Will Buying Repo Motorcycles Save You Money?
A motorcycle can be repossessed from its owner if he or she defaults on pre-agreed payments. Once the motorbike is reposed, it is branded as a repo motorcycle because technically speaking it is not new, but again it may not be old either.
Buying a repo motorcycle can save you a lot of money. Usually financial institutions to recoup their funds sell repo motorbikes. Now, many at times they place these motor bikes on sale at ridiculously low prices. It becomes an alternative to the new ones for anyone interested in a motorcycle. The owner may have paid all but the last two installments before he got stranded in finishing it off. What the bank will do is to set the reserve price of the repossessed motorcycle at a value that simply covers this balance. This turns out to be unbelievably low.
Most repo motorcycles are in excellent condition, therefore, there are no repair bills that may crop up on you, such as may happen if you bought a used machine. You see as the motorcycle is reposed it is usually in running condition and the owner is still using it to his advantage. It only follows that he is unable to service the loan from the bank or such other financier and that is why the motor bike is taken back. So repo motorcycles are machines in good order too.
Such motorbikes are also genuine. Purchasing one therefore gives you an opportunity to own a genuine motorcycle, which often comes with the warranty and guarantee attached. It is highly unlikely that it will be a forge or a fake. In the end this saves you money because genuine machines don’t break down easily, they last longer and their parts are also in plenty.
Nevertheless, the downside of buying repo motorcycles is that because they are sold at auctions you don’t have an opportunity to test drive them before committing to a purchase. There is no chance to take them to a qualified mechanic to test them as they are sold on an as-is where-is basis. The way to go around this I s to take with you someone who knows how to do a quick check but thorough like a qualified mechanic. He should be knowledgeable enough to go over the machine and give it a quick check before the bidding process starts. Remember to do your homework before the bidding starts, so you know what it is worth.