Need advice… How much should I sell my bike for?

[hirubhaiambani]

Hey all,

Finally its time (unfortunately) to let my baby go. I had a fire in my apartment and have to sell my bike to pay for the damages (Yes, I'm stupid - didn't have renters insurance)

How much is a 2008 ninja worth with the new Ninja 300 out? More or less than KBB? I don't really understand economics.
KBB tradein: $1675
KBB retail: $2485


The bike is black color, no scratches, bone stock with no mods, never dropped, no visible rust, tyres still have tread left, 44XX miles and everything works properly. I'm the third owner and no lien on the bike. Oil has been changed 3 times.

Thanks for your suggestions.

[dfox]

check craigslist for your area. that'll tell you how much you can get for it, and what your competition is selling theirs for.

my initial guess is that you could probably get around 3 for it (based on sales around me), but this is a hard time of year to sell a used bike.

[lgk]

what does your lease say?

i agree with checking the craigslist.

[jpbear]

I think since its a 2008 model, you are looking at 2800 or so.. 3000 is what you would have got without the 300 on the market.

[choneofakind]

Originally Posted by jpbear

I think since its a 2008 model, you are looking at 2800 or so.. 3000 is what you would have got without the 300 on the market.

There's absolutely no way you could sell a 4 year old bike for $3000 anywhere outside of CA. It was only $3500 new right?

List it at about 2600 and be willing to take it down to about 2300, but only if the buyer is really sticky on wanting the price down. It will sell in a reasonable amount of time, and it won't be underselling you, or be charging the buyer too much.

[austexjg]

Prices have really dropped in the last few months - glad I sold my '09 a year ago when the return on investment was better. Between $2,200 and $2,500 sounds about right if you want it gone ASAP. Good luck.

[psych0hans]

really sucks to hear that bro let me know if I can do anything to help.

[HKr1]

Dont think the 300 will affect prices of the 2nd Gen at all. Everybody thought the 2nd Gen would bring down prices of the 1st Gen.... Hell that never happened
All three are going to have there own price ranges.

[Jiggles]

I'll take it for $1675

[hirubhaiambani]

Thanks guys for your input… I have listed it for $2600. Lets see what I get out of it…

I really dont want to sell my bike. Its all that I have. I am an international person in the US and don't have much friends to speak of. My bike keeps me from being too lonely.

On a friends suggestion, I am going to the bank on Monday to see if I can get a $4K personal loan. If I get it I wont have to sell my bike. Getting the loan might be hard coz I already have a $30K education loan (which is 60% paid off, no late payments)

Originally Posted by psych0hans

really sucks to hear that bro let me know if I can do anything to help.

Thanks man! I appreciate your willingness to help . I think I will be able to manage everything here

Originally Posted by lgk

what does your lease say?

i agree with checking the craigslist.

Lease says that damage to the apartment will have to be fixed by me. If appliances have to be replaced, they will replace it and charge me the depreciated value.

I have to get the fridge and stove/oven replaced…

[hirubhaiambani]

Atleast I managed to control the fire before the firefighters came. If they had sprayed the apartment with water, I would have to pay for the water restoration. From what I hear, water restoration costs twice as much as fire restoration.

[lgk]

Originally Posted by hirubhaiambani

On a friends suggestion, I am going to the bank on Monday to see if I can get a $4K personal loan. If I get it I wont have to sell my bike. Getting the loan might be hard coz I already have a $30K education loan (which is 60% paid off, no late payments)

depends on your monthly income/debt ratio, and credit score.
an education loan is not as bad as you think.

Originally Posted by hirubhaiambani

Lease says that damage to the apartment will have to be fixed by me. If appliances have to be replaced, they will replace it and charge me the depreciated value.

I have to get the fridge and stove/oven replaced…

ask your landlord if you can use part of the lease deposit as a part of the repairs?

if you are going to live there for another year ask him to see if an additional monthly payment is an option.

what is the landlords quoted price on the repairs and appliances?

