What Is The Best Way To Check The Price Of A Used Bike Or Scooter?
Last Modified: 2-December-2022
The rise in e-commerce platforms has boosted the used two-wheeler market in India. Individuals prefer buying a pre-owned bike instead of spending a hefty amount on a new one. The used bike market is highly fragmented, with many local and individual sellers. Now, the actual exercise is to know the optimum used bike valuation. Based on the engine capacity, most buyers purchase used bikes with 100-110 cc engine capacity. Also, bikes with engine capacities of 125-135 cc and 150-200 cc have been gaining attraction in India.
Online platforms have partnered with multiple financial institutions to offer online Bike Loans to customers. You can easily finance your two-wheeler with an online used Bike Loan.
What is the Fair Market Price of a used bike?
As you know, there is no Maximum Retail Price (MRP) for pre-owned bikes; this is why the Fair Market Price (FMP) is considered over the MRP for these bikes. The FMP is calculated based on the bike’s value in the unorganised market.
FMP can be defined as a price close to the accurate price based on the pre-owned bike’s condition. In other words, the FMP of a used bike is the optimum valuation based on the bike model, manufacturing date, and kilometres driven.
Steps To Check Second-Hand Bike Price
Old bike valuation is used to estimate a pre-owned bike’s current price. You can get an acceptable price range. The value of a vehicle starts depreciating as soon as it moves out of a showroom. Therefore, a clear understanding of a vehicle’s valuation is needed.
The online marketplace tries to resolve the issue of consumers calculating old vehicle values with online valuation tools. Using these tools, you can easily check the pre-owned bike’s price.
Following are the steps to check a used bike valuation using an online tool provided by an e-commerce platform.
- Fill out the required form for bike valuation online. Input the bike’s category, making year, model, year of purchase and kilometres are driven.
- Submit the details to receive a valuation report.
Besides the price, the report will contain some more details concerning the preowned vehicle using which you can make an informed decision.
What Are The Benefits Of A Valuation Report?
Get insights into industry rates for the bike:
When you initiate the bike valuation process, you need to go deeper into the market for various aspects, including price. A bike valuation report can show you the average price of the bike. This insight helps justify the used bike price evaluation.
Know the total:
You should know the rough estimation of owning a preowned bike so that its total cost is familiar to you later. You can get a realistic idea based on factors, like insurance cost, depreciation and fuel cost.
Use it for an online Bike Loan:
The valuation report helps you to get the required loan amount to buy a preowned bike as it shows the fair market value of a used vehicle based on an algorithmic pricing engine. You can apply for Bike Loans online. Muthoot two-wheeler loan is one of the easy Bike Loans available at a low-interest rate with no hidden charges. You can finance your bike by following their digital process and simple documentation. Muthoot Two-wheeler Loans are popular for their fast approvals and flexible tenures of up to 48 months.
Get the depreciation value:
You can check the depreciation value of a vehicle in the valuation report. It includes a vehicle’s three years-depreciation value.
What others have paid:
A valuation report shows how much its previous owner has paid for this bike based on the model.
Expert reviews & ratings:
The report contains the reviews and ratings from industry experts that help you decide whether it is worth buying the bike or not.
Using an online valuation tool, you can generate an authentic valuation report based on an algorithmic approach and determine the price of any used two-wheeler. FMV may change depending on your location. It would be helpful if you cross-checked the price with the valuation report.
Now you can easily make an informed decision to buy a preowned bike. You can consider financing your bike through a two-wheeler loan with us to get a high loan amount at an affordable bike loan interest rate.
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