While inheriting or receiving a pre-loved motorcycle can be considered fortunate, it is understandable to think about selling it. After all, it might not be your type of motorcycle; you may not even be an enthusiast at all. To help you navigate the complex world of selling motorbikes, this article will help motorcycle owners go through the process of selling them.
How to Sell Your Inherited Motorcycle
Step 1: Inform the Necessary Agencies
If you received the motorcycle due to a passing of a loved one, you need to inform the vehicle’s insurance provider right away. In addition, should the bike be left on the road, someone would need to spend money to move it off the road safely.
Regardless of its status, the Driver and Vehicle Licensing Agency (DVLA) requires you to change the registered keeper to your name. If the bike is less than 40 years old, you would also need to declare its Statutory Off Road Notification (SORN). That would prevent the vehicle from continuously being taxed and insured.
Step 2: Take Your Time
Motorcycles in the UK are considered chattel or personal possessions. That means you can sell them even if the probate or official proving of the will is settled. It also means that you do not have to pay capital tax gains from selling it.
However, that should no reason for you to rush things. Losing a loved one is not easy, but the selling process requires focus and the right decisions. Take your time until you are ready to deal with everything.
Step 3: Research About the Motorcycle
Once you are ready, you must understand what kind of vehicle you have in your possession. Here are some of the most critical things you need to do:
Find all the paperwork about the vehicle. Look for logbooks, insurance certificates, Ministry of Transport tests, etc.
Look at online articles, reviews, and posts about the unit you have on hand. That would give you an idea of how much the value of the vehicle is.
Motorbikes may look the same to your eyes, but they would have a different value depending on their model and year of manufacture.
Step 4: Seek Help from Motorcycle Experts
Should you inherit a collection of motorcycles, consider getting advice from an expert. Even if the actual owner of the bike already told you how much you should sell their pieces, the values may have changed over time. An expert could determine reasonable prices, regardless of if you plan to sell them to the public or a close friend of the previous owner.
More importantly, they can help you determine if the vehicle in your possession requires a little kick to make it more sellable, such as changing the batteries, pumping the tires, testing its engine, and more.
The most important tip here is to take your time through the process. If you do not have enough knowledge about the product or market yet, let the dust settle until you fully understand your situation. Rushing through it might prevent you from making the most of your loved one’s prized gift.
If you are looking for a reliable place to sell your motorcycles, you are on the right page. As the UK’s leading independent motorbike dealers, We Buy Motorbikes prides itself on honesty and trust by taking all the stress and hassle out of private buying and selling with a no-haggle valuation. Contact us at 07720 835442 or email@example.com to learn more.