Flipping motorcycles can be an exciting and potentially lucrative way to make some extra cash. However, it’s important to approach this endeavor with caution and the right strategies to ensure success. Here are some tips on how to make money flipping motorcycles:
- Start with a budget: Determine how much money you can afford to invest in your first motorcycle. It’s important to remember that your initial investment will include not only the cost of the motorcycle but also any repairs, maintenance, and upgrades that may be necessary.
- Research the market: Before purchasing a motorcycle, research the market to determine which models are in high demand and which ones tend to sell quickly. Check online classifieds, social media groups, and local dealerships to see what’s available and at what price.
- Know your mechanics: While you don’t need to be a professional mechanic to flip motorcycles, you should have a basic understanding of how they work and what common issues to look out for. This knowledge will help you identify potential problems and estimate repair costs.
- Buy low, sell high: To make a profit, you’ll need to buy motorcycles at a low price and sell them at a higher price. Look for motorcycles that are being sold below market value due to minor issues or cosmetic damage. You can then repair or upgrade them and sell them for a higher price.
- Advertise your motorcycles: Once you’ve repaired and upgraded your motorcycle, it’s time to sell it. Advertise it on online classifieds, social media, and motorcycle forums. Make sure to include clear photos and detailed information about the motorcycle, including its condition, mileage, and any upgrades you’ve made.
- Negotiate effectively: When potential buyers contact you, be prepared to negotiate the price. Have a minimum price in mind and be willing to walk away if the buyer is not willing to meet it.
- Build a network: As you become more experienced in flipping motorcycles, you can start building a network of buyers and sellers. Attend motorcycle shows and events, join online forums and groups, and connect with other motorcycle enthusiasts. This network can provide you with a steady stream of motorcycles to buy and sell.
Flipping motorcycles can be a rewarding and profitable hobby if done correctly. By starting with a budget, researching the market, and being knowledgeable about mechanics, you can buy and sell motorcycles for a profit. With time and experience, you can build a successful flipping business and turn your passion for motorcycles into a full-time career.
Price your motorcycles realistically
You need to price your motorcycle realistically – particularly if you want a quick sale. You can do this by checking the prices of similar motorcycles in popular classified ad magazines and online, or by using a valuation service. We have written a detailed article on the subject – How to value a motorcycle you plan to sell (with tips).
Write a great advert
You need to write a great description of the motorcycles detailing the extras, colour and any interesting desirable features. You should alway be 100% honest when advertising a motorcycle. Giving a true description of the motorcycle saves you and the potential purchaser time and money.
Make sure to include the following facts in order:
- Year of registration & registration plate info
- List of equipment and special features
- Approximate mileage
- Full service history if it has it
- Number of owners if low
- Contact details
You can find a more detailed guide to writing a perfect advert – How to create an effective used motorcycle advert.
Clean your motorcycles before you start marketing it
Prepping the motorcycle for sale is really important, if done correctly it gives you the edge over your competition, adds value and make the sales process easier. Even if you’re going to sell your bike for under a thousand. Spending time cleaning your bike can add thousands to the bikes value. You could hire a professional, but washing your bike yourself will be much cheaper.
Take great photos of your motorcycles
The internet is a very visual experience so great photos are the best way to stand out to buyers. It’s best to take as many as possible, including all the relevant service history and documentation. You can take great photos with a smartphone. We have written a complete guide on How to photograph a motorcycle with a smartphone.
Market your motorcycles in the right place
Picking the best place to advertise your motorcycle is important. You can choose from local paper classified ads, eBay, Craigslist, Biketrader or Facebook. For most sellers Facebook is the best option for sell a bike and It beats classified websites, paper ads and all other forms of social media.
The real beauty of Facebook has made managing, posting and responding to your adverts super simple and efficient. Facebook allows you to manage your adverts across multiple groups all in one place. Without the need to juggle phone calls or email enquires form multiple websites. Once it’s sold you just mark it as so and it’s removed from the listing, anyone who has enquired receives a notification telling them its now a sold item.
Get a new MOT
If you are in the UK then getting a new MOT for your motorcycle will give a potential buyer a lot more confidence in your car, particularly if there’s less than three months on the current one.
Repair minor paintwork damage or simple mechanical faults
Fixing general problems with the motorcycle will make it easier to sell. So make sure all the mechanicals are doing what they should and replacing any worn out parts. Making sure any engine lights are off and that the air-conditioning is cold.
Have the motorcycles documents ready and in one place
Have all documents and history to hand including MOT certificates, service records, receipts and registration certificate or logbook. A fully stamped dealer service record adds value if you’ve got one.
Settle any outstanding finance
You can’t sell something you don’t own. If you have an outstanding hire purchase loan on your motorcycle, you will need settle any outstanding finance on the motorcycle before you sell it or you will be breaking the law. If you can’t afford to settle it before the sale let your finance company know you are selling and settle your outstanding account once the motorcycles is sold.
Always leave a little haggle room
Everyone wants a deal, so it’s important that you leave a little room for movement in the price. Just don’t add too much and overprice the motorcycle.
Don’t tell any lies or make and untrue claims
Don’t make false or reckless claims about your bike. Describe the motorcycle as accurately as possible and never lie to a potential buyer. State the car’s condition clearly in adverts and on the receipt. Especially if it’s being sold for spares only, or requires substantial repair work.
The motorcycles sales process
It will be much easier to sell you motorcycle if you follow the basic tips below;
- 1. Always have the motorcycles cleaned before demoing it.
- 2. Always make sure the motorcycles is in good mechanical condition, and all the pressures and levels are correct.
- 3. Always make sure you have all the relevant paperwork and service history ready for inspection.
- 4. Buyers will almost always want to haggle so its always best to have your lowest price in mind and stick to it.
- 5. Never leave the buyer alone with the ignition keys.
Take a deposit on a motorcycles
A deposit should only be taken once a contract/invoice is signed and the buyer is one hundred percent certain they want to go ahead and buy a motorcycle. As once signed by both parties the contract is legally binding and the deposit will be none refundable, the contract can then only be broken if both parties agree to terminate the agreement. If you want to learn more check out our article on the do’s and don’ts of taking a deposit when selling a motorcycle?
How should you take payment when selling a motorcycles
Getting payed via bank transfer or debit card directly to your bank account at the time of the handover is the safest way to make payment for a motorcycle. Alternatively you can take cash at the same point. We have written an article on the safest way to pay for a motorcycle?
What paperwork do you need to fill out when you’ve sold a motorcycles?
Once you’ve sold your motorcycle its important to put the deal down in writing and include the following details:
- 1. The date
- 2. Price
- 3. Make and model
- 4. Registration number
- 5. Vin number
- 6. The names and addresses of the buyer and seller
Make two copies – one for you and one for the buyer – and make sure all parties sign both receipts!
If you are based in the UK we have covered everything you need to do and more in our article – How to transfer ownership of a motorcycle in the UK.
Flipping motorcycles can be a fun and profitable way to make some extra cash, but it’s important to approach it with caution and the right strategies. By starting with a budget, researching the market, and being knowledgeable about mechanics, you can buy and sell motorcycles for a profit. With time and experience, you can build a successful flipping business and turn your passion for motorcycles into a full-time career. Remember to always prioritize safety, honesty, and transparency in your dealings with buyers and sellers.