The story:
~4 years ago I inherited $40,000. I used this money to pay off a lot of consumer debt and a car loan. High five!
Being newly out of debt, with only temporary employment, I thought I'd celebrate and buy a motorcycle!!! It would pay for itself with the gas I saved on my 50 mile round trip commute to my temporary job!!! What a great idea!!! So, I financed a $5500 1980 Triumph Bonneville on my newly paid off credit card. I also ordered a fancy weatherproof cover and a beefy chain lock, on credit. I stored the bike on my covered back patio semi-permanently, BECAUSE I DIDN'T KNOW HOW TO RIDE A MOTORCYCLE.
I signed up for a riding course, on credit. I then imagined all of the awesome times I'd have once I learned how to ride safely. Vroom vroom. I missed the class.* Vroom vroom. No refunds. Vroom vroom.
The bike has been sitting outside, covered, for the last four years through Colorado winters. I put fuel stabilizer in the tank before the first winter. I would start it up every once in a while. I removed the battery when it started to leak and never put another in. It hasn't been started in two years. There are some very small rust spots on the chromed tailpipes now.
I also never registered it. I have the title, but didn't want to register a vehicle I wasn't using. Smart, right?!
Damage done. I'm determined to make the best of this.
My Plan:
1. Check blue book value. Done. Retail KBB has it at ~$4500 for my zip code.
2. Buy a battery and install. Cross my fingers. Try to start it.
3. Regardless of if it starts, hire a mobile bike mechanic to come out and inspect the bike for overall condition and safety. This won't be cheap, but I don't know enough about bikes to gauge it, and think knowing it's condition is necessary prior to sale.
4. Register the bike so the title is fully transferred. Pay associated fines. I may need to insure it for this step. If so I'll cancel the insurance immediately. Just dawned on me: Can I insure the bike if I don't have a motorcycle endorsement?
5. Sell the bike, no idea as to the best method here.
Mustachian Participation Section:
1. Is the above plan optimal in terms of getting the most cash out of the bike? Are there options/risks that I'm not aware of?
2. To quantify this debacle in mustachian units, please rate it with a suitable number of face punches.
3. Assuming I get to step 5 of my plan, any advice on actually selling it? I'd really like it to quit mocking me every time I walk out the back door.
4. Anyone want to buy an untitled motorcycle, sight unseen?
*I missed the learn to ride class for safety reasons. I hadn't slept the night before because someone close to me needed support. Riding for the first time on no sleep seemed like a very bad idea.
Thanks,
JB