Tips for Selling Your Used Bike
As many of you have realized, it's a "sellers market" right now for new and used bikes. People are turning to buying bikes because it's one of the few "freedoms" we have right now during the COVID-19 lock-down.
As such, I sold 4 bikes this Spring (which totally surprised me) so I thought I'd share my selling experience tips. Feel free to post your selling tips as well. Tips for Selling a Used Bike
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Agreed on all points, being clean and lots of good pictures are probably the most important, imo. :beer:
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Originally Posted by PoorInRichfield
(Post 21476205)
use PayPal where the buyer sends you money as "Friends and Family" and must pay with a bank account and not and credit or debit card (This prevents you as the seller from being charged a transaction fee).
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Good list... here's one to add:
Take the pictures of the bike set up as how you're going to sell it! No pictures of a nice bike and then notes saying stuff like "saddle to be changed out to original" or "comes with original wheels, no the Zipps shown", etc. Anytime I see something like that, I just assume that the seller isn't that serious and just fishing to get someone to overpay. |
Yeah I'm not showing up to some guy's house with 2000 cash lol There is something called a cashier's check you know. Also money orders from the post office can't really be faked and are as good as cash.
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Originally Posted by JohnDThompson
(Post 21476316)
I would suggest that for any high-dollar item sold to someone you don't personally know and trust, avoid PayPal "friends and family." Yes, you'll get charged a transaction fee, but you also get PayPal's buyer protection if things go bad. Only accept "friends and family" reimbursement for amounts you're willing to eat if things don't work out.
My PayPal tip is from the seller's perspective, not the buyer's. The thought is that the buyer is buying the bike in-person and not paying you in advance. He/she is paying you while standing in your driveway, looking at the bike to be purchased. In other words, there is no need for PayPal's buyer protection because once the money is transferred, the buyer will be taking the bike home instantly. As far as I know, PayPal doesn't offer any kind of seller protection. Once the sale is done, do you really want the buyer that already has your bike making a claim against you through PayPal to get their money back when they have your bike? Using PayPal "Friends and Family" is one of the few ways I can think of that the buyer can avoid having a large sum of cash on-hand when going to buy a bike from an unknown seller. Also note that if a person attempts to pay you via PayPal using a credit or debit card as a funding source, you as the seller will end-up paying a transaction fee even with the "Friends and Family" option because you'll be paying the credit card fees. |
I just started using Venmo--making one transaction so far. Do you recommend using it for used bike sales?
I have two bikes I had been planning to sell since late 2019. I have held off due to health/safety concerns but I think I better get them out there before it inevitably turns into a buyer's market. When do you think that's going to be? Late summer as it looks like more and more states are opening up and some people flood the market with their unused Covid bikes? Or next summer as people hold onto their bikes in anticipation of another Covid winter? |
Originally Posted by tdonline
(Post 21476707)
I just started using Venmo--making one transaction so far. Do you recommend using it for used bike sales?
I have two bikes I had been planning to sell since late 2019. I have held off due to health/safety concerns but I think I better get them out there before it inevitably turns into a buyer's market. When do you think that's going to be? Late summer as it looks like more and more states are opening up and some people flood the market with their unused Covid bikes? Or next summer as people hold onto their bikes in anticipation of another Covid winter? |
I'll update my original post with your additional good selling tips as you provide 'em so readers don't have to read every post for good selling tips. :thumb:
Originally Posted by Oneder
(Post 21476323)
Yeah I'm not showing up to some guy's house with 2000 cash lol There is something called a cashier's check you know. Also money orders from the post office can't really be faked and are as good as cash.
But be careful with cashier's checks... there are scams out there for them as well: https://www.thebalance.com/cashier-s-check-fraud-315795 |
And take pictures from the drive side… That’s where the components are.
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Originally Posted by tdonline
(Post 21476707)
I just started using Venmo--making one transaction so far. Do you recommend using it for used bike sales?
I have two bikes I had been planning to sell since late 2019. I have held off due to health/safety concerns but I think I better get them out there before it inevitably turns into a buyer's market. When do you think that's going to be? Late summer as it looks like more and more states are opening up and some people flood the market with their unused Covid bikes? Or next summer as people hold onto their bikes in anticipation of another Covid winter? Worst case scenario for you, you post your bikes for sale on a free service like Craigslist and all you'll be out is a little of your time. If you know what your bikes are worth, be prepared to wait on the right seller. One of my bikes took 6 months to sell, 2 sold on the same day within days after posting, and the last one took about 2 months. Since it clearly sounds like you don't have to sell the bikes (i.e., you're not desperate for cash), you can be choosy about your buyers and time is on your side. As for Venmo, I think it's a lot like PayPal in that you can send payments to other friends and family free of cost, but I'm pretty sure that only applies if the funding source is a bank account. No payment service is going to let you get away with using a credit card w/o passing the cost using the CC on to you. |
I make sure my bikes are 100% tuned, cleaned, and ready to roll. Then price them at or below what similar bikes (that usually need something or another) on CL are priced at. Often, I don't have to lower my asking price, especially from buyers who have "been looking around a while". "Firm" pricing is another option I've used at times. Nice way to weed out the low ballers just looking to flip for a buck.
I only accept cash. Most of my bikes go for much less, but late last year I sold one for $1400... my asking price. Yes, buyer brought cash because they wanted the bike, and frankly it was a good deal. I'd do the same if I were the buyer. Seriously, if the bike is properly and honestly marketed, no interested buyer is going to show up and be disappointed. Especially on a high dollar bike! What usually happens is buyer and I correspond many times, asking and answering questions, sharing more photos and stories, etc. By the time they show up, there are no surprises. Now that I think of it, I also sold $6500 and $9000 muscle cars for cash. Buyers showed up with a big pile of hundreds and we both were happy. |
PoorInRichfield Maybe I should buy a used bike from you. Some of the local here with their CL ads are questionable and we're not even talking about bikes lol.
