Privately Selling a Motorcycle: What do I need to know?

[CyStorm]

I am looking for some insight on the intricacies of selling a motorcycle privately. I have a 07 Honda CBR 600 that I used in Ames when I was at Iowa State, but since graduating and leaving Ames in May I have no more use for it.

I would like to try selling it privately as I should be able to get a little more money out of it, versus i.e. selling it to my local Honda Shop. I am not familiar with the process however and need make sure I cover all my bases and ensure a clean/legal transaction. Assuming I can get cash for it, is it just a matter of making sure I get the title switched to the future owner's name? My father warned me of selling it to a person who doesn't get the title switched out of my name and then gets in a motorcycle accident and sues me because the bike is still technically in my name. Besides that is there anything else that I will need to do? Any insight would be much appreciated as this is my first private sale of a motor vehicle.

 

[BloodyBuddy]

I sold mine on Craigslist to a guy in NE. Just signed the back of the title over to him. Had the guy sign a bill of sale for my records.

 

[CyCrazy]

Sell it
Get paid
End of transaction

 

[JHUNSY]

Yeah, I just bought one a few weeks ago. All I needed was the title I believe, but I wanted a Bill of Sale as well. I registered it with no problem.

 

[CapnCy]

Print off a blank bill of sale (can found on the Internet) and have your title (as you just sign the back and hand it to buyer). Bill of sale not required, but I always do them.

If the new buyer is wanting to test ride, I would ask to see motorcycle license and insurance and, if a cash transaction, you may wish to have cash in hand before a test ride.

I had someone buy a 50cc scooter from me and they dumped it on the test ride. Thankfully they bought it, as I hadn't done any of the above and they could have just walked away and I would have been left with a damaged bike.

 

[Freebird]

Cash only. Sell local if possible. Bank checks and postal MOs can be faked easily.

 

[DSMCy]

Iowa DOT website has good information and a Seller's Checklist for selling a vehicle
http://www.iowadot.gov/mvd/buyingselling/selling.htm

http://www.iowadot.gov/mvd/buyingselling/selllform.pdf

 

[cyfan964]

Just google "motorcycle bill of sale" and copy a template. Cash only. Sign over back of title. I've done it probably 20 times. Easy as that.

 

[ccruzen]

Same advice as everyone else but I'd just add to make sure you take the plates off before they leave with the bike.

 

[Dandy]

Cash only. Sell local if possible. Bank checks and postal MOs can be faked easily.

If the buyer won't do cash make sure the check clears at the bank before you give them the title. This should help avoid getting a fraudulent check.

 

[keepngoal]

If the buyer won't do cash make sure the check clears at the bank before you give them the title. This should help avoid getting a fraudulent check.

good point .... my suggestion would be, "if you can write a check, you can get the cash."

 

[3TrueFans]

Just don't mess with cashier's checks at all, cashier's check scams are a big problem. If he insists on paying by check you should just offer to follow him to his bank so he can give you cash instead.

Also if someone offers to give you a check for more than you're asking you should run very fast away from them and the deal, or ride your motorcycle as the case may be.

 

[Cyclones_R_GR8]

Does Iowa still require the odometer statement? I think I remember that you had to fill out a form attesting to the fact that to the best of your knowledge the odometer reading was accurate.