Determining the Value of a Motorcycle
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Why Is Knowing the Value of a Motorcycle Value Important?
How the Value of Your Motorcycle is Determined
Make and model Some motorcycle makes and models are more valuable than others, due to their reputation for quality, safety, and aesthetics. Age Just like cars, the value of motorcycles depreciates over time. In just the first year of ownership a motorcycle loses, on average, 12.5% of its value. It continues to depreciate at a relatively fast clip over the next three years. By year five, however, the depreciation rate begins to stabilize, with bikes often losing only $300 to $350 per year from that point on. Condition A motorcycle that’s in good working order will generally fetch a higher price than one that needs work. For this reason, it can be a good idea to carry out all regular maintenance on the bike to help preserve its value. If you’re thinking about putting your bike up for sale, you may want to consider replacing components, such as worn out brake pads, that are in need of repair. Mileage The more a motorcycle has been driven, generally the lower its value. However, mileage isn’t as big a factor as it is with cars. Road conditions and an owner’s riding style generally have a larger effect on a bike’s value than the number of miles clocked on the odometer. Extras Bells and whistles, like cruise control or an engine guard, can raise the value of a motorcycle.
How to Find Motorcycle Value
Motorcycle Blue Book Value
Kelley Blue Book
The manufacturer's suggested retail price (which includes only standard equipment) The suggested list price (the manufacturer's highest suggested list price when the motorcycle was new) The low retail price (for a vehicle that may show extensive wear and tear) The average retail price (for a vehicle that is clean and without obvious defects and average mileage)
How Does the Value of Your Motorcycle Impact Your Ability to Refinance?
3 Tips for Refinancing a Car Loan
Refinancing your auto loan could lead to lower monthly car payments and more money in your budget. Lantern by SoFi can help you find the right auto refi loan for you. Shortening the term of your auto loan may increase your monthly payments, but you’ll likely pay less in interest over the life of the loan. You may have trouble refinancing the loan on a car that is worth less than what you owe. For more info, check out When Is the Right Time to Refinance a Car?
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