How much is your bike really worth?
Whether you are looking to sell, trade, or just want to know, knowing the value of your bike will help you a lot more than you think.
To some, bikes are nothing more than a toy of some sort and the thought of putting an actual value on such a thing is not even a thought.
For the more enthusiastic cyclist that embraces such a hobby and has the full-blown experience of riding a real bike, they know exactly how expensive and valuable a bike, its components, and even the little extras are.
For the latter, you know your bike is worth a lot and sometimes the cost of owning one is almost equivalent to that of a used car.
This might sound crazy to some of you but it is true and it is only going to increase as the research and technology grows with the lifestyle.
However, just like cars, boats, and motorcycles, bikes depreciate and their value will always decrease once the bike leaves the store.
It is a little different but you always want to get the most out of your investment, if you plan on selling your bike.
Depreciation
The minute your bike leaves the store, its value drops.
Not just drops but quite significantly and will probably have you saying “That’s it?!”.
I purchased my Cannondale SL3 about 6 years ago and for something with some age, I was actually surprised to see that it is worth quite a bit.
Being that I knew it wasn’t going to be worth anything close to the $1k I spent on it, I was happy to see that it was at least worth something.
Then I think about how much something like brakes can cost you and it makes you wonder how in the world can a whole bike cost around the same price.
It might seem confusing but there’s a lot more to the equation that will determine the actual value of your bike.
How Old is Your Bike?
Your bike’s age plays a big factor when it comes to the actual value and a much older bike is going to be valued a lot less than one that was just purchased last year.
My 6-year-old bike can’t compare to a much newer bike but what can you really expect with all the new styles that have come after all that time?
Although this is common sense, it does help to know that your bike’s value can still be up there if you take great care of your bike.
Your Bike’s Condition
Obviously, a more well-kept bike is going to cost more than one that wasn’t maintained or properly cared for.
If your bike sat in a storage like mine and you hardly ever rode it, you can place a higher price tag, compared to one that was used and abused over the years.
Regardless of what your bike went through, keeping up with the maintenance is always going to help you with your ride along with the overall value of when you do decide to sell it.
Don’t take care of your ride and what once was $1,000 will be worth $100 in no time.
Take care of your bike like you would anything you really care about and you can expect a higher return come time to sell.
Brand Matters
Big-named bike brands will always be a better thing when it comes to reselling a bike and you can expect to make more if you owned a Trek compared to a Mongoose that came out of Wally World.
I bet most of you never knew that Mongoose was actually BMX.
Well, it was, so don’t think that those bikes are nothing but cheap products, even if I wouldn’t recommend them if you were serious about cycling.
When it comes to value and brands, you will most likely give up a $200 bike for $50 compared to one that you spent over $1,000 with and that is just how it is.
Just don’t expect to get a cheaper bike and get it for anything close to what you spent.
Modification & Upgrades
The basic value of your bike is always determined by the exact way you got it.
Doing any modifications can work in your favor or against you, depending on what you did to your bike.
Doing any cutting on your bike to fit your wants might sound like a great idea at the time but come time to sell and you might have just shot yourself in the foot.
The same thing goes if you decided to give your bike a new paint job that doesn’t look the greatest.
So think twice before you think that all of a sudden you are some kind of expert painter.
Now if you decided to upgrade your brakes or gears, your bike’s value will most likely shoot up a bit.
At the very least, try not to break or damage any parts with any modifications and you should be good to go.
Selling or Trading?
Selling your bike is going to get you a lot less money compared to making a trade.
So if you plan on getting another bike, consider trading rather than selling as you can get a lot more money put into your next investment, compared to just selling.
Now if you know you are done with biking or you simply need cash for other reasons, selling is going to be your best bet.
Just consider the trade option if you are looking to make the most of your bike.
Check out your local bike dealers to see what they offer and also see what bike shops are willing to make the trade online.
So How Much is a Used Bike Worth?
The sad reality about bikes is the fact that their value goes down a lot more than it would if it was a car.
But just like cars, there is a formula and standard that we all can follow and instead of Kellybluebook, we can use an amazing site called Bicyclebluebook.com.
On there, you can list your bike and find out exactly how much it is worth so you can offer the right price for your bike.
This is also great if you plan on buying a used bike so that you don’t get short-changed from the seller.
Knowing your bike’s value is beneficial if you are in the market for a used bike and most especially if you are in the market for a new one.
This is most beneficial for those of you looking for a used bike that might just be a project you are looking to take on.
Whatever the case may be, you should always get a better understanding of the value of your bike, as well as other bikes as it will help you that much more.
Buying or selling, know your bike’s worth.