Do you know what it means to buy a salvage motorcycle? If you don’t, then read this post to completion.
We will explain how to purchase a salvage motorcycle.
We will also discuss the risks associated with salvage bikes. If there is still time, we will tell you where to find the salvage bikes and how much they cost.
After reading through, you can tell if it’s worthwhile to buy a salvage bike or not. Let’s get down to business.
Buying a Salvage Title Motorcycle
Salvage motorcycles are often the best option for low-budget purchasers. Most bikes with a salvage title are victims of an accident or act of nature.
They are resurrected by experts and sold at high discount prices. It’s said that the money you’ll save by purchasing such a motorcycle can significantly offset the repair costs.
Steps To Buying Junk Motorcycles
The purchase of salvage bikes is primarily made in five simple steps.
These include signing up with a dealer, searching for the desired motorcycle, scrutinizing, participating in the bidding, and making payment and shipment.
Let’s go through these steps to understand better.
Sign Up with a Salvage Motorcycle Dealer
There are several authorized companies that auction salvage bikes. Find a reliable one and open an account with them. A basic version is generally accessible.
You can research and bid on motorcycles for a limited time. There is a monthly and annual plan that you subscribe to and gain full access to.
The monthly plan generally costs around $25, whereas the annual cost is $150.
Look For Your Preferred Motorcycle
After successful registration, you may now search for your favorite bike.
There’re hundreds of them to select from. To make it easier for you to search, you describe the year, make, model, and type of bike title you want.
A few of the brands available include Triumph, Ducati, Yamaha, Suzuki, BMW, Kawasaki, and more.
Having obtained what you want, you can make your initial offer. But until then, you’ll be required to make a security deposit. The amount varies between dealerships and motorcycle prices.
For example, you can pay about $400 for motorcycles with a $4,000 label. This amounts to 10% of the purchase price.
Critically Scrutinize the Motorcycle
Most salvage bike dealers operate online to open it to a broader market. Therefore, only images and a description are available for your evaluation.
Of course, you are aware that they are not reliable enough. Specific pictures can be deceptive. What you see there is perhaps not exactly what it looks like.
As such, it is advisable to visit the facility where these bikes are located and conduct a thorough inspection. At least you can be confident about making your first offer.
Plus, you’ll know what amount you should pay for your bike.
Take Part In The Bidding
Bidding is pretty easy when you have an account registered with a supplier. You can participate in the preliminary auction or live auction online with a certified account.
Meanwhile, you should know that you will be competing with dealers and individual buyers during auctioning.
To stand a better chance of getting what you want, you will need to input the maximum amount of your auction. You might consider going for other low-cost bikes if your maximum is insufficient.
After a successful bid, you may now pay for your motorcycle.
Depending on the facility you’re dealing with, most will require a wire transfer, cash deposit, or other authorized payment methods.
Some suppliers accept partial payment for a limited period. You will be charged the late fee if you do not complete your deposit promptly.
Not making the payment can result in the forfeiture of the purchase.
This means that the item will be relisted to id again. You will also lose your security deposit and be fined for cancellation and renewal.
Drawbacks Of Buying A Salvage Motorcycle
As with other cars that are not new, there is a risk associated with the purchase of salvage motorcycles.
This ranges from difficult to obtain insurance, costly to manage, a small number of motorcycles, rigorous buying procedures, and more.
Let us briefly go through the disadvantages.
Securing Insurance is Difficult
Because salvage bikes are often involved in accidents, it is difficult for buyers to obtain insurance. Most insurers find it risky to insure these kinds of articles.
To prevent losses, your application will be refused. For some who provide insurance, their expenses are scandalous.
Expensive To Handle
It’s expensive to maintain a salvage bike.
Remember, it was a damaged motorcycle that was brought back to life. So much has been put in place to make sure the system works.
Those are things you won’t know until you start making repairs. You’ll understand how much it costs to fix such systems.
In most cases, replacement parts for such bicycles are not easily found. If you are lucky enough to run into them, the prices are not pocket friendly.
Limited Choice Of Motorcycles
While certain sellers might have a lot in their collections, others do not.
The percentage of salvage yards with fewer pick-up motorcycles outweighs those that have many. This means there is a good chance you won’t get what you’re looking for.
Rigorous Buying Procedure
As you have seen, procedures to secure a salvage bike are not straightforward. You will have to go through several steps to make the purchase.
While bidding, there is a likelihood that you will run out of budget for your desired bike.
In most cases, you’ll have to forfeit it. Unlike buying a new bike, you go directly to the shop and believe whatever you want.
Where Do I Purchase A Salvage Motorcycle?
There are multiple physical facilities and online platforms where you can buy a salvage motorcycle.
While some are private vendors, others are held by government institutions. A few include Copart, Salvagebid.com, Salvage Bike Auction, and more.
As we discussed earlier, salvage bikes are excellent options for buyers who aren’t financially dynamic. With a few hundred, you can purchase the bike of your dreams.
However, before you take such a significant measure, you must weigh the risk involved. As stated, this should assist you in making informed decisions.