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Discussion Starter · #1 ·
Starting with a new motorcycle purchased, a new 250r will be advertised for around $3,999 but after taxes, paper fees, application fees, registration etc, the bike will be around $4500 or more.

That is pretty simple for me to wrap my head around but a used purchase is a lot more difficult for me.

Say I found a used 250r for around $3000, what is the actual cost to purchase if that is the agreed price with the private seller.

So, I claim the purchase and pay taxes on my 2011 tax filing but what else? Will there be a title transfer fee? Just registration? What!?!?!


Any help is appreciated.
 

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Fast,

Title transfer fee's vary from state to state. Not all states have fees, and in some states not even a title transfer depending on how old the bike is. In Vermont where I live, we don't have a title-transfer fee, only registration, fresh inspection, and mechanical issues at the shop (but the bike should be looked at before purchased), and insurance, and sales tax which is about 6% here. Hope that helps.

-Ben
 

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Starting with a new motorcycle purchased, a new 250r will be advertised for around $3,999 but after taxes, paper fees, application fees, registration etc, the bike will be around $4500 or more.

That is pretty simple for me to wrap my head around but a used purchase is a lot more difficult for me.

Say I found a used 250r for around $3000, what is the actual cost to purchase if that is the agreed price with the private seller.

So, I claim the purchase and pay taxes on my 2011 tax filing but what else? Will there be a title transfer fee? Just registration? What!?!?!


Any help is appreciated.
Fast,

Title transfer fee's vary from state to state. Not all states have fees, and in some states not even a title transfer depending on how old the bike is. In Vermont where I live, we don't have a title-transfer fee, only registration, fresh inspection, and mechanical issues at the shop (but the bike should be looked at before purchased), and insurance, and sales tax which is about 6% here. Hope that helps.

-Ben
pretty much this. except that here you pay the tax for the sale when you get the title transfered, in total, I paid %6 tax, plus around $130 to get it transfered, registered, and plated.

I did not have a shop look at it, I did have an experienced rider (30+ years) test ride it. also changed the oil and topped the coolant to be safe.
 

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Discussion Starter · #4 ·
Your posts are much appreciated!

My dad helped me out when I was buying my first car when I was 16 and my current car was bought new so I haven't really experienced buying a used auto (motorcycle or car).

Another question, I saw a 250r on sale on CL and the guy said he still owed money on the bike and needed the money first so he could pay off the loan before transferring the title. I think anyone would be stupid to go through a buy like that.

If someone owes money on their loan, couldn't you go into the bank with them and make the transaction and have the bank transfer the lien to you?
 

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Your posts are much appreciated!

My dad helped me out when I was buying my first car when I was 16 and my current car was bought new so I haven't really experienced buying a used auto (motorcycle or car).

Another question, I saw a 250r on sale on CL and the guy said he still owed money on the bike and needed the money first so he could pay off the loan before transferring the title. I think anyone would be stupid to go through a buy like that.

If someone owes money on their loan, couldn't you go into the bank with them and make the transaction and have the bank transfer the lien to you?
This is exactly what i had to do when i bought my 07 zzr600. The guy owed the bank so i had to go in with him make sure i talked to the person at the bank to make sure the money was actually going towards the bike. I then got something called a electronic title. (We signed a bill of sale before we went in the bank) Theres blank ones online u can print up.
 

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In the UK title transfer costs nothing. What you pay the seller is what you pay. The annual road tax transfers to the new owner - it stays with the bike - but very often it will have expired or be about to expire. The MOT (inspection) is an annual requirement, but again any unexpired portion of the inspection certificate transfers with the bike at no cost. The duration of any unexpired road tax or MOT affects the selling price.

Finance owing can be in two forms. If the bike is on Hire Purchase the owner is the finance company and buyer and seller have to get the finance company's permission for the sale. If it's been purchased on a personal loan the seller is the owner, is free to sell it, and is entirely responsible for settling the loan - or even just carrying on with the payments as it isn't actually tied to the bike.

Rob
 
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