Purchasing a repossessed motorcycle is a great way to own one without spending a lot of money. Motorcycles are typically expensive and a repossessed one can carry good deals, sometimes selling for a fraction of the original cost. However, finding a repossessed motorcycle that is worth the money requires careful consideration. Be it a seasoned rider or a newcomer to the motorcycle scene, knowing what to look for when buying a repossessed bike is crucial.

Reputable lender
When you buy a repossessed motorcycle, one of the first things to be careful of includes being sure of the lender who is organizing the auction. These lenders organize the auction to get back the remaining amount of the financed motorcycle, which the owner could not pay. Ensuring you pick a reputed lender and auction house lets you rest assured about the quality of goods and services. You can be sure you are paying the money to a trusted business, helping reduce the risk of encountering fraudulent sellers or vehicles with missing parts and other issues.

Auction run list
It is a good idea to go through the auction run list before reaching the auction location. This means going through all the items the lender is auctioning off. Many motorcycles can be featured, so going through the online website and checking out each vehicle is important. This helps you understand the motorcycles you will find at the site. Also, you can review your requirements and see which vehicles may work best for you. This can also help you gauge an acceptable price range and get an idea of your bidding limit.

Pricing of the bike
The bikes which are usually at the auction house are expensive motorcycles bought by the owner with the help of financing. These could easily be well above $10,000 originally. However, since this is an auction, these expensive motorcycles can be bought much cheaper. So, always have a budget in mind. If you are new to buying things at auctions, take some tips from more experienced family or friends. Also, when deciding on the price to bid, research the market value of this product on today’s date and then bid accordingly. If you do plan to sell this motorcycle to someone else, you should not deal with a loss.

VIN check
Get the Vehicle Identification Number and then run a history check on the vehicle by yourself. There are some companies that help with this service like AutoCheck and Carfax, among others. A VIN check will help you get information like any repairs, accidents, recalls, and other details about the bike. These details will allow you to get an idea about how much to bid for the motorcycle and if the vehicle is one you want to own.

Warranty policy
Check with the auction house if there is the motorcycle is under its initial warranty period. If it is still covered under warranty, it will help you get any repairs or other things looked at before spending any extra money on the vehicle. So this little piece of information acts as protection in case you discover some problems or wear and tear that you could not spot before.

Ownership costs
While buying a motorcycle from an auction may be much cheaper than buying it from a dealership, there are some liabilities that you must be ready to take on regardless. This includes costs like insurance, maintenance cost, fuel cost, and potential repairs and replacements, among others. So it is important that you think this decision through and are capable of taking up some amount of financial liability for the months or years to come. If you are planning to re-sell the bike, then these costs may not be an issue, so always have your objective in place before making a decision.

It is important to remember that the bikes sold at an auction are sold as seen and there’s always a buyer beware sign to remember. This means that there is no guarantee on the vehicle and there is no return policy available. So, you will have to be very careful about your purchase. If you know someone who is a bike enthusiast, take their advice on the particular model of the repossessed motorcycle and understand the signs of wear and tear to look for.

Financing at the auctions
Once you bid on the motorcycle and you have won the bid, there is a set amount of days in which you can give your money to the seller. Usually, the money taken at these auctions is in cash, but always check beforehand to know your options. Depending on the auction company, there could be some storage fees or late fees applied to your bidding in case you fail to give the money on time. So, it is generally advised to have cash with you to pay them at the end of the auction and take the vehicle back home with you.

Check for wholesale car auctions online and near you, and you are likely to find motorcycles in their inventory that you can explore. Check for bank-repossessed motorcycles to find some good options for your purchase.