Adding special touches to a motorcycle can do a lot in terms of enhancing something that’s already great. Once you’re finished with the upgrades, it makes sense to arrange for a custom motorcycle appraisal. Doing so will benefit you in several different ways. Here are a few examples to consider.
Understanding What Impact the Customization Had on the Motorcycle’s Value
Hopefully, your customization efforts have enhanced the value of the motorcycle. That’s usually one of the goals of customizing a cycle. Even so, you don’t want to assume that the changes automatically led to an increase in the market value. The most practical thing to do is have a professional appraiser examine the motorcycle and come up with a figure.
In the best case scenario, you will find that the changes did increase the value of the cycle. Perhaps one or two of the enhancements made no real impact one way or the other. What you hope to find out is that nothing you’ve done has led to a decrease in value. The appraisal will provide details, so you will know what helped and what didn’t make any difference.
An Accurate Assessment of the Current Value for Taxes
You do want to have an idea of what the cycle is worth now, especially in areas where that value can impact the cost of a motorcycle tag and the taxes you will owe each year. In some cases, the difference will be minimal, but failure to report the upgrades and the enhanced value may lead to some fines.
Alternatively, the customization could decrease the value. If that’s true, the amount you owe in taxes may also be affected. While you hope that’s not the case, it would be good to at least lock in a lower rate.
A Better Idea of How Much Insurance to Carry
With customized vehicles of any type, it’s not unusual for owners to opt for what’s known as agreed value vehicle insurance. This is often associated with cars and trucks, but it’s also available for motorcycles that have been customized.
Why is this the best way to go? Locking in an agreed value protects you in the event the customized motorcycle is involved in an accident. In particular, it improves the odds of receiving a reasonable settlement if the cycle is totaled. If you have a custom motorcycle appraisal on hand as proof of the figure you’re seeking, the insurance provider is more likely to accept the appraised value as the agreed figure.
Setting a Reasonable Sales Price
The day may come when you want to sell the custom motorcycle. When it does, you want to set an asking price that fits with the appraised value. While you may have to adjust the asking price based on local demand, you can still use the appraisal as the starting point for any negotiations.
See this as one more way to protect your investment in the cycle. Assuming you do have a buyer who is willing to pay the asking price you based on the appraisal, you get to recoup all or most of the money invested in the enhancements.
There are more reasons to arrange for an appraisal on your customized motorcycle. Talk with an appraiser today and set up an appointment. Once you have the results in hand, you can put them to good use in more than one way.