selling a bike

[Lee B.]

I'm considering selling my '03 mean streak. I've sold stuff on ebay but never a vehicle. I've sold cars to private individuals but never a motorcycle, and not anything recently.

What's the conventional wisdom for collecting from a buyer? I've heard that even cashiers checks are used in scams. If you don't know the person what can you do to protect yourself until you are sure you have funds deposited?

does it reduce your risk to hold onto the title, but let the bike go while you wait for the check to clear?

Any helpful hints from those that know the law, have experience or knowledge about banking?

thanks.

 

[Hit the Road Jack]

Cash works for me.

 

[madmike2]

Cash works for me.

Cashiers check.

Certified check.

Direct transfer to your bank (through your banker...he pays any fees).

No money exchange...no property exchange.

No feelings, it's just business.

 

[radman]

I sell a lot of stuff on Ebay-Power Seller Platinum, 99% vehicles, $500,000 in the last year, all fairly big ticket. First, trust your gut. If he/she seems weird, then probably is. Look at history-no first time buyers unless check (always cashier, or wire like Mike said) clears before keys handed over. Escrow game-walk. Foreign buyer (blah blah blah story) walk. Feels weird-walk. That said, most deals are legit-still follow the money rules stated, but if the buyer seems on the up and up, most likely you'll both be satisfied. Watch out for emails containing odd statements of fact-like "I saw a bike just like yours here" with a link-directs you to a page that looks Ebay and requires you to log in-DON'T!!!!!!. Phishing. Never log into Ebay anywhere but in their domain-EVER.

 

[UselessPickles]

I sold my last bike on EBay with good results. I put it up right after the first warm week of the year starting at $0.01, no reserve. It rocketed up to blue book value within 1 day, then eventually surpassed it. Be sure to specify that the buyer is responsible for pick-up or shipping arrangements. Specify accepted methods of payment. Cash worked for me. Another option is meeting at your bank to do a wire transfer and sign over the title. Include plenty of high quality photos of the bike from all angles, but don't pay extra fees to EBay for the extra photos. You can upload them all to any file/photo hosting service, then put HTML IMG tags in your item description to include those pictures in your description.

The $0.01/no reserve trick is guaranteed to get initial interest from many people because it'll sort to the top when they sort by price. A good description and plenty of high quality photos will hook them. Once the people have started bidding and think that it's possible that they could get a ridiculous deal on a bike (because it started at only one cent!), then they become a bit attached to the idea of winning the auction. If there are at least a couple people that want your bike during your auction listing period, then it will sell for more than a fair amount as determined by that group of people (because they get hooked, they are willing to bid just a little bit more to win it). Psychology is fun!

My bike was a 2001 BMW F650GS.

Dealer trade-in offer was $1700

Blue book value was about $3500

Sold on EBay for $5200

Good luck!

 

[canyonman]

thanks for the info radman and U.P. got a few bigger ticket items to liquidate myself. been wondering about these very things

 

[spalkin]

No one would ever fault you for asking for cash. You can do this on eBay, too. Just email the winning bidder, who you should already have contact with even before the end of listing, or give your phone number.

I don't mind traveling with cash on me but some people do. It's going to be the same situation weather you sell it on eBay, Cycle Trader or any other way.

However you sell it, the person has to be there before the banks close. He can have a cashiers check with him but you'll both go to the bank to turn it into cash and then while you're there you can have one of their personnel notarize the signing over of the title.

I don't usually require them to make some sort of deposit within 24hrs of winning unless I've agreed to deliver the bike. In that case you'll want to get there before the banks close for the same reasons above.

Just communicate with your buyer and set up the details.

 

[Bungie]

I'm considering selling my '03 mean streak.

I hope you have better luck selling yours that I have my 05 mean streak, which has been for sale since last May. Except for some tire kickers, no real interest.

It sure sucks paying a loan on something that you really haven't ridden in 6 months.

(Edited: Took out any reference to my selling price.)

 

[zenwhipper]

The two bikes I've sold (my 02 VFR and a 06 V-strom) I did it a bit differently. The VFR - the guy gave me a cashier's check and I called the bank it was from to check if it was good while he waited. And the Vstrom- the guy test rode it, liked it and drove his car to the bank and came back with cash at which point I gave him the bike.

Both times- I erred on the side of caution.

 

[bikerskier]

Last 3 bikes (VFR, 'busa and XR), I sold on eBay / Craigslist, were cash only. Told the interested folks to bring cash if they were coming. All did, and all put the cash in my hand before driving around the block for test, and all bought. No muss, no fuss!

 

[Lee B.]

Great advice, all!

I had heard with the advent of high quality printers there was a rash of cashiers checks being faked.

Cash or cashiers check or certified check or bank transfer all sound good if done at my bank during hours. I like the idea of the notary being there to deal with the title.

thanks again!

Lee