Tips to Negotiate the Best Price on a New Bike
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Acquiring a new bike is an exciting time of your life. A bike gives you the liberty of mobility and a sense of confidence. However, the exorbitant price of new vehicles might be a deterrent. So, if you are planning to purchase a new two-wheeler bike and looking for tips on price negotiation, we have the best tips for you.
Negotiation is a skill that brings a buyer and a seller to an agreed term where the price of a product suits both. However, not everyone may possess this essential quality. Hence, we are enlisting some tips to help you hone your negotiation skills to use them while buying a new bike at the best price.
How to Negotiate When Buying a New Bike?
With some bargaining skills, reaching an agreeable price to favor both the buyer and the seller is possible. Take a look at the various tips that you may follow to get the best deal while purchasing a new bike:
1. Confirm your Budget
While the process of negotiation is important, you must pay attention to the pre-negotiation steps. The first crucial pre-negotiation consideration is the budget or the amount you have considered spending on your bike. Note that there will be some added costs like GST, registration, insurance, and maintenance that come with a new bike.
2. Do in-Depth Research and Shortlist your Choices
It is quite easy to get swayed or confused when you have several options within your price bracket. Thus, it is better to get good research done in advance to choose the best options you are looking at. The research will help you narrow down your choices regarding bikes and dealers.
3. Call/Email Dealers for Quotes
Once you reach this stage, it means that you have already figured out/shortlisted the best bikes. So, the next thing is to call the dealers seeking bike quotations for the models you have shortlisted. However, do not make any hurried decisions. Remember to compare quotes before choosing the apt one.
4. Negotiate
This is the final stage when you can use your negotiation skills to the best of your ability. Once you have the quotes from all known dealers, that’s when the actual process of negotiation starts. Look for details like real-time comparison of bike offers, or look for the same model in different locations. Also, consider the shipping and transportation charges and so on. If not priced, you can negotiate on complimentary services, added gear, etc.
Just note that your offer should not be below the actual value of the bike. You may look for festive offers and sales to avail discounts on MRP. Also, paying in cash can get you some added deals. So, get it checked with the dealer.
If the two-wheeler you plan to buy is in high demand, it may not offer any concession. In that case, you may wait a while to expect a discount once the demand is low.
Use the above tips and more to negotiate on your new bike price. Remember to stay firm on your words and decisions.
Do’s and Don’ts to Consider While Buying a Brand New Bike
Do’s |
Don’ts |
Do remember that there are several two-wheeler models with varying prices. So, you can’t expect to get the same negotiation on price for two different models |
Do not be too choosy while selecting the bike model and price. First, make up your mind about the bike, then start the negotiation |
Do in-depth research before you shortlist the two-wheeler you want and the dealer |
Do not get lured by the offers at the first showroom. Look for a few options before making your choice or before you buy your two-wheeler |
Do try to seek a zero-cost EMI from your financier or bank while availing bike loan |
Do not talk about counter price with the dealer as the person may not entertain you further |
Tips for Choosing the Best Two-Wheeler Insurance Policy for your New Bike
Buying a bike of your choice is terrific. However, you must note that protecting it against damages and risks is equally important. Thus, it is your responsibility to avail a good, comprehensive bike insurance plan for your vehicle to safeguard it against accidents and damages.
Here are some tips to help you with availing the best insurance plan:
- Know the type of coverage you want for your bike as per the bike model
- Keep in mind that the premium of your bike is decided by the CC or cubic capacity of the vehicle
- Explore the add-on covers that you may choose to give your comprehensive bike insurance plan added strength
- Enquire about the insurer’s history and claim settlement ratio to ensure that they allow smooth claim settlement. Here, checking the reputation of the insurer is important
- Compare and buy bike insurance policies online to better understand bike rates and benefits from different insurers. Read the customer reviews too for a fair idea of different plans
There are several online apps that will give you the option to buy second hand bikes near you.
If you plan to buy a new vehicle in cash, you may negotiate the showroom bike price to get better offers and deals from your dealer.
To get the best deals on bike, you can negotiate prices on accessories, especially for those with a more significant markup and services like maintenance.
Try to quote an amount that is 10% on the lower side compared to the available market price.
The price of top-end bikes is unlikely to drop in 2024, but there may be reductions in the mid-range bikes
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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