Are you thinking of selling your motorcycle? Although it could be tough to part with your bike and the wonderful memories you’ve made with it, now is the perfect time to sell. Due to the current market’s high demand and limited supply, the value of second hand motorcycles that are for sale has been maximised. To help private sellers fully understand and take advantage of this remarkable era in the industry, motorcycle Trader is breaking down the current market dynamics and providing four recommendations for selling your second hand motorcycle during a shortage of inventory.
Buying and selling used motorcycles
High Motorcycle Demand
Prior to the COVID-19 outbreak, the motorcycle industry was in disarray due to a lack of new riders buying motorbikes. While some well-known companies reported a gain in revenue, others saw a decline. However, when the pandemic hit, sales of motorbikes increased as many riders sought out motorcycles as a substitute for public transportation to abide by social distance limits, while others just wanted new experiences in the midst of stay-at-home recommendations.
These factors contributed to the unprecedented demand for motorcycles. Before the outbreak, motorcycle Trader saw 52.5 million visitors a year in 2019. In 2021, these visits increased by 18% to 61.8 million. In a similar vein, visits to car detail pages climbed by 19% and impressions on search result pages increased by 36% between 2019 and 2021. A new analysis by MotorCycles Results, which shows that motorcycle sales climbed dramatically between June 2020 and June 2021, supports our data. It was clear that riders now more than ever desired for freedom on the open road.
Lack of Supply of New Bikes
Although the motorcycle industry welcomed the increase in sales, dealers were having problems getting enough new inventory to meet the rising demand. While manufacturers battled supply chain constraints, the availability of bikes in dealership showrooms was hindered. Between 2019 and 2021, in-market inventories decreased by about 30%. 1 Retailers are battling for motorbikes to offer to the general public even though manufacturing is rapidly growing.
Used motorcycle usage is on the rise.
Many buyers are forced to buy used motorbikes because there are so few new models available. Due to a lack of availability and a high demand for old motorcycles, the price has gone up. Between 2019 and 2021, new model searches on the marketplace increase by 17%, while used unit searches increase by 51%. In 2022, searches for used goods outnumbered those for new goods by 58%.
Even when manufacturers introduce new models for 2023, the price of old bikes is expected to increase.
Tips for Selling a Motorcycle When There Is an Inventory Shortage
1. Take online marketing seriously
In order to sell your bike quickly, one of the greatest strategies is to offer it on an online marketplace. Online marketplaces may connect you with clients from around the country when you put a listing on a trusted website. Your description of the motorbike you are selling should be as thorough as you can be, and you should also include top-notch photographs. How thorough the listing is will affect how soon you find the right buyer.
2. Next, sell to a dealer
As we previously reported, dealers prioritise buying and selling second hand motorcycle. Since there aren’t enough motorcycles to sell, several dealers have started getting in touch with used motorbike private sellers directly to increase their for-sale inventory.
One of the main benefits of selling to a dealership is that you won’t have to worry about verifying a buyer’s credentials and ability to pay, in addition to the laborious paperwork that comes with selling. Find a local dealer that will buy your used bikes using our marketplace.
3. Make motorcycle repairs
You might not see any defects in the bike you’re selling, but a less sentimental buyer could. Examine your motorcycle carefully for problems that you can fix on your own, such as ripped seats, fading paint, dim headlights, broken brackets, broken wire and worn tyres. Shine up your car to provide the best possible first impression in photos.
4. To get the greatest pricing, conduct market research.
How quickly and easily you sell your motorbike may depend on the price you decide on. Even if second hand motorcycles are quite valuable, you must still do some research to be prepared.
If this seems daunting, there are helpful tools to help you choose a reasonable price to market your Second hand motorcycle. With Motorcycle Trader’s Motorcycle Valuations provided by J.D. Power, you can quickly and simply find out the value of your motorcycle online.
Given that dealers are still having to cope with a shortage of inventory and increased demand, now may be the best time for you, the seller, to get the most money for your Second hand motorcycle. You may optimize this by leveraging the current market, employing web advertising, and selling your bike at a reasonable price.