How to Use Hagerty to Determine Motorcycle Value
Knowing the value of a motorcycle before buying or selling one is a vital step in either process.
Finding out that you’ve overpaid on an already large purchase is understandably painful. Equally agonizing is selling an item you later realize you could’ve gotten much more for.
Thankfully, many resources exist today to help with this. With just a few minutes of light research, finding an accurate value for your ride is a very manageable process.
Hagerty is most known for providing insurance on classic vehicles. They also feature a tool on their website that helps the public calculate values for classic cars, trucks and motorcycles.
To learn everything you need to know about Hagerty’s pricing tool, continue reading below!
Key Terms
Hagerty differs slightly from other internet valuation tools. Unlike many others, they provide four different values for each model they have sufficient information for. Let’s explore what each value means.
Concours
Concours motorcycles are the best in the entire world. They are flawless in every aspect, and “groomed down to the tire treads.” There is no dirt or dust anywhere to be found on these motorcycles. All paint and chrome must be immaculate. Any materials used on these bikes must fit like a glove. These have the potential to win almost any show.
Excellent
Excellent motorcycles are a step down from concours, but still very impressive. Occasionally, they are former concours bikes that have been ridden and/or have aged. Motorcycle enthusiasts will have to inspect closely for blemishes, but a handful will exist. Paint and chrome still appear to be top notch. These bikes are front runners to win local shows and ride as if they just came off the lot.
Good
Good motorcycles will ride without issue, but are not used daily. Casual observers will not notice any visible imperfections, but there may be small chips in the paint or light scratches on the chrome. They may also feature some incorrect parts. If it’s a motorcycle with several of these flaws, it can still be considered “good,” especially if it has been balanced out by restoration and improvements elsewhere.
Fair
Fair motorcycles are ridden daily, with imperfections easily noticeable to the general public. The gas tank may be dented, a side mirror may be cracked, or the seat may be splitting at the seams. Paintwork may be faded or chipped in many places. Any missing parts aren’t major, but the bike may feature several non-stock additions.
Step-by-Step
This piece was originally written in January 2023. Hagerty may have made minor changes to this part of their website since. We hope these steps will remain similar if that does happen.
- Begin by visiting Hagerty’s valuation page. (If you do not have an account with Hagerty, create a free one by clicking the icon in the top right of the web page. This will allow you to see complete pricing information).
- You may search by vehicle keyword, VIN, or by a list of manufacturers.
- If the keyword/VIN search is not yielding desired results, click “search by make.” You will then choose the make from an alphabetized list.
- Once you have chosen the make, you will do the same thing for the model on the next page.
- After selecting the model, you will choose a listed year that Hagerty has information for.
- Select an engine configuration for your chosen year, make and model.
- You will reach the page that lists the four different condition values. Beneath the values, you may find a chart that illustrates pricing history from the previous year.
Data Breakdown and Setting a Sale Price
Calculating your own private sale price may be slightly different from doing so using the Kelley Blue Book (KBB) and National Automobile Dealers Association (NADA) tools.
Hagerty states that 70 percent of their market data comes from private party sales. Although it’s uncommon to report these sales publicly, Hagerty gathers sales information through the insurance data they have on hand.
Another 20 percent of market data is retrieved from auctions. Not only do they track sale prices, they also commonly perform in-person inspections for these motorcycles at auction. This helps Hagerty get a clearer understanding of the condition of the bike combined with its sale price.
The remaining 10 percent comes from dealer sales. Although small in percentage, these sales can be very insightful. This is due to the detailed nature in which a dealer can clarify the history and specifications of the motorcycles they sell.
On top of this all, Hagerty does not simply collect data, enter it into an algorithm and push out that number. Each value is evaluated and scrutinized by Hagerty’s team of professionals to provide the most accurate figures possible.
When using this resource to value your bike when selling, be honest with yourself. Analyze your motorcycle as if you were going to personally buy it, and assign it one of the four conditions. If you believe it is somewhere in the middle of two conditions, that’s OK. Decide which condition it is closest to, and slightly adjust your number either up or down from the figure listed.
Common Valuation Questions
Why can’t I find a value for my motorcycle?
Since Hagerty is a provider for classic vehicle insurance, this is naturally what their pricing tool specializes in. The platform does feature some pricing data on newer bikes. However, a majority of the motorcycles with ample data are at least 25 years old.
Why do Hagerty’s values differ from those of KBB and NADA?
You may find that Hagerty’s values are not always in line with other valuation websites. This is normal. KBB offers only two values per motorcycle. NADA lists up to a possible five values, but their parameters are much different.
For example, KBB only offers “typical listing price” and “trade-in value.” A motorcycle in “good” condition according to Hagerty will often fall in between the two KBB values, but not always.
NADA lists four (sometimes up to five) values for their motorcycles as well. Most of the condition names are similar, but NADA’s standards for “good” and “fair” are slightly lower. With these lower standards come lower price points.
Each company uses different sets of data and algorithms to help them create these values. Comparing values across multiple sites is a great way to find the real-world value of a motorcycle.
I listed my motorcycle online at the suggested price for my condition. Why am I not receiving offers?
When shopping for a motorcycle, especially one of a classic or vintage variety, people do their research. These people are ready to spend money, but want to do so wisely. Because of this, you’ll want to ensure your motorcycle is priced competitively.
Search the internet for listings of the bike you are selling. If the number of results is overwhelming, try narrowing your search to your geographical area.
If you are listing with ChopperExchange, you may also use our own Bike Price Report. This report generates data on the average, most expensive and least expensive motorcycles of the criteria you select. The report also includes the sale amounts of any recently sold bikes matching this criteria, if applicable.
Consider the season in which you are selling your motorcycle, too. If it is a slower season, such as fall or winter, be prepared to lower your price. Buyers love to hunt for deals in the offseason. Some may refuse to come near typical market price during this time. You may always bump your price back up once riding season rolls back around if it has not sold by then.
I’ve reached my bottom line price. What else can I do to sell my motorcycle?
If your motorcycle is priced competitively and you’re at a point where you can’t go any lower, a few options still exist.
Consider placing a price qualifier on your asking price. You may add “negotiable” or “best offer” to the price point. Many prospective buyers are more likely to reach out when they see there is a little wiggle room. You don’t have to accept an offer you’re not comfortable with, but this should help get negotiations going if you feel stuck.
If you’ve chosen a selling platform that features listing upgrades, think about adding some of those as well. They can help increase the exposure of your listing; from placing it in a premium spot to elevating it in search results. They may cost you money in the short term, but you’ll be happy to make it back when your motorcycle sells.
You may also list your motorcycle in multiple places if none of the above are working at the moment. More eyeballs can’t hurt!
Conclusion
Research is a key preliminary step in both buying and selling a motorcycle. Knowing the value of one is perhaps the most important. Hagerty helps make this a quick and easy step with their pricing tool.
Eyeing that bike you saw advertised recently, but don’t know where to start? Check out our tips on how to buy a motorcycle online.
Think you’re ready to list your motorcycle for sale once you’ve found its value? Check out our free and premium listing packages.
Which motorcycle are you currently researching? Let us know down below!
