Document security
When the time comes to sell your beloved bike, you will be faced with two options: trading it into a dealer or putting it up for private sale. If you opt for the dealer route the procedure will be straightforward and the dealer will most likely take care of everything for you and you'll receive your payout but for this convenience, you can expect to get about 10-35% lower than you would have if you chose to go the private route.
Related: Are there financing options available for purchasing a motorcycle in South Africa?
Selling via the private route requires quite a bit more footwork on your part, but you are more likely to get your price or more this way. If you choose to sell privately, it can also be a little bit more daunting, but fear not—we can help with a handy checklist below.
How do I sell my motorbike in South Africa?
What documents do you need?
The following documents will be required for you when selling a bike:
1. A Vehicle Registration Certificate which proves that you are the owner of the vehicle while also providing a detailed description of the car itself. These items include the VIN number, engine number and number plate, among others.
2. A valid copy of your ID.
3. An NCO (Notification of Change of Ownership) form that has been signed and filled in by the buyer and the seller, which in this case would be you.
4. A RWC (Road Worthy Certificate) shows that the vehicle you are selling is able to legally be driven on the road.
Related: Can I sell my motorbike if it has outstanding finance?
5. If you still owe money on the vehicle, you will need to get a settlement letter from the financial institution that you received the financial assistance from.
6. It is a good idea to supply a detailed record of the vehicle's maintenance history for the buyer's peace of mind.
7. Ensure that you get a written document proving that the transaction has taken place. This is called a proof of sale and it must be signed by you, the seller, and the buyer.
Show me the money
The safest and easiest payment method is an EFT.
The safest way to receive a full payment for a motorcycle is an EFT, which stands for Electronic Funds Transfer. You supply the buyer with your bank account details, and he or she arranges for the full amount to be paid into your account.
When an EFT is made you will normally receive notification of this via your cell-phone. But to ensure that the money has been lodged, visit your bank to verify that the money is, in fact, safely residing in your account. Obtain a print-out proof of this transaction from your bank.
Then, and only then, should you part with the keys to your bike and the registration papers and arrange for transfer of ownership of the bike to the buyer.
What is the best way to advertise my motorbike for sale?
