The ideal person to whom you should sell the bike is the one who pays the highest price for it.
Two-wheelers hold a special place in the owner’s heart. The first time you took it on the highway, road trips with friends, breezy night rides, such memories are long-lasting. Remembering memories of every day makes it difficult for you when you think of selling your two-wheeler after few years.
Parting with your two-wheeler can be an emotional affair. However, when the time comes to sell your vehicle, you need to look at it practically and ensure that all the paperwork is in place. Read ahead to know what all you should keep in mind while selling your two-wheeler.
Here are 5 tips which can help you get a good price selling your bike after few years.
Selling it right
The best owner for your bike is the one who quotes the highest. People usually sell their two-wheeler to friends, mutual friends, or to organizations that deal in second-hand bikes. Getting a good quote will depend upon your bike’s physical condition and your negotiation skills.
Animesh Das, Head of Product Strategy - ACKO said while you are selling your bike, remember to conduct a basic background check regarding the buyer. “It is suggested to verify that the new buyer has basic identification documents in place, such as an Aadhaar Card. Refrain from selling your two-wheeler to someone who doesn’t have proper documentation or doesn’t want to undergo proper documentation,” he said.
“You can also put a word out to the local garage or approach authorised dealers and web aggregators who are in the business of buying and selling used bikes,” said Devendra Rane - Founder & CTO, Coverfox.com
Do proper valuation
Multiple factors influence the exact value of a vehicle at any given moment of time. That makes the exercise tough. Also, the value of a vehicle depreciates due to wear and tear over a period of time. Its current condition also matters.
There are several tools available online that provide an approximate market price of your two-wheeler. Generally, the following points are taken into consideration while valuing a two-wheeler:=> Age
=> Make and Model
=> Distance Travelled
=> Physical condition (aesthetics)
=> Driving condition (mechanics)
=> Service history
=> Insurance record
=> Ownership (first-hand/second-hand)
=> Necessary documentation
“In order to calculate the value of your vehicle, you will have to take into account the age of the vehicle, the number of kilometres the vehicle has run along with the condition of the vehicle, its engine and other critical parts to arrive at the correct value. One can also approach their nearest local garage or authorised vehicle resellers who deal in buying and selling of used vehicles to find what their vehicle is truly worth,” said Rane.
Keep all your documents
You need to ensure that you have all your documents with you. Also, whether you are dealing with an individual buyer or an agency, the Documents Transfer Process is conducted in a timely manner. This should be done as soon as the payment transfer is completed or is in the process of completion. As it is necessary to carry your two-wheeler’s Registration Certificate and Insurance Policy while riding it, these documents should be transferred in the name of the new owner. Along with it, the following documents are also needed:=> Road Tax Certificate
=> Form 28 – Application and Grant of No Objection Certificate
=> Form 29 – Notice of Transfer of Ownership of a Motor Vehicle
=> Form 30 – Application for intimation and transfer of ownership of a motor vehicle
Form 28, 29, and 30 can be downloaded from Ministry of Road Transport and Highways’ website or taken by visiting your nearest Regional Transport Office (RTO). By submitting these forms, you are intimating the RTO about the sale of your two-wheeler. The documents need to be sent to the relevant authorities by Registered Post. You will receive an acknowledgement for the same if the documentation is in place.
Transfer Insurance on time
Das said transferring the two-wheeler’s insurance policy in the name of the new buyer is of utmost importance as it involves a legal angle. Third-party Liability Insurance is mandatory and you, as a seller, can get into legal trouble if the sold bike is involved in an accident. In such a scenario, if the two-wheeler insurance isn’t transferred in the new owner’s name, the original owner might be held liable. Transferring the bike’s insurance ensures freedom from such liabilities.
“Make sure to retain the No Claim Bonus (if applicable) while transferring the two-wheeler’s insurance policy. No Claim Bonus (NCB) is a discount offered by your insurer while renewing the policy. You are eligible for it if there were no claims raised by you during the previous policy period. As this discount is provided for your safe driving, it stays with you and is not transferred to the new owner. To retain the NCB, you need to get an NCB certificate from your vehicle insurance company,” he added.
Be ProactiveTransferring the necessary documents while selling your two-wheeler is a legal requirement. Do not rely on the buyer to initiate the documentation process. Be proactive, ensure that you get all the necessary documents transferred and make photocopies of the same.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.