How to Negotiate the Best Price on a Motorcycle
Getting the motorcycle you want is very exciting, but you need to know how to negotiate the best price. Why pay more for it than you have to? Don’t get so absorbed by the idea of having it that you will stop at nothing to get it. In most cases, you will be purchasing a motorcycle on credit with monthly installment payments. Do your best to reduce the number of payments you have to make as well as the amount of each one.
Take your time deciding what type of motorcycle you really want. If it doesn’t fit into your budget then you may have to decide to save up more money to get it or decide to go with a less expensive model for the time being. You always have the option of trading up in the future. However, many motorcycle enthusiasts find half of the fun is owning the exact motorcycle they want, regardless of the cost.
Start by finding the retail price on the motorcycle you want. This information can be found at various online sites including that of the manufacturer. Most dealerships add at least 10% to that base price. You can expect them to add on another 15% to cover delivery fees, documents, and taxes. Most dealerships will also try to get you to purchase an extended warranty for the motorcycle. This is optional, so make sure you take a look at what it is offering. If you don’t think you need the coverage then don’t be pressured into buying it.
Most motorcycle deals will allow you to trade in an older model on your new one. It is very important that you do your homework in this area as well. Find out exactly what the book value of your trade in is worth including the accessories it offers and the mileage of the bike. You can also find this information on the internet. Of course, if you owe anything on the trade, make sure the amount you get for it is sufficient to cover the loan. You may find it to your advantage to sell your used bike first to a private individual, then use that money as a down payment on a new one. Most dealers are more likely to offer you a price break if you have a substantial down payment to offer.
Financing is a key issue when searching for a motorcycle. It is to your advantage to get a loan pre-approved before you start negotiating with a dealership. This will allow you to know the
maximum amount of money you can finance. You can also look for financing that offers the lowest interest rates for your credit rating. This is going to save you money over the term of the loan.
In most cases, you will get lower rates securing financing from a lender on your own rather than those the dealership offers.
Taking the time to do your homework and compare prices will assist you in obtaining the motorcycle you want at the best possible price. You can use that extra savings to buy motorcycle accessories with or for planning a motorcycle road trip. If a dealership isn’t willing to negotiate with you once you have decided the maximum amount you will pay for a bike, then go find a dealership that will.