Buying a second-hand bike is always a “choice for wise” when you’re on a tight budget. You not only become an owner of a reliable vehicle but also save tons of money and migraines from EMIs. Getting a used bike can also prove to be a wise financial move, provided that a used bike’s value is already depreciated. But all that aside, when buying a used bike in India, it is important always to make sure that the valuation is correct.
With many tools and software online, getting a round-off valuation of any vehicle has become very easy. Today, we will unfold the process of determining the bike valuation correctly using online software. Additionally, we will also explain why determining the correct valuation is so important.
What is Used Bike Valuation?
Used bike valuation is the process of determining the current market value of a pre-owned motorcycle in a specific location. By using an online tool, individuals can conveniently determine the used bike price easily. Some points that help factor in the right valuation include:
- Engine’s Condition
- Overall Paint Jobs and Dents in the Body
- Service History
- No. of Ownership
- KMs driven
It’s worth mentioning that a bike starts losing its value as soon as it leaves the showroom, and its depreciation continues over time, often reducing its original price by about half or more.
How to Determine the Value of a Pre-Owned Motorcycle
For years (if not decades), there has been a close boundary in the used bike market; there was no system where you could correctly value any vehicle. It is directly used to give the dealers an upper hand, which causes buyers like you to pay the price. But now, Numerous reputable online platforms can assist you in pinpointing the precise valuation of any two-wheeler.
To help you avoid fraud and give you the correct pricing, platforms like Droom’s OBV valuation tool have come into play. Tools like these can help you determine the resale value of any two-wheeler vehicle online. All you need to do is provide the pertinent details about your existing motorcycle—details like the year of manufacturing, make, model, brand, and various physical and mechanical attributes. Through real-time analysis, you’ll receive the most accurate expected resale price.
The Importance of Used Bike Valuation in India
Getting to know the real bike valuation in the used market in India is a crucial step. Here’s why it is so important:
Reveals Additional Expenses: Bike valuation online offers a realistic view of the overall expenses associated with owning a pre-owned bike. You get a clear picture of the costs like:
- Other potential repairs
Assesses Depreciation Value: Understanding the depreciation value of a used bike is crucial. The depreciation cost is important to understand if you look at the long-term view – it gives a clear idea about how much the price of the vehicle will decrease over time. When you check out a bike valuation report, you’ll usually find a three-year depreciation value listed. You can also get an idea about how much money you will get if you decide to sell it in the future.
Insight into Market Rates: When you’re in the market for a used bike, understanding its market value is crucial. It equips you to evaluate if the offered price is fair, negotiate effectively, and steer clear of overpaying.
Facilitates Bike Loans: If you intend to finance your used bike purchase with a loan, a valuation report becomes incredibly useful. It provides a fair market value for the pre-owned bike, helping you determine the loan amount required. Armed with this information, you can apply for online bike loans, which are often quick and straightforward, with many lenders offering easy application processes and speedy approvals.
So, Does it Make Sense to Buy a Used Bike?
Yes, purchasing a used bike is a smart choice. It not only fulfills your dream of owning a bike but also helps you save money. Just like brand-new ones, there are numerous options available for second-hand bikes on platforms like Droom.
You can thoroughly assess factors like the bike’s condition, history, pricing, and the possibility of obtaining a loan before making your decision to buy.
Before you make any decision to buy or sell a Bike or Scooty, it’s essential to obtain a used bike valuation. So make informed decisions and get the best!