Never negotiate before someone comes to look at your bike. That will eliminate lots of low ballers. I always price things 10% higher than I want so when they want to negotiate I already have the mental room in my brain to go lower.
I just go straight to ebay for small stuff. It’s too much trouble to meet up with people to sell a derailleur or some shifters. Easier to give it to my mail carrier. Plus, I usually get more on ebay.
I am eBay all the way. If only because I don’t have to answer DMs or emails full of dumb questions. Always the same two “Is it still available?” and “What’s the lowest you’ll take for it?”
That alone is worth the 13% they take.
Is it true that over $600 and the seller has to pay sales tax now?
Only if you earn a profit but you’ll have to deal with the 1099 on your taxes regardless.
If you buy a bike for $1200 and then sell it for $1000, it’s a $200 loss and no tax due.
I still have lots of questions about these 1099s and having to deal with the tax forms is putting me off on selling.
What country? In the USA the buyer always pays sales tax, and eBay does collect it (from the buyer). The seller pays a “final value fee” or something to that effect, which is eBay’s take for using their platform.
It changed this year.
Ok, that’s not an eBay thing per se, that’s some new financial reporting regulations introduced in one of the giant stimulus bills passed last year. If you received payment through PayPal or Venmo you would also get a 1099-K, and now you have to account for that on your income tax return. It’s only taxable if it’s business income. Only way you avoid that is a cash sale.
Just to be clear, you need to show proof of purchase price, then proof of sale price, and then the taxes get involved in the difference. Agree it’s not just eBay, but it applies to everyone, not just businesses.
If you have receipts (guessing it’s a small percent who do), this will actually work in your favor if you are taking a loss.
At least that’s how I understand it.
I don’t know as of yet how the filing part will work. But I also highly doubt the IRS has the bandwidth to investigate even a small percentage of these transactions. Most of my purchase receipts are electronic, so I can pull them up if needed. But for the sake of simplicity on filing my taxes, I am hoping some sort of self attestation will be adequate here. I am even willing to risk an audit, just because I think it would be so improbable.
I hear you. I’ve been trying to sell my pristine Tri bike locally and not much real interest here, even though our store has very few Tri bikes. Brand new drive train doesn’t even draw buyers…
I’ve sold two bikes this year with no problem and got asking price both times. Pinkbike has been the best marketplace for me.
I’ve been trying to sell an older but race ready tri bike for over a year. Decreased the price quite a bit in that time. Just not much interest locally. A local bike shop that was taking trade-ins said they don’t buy tri bikes anymore because they can’t sell them. It has gotten to a point where I have considered just donating it to a local college tri club. At least I could feel good about some poor college student enjoying it and stoking their love for the sport.
I have an opportunity to sell one of my bikes through a Canyon buy/sell group on Facebook, but I would need to ship it to the buyer. I’ve never sold except for locally. Does anyone have any advice on what payment I could/should accept to protect myself? I have concerns about shipping a bike to someone and them pulling payment out from under me.
Any suggestions would be much appreciated. Thanks!
PayPal Goods & Services is what I use. I have not dug into the protections, but that seems to be one of the main options. Avoid anyone that asks for the Friends & Family (or whatever it’s called) because that definitely lacks protection.
As such, there is a fee for G&S, that you want to keep in mind. You can use a calculator to figure that out, and decide if you want to adjust your price to cover it.
I feel like I have my gravel bike priced fair and cant get any interest. I also ride a 58
Mine has better rims and a power meter then the option from the manufacture has listed for 6k and I cant get any interest at $4500. I might not buy a new bike since I cant sell the 2021 bike.
Are you willing to ship? That really opens up a lot of sales. You just have to do like Chad mentioned and force the buyer to use services that protect you (and unfortunately decrease your profit)
Yeah, but that still decreases your profit because you could have kept the amount you added since the buyer was willing to pay it. It’s semantics though, I agree with you that getting that coverage is more important than anything else.
As I have bought two bikes in the last few months and had them shipped, I will mention that shipping costs may be LARGE. I had one bike shipped at $100 and another at $300. Both nearly cross country as they came from the East Coast to the Mountain West region. The lower cost one was with BikeFlights while the higher one was UPS directly.
Worth keeping this in mind as closer shipping will likely be cheaper, but still unlikely to be cheap and may impact who might be willing to eat that cost, since I always make S&H their fee added on top of the main bike sale price.
The stuff I’ve sold I shipped through Bike flights and it was easy. I’ll do it again…if anything ever sells 