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selling a bike on-line(11 posts)

selling a bike on-lineliv2padl
Feb 27, 2002 6:50 AM
i want to sell my Colnago Master Lite and am thinking about trying e:Bay or perhaps the classifieds on this forum. Question -- as the seller, how do i insure that i get my money. i'm sure the purchaser is also in need of how to insure he gets the bike. any of you sold a bike and know the ins and outs of this process? thanks. dan
re: selling a bike on-linehayden
Feb 27, 2002 8:31 AM
Ebay is a great option. The best way to get your money is to either use an online payment service such as paypal.com or billpoint.com. That will be quick. They charge you a small percentage to use their service. It may also take a week or so to get clearance to accept the kind of cash your bike will bring in, but they will direct deposit the money for you. The other option is to accept personal checks, money orders, etc. Make sure you wait till the check clears though, before shipping.

I usually put some clause in the auction that lets me cancel bids as the seller if I feel they aren't a "real" potential buyer. If their feedback is low, or they have had some bad feedback recently, I just might cancel their bids.

Hope this helps,
Hayden
re: selling a bike on-lineElefantino
Feb 27, 2002 8:56 AM
Dan:
EBay is very easy and will walk you through the process. You don't ship untl you get the money; you ship the bike with UPS or FedEx and insure it for the amount of the bike. It'll get there. Other things to note:
• For the quickest way to get paid, set up an account with an instant payment service, such as PayPal or Billpoint. Then you can accept e-payments, and credit cards. (Although you pay a percentage of the sale to accept credit cards.)
• Accept money orders or cashier's checks, but personal checks at your own risk. Plus, personal checks take a while to clear.
• If you don't want to take a chance on having the bike sell for less than you think it's worth, set a "reserve price" ... if bids do not reach that figure, you don't have to sell. However, you pay more to initially list the item. (eBay charges a percentage of your listing cost up front, then a percentage of the sale.) I list all my items at $1, with no reserve. I pay just 30 cents to list. I have never lost money on any sale. (I buy items from wholesalers and sell them on eBay.) The market sets a fair price. I recently sold a three-year-old Giant OCR2 on eBay for $485. I had no reserve and started at $1. I was hoping for $450.
• Put language in your listing that forbids bids from people with negative feedback. It's a hassle you don't want to deal with. Let someone else get used on bad bidders' time.
• You might want to look into having your LBS pack your bike, unless you feel comfortable doing it. Pass along that charge to the buyer and make it known up front.
• Make sure you list with a photo, or several. Buyers are wary of what they can't see. If you have a digitial camera, or access to one, putting photos online is easy.
Good luck

FWIW,
Mike

PS: It wouldn't, um, be like a, um, 62 cm Master Lite, would it?
re: selling a bike on-lineliv2padl
Feb 27, 2002 11:51 AM
um, no sorry, it's a 54 cm. with full Campy Record group and Mavic Cosmic Elite wheelset. it's a wonderful bike and beautiful to look at and ride but i can no longer justify the number of bikes i own ... i mean, how many bikes can you ride at one time. thanks for the info. dan
How much are you askingCKS
Feb 27, 2002 2:12 PM
Sounds pretty nice, and I'm in the market...
re: selling a bike on-lineJack Madison
Feb 27, 2002 10:16 AM
I've purchased and sold bikes at this site with very satisfactory results. When I put my Trek 5200 up for sale I received numerous responses with full-price offers in the first few days. When shopping for a 5500, I found the right bike at the right price here as well.
Both transactions used C.O.D. via UPS. They charge a $6 fee for the service and we used certified bank checks. Very simple, and allows immediate payment. My UPS driver turned his back so I could verify the contents of the box. -Jack
thanks for the help guys - - -liv2padl
Feb 27, 2002 11:52 AM
i'll take a picture of the bike and start the process. dan
re: selling a bike on-linemackgoo
Feb 27, 2002 1:07 PM
I've bought one COD, sold a frame set COD and sold a bike where they just sent me the 800$. I also bought a frame buy sending them the money. I have never been burned in the many purcheses that I've made, but obviously it does happen.
re: selling a bike on-lineScot_Gore
Feb 27, 2002 2:28 PM
Dan, as a seller you don't have much to worry about. You get the set the terms and can retain the merchandise. I answered a buyer looking for advice a long time ago. I searched the archinves for the message. It's pasted below, but like I said, as a seller your pretty safe, but hopefully this will be helpful as well.

Good Luck with the sale.
Scot
Old meesage starts now....

I bought a $1000.00 + bike, sight-unseen from a stranger off the classifieds on this site. Here's what I did:
1) Contacted the seller and requested to use http://www.escrow.com/ to exchange the funds. Seller said fine as long as I paid the escrow fees. I also asked for a 3 day review of the bike before releasing the funds from escrow. Again, seller said no problem.

2) I set up the transaction on escrow.com. I choose to wire transfer the funds to escrow.com ($35.00 fee + $10.00 fee from my bank) Escrow.com verified for the seller that my funds were secure before I got back home from the bank. It was that fast. Seller shipped the bike the next day.

3) Seller posted the shipping info on escrow.com (as required). I was able to track the bike all the way across the country.

4) Bike arrived (7 day shipping). I opened the box. Seller had packed with care. Bike components and quality were exactly as described. I took it to my LBS for look over by tech (free with a pedal purchase), they said "it's OK".

5) I logged on to escrow.com and released the funds prior to the 3 day review expiration. Seller got his money and knew I couldn't get it back without shipping the bike back as well.

Throughout this process escrow.com was e-mailing both the seller and myself with status updates and what actions we should be taking now. I felt my money was safe the whole time. I knew if the bike wasn't what I thought it would be that this transaction would be a max $100.00 life lesson ($45.00 + ship back of the rejected item). I know many people send more $ than this on trust in their fellow cyclist, but I couldn't bring myself to risk it for >$1000.00. Also, I looked into COD, you generally can't open the box before handing over the money and for sure can't ask the guy to wait while you take to your LBS.

I thought it was $45.00 well spent.

Good luck
Scot
escrow.comliv2padl
Feb 28, 2002 4:34 AM
thanks very much ... that sounds like a terrific method for both seller and buyer. dan
re: selling a bike on-linefuzzybunnies
Feb 27, 2002 9:53 PM
Other things people didn't mention. In your listing list your cost to ship and any packing fees. If you want to be fair on shipping then list your zip with the dimensions of the box as well as it's weight and have them look up the cost of shipping. Russ