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Best way to sell statutory write off

Discussion in 'General Motorcycling Discussion' at netrider.net.au started by paulftw, Oct 21, 2013.

  1. TL;DR
    I want to sell my written off ninja 300. It has damage to frame and RHS fairing & levers.
    Is there a relatively easy way to get the best price for it?

    Full story:

    I had a brand new Kawasaki Ninja 300 ABS for less than 2 weeks.

    After 55kms got rear ended by a car, flipped bike to the side and, according to assessors, the frame got damaged (among many other things).

    Insurance company declared it a statutory write off, and as part of the settlement, gave me a guaranteed purchase price of 10% of the bike's value.

    This seems quite low, as there are heaps of near new parts that remained undamaged. There should clearly be a better deal possible.

    How do I find a good quote without towing a bike around town?

    There seem to be a couple of salvage auctions, anyone had any experience with those? How likely are those to result in a higher sale price?



    Going with the guaranteed purchase price is a hassle free way, but I am wondering whether I could get few extra bucks by making a phone call or two.
     
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  2. pull it apart and sell it on ebay.
     
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    • Like Like x 2
  3. I considered that, but it'll take at least a month and tons of effort to take pics, write descriptions etc.
    I'd need plenty of space in my garage to keep parts during that time, but I don't have a garage.
     
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  4. Then take some photos to a wreckers. It's not worth anything to anyone else. You should be able to get 40% of the market value, because broken down it will sell for 2-300% of its value.

    Also, you don't really need a garage to part it out. You can do it one part at a time.

    Having said that, I probably wouldn't do it either. Between creating the sale, false buys and then going to the post office, it's too much hassle.

    The alternative approach is put the whole bike on ebay for parts, "Starting at $1". People come and get it themselves, and chances are someone will off you money for the whole lot.
     
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  5. 2014, the FX series has a new class for Ninja 300's....

    Should be relatively interesting, as the class is not dumbed down to suit less than stellar performing brands/models like the 250 proddy class in asbk.

    TRACK BIKE or sell it to someone for that purpose ??

    http://www.formula-xtreme.com.au/xtremema.nsf/Classifieds!openform....

    state of the plastics is fairly unimportant as usually race glass is fitted
     
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  6. If you do not have the time or space to strip it yourself then I think your best bet is to sell it off to the wreckers and move on.
     
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  7. MIne went through Pickles, but wreckers would be good
     
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  8. I don't get it - why is an insurance company offering you 10% of the value? Shouldn't it be the value prior to the accident?
     
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  9. Pretty sure he means he has the option to buy the wreck at 10% of the previous (pre-accident) value.
     
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  10. That's right. Insurance pays me (Market Value - Wrecker's Quote). The latter is roughly one tenth of a brand new bike. Which seems quite low, and if I find a better deal I'll get a small compensation for all the hassle and for sitting without a bike for a month.
     
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  11. But why would they pay you anything? They've payed you for the damage? i.e. the market value of the bike.

    Hence they now own the wreck. What am I missing?
     
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    • Agree Agree x 1

  12. They aren't insurer of the bike, but insurer of the driver at fault.

    If I had insurance and went through my insurance company, then they'd take possession of the bike (because it's a clause in the contract I think).

    However, I was uninsured (oh come on, what could go wrong when a learner rides basically around his own house for half an hour a day, right?)

    So they can not take possession of the bike, it remains my property. They only pay a gap between market value and wrecker's quote.
     
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  13. I think what he meant to say is that the insurance company paid him the market value for his wrecked bike and gave him the option of buying the actual wrecked bike back for 10% of the market value.

    Edit: Nvm he explained it above.
     
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  14. But did you get payed for the damage?
     
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  15. Can you post some pic's of the bike? Depending on how repairable it is, I might be tempted to turn it into a track bike.
     
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  16. Don't have many pics, but PM me your email and I'll send you what I've got.
    Alternatively, check my ad on formula-extreme. Mike8863 posted a link above
     
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  17. I just realised you're in NSW. I'm in Vic. Oh well... But I did find a VFR400 down here that's tempting. Everyone who knows me knows how much I like V4 engines. :D
     
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  18. You're talking about a VERY small market here. Think about the number of people out there in biker-land who could possibly want to buy a wrecked ninja 300. Now, reduce that to the number of which live in Melbourne. Now...reduce that to the umber who only want a few parts, and don't actually want the whole bike.

    This is why wreckers only pay a (seemingly) small amount for the wreck. They often have to hold the stock for a looooong time before getting a return.

    If it were me - I would load it in a trailer, take it to 2 wreckers and see if there is a noticeable difference in the offers made. If there isn't, then even bothering to visit a 3rd is probably a waste of time.
     
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  19. I'd be insisting that the insurance paid out the full value of the bike.
     
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  20. haha so how does 10% of new price, ie around $700, become $2K on FX?
     
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