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Originally Posted by PoorInRichfield
(Post 21476871)
I'll update my original post with your additional good selling tips as you provide 'em so readers don't have to read every post for good selling tips. :thumb:
Yup... showing-up with cash these days can be a risky deal. But be careful with cashier's checks... there are scams out there for them as well: https://www.thebalance.com/cashier-s-check-fraud-315795 |
Originally Posted by Pugs2xLove
(Post 21477640)
PoorInRichfield Maybe I should buy a used bike from you. Some of the local here with their CL ads are questionable and we're not even talking about bikes lol.
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If anybody tried to give me a check.........:twitchy:
I have had folks give me hundreds of dollars without issue. And I never meet them at my house. Is this a common sense thread...... |
Originally Posted by JohnDThompson
(Post 21476316)
I would suggest that for any high-dollar item sold to someone you don't personally know and trust, avoid PayPal "friends and family." Yes, you'll get charged a transaction fee, but you also get PayPal's buyer protection if things go bad. Only accept "friends and family" reimbursement for amounts you're willing to eat if things don't work out.
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I’ve had good luck on Facebook Marketplace and Craigslist.
#1 rule know the market and don’t overprice your bike. #2 Either list a price as firm or expected low balls and deal with it. #3 Unless you know the person personally do not take anything but cash. Not ever. No exceptions. There is literally no other safe way to buy or sell. #4 If you can’t trust the person to meet at your house or at a public place, don’t buy or sell with that person. #5. Bring a witness with you, and trust your instincts. If you’re not comfortable making a really high dollar transaction, and that’s valid, then buy from a Bike shop. There are always risks. I’ve met people at police station parking lots before. Typically as a seller I just have them come to my house. For a particularly large sale usually I will meet in a public place to keep my address a secret so they don’t come back and steel it after refusing a sale, but usually I just don’t worry about it. If people are flaky or off I don’t make the sale. If I’m buying something expensive, I go with a witness and or armed to a public place. Be smart, and do what makes you comfortable. |
Originally Posted by Gresp15C
(Post 21478615)
There could be different opinions about this, and I don't fully understand the details, but... I've read that if you sell something as merchandise, then you have to show proof of shipment, otherwise the buyer can claim that they never received the item. I've been a PayPal merchant for years, and have never had a bad transaction, but I've also read about some of its potential failure modes.
As a seller you have no 100% protection from being ripped off if you take anything but cash. Seller can charge back. They can claim it’s not what they expected. They can call a CC company and request a charge back. They can claim it stolen. I buy and sell stuff online all the time and use PayPal etc and have had mostly good luck with really only about 5 issues/scams in 10-15 years. Face to face and in cash is the only thing the is secure money wise, and that has its own risks too. |
Originally Posted by StarBiker
(Post 21478601)
If anybody tried to give me a check.........:twitchy:
I have had folks give me hundreds of dollars without issue. And I never meet them at my house. Is this a common sense thread...... I bought my Warbird with $1800 in 100’s. She wanted to meet in the police station parking lot. I had no problem with that. I’ve sold to bikes for cash and several guitars. |
Originally Posted by ArchEtech
(Post 21478641)
I bought my Warbird with $1800 in 100’s. She wanted to meet in the police station parking lot. I had no problem with that. I’ve sold to bikes for cash and several guitars.
The pain for me not owning a car is I like to flip stereo equipment, and can't carry it. I have moved on from it because I never see anything that good anymore, but I do have a few pieces I will move. I have had numerous electronic sales from home. Just don' like doing it. |
Originally Posted by ArchEtech
(Post 21478635)
I’ve had good luck on Facebook Marketplace and Craigslist.
#1 rule know the market and don’t overprice your bike. #2 Either list a price as firm or expected low balls and deal with it. #3 Unless you know the person personally do not take anything but cash. Not ever. No exceptions. There is literally no other safe way to buy or sell. #4 If you can’t trust the person to meet at your house or at a public place, don’t buy or sell with that person. #5. Bring a witness with you, and trust your instincts. If you’re not comfortable making a really high dollar transaction, and that’s valid, then buy from a Bike shop. There are always risks. I’ve met people at police station parking lots before. Typically as a seller I just have them come to my house. For a particularly large sale usually I will meet in a public place to keep my address a secret so they don’t come back and steel it after refusing a sale, but usually I just don’t worry about it. If people are flaky or off I don’t make the sale. If I’m buying something expensive, I go with a witness and or armed to a public place. Be smart, and do what makes you comfortable. |
Originally Posted by ArchEtech
(Post 21478638)
As a seller you have no 100% protection from being ripped off if you take anything but cash. Seller can charge back. They can claim it’s not what they expected. They can call a CC company and request a charge back. They can claim it stolen. I buy and sell stuff online all the time and use PayPal etc and have had mostly good luck with really only about 5 issues/scams in 10-15 years. Face to face and in cash is the only thing the is secure money wise, and that has its own risks too.
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Originally Posted by ArchEtech
(Post 21478638)
As a seller you have no 100% protection from being ripped off if you take anything but cash. Seller can charge back. They can claim it’s not what they expected. They can call a CC company and request a charge back. They can claim it stolen. I buy and sell stuff online all the time and use PayPal etc and have had mostly good luck with really only about 5 issues/scams in 10-15 years. Face to face and in cash is the only thing the is secure money wise, and that has its own risks too.
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