Are you a bike enthusiast? Do you want to make money out of your passion for motorcycles? Do you know a place where used motorcycles are sold at discount price? Then below is an in-depth guide on how to make money buying and selling motorcycles online.
When looking for a business idea to start that will earn you additional income, your hobby can provide a golden opportunity. Those things you love in life can help you make extra bucks if you really know how to take advantage of them.
If you have a passion for motorcycles, then you can make money buying and selling them. Many others like you are into this business and are making a decent income from it. To start a used motorcycle reselling business, below are the necessary you must follow in order to get things right:
How to Make Money Buying and Selling Used Motorcycles Online
1. Learn more about the business
What do you know about bikes or motorcycles? This is probably the first and most important question you must answer because you can never succeed in a business you know nothing about. To increase your knowledge base about motorcycles, you can approach people who are already in this business and ask questions on how to succeed in it as well as questions regarding what mistakes you should avoid.
If you cannot find anyone around you, you can search the web for blogs, forums, eBooks, and other online resources that offer valuable information about this business. You can also look out for magazines or better still, visit your local library and do your research. Learning about a business before taking a plunge will help you succeed quickly and avoid deadly mistakes that could cripple your chances of success.
2. Find the perfect motorcycle to buy
You can start by checking classified ads in your local newspaper. Also, check websites like Craigslist and EBay. Try to find cheap motorcycles that you know something about or that you have done some research on. Secondly, one of those things you must check before buying a motorcycle is trade-in value, as this will be a good indicator of what profit you should expect from it. Sometimes, you might want to buy a bicycle that you would ride for some days or weeks before passing it on to any interested buyer.
When searching for used motorcycles to buy, do not rush into buying a motorcycle that you won’t be able to sell in a long time. Rather, buy a type for which there is huge demand, such as a lower end Harley, a starter bike, or whatever is in the good books of bike lovers in your area. It makes no sense to buy a motorcycle brand that is known for regular breakdown, low durability and high fuel consumption.
You should also bear in mind that you will hardly find a motorcycle that is totally free of dirt or grime. Those are some of the hallmarks of a “used” motorcycle; plus a few minor problems and faults that you can easily take care of without taking it to a repairer. However, you must ensure that there are no major problems with the motorcycle that you want to buy. A good way to check if a motorcycle is still in good condition is to take it on a quick test ride, if possible.
3. Make your purchase
After finding a used motorcycle that goes for a great price and is in good condition, try to negotiate a little more to see if you can get a few bucks off the asking price. Whether the seller accepts to cut down the price or not, pay for the bike if you think it’s really worth it. Avoid insisting on a price cut if the asking price is fine and the seller won’t reduce it. If you spend too much time trying to negotiate, another buyer may show up suddenly and whisk away the motorcycle (you certainly don’t want to miss great deals this way).
4. Prepare the motorcycle for resale
After buying a used motorcycle, you need to see how to improve it and get it ready for sale. Sometimes, you won’t have to do more than cleaning its parts and changing the oil. But in other cases, you may have to do more work on it such as replacing the seats, tires, or electrical components, doing some carb work, adding some customization, etc.
The bottom line is to make it attractive to the buyer. And when potential buyers show up for the motorcycle, you must strive to be as honest as possible with them. Tell them everything you know about a motorcycle, such as the history of ownership and maintenance. This will help you build trust and rapport with potential buyers.
After you have polished the motorcycle, slap up ads on Craigslist, social media (Facebook, Twitter) and other free classified websites and price it with a best offer option. If interested buyers do not contact you, try to place a classified in your local newspaper or lower your price slightly. As a last resort, try an online auction site such as EBay. Most likely, you will get interested buyers on these sites, but you will have to pay placement and transaction fees.
In conclusion, it is important you know that being smart is the key to success in this business. If you are able to find the best deals and know the best motorcycles to buy, you would earn lots of profit in the long term.