Prices of automobiles, especially bikes, have increased up to 40% -30% in the past few years. And due to this, many people, especially students who work part-time, face problems purchasing a new bike.
The only option left is buying a used bike, also known as a second-hand bike or scooter, and for many people, there must be a question about whether you should buy a second-hand bike.
Buying a second-hand bike or scooter is completely fine. However, before accepting them, make sure to check the vehicle’s condition, paperwork such as registration, owner type, and how many kilometers the bike has been used.
Must Read: How much does a second-hand laptop cost?
Things to check before buying a second-hand bike.
- Engine – Look the engine condition. First of all check the sound of engine and if you don’t notice anything make sure take it to any exprinced machanic before buying the bike or scooter.
- Speedometer – Sometimes people change the kilometers driven as to show the customers that their bikes have not used or driven much. This mostly happens with analog meters.
- Other accessories -Check other bike accesories such, indicators, leg guards, horns if they need to be changed or not.
- Engine oil – Check engine oil if it’s been not changed since 3 months or long and tell the owner to change it before buying the bike.
- Pollution paper – pollution certificate also known as PUC is required and every 6 months it is renewed so make sure the other person should have this.
- Registration ID -Documents such as bike registration ID and RC book should be matched with the person from who you are purchasing bike.
- Insurance – Don’t buy any vehicle without insurance before buying it make sure to do a insurance and the vehicle is already insured try to transfer it on your name.
What type of paperwork do you have to do?
- Vehicle ownership transfer – Now after purchasing the bike you need to submit some documents in nearby RTO to change the ownership of your vehicle. check out how to do it here.
- Agreement of purchasing – Agreement of purschasing is must if you want be on the safe side it takes only a day to make as vehicle transfer may take some time.
- Insurance(If not done) – Bike insurance is must either if you buy a new one or second hand. You can transfer the bike insurance to your name or buy a new one if it is about to expire.
Can you purchase the second-hand bike on EMI?
Many people have this question in their minds, but if you buy a second-hand bike, there is a lesser chance of getting an EMI.
As you buy a bike for an individual, there’s nothing like buying on EMI because most people sell their bikes if they need money, so you cannot get EMI on second-hand vehicles.
However, if you know the person personally, you can give the money by splitting it into several months. That way it will be easy for you.
Most common brands to purchase second-hand bikes and scooters?
As per my research in the local market, there are several brands that people buy as their second-hand bikes in India. The list is in ascending order.
- Hero moto corp.
The most selling bike brand, both new and second, is hero moto corp in India. These bikes are purchased because of their durability, mileage, and less maintenance.
How to fix the price of second-hand bikes and scooters?
Price negotiation is essential before buying the price because the seller can ask as much money they want. But as a buyer, you have to keep some things in mind and negotiate with them cleverly.
First of all, if you are purchasing a second-hand bike, make sure to research the market and know the average price of a second-hand bike near your area.
Now to do so follow some of the steps.
- Visit alteast 3-4 shops who sells second hand bikes and see at what price they are offering.
- Tell your friends or post in social media if you need to buy a second hand bikes.
- Give priority to individual sellers and buy there bike because they can lower price much compared to shop owners.
- Try to get second hand bike from those who do job because they use their vehicles very less. compeared to who do bussiness.
Depreciation prices of bikes.
Example -The original price of the bike is 90,000 INR. Then the price of the second-hand bikes is given below.
|Age of bike/scooter||Depreciation percentage||Average Price|
|Six months||5% – 8%||85,000 INR|
|1st year||10% – 15%||80,000 INR|
|2nd year||15%-20%||75,000 INR|
|3rd year||25%-30%||60,000 INR|
|4th year||40%-45%||50,000 INR|
|5th year||50%||40,000 INR|