Question about the value of a bike.. - Sportbike Forum: Sportbike Motorcycle Forums
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post #1 of 21 (permalink) Old 05-16-2006, 01:40 PM Thread Starter
 
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Question about the value of a bike..

Hey guys, my first post here. Anyway, I have a question about the value of a bike i bought last month from a friend.

It's an 02 gsx-r 600 telefonica movistar edition with 305 miles on it.

it was driven 3 times before his buddy was hit and of course the wife wouldnt let him use it anymore. anyway, i bought it for pretty cheap, however after getting a 7800 a year insurance quote, i cant keep it.

what do you think it's worth? its basically a brand new bike, not even broken in yet.
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post #2 of 21 (permalink) Old 05-16-2006, 01:50 PM
 
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Is that full coverage? Have you shopped around for insurance? I was quoted over $4k for 1 company, almost 4 for another, and $2500 a year for a 3rd, then finally my company now wanted like 2, which wasn't all that bad. If it's not financed, you don't need full coverage on the bike either.
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post #3 of 21 (permalink) Old 05-16-2006, 01:53 PM Thread Starter
 
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it's my first bike anyway, and honestly it kind of scares me. i got a 750/year quote for an sv650s, so im gonna try and buy one of those once i get rid of this.
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post #4 of 21 (permalink) Old 05-16-2006, 02:57 PM
 
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Good idea on ditching it if its your first bike. I've got no clue on the value though. Since its an 02 I would doubt you could ask much over 5k for it if its stock, mabey a bit more if its got some aftermarket add ons.

Sepias
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post #5 of 21 (permalink) Old 05-16-2006, 04:23 PM
 
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its been layed down, might as well just get liability only. Unless you have it financed. Try not to finance a bike. In the long run, you pay too much with insurance and interest.
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post #6 of 21 (permalink) Old 05-16-2006, 04:26 PM Thread Starter
 
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this bike hasnt been layed down, his friends was down
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post #7 of 21 (permalink) Old 05-16-2006, 04:44 PM
 
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Hi sonic99-

So you're saying the guy who got hit wasn't on the motorcycle at the time but his wife took it out on him anyway and said he can't ride? The motorcycle is a 2002 GSX-R 600 with only 305 miles on the odometer in essentially showroom condition? I just want to ensure I'm understanding everything correctly.

If that's the case, why not just pull it off the road for a few years and drop registration and insurance on it. Keep it safely locked and covered in a garage because it would be a crying shame to part with it. If you need the money very badly, can you sell it within your family so that you can buy it back in a few years?

What is your age, sex, driving record, education, and marital status? All of those have a HUGE impact on rates. If you can get coverage from the same insurer that handles your home and other vehicles, you're more likely to get package discounts.

As an example, I'm a single woman who has never paid more than $225 per year for full-coverage on my CBR 600F2 even when it was brand spanking new regardless of insurer. The secret is to bundle the coverage with other things like homes, trucks, and cars. Hope this turns out well for you.

~ Blue Jays ~
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post #8 of 21 (permalink) Old 05-16-2006, 06:39 PM
 
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If it's your first bike, ditch it and get something you can handle. You'll save on insurance premiums and you won't kill yourself.
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post #9 of 21 (permalink) Old 05-16-2006, 06:41 PM Thread Starter
 
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thats what im doing, i just dont know what to ask for the bike. i want to get rid of it asap and i know selling stuff privataly can be a real hassle since most people are cheap.
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post #10 of 21 (permalink) Old 05-16-2006, 07:08 PM
 
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post a pic of the bike.
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