[lgk]

Originally Posted by hirubhaiambani

Atleast I managed to control the fire before the firefighters came. If they had sprayed the apartment with water, I would have to pay for the water restoration. From what I hear, water restoration costs twice as much as fire restoration.

yep you basically have to rebuild the wall and flooring that was damaged in addition to what was damaged due to fire.

if an average fire hose deliver 150gallons/min, imagine the amount of damage that can occur to the interior of a building, even if it only took 5 min to put out...

then imagine if it was on the second floor. then you have to repair both floors.
it can turn into a real costly thing, i recommend insurance for any rental.

[thurt88]

Good luck with sale. I've had mine on CL for almost 2 months with not so much as a call/text/ or email. Well, I got that standard "will you take paypal, its for a (friend, mom, dad, cousin) who is away and this is a gift" email. Seems like standard CL scam. But yeah.... Good luck, the 300 destroyed the 250 resale value.

[Jono]

[hirubhaiambani]

Originally Posted by lgk

depends on your monthly income/debt ratio, and credit score.
an education loan is not as bad as you think.



ask your landlord if you can use part of the lease deposit as a part of the repairs?

if you are going to live there for another year ask him to see if an additional monthly payment is an option.

what is the landlords quoted price on the repairs and appliances?

Thanks Jason for your advice! I have a decent credit score (730 I think). I've paid all my bills on time and never had any trouble. I will have a stable income for the next 3 years atleast, so I think I might be able to get a loan for a decent interest rate.

My landlords wont use the deposit for the repairs. They reserve it for damages that need to be fixed after I move out. They haven't given me a quote yet for the new appliances and the depreciated value that I need to pay. I know that the appliances are alteast 3 years old as I have been living in my apartment for 2 years and the appliances weren't brand new when I moved in. The apartment has a minimum 1 year lease, so I am pretty sure the appliances are 3 years old. I looked up online - the same brand stove and fridge cost about $1400 with tax. So I am hoping to pay somewhere around $800-900 for both of them. I suck at negotiating, so need to hone my skills this weekend

[hirubhaiambani]

Originally Posted by lgk

yep you basically have to rebuild the wall and flooring that was damaged in addition to what was damaged due to fire.

if an average fire hose deliver 150gallons/min, imagine the amount of damage that can occur to the interior of a building, even if it only took 5 min to put out...

then imagine if it was on the second floor. then you have to repair both floors.
it can turn into a real costly thing, i recommend insurance for any rental.

Bought insurance today.

[hirubhaiambani]

Originally Posted by Jono

If I had to pay a million dollars, I secretly smuggle myself outside the country…lol

[CC Cowboy]

Originally Posted by hirubhaiambani

Hey all,

Finally its time (unfortunately) to let my baby go. I had a fire in my apartment and have to sell my bike to pay for the damages (Yes, I'm stupid - didn't have renters insurance)



Thanks for your suggestions.

How did the fire start? If it was faulty appliances, wiring, or anything that you didn't start you might be off the hook.

[Apex]

I'd try other venues before selling the bike. Like stated above, work with the landlord. If you have been a good renter, paying your bills on time and keeping the unit in good order, I see no problem with making an arrangement. Especially if you have been there a while and still have a lease that states you will continue to be. If the landlord is somewhat fighting the idea, create a simple contract that states that an extra months lease payment is due to pay for the damages, or something to that effect.

Worth a try.

[hirubhaiambani]

Originally Posted by CC Cowboy

How did the fire start? If it was faulty appliances, wiring, or anything that you didn't start you might be off the hook.

I was trying to fry something and the oil caught fire. Firefighters labeled it grease fire.

Originally Posted by Apex

I'd try other venues before selling the bike. Like stated above, work with the landlord. If you have been a good renter, paying your bills on time and keeping the unit in good order, I see no problem with making an arrangement. Especially if you have been there a while and still have a lease that states you will continue to be. If the landlord is somewhat fighting the idea, create a simple contract that states that an extra months lease payment is due to pay for the damages, or something to that effect.

Worth a try.

Yeah, my landlords are very reasonable. I am going to try and negotiate, if they don't agree, I am going to try get a loan… Now, I think selling my bike would be the last resort (if nothing else works out)


@ All: Thanks for all your suggestions. I was kinda depressed after the fire (add long work hours, no friends/family around and thought of selling my bike)… Now I dont feel suicidal anymore…lol