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I am about to buy my first bike and thought I'd ask you for some advice on how to go about this properly. A friend of mine will sell me his used Ex-500 (87) for $200. It has been sitting in his backyard uncovered for the last 2 years. He is a good friend so I think hes just happy that I will finally be able to ride with him, and is why I am getting such a good price.

I already have possession of the bike and have already dissassembled/reassembled it to clean it but I would like some advice before I hand of the money today about the "bill of sale" type documents.

I will draft up a bill of sale based on a template I managed to google. Should I list the value as $200, and will that be an issue if try to insure the bike? I am sure I could sell the bike now for $1000 (now that I've restored it to running order again).

I am just not clear on how junked/salvaged bikes are handled.

I have photos of it here www.motoruckus.com if your interested at checking it out.

Oh and yes I will get his title today signed on the back, I just wanted to see if I am missing anything. Example..where and how do I pay taxes on this bike?

Thanks
 

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Don't overvalue the bike, In some places they tax you according to what you put on the Bill of sale, Put 200. Other places (CT for instances) charges taxes according to the kelly book value reguardless of what you paid.
His Sig on the titleshould be all you need.

FOG
 

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Ok thanks for the advice. Then I will list the value at $200 then. The previous owner had purchased the bike for $900 about 3-4 years go, because there was something wrong with one of the cylinders. It was running really loud and according to him it was lacking in power.

I bought this bike hoping that its an easy fix and the value would go back up to maybe $700 or so, and thought that would be the value I would give the insurance. Guess not, ill stick to the $200 value then.
I am in Ontario btw, so this is Canadian dollars.

(about fixing it up, I have checked electrical as well as a compression test, carb cleaning etc.. and the bike seems to be running just fine. It does sound loud but after going through the forum and youtube videos, it seems to be normal for this type of bike and muzzy exhaust. I won't know if there is hidden another issue until this weekend when I try taking it up and down the street. I am hoping its not the bearings/spun shaft that I read about in the other forums.

Nevertheless getting excited to finally get it on the road though.
 
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inquiztr said:
I bought this bike hoping that its an easy fix and the value would go back up to maybe $700 or so, and thought that would be the value I would give the insurance. Guess not, ill stick to the $200 value then.
I am in Ontario btw, so this is Canadian dollars.
In Ontario, you only pay taxes based on what you put on the bill of sale. There is no book value for a motorcycle. So if you paid 200, just put that on the sale, cause that's only....14 dollars in tax? Yeah, that sounds right. So that's really nothing. Plus, if the MTO calls to confirm with the original owner, your story is straight, cause it's true :)

So why do I keep reading all these posts of cheapo 500's for sale, people getting them for free and 200 dollars. I've got a buddy I want to ride, if I could find a 200 dollar bike, we could fix it up for him and get him riding. So many people more lucky than I. :(
 

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I am looking for a 200$ parts bike I could go pickup myself too.. Oddly, can't seem to be able to find any :-\

Heck, even old bikes are still selling aroun 2000$.. Old = 1976 or something...
 

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**** son, $200 and it has a muzzy on it, that is worth your $200 right there if it's in good shape!

congrats and I hope you get the bike on the road for next to nothing. Here in Manitoba, basket case bikes go for $500-1000
 

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I always put $1 on BoS to friends/family. When I bought my bike the tax I paid getting it registered was 3x what the actual registration was. And for the full coverage value they took the book value of the bike at the time I made my policy, which was $700 more than what I paid.
 

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Royson said:
So why do I keep reading all these posts of cheapo 500's for sale, people getting them for free and 200 dollars. I've got a buddy I want to ride, if I could find a 200 dollar bike, we could fix it up for him and get him riding. So many people more lucky than I. :(
Yeah, find me a 200 dollar bike. I'd be all over that.
 

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sometimes you can bypass the kbb tax when you title a bike by getting a notarized bill of sale, and telling the greedy douches at the dmv to shove it, and speaking to a supervisor. trust me, i dun it, but every state is different.
 
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