The used bike market has become quite popular in India. Whether looking for a cruiser, sports, naked, or commuter bike, you can find your desired model in the used bike segment at affordable rates. However, the real challenge arises when it comes to used bike valuation. How do you determine the fair market value of a used bike? Here is a guide to checking a used scooter or bike's resale value.
What Is The Fair Market Price Of A Used Bike?
Since used vehicles do not have a fixed MRP, you must consider their Fair Market Price (FMP) to determine their value. The FMP depends on the pre-owned bike's model, manufacturing date, kilometers driven, physical and mechanical condition, etc. An online two-wheeler value calculator helps determine the bike resale value based on several variables you provide.
Steps To Check Used Bike Price
Follow these steps to calculate used bike valuation in India:
- Enter the required details in the form. It may include the bike’s make and model, category, trim, year of manufacturing and purchase, kilometers driven, etc.
- Click “Submit”
- Get the “Valuation Report”
Benefits of a Valuation Report
Obtaining the valuation report is important before purchasing a used bike, as it offers the following benefits:
- Provides the old and current price of the new bike
- Allows you to calculate the total ownership cost
- Useful for bike loans, buying or selling the bike, or getting insurance
- Estimates the value depreciation for the next few years
- Past payments for similar bikes
- Provides expert ratings and reviews
Why You Should Check Used Bike Value?
Checking the used bike's resale value helps understand the pre-owned bike’s Fair Market Price. Accordingly, you can plan your budget and apply for a bike loan, if necessary, from Hero FinCorp. Based on the used bike's value, you can choose a bike that comes within your budget without compromising on the desired features.
Make a Well-Informed Decision after Checking the Used Bike Valuation
Once you check the used bike valuation, you can check your finances and determine if the vehicle fits your budget. When you apply for a bike loan, you can borrow an amount sufficient to finance the purchase without stressing your EMI affordability. So, before choosing a used bike to purchase, sure to check the bike's resale value.
Factors Determining Your Used Bike Value
Here are a few factors determining the used bike valuation:
- Physical condition
- Fuel efficiency
- Local trends and demand
- Modifications
- Repair and service history
How Bike Loan Can Help You Purchase A Used Bike After Valuation?
Once you check the bike's resale value, a bike loan can help you in the following ways:
- Keep your savings intact
- Distribute the bike’s cost into EMIs
- Easy repayment through flexible terms
- Reasonable Two-Wheeler Loan interest rate
- High LTV ratio with an ample loan amount
Steps To Apply For A Two-Wheeler Loan
Follow these steps to apply for a bike loan online:
Step 1: Visit the Hero FinCorp website.
Step 2: Open the Two-Wheeler Loan section.
Step 3: Click ‘Apply Now’.
Step 4: Enter the required details and upload the necessary documents.
Step 5: Agree to the ‘terms and conditions’.
Step 6: Submit the application.
Provide any other details or documents that the customer representative requests.
Conclusion
Using an online value calculator for a two-wheeler, you can choose the bike you want to purchase and finance its cost with a bike loan. At Hero FinCorp, you can finance the bike by paying only a small down payment and distributing the cost into easily affordable EMIs.
Frequently Asked Questions
1. Why is it important to check the value of a used bike before purchasing it?
Checking the used bike valuation before purchasing is important as it helps evaluate the finances, choose an affordable bike, and apply for a bike loan adequately.
2. Can a valuation report help me negotiate a better price with the seller?
The valuation report contains complete details about the bike's model, history, condition, etc. You can identify any loopholes and negotiate a better price based on them.
3. Are there any financing options available for purchasing a used bike after valuation?
After the valuation, you can take a bike loan from Hero FinCorp to purchase a used bike.
4. How can I get a bike loan with the lowest interest rate?
You can get the lowest Two-Wheeler Loan interest rate from Hero FinCorp by maintaining a decent credit score, reducing the debt-to-income (DTI) ratio, and showing sufficient income to afford the EMIs.
5. Which is better for commuting, a bike or a scooter?
Both bikes and scooters can be good for commuting, but the choice depends on your preferences and needs. Bikes are generally more fuel-efficient and can navigate traffic better, while scooters are often more convenient for short distances and city traffic.
