Tag Archives: repossessed motorcycles

repo bike

What are the Benefits of Buying a Repossessed Motorcycle

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. 

orange motorcycle

Don’t Get Burned: Tips for Buying a Repo Bike

Now that the weather is warming up and summer is just around the corner, many people have motorcycles on their brains. Riding a bike is far more enjoyable than being stuck in a car listening to the radio. You get to live in the moment and have more freedom on the road, plus save on fuel costs. 

If there’s a spot in your garage for a motorcycle, now is a great time to make the investment. The good news is that you can pick up a bike for a relatively low cost when you shop for repossessed and salvage bikes. Most online repo sites are still in full operation amid the coronavirus pandemic because everything is done online. 

To ensure you don’t get burned by a bad bike deal, here are some tips to follow. 

Know Who You’re Buying From 

To ensure you’re looking at true repossessions, be sure to shop with a legitimate seller like RepoFinder.com. We maintain an active list of banks, lenders and credit unions selling repossessions. Dealerships and other online sites claim they sell repos, but usually, they purchase them at the discounted price and resell them to you for more. 

RepoFinder.com is great for do-it-yourselfers who aren’t afraid to hunt for a great deal. You’re cutting out the middleman and getting low prices, as well as the ability to negotiate a better deal. This is why we always recommend asking the banks for better loan terms and rates, as they’re often willing to incentivize repo buyers. 

Be Clear about What You Want 

As you shop for repo motorcycles, it’s helpful to know what you are willing to splurge on and what you aren’t. If you’re a beginner, you probably don’t need a new bike. Eventually, the bike will hit the pavement, so it’s best to get more comfortable riding before buying an expensive bike. For now, here are some questions to ask yourself: 

  • How do I plan on riding? Are you intending to use the bike for relaxing rides in the country? To get to and from work with less fuel? To show off to your bike-loving friends? 
  • Will anyone be riding with you? If so, you’ll want a motorcycle that has an extra seat. 
  • How much am I willing to spend? Motorcycles range in price from $500 to $25,000+. Decide how much you are comfortable spending. Keep in mind that repo bikes often require maintenance, so leave some room in your budget to cover it. 

Things to Watch for with Used Motorcycles 

When shopping for repo bikes on a site like RepoFinder.com, you’ll find all the information you need to make a decision. Narrow your search based on the features you’re looking for and the price you’re willing to pay. 

We always recommend doing an inspection or hiring someone to do an inspection before signing anything. Here are the things to look for in pictures and in person: 

  • Check for rust and scratches on the bodywork, tank, fenders and footpegs. Oxidized paint and a cracked seat indicate that the bike has been through a lot of use.
  • The chain should be clean and tight. A rusty, grimey chain indicates a lack of maintenance.
  • Inspect the engine and transmission for signs of oil seepage or leaks. The brake discs should also be smooth and clean. 
  • Start up the bike (if possible). It should emit little smoke. Beware of blue smoke or blue brake discs, as these are signs of abuse. 

Ready to ride off in style? Get yourself a motorcycle this summer with a budget you can afford at RepoFinder.com