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Thinking of selling at a loss

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ImaRider

Active Member
Due to health issues I won't be riding any longer. My 2017 bike is a year old today with only 1057 miles on it. I can't rationalize to keep making payments on it only to have it in the shed. I contacted an online company that buys and sells bike asking for a price. The one they gave me was 4K less that what I owe on it.
Thinking that this may be the bad time of year to sell it privately I am considering their offer. In 4 months I could make up what I loss. If I offered it at the dealership I am sure they would be 5K less than what I owe.
If I were to keep the bike and offer it for sale I may not be able to sell it until March at least, maybe longer offsetting the loss now.
Would I be too dumb to consider this deal now?
 
Advertise it around. Only you know & understand what the financial impact will be. Every payment you make will be that much more you lose on the sale. Sorry that you are in this predicament.
 
That was kind of what I was thinking. Lose more now than I like or lose the same amount over time. I have tried offering it on the free selling sites without any responses. I won't do Craigslist for a number of reasons. I have spread the word though friends and that takes time. Main problem is I live in the SouthEast close to all the flooding. Too many people are having way more serious problems than thinking of buying a bike.
Timing is everything. If I had this health problem or even a hint of it a year ago I wouldn't have bought the bike.
 
Sorry to hear this.
I would talk to the dealership you bought it from. If you have a good relationship with them, let the sales manager know what has changed and the need to sell the bike.
They may work with you on it.
 
Their offer was 5K less than what I owed. They cited the new models were out now and they are headed into fall/winter months.
 
There are four dealers within 20 miles of me and most used to take bikes on consignment and get a 10%-20% "commission" for selling the bike. Don't know if any of them still do that with the large inventory of new and used bikes most dealers currently have on hand but certainly worth checking as Jeff has suggested.

Don't know what you owe but, truthfully, doesn't matter. NADA says base retail value is between $12.5K and $16.5K and Kelly says $15.8 for "excellent" condition which yours surely must be in. If you are upside down on the loan, the question is how large a financial hit you will take and that will depend on how successful you are in finding a buyer that will pay the most for the bike. In your situation, I would not ignore Craig's list; your buyer might be looking there right now for a bike. It's a tough situation to be in; good luck.
 
4 grand could be the best money you'll lose.Or in other words losing 4 today or 5 or 6 in a year if it doesn't sell could be the best deal.My self,I don't even look at used bikes.Sellers seem to think their bike is always worth what they paid for it.To be that far upside down,I gotta wonder if you traded a bike that had negative equity.Every bike I've bought,and that's 8 bikes in the last 11 years has never been more than 2 or 3 grand upside down.And that's right after I got it.I would think after a years payments you'd be in better shape.Good luck,I'd say do it sooner than later.
 
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