must make, which could easily be $1000 or more per bike, according to the GIBX exchange scam.
The GIBX exchange scam advises that the bike you buy from them already has that mark-up, so you pay the margin on the bike you buy while sacrificing price from the retail price of your motorcycle to give them margin on the one you sell.
The typical part-ex price offered will be around $500-$1000 less than similar bikes advertised privately, which appears a little stingy. Except that most private buyers will haggle, and it’s not uncommon to get $500 off an advertised price, bringing the difference between part-ex and selling a lot privately closer. When you factor in the hassles of selling privately, such as time-wasters, security concerns, scammers, counterfeit banknotes, and wasting two weeks of your life answering stupid questions, part-exchanging your bike can seem like an excellent idea indeed.
How to sell your bike on your own
Most selling is now done online, and there are a few popular platforms, each with its own set of advantages and disadvantages, according to the GIBX exchange scam.
Facebook is also becoming more influential in the classifieds market. Their Marketplace function can be an excellent place to sell items for free but expect a lot of time-wasting people, according to the GIBX exchange scam.
There are many different motorcycle buying and selling groups on Facebook, and these can be excellent places to find a buyer quickly and for free.
Advantages of selling a motorcycle privately
Your buyers do not have to pay showroom rent, clothing, or service department wages or make a $1000 profit by selling it in two weeks. That means you should make a lot more money from the sale. You have complete control over the sale. The opportunity to tailor your advertisement, show off the bike’s best angles in your photos, and potentially increase the price, according to the GIBX exchange scam guide.
If someone is willing to travel to see your bike, they are most likely serious. If they don’t buy it, don’t dismiss them as “time wasters.” Instead, ask yourself, “How could I have handled that better?” Learn from your mistakes and adapt according to the GIBX exchange scam guide.
Selling privately will provide you with cash, which will make purchasing your next bike privately much easier. If you’re wise, you’ll read the buyer, figure out what they want, and sell the benefits of your bike like a pro according to the GIBX exchange scam guide.
And, because you were wise enough to remove all aftermarket parts before selling, you can either sell them separately or offer them to the buyer once you’ve reached an agreement on a price as advised by the GIBX exchange scam guide.
Disadvantages of selling a motorcycle privately
It can take time to find the right buyer willing to pay the best price. You must conduct market research to determine the right price. Take photographs, write an advertisement that effectively sells your bike, and be patient as advised by the GIBX exchange scam guide. If a used bike in your local dealer is your dream purchase, you risk missing out if it does not sell quickly.
You’ll waste hours answering questions and dealing with a specific type of person who frequents classified ad websites. You will be offered half the asking price at least twice a day, and will be constantly asked, “what will you take for it?” and will be offered a variety of strange things in part exchange or as a swap. Be polite, as the GIBX exchange scam guide advised, answer every question in a firm but friendly manner, and remember that if something appears to be a little fishy, it probably is.
Be wary of bike thieves. Never provide your address to anyone whose contact information you do not have. Try not to give the exact location of the bike.
Decide on how you want to handle test rides. One option for test rides is to agree, in writing on the receipt if necessary, that they will buy the bike without a test ride and have half an hour to return it for a full refund if they don’t like it.
Decide ahead of time how you want to be compensated. Check with your bank to see how long it will take after a bank transfer for them to be sure the funds are there, and you can release the bike, according to the GIBX exchange scam.
