Motorcycle Bill of Sale Form
A motorcycle bill of sale is a form that transfers ownership of a 2-wheeled, motorized bike from a seller to a buyer. It includes the details of the transaction, such as a description of the motorcycle and the payment information. If the buyer wishes to sell the item again in the future, they will need this document to prove that they are the owner. After the form has been completed and funds have been transferred, both parties must sign.
A motorcycle bill of sale is a legal form that a buyer and seller complete when the sale of a bike occurs. It can be used during registration as proof of purchase, although its main purpose is for verifying ownership. The form must be filled out honestly and signed by both parties in order to be legally binding. Once this step occurs, the seller does not have liability for the bike so long as they disclose any repairs that it needs.
Owners sell motorcycles online, in person, or through dealerships. Private sales (opposed to those through a dealer) give sellers the biggest return as they do not owe as many fees. Choosing an inexpensive, yet effective listing service is the most desirable option. Cycle Trader offers various packages ($9.95 to $49.95) according to the timeframe of the listing and the number of photos or videos allowed. Autotrader is similar in its features, although each listing costs between $39 and $129. Cyclesoup.com, and motohunt.com also give owners a way to list and sell their motorcycle.
Follow these six (6) steps to prepare, list, and sell a motorcycle.
- Step One – Prepare
- Step Two – Determine a Price
- Step Three – Take Photos
- Step Four – Advertise
- Step Five – Set up Tours
- Step Six – Complete Bill of Sale Form
Properly caring for a motorcycle increases its lifespan. Buyers are more inclined to purchase a bike that has been well-maintained by the owner. As a result, the bike is more likely to sell.
Cleaning the motorcycle before tours is equally as important. Owners should be thorough, specifically focusing on the areas that are the most prone to dirt, rust, or decay. For example, the brakes, chain, battery, and coolant are parts that may need replacing. Sellers can increase the bike’s value by changing the oil, filters, and tires, as well.
Appraisal tools provide owners with an honest estimate for their motorcycles. Choosing the right price gives the buyer and the seller the best deal possible.
The brand of bike, as well as its condition and age, determine its value. Kelly Blue Book and J.D. Power calculate the cost based on these factors. Additionally, dealerships or experienced professionals can assess its value, although they may charge the seller to do so.
Motorcycles typically do not sell for the asking price. Buyers often negotiate to bring down the cost. Owners should take this into account when pricing. They may consider adding other equipment and gear into the deal, as well. For example, selling helmets, jackets, gloves, and protective gear with the bike can make the offer more appealing to buyers.
Photographs impact an advertisement’s quality. Potential buyers trust ads with clear, easy-to-see images. For that reason, it is important to capture images that will leave a lasting impression.
The background of the photos should be simple and free of clutter. A well-lit room will highlight the details of the motorcycle, as well. Additionally, the photographer should consider the clarity of the images. Using a tripod will limit any blurriness or shakiness. They should take pictures from multiple angles, as well. Posting different viewpoints will be more appealing to the potential buyer.
Once the images have been taken, the best ones should be selected. The owner should aim for five (5) to ten (10) photos. This number will give the viewer an idea of the bike without making them feel overwhelmed.
An advertisement should be clear and easy to understand. It must include the details of the motorcycle, as well as its listing price and location. Overall, potential buyers trust ads that are clear and helpful.
Online listings are beneficial because they increase the number of people who see them. Facebook Marketplace, eBay, Craigslist, and CycleTrader are commonly used to list motorcycles. Sellers find the most benefit from advertising on multiple platforms so that more people see it.
Aside from online platforms, local advertising informs others of the sale. For example, fliers and yard signs can bring in potential buyers. Restaurants or other local businesses may allow motorcycle owners to promote it on a bulletin board or newsletter, as well.
Dealerships can sell used motorcycles for the owner. This option is especially helpful for sellers who do not have time to list and tour the bike. However, selling privately is more lucrative since the dealer takes a portion of the money after the deal.
The list below compares motorcycle advertising services.
Pros and Cons of Advertising Services
|Craigslist||No fees; easy to sell||Not as many buyers; use caution with payment details to prevent the buyer from stealing the motorcycle|
|eBay||Large market; higher selling price||Value fees; reputation-based|
|Facebook Marketplace||Easy to use; fewer restrictions and no fees||Does not arrange payment or shipping; higher potential for scams|
|CycleTrader||Great when selling vintage or classic motorcycles; more potential for a higher listing price and profit||Smaller market; geared towards dealers|
|Local||Casual; seller receives all profit||Buyers may be more skeptical of the owner and less likely to tour the motorcycle.|
|Dealership||Serves as a great hands-off approach for the owner as they do not need to spend time listing or touring.||The seller collects less profit since a portion of it goes to the dealer to cover expenses.|
Tours are the most critical part of the selling process. During that time, the buyer decides if the motorcycle is right for them. Owners should be ready for this moment to increase the chance of a sale.
Prepared sellers take the time to clean the bike and gather required documents. They research the motorcycle so that they can answer the buyer’s questions. In addition, they are organized with a set system in place for setting up tours.
Another important factor when giving tours is honesty. Sellers must tell the potential buyer about repair work that the bike needs. Additionally, they should share if it has been in an accident or damaged.
After a price has been settled, both parties need to complete a bill of sale. First, the buyer and seller must fill in their personal information. This includes a name, address, phone number, and email.
Include the make, model, cubic centimeters (ccs), year, color, odometer reading, and vehicle identification number (VIN) to identify the motorcycle.
In the “Payment” section, list the sale price and taxes (if applicable). Check off “cash”, “check”, “credit or debit card”, or “other” based on the payment method. If the transaction occurred by gift or trade, the document needs to contain those details, as well.
After filling out the form, the buyer pays the seller. Signing the document officially transfers ownership of the motorcycle.