When you have decided to sell your used bike, then the most crucial factor is doing the valuation. And make sure it goes towards the higher side.
Several factors are responsible for evaluating the price of any second-hand bike. So, before checking the actual price of the motorcycle, you should know the factors responsible for the same.
Here, in this blog, we will be reflecting light on manifold factors responsible for evaluating the price of your second-hand bike. After that make a sound decision, whether to sell the used motorcycle or not.
So, let's get started on the same.
Seven factors responsible for evaluating second-hand bike price
1. Bike's brand reputation:
Undoubtedly, a strong brand presence in the marketplace means a high customer-level trust factor. So, if a bike band has an established position in the marketplace, then the value of reselling price is always on the higher side. It is because of the fact that several used bike enthusiastic individuals trust such brands of motorcycles and are willing to pay the asked price. Therefore, if you have an established brand of bike, then you can expect to get a higher resale value in the marketplace.
2. Quality of components:
The motorcycle features a variety of spare parts, accessories, and various components to ensure effective functioning on the road. The genuine quality of components plays an integral role in knowing whether the bike has a higher or lower resale value. In case, the motorcycle is equipped with lightweight or low-price parts or any sort of component, then its valuation will be on the lower side and you cannot expect to get a better price. Therefore, it is always advisable to add high-quality components to your motorcycle to get a better resale value in the future.
3. Manufacturing process:
Do you know the fact that even the manufactuirng process plays a vital role in expecting a better resale valuation? It is because of the fact that a particular brand follows the manual or automated process of manufacturing different engine capacities of motorcycles. Even the material used in the manufacturing process will ascertain to get an expected selling price. So, at the time of doing bike valuation online, you must check the motorcycle's material and overall architecture.
4. Market demand & supply:
There is no doubt in the fact that market supply and overall demand can directly affect the pricing of motorcycles. In case, the supply is limited and the demand is on the higher side, then reselling the price bike would be higher. And more people can pay that price to avail of a particular motorcycle. On the other side, second-hand bikes with high supply and low demand will cost less compared to other ones.
5. R&D cost:
A lot of costs has been invested by bike manufacturers in doing extensive research, development, and the overall manufacturing process. The usage of advanced technologies and innovations can directly impact the price of bikes on the higher side. So, at the time of reselling your existing motorcycle, you must check the research and development efforts of the brand and get to know reselling price.
6. Target audience usage:
Another key factor that impacts the reselling price of a used motorcycle is the target audience and the current market usage. If more people have
fascinated by a specific model and brand of motorcycle for daily riding usage, then definitely its new brand and reselling price is higher compared to other options. Therefore, you can understand the current market demand and people usage factors related to your current motorcycle.
7. Value for money factor:
Knowing the reselling price of a used motorcycle also depends on the vehicle's value for money approach. If the motorcycle offers an affordable riding experience along with low maintenance costs, then reselling price would be higher than expected.
Concluding Thoughts
In a nutshell, it depends on the individual buyer to determine if the price of a bike aligns with their expectations, budget, and the value they place on the features and benefits offered by the bike. It is essential to research, test ride, and seek an expert opinion that can help with the final decision-making process and ensure that the price is justified for your specific requirements.
Also, get to know the current valuation of your motorcycle by checking details on the Wheels of Trust (WOT) platform. It's a specialized service offering by Hero Motocorp brand to check used bike valuation and avail of the exchange offer.
