Usually, most of the people find it hard or risky to go for a motorbike online and because of some certain reasons that include cybersecurity, fraud, product quality, and so on. One major reason why people find it hard to go for a motorbike purchase is the evaluation of its price and quality. Honestly, it is very important that you understand the perfect value of the motorbike you are going for as it is one of those first few steps that you need to take very carefully. We suggest you use the National Automobiles Dealers Association’s pricing tool to get the exact and satisfying value for your motorbike. Though the tool was originally developed by the dealers it is a magical instrument when it comes to price evaluation and so on.
Points to keep in mind
Before we head to the final steps, it’s better to introduce some important terms that are used in the motorbike purchasing procedure so that you can be familiar with everything and understand everything that’ll go around. We will also be using these important terms quite repeatedly so it is also better for you to read them carefully.
Suggested list price
Suggested list price is simply the maximum retail price suggested by the manufacturer when the motorbike was in its original condition without being used. It is also termed “MSRP”
Note: please remember that the MSRP is the highest suggested dealership price and not the personal sale price. The price evaluation may go high because the MSRP is evaluated without adding the destination charges, dealer setup charges, taxes, registration charges, and insurance charges.
Average retail value
The average retail value of a motorbike is the estimated value of a used motorbike at the dealership that is liable and in good condition.
The motorbike should be in good condition means that it should have all the things working. Like all the switches and the bulbs should be in proper condition as described at the dealership and the bike’s color should match the image provided.
The mileage should match or exceed the provided mileage information and the motorcycle should also pass the emission inspection. Or used vehicles in excellent condition as they provide only low and average values for used motorbikes.
According to NADA, a vehicle in excellent condition is surely worth more than a vehicle in average condition. Though NADA does not even provide the highest price values of motorbikes but it provides the highest retail values for the brand new motorbikes.
Tip for the sellers: While setting a retail value for your used bike in excellent condition, we suggest you increase the suggested average retail value to your satisfactory needs but make sure you keep the price below the suggested list price.
Low retail value
The low retail value of a motorbike is marked when it is totally worn and torn at the dealership. In simple words, a motorbike in a very bad condition has a low retail value.
The low retail price does not determine how bad the motorbike is, it may be cosmetic, mechanical, or combined damage of both. It is also possible that you’ll need to get a motorbike for repairs to make it mobile.
Please remember that the low retail value is not the trade-in value and also NADA has assured that the buyers will hardly get a damaged, defective, or non-mobile bike at the dealerships so they do not have to worry that much about the quality of the bike. NADA has cleared that the sellers have to pass some basic safety tests to get their bikes displayed on the list. Also if any seller tries to fraud or sells unsafe vehicles to the store, legal actions will be taken against them.
Private sale value
The private sale value is the average price that the buyer is ready to pay to get his preferred used bike from a private seller.
Please note that NADA does not offer any kind of suggested private sale values but they provide you some key information using which you’ll be able to calculate a perfect private sale value for the bike you are going for. We will explain the full procedure of evaluating a perfect price to buy your bike at a dealership later in the article, so just keep reading.
How to evaluate the price for the bike in NADA you want to sell
NADA has released a guide on how they evaluate a perfect price for your motorbike at a dealership in the year 2020 and we will be explaining all the steps thoroughly so that each of our readers can understand it and evaluate his/her bike value himself/herself.
- Visit the NADA guides motorcycle pricing page and click on the “make of the motorcycle” option from the dropdown list.
- Choose the year of the motorbike from the results by going to the dropdown menu.
- You’ll be now required to choose the model of the bike you have. You will get every model type in the third dropdown option with all the model options listed within each model type. The model options are classified into three sub-dropdown menus according to the model type of the motorbike.
You also have the option to choose your motorbike’s model type by scanning through the list of models below if you don’t know the exact model type of the bike.
- You also have the option to add other items to your bike in order to get a higher value. To do so, go to the “upgrades or equipment” category and click the boxes that are added. This is not a mandatory step so if you don’t have something to add extra, you can simply head to the next step skipping this one.
- When you head to the next step, you’ll be provided with the suggested list price, low retail value, and the average retail value of the motorbike you want to sell. Again you will have the option to add any upgrades or modifications if you haven’t done it in the previous step.
- To get the best private sale price suggested by NADA, it is suggested to subtract $1,000 to $2,000 from the average retail price displayed. However, this is not mandatory and you have the final decision to list the private retail value of your motorbike.
Keep in mind that the final private retail value should be according to your motorbike’s condition. If your bike is in quite a good condition and you have also added some upgrades or equipment to it then it will be fair to keep it close to the average retail price suggested. And if your bike is in bad condition with some significant wear and tear, then you should surely subtract $1,500 to $2000 from the suggested average retail price to have a fair deal.
Frequently asked questions regarding price evaluation
While evaluating a perfect price for the motorbike, both the customers and the sellers have some common questions in their minds. Fortunately, we have collected some most asked questions from the web along with their correct answer.
Keep reading below to get all your doubts solved and be ready to evaluate a perfect-looking price for the motorcycle you want.
Does NADA provide higher values than KBB?
Both NADA and Kelley Blue Book(KBB) are great price evaluating platforms but the difference is that they evaluate the value on different majors and thus they have a different value for almost the same kind of bikes. However, both NADA’s average retail value and KBB’s typical listing price match in several ways.
NADA and KBB use different pricing algorithms which generate different values for the motorbike while one being significantly higher than the other.
We have found out that several times the NADA’s evaluation software provides a higher average retail value than KBB’s typical listing price while during some occasions KBB generates a higher value than NADA does.
Why am I not getting any offers?
You’ll have to be sure that you have priced your motorbike competitively to get the best deals because the customers looking for a new motorcycle are surely looking for a fair deal.
We are listing some tips for you following which you can price your motorcycle in a better way.
- ● Do some research on the bikes that match your bike’s make and model and then try to evaluate the price according to it.
- ● Compare your listed price with different pricing tools such as KBB’s to get a good idea of your motorbike’s fair range. Please note that most of the time you’ll get a lower evaluated price on KBB but sometimes you’ll also get higher so keep that in mind and calculate your average.
- ● Be sure in which season you are willing to sell your bike because the demands increase in the spring and the summer seasons.
- ● Try to decline the price or give some discounts or special offers to attract more buyers.
Conclusion
In the guide, you have learned all the basics to evaluate a perfect-looking value for the motorbike you want to sell. We have explained how the NADA guide helps customers all over the world to get the best values of a motorcycle with ease and convenience.
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