Driving a motorcycle is a definite way to get an adrenaline rush and feel happy, especially on the freedom of an open road. Aside from this, motorcycles are appealing because they allow bikers to ride together for a sense of camaraderie. Every twist and turn makes for an exhilarating experience. No wonder why people are willing to take their motorcycles halfway across the country for exciting excursions!
On average, motorcycles range in price from $5,000 to $10,000, though some cost a lot more! You can save a lot of money by buying a used bike. But not just any used bike – a repossessed bike.
What is a Repossessed Motorcycle?
A repo motorcycle is one that has been taken from its previous owner because they did not keep up with their payments. Many people finance their motorcycles, especially if they’re spending more than $10,000. When they sign the paperwork, they’re agreeing to make the payments on time. If they don’t, the lender can take the motorcycle away.
You’ll be happy to know that most of the repo motorcycles that RepoFinder lists are more expensive. When a bike only costs a few thousand dollars, most people will pay in cash. But for those that are $20,000 and over, people typically finance their purchase. If they can no longer afford the payments, it puts the bike at risk for being taken away.
RepoFinder offers a directory of banks and lenders in all 50 states that have repo inventory for sale. Click on your state and see which lenders have repossessions available. They are highly motivated sellers that are often willing to negotiate. This is how you can get a great deal on a high-end motorcycle!
What are the Benefits of Buying a Repo Motorcycle?
There are many advantages to buying a repossessed bike:
- Trustworthy lenders. If you’ve looked at the used motorcycle market before, you probably know how difficult it is to find a trustworthy seller. Hidden defects and dishonesty are unfortunately common. But lenders are open and upfront. They might not know everything about the bike, but they won’t lie about things.
- Lower prices. Repossessed bikes typically cost a fraction of the price of a new motorcycle.
- Easy financing. A huge perk to buying a repo motorcycle from a bank or credit union is that they also provide financing. You can also negotiate for a better price and lower monthly payments.
- Good condition. You can often find motorcycles in mint condition from repo sellers. They tend to be higher priced models and this is why the owner could no longer afford them.
If you’re interested in repossessed motorcycles, visit RepoFinder.com. Click on your state, or a state near you, to browse the bikes available. Check back often, as lenders get motorcycles all the time, and we update our lists accordingly.