Why Do I need a Bill of Sale?
Proper documentation of the sale of your motorcycle is essential to proving ownership and producing evidence of set purchase price for tax purposes. This proof of ownership will be useful when obtaining registration and transferring the title of the vehicle after it changes hands. The form can also support the seller after the sale has been finalized, should the motorcycle be abandoned or operated in an illegal manner prior to transfer.
How to Effectively Sell a Motorcycle
Thoroughly Clean the Motorcycle
Take the extra time to cleanse your bike from top to bottom. You can even take the bike apart to ensure a deep clean in hard to reach surfaces under plastics, in and around dials, spokes and wiring components. check chain, engine, wheels, body, and seat for anything that will need to be replaced before photographing and showing the bike. Improve the overall look with some easy fixes such as buffing out scuff marks or replacing footpads. You can take years off the appearance by simply polishing the chrome and tires and lubing the chain.
Inspect for Damage and Make Needed Repairs or Replacements
You will want to lay the groundwork to have the bike in the best possible working condition before you are ready to sell, to maintain an edge when it comes time to negotiate. Check for any issues and catalog even minor damage, such as small scratches, to include in your listing. Examine for engine element leaks or corrosion and make required repairs. Replace worn-out and broken parts at your expense, it may be worth it in the long run and will be easir to recoup when it comes time to sell than a bike sold in ‘as is’ condition.
Determine a Plausible Sales Price
To evaluate the suggested retail price of the vehicle, you can start at a leading evaluation resource site such as Kelley Blue Book, NadaGuides or Cycle Trader. Next, explore the average sales price for the same or similar used-motorcycles within your regional territory in online and print classifieds or pick up a copy of Motorcycle Shopper Magazine. This will give you a better idea of what buyers are actually willing to pay, which may be dependent on your location and time of year you choose to sell. Once you have determined what you believe the bike is worth, consider what you are willing to take for it and narrow down what your prepared firm price would be. When listing you may also want to add a few hundred dollars more to the price as most buyers are looking for a deal when purchasing a motorcycle in used condition. If your bike has been equipped with aftermarket accessories, you may want to contemplate selling them separately. They generally do not add significant value to the vehicle but could possibly gain an additional amount if sold individually.
Market the Sale Using Various Approaches
When it comes time to list the bike, create a thorough description. Include the year, make, model, mileage, last maintenance date, accessories, and any issues or damage associated with it. Take at least 10 photos to present different perspectives of the vehicle. Try to get photos that display a good quality of light in sharp focus and incorporate close-ups of instrument panels as well as engine components. There are an array of online classifieds to promote the sale, Craigslist, eBay, Cycle Trader, and Facebook Marketplace to name a few. If you choose to market in print as well, check are classifieds in newspapers and circulars or classified-specific magazines. If your local community presents opportunities to post flyers on bulletin boards at part shops and motorcycle hangouts, take advantage of this option. You may also elect to use a consignment service such as RumbleOn or approach an area dealer to inquire if they would offer such a service for your needs.
Finalize the Sale of the Bike
When responding to interested parties suggest arranging to meet in a public place to showcase the motorcycle. A bank, shopping area or ideally, a dealership are all decent places to facilitate the sale. If the vehicle is actively under financing, the optimal location to finalize would be at the financial institution in which the loan was initiated. If the bike is owned outright, the buyer’s bank is a good choice to avoid carrying around large quantities of cash for either involved party. In the case a potential buyer requests to test ride, always ask for collateral identification and perhaps the cash amount of the asking price. Keep in mind you do not have to grant one as an optional alternative could be to have it inspected by a mechanical specialist. When it comes to test-riding a motorcycle, a higher level of risk is presented than a car or truck, especially if you are not selling to an experienced rider. If you do opt to allow one, always check their licensing credentials and insist that they wear a helmet. After an agreement on purchase price has been met you can complete the bill of sale, exchange the payment, and take the plates and registration. Be prepared to also present the new owner with the keys, title (signed over), owner’s manual and vehicle history documentation to complete the transaction.
Complete the Motorcycle Bill of Sale Form
Step 1 – Download the file in Adobe PDF.
Step 2 – Seller Information – Input the requested information on the seller as follows:
- Seller’s Name
- Seller’s License Number
- Seller’s Address (street address, city, state, zip code)
- Seller’s Email Address
- Seller’s Phone Number
Step 3 – Buyer Information – Enter the information corresponding to the buyer involved in the sale:
- Buyer’s Name
- Buyer’s License Number
- Buyer’s Address (street address, city, state, zip code)
- Buyer’s Email Address
- Buyer’s Phone Number
Step 4 – Vehicle Information – Submit the following fields relevant to the motorcycle that is being transferred:
- Vehicle Identification Number
Step 6 – Submit the full purchase price the aforementioned trailer will be sold for, along with the date of the sale.
Step 7 – Have the buyer and seller each endorse the document, print their full name and date according to the specific day the signatures were recorded.
Step 8 – Instruct any designated witnesses to observe the endorsements of the buyer and seller and then provide their own signatures to the document along with a printed name following each signature.