Noob Qs... dropped bike, big drop in value?
First of all I have to say that I am a complete newbie to riding. I just got my class 6 road test done last week. As of now I am still jobless, hence bikeless.
I have been looking at lots of ads for used bikes. And many would say "Never dropped", in order to show its pristine condition (and often with a price just as exotic). Would someone tell me how much does a minor drop affect the value of a bike? Let's say the bike was dropped at about 20km/h and there are scratches to the fairing (but no cracks), would it cause its value to drop significantly? So let's say a newer model CBR600, which has never been dropped, is selling for $7500, then a day later that bike was accidentally dropped, causing one fairing to be scratched, what would be a reasonable price for it then?
What do i need to watch out for when buying a bike that has had a minor drop?
Thanks for all your help in advance!
Gear Driven Cams
For your example, I would say you could subtract the cost of an equivalent fairing from the $7500. If the bike is "as new", then subtract the cost of an "as new" fairing. That would be a starting point, of course.
Keep in mind that if there's a lot of demand for that particular type of bike, the price may not be swayed at all. The laws of supply/demand are quite true. When we bought my SO's EX500, there weren't many on the market, but there were a lot of people looking at them. The fairing on the one we ended up buying had cracks from a low-speed drop, but the bike was otherwise in excellent condition. We ended up paying the asking price (which was the blue book price for that bike - which assumes no damage/drops), because the alternative was possibly not having a bike for a few months. Nor did we get a discount for the previous accident history (that the seller didn't disclose) or the missing and loose bolts holding the whole front fairing on. But the bike was (and is) solid, so we're not unhappy.
Caveat Emptor, as always. Do an accident history search, do a title search, do a stolen vehicle search. Worth every penny, IMHO.
Oh, and remember that it's your first bike. If it already has scratches, you won't feel so bad when you add one or two of your own. 8-)