But, if you are rajin and kiamsiap, DIY je la!
Cut out the middleman and sell the bike yourself. Even though selling DIY can take longer, we promise it’ll be worth it!
This is how you do it:
1. Browse some of the many online motorcycle marketplaces to figure out the market price for your bike.Remember that your bike’s market value can be affected by things like major accidents, mileage and whether your bike has been modified (some modifications can increase the value, while some can decrease it). You’ll also want to factor in your outstanding loan amount, if any.
2. Stand by for the enquiries!This is the leceh part lah: you’ll have to layan all prospective buyers yourself. For test rides, make sure that you get some sort of collateral i.e. a copy driver’s license and IC first so that they don’t bawak lari your bike.
Yay, I have a buyer! So, how to transfer ownership ah?If you used a dealer, they can tolong. If you DIY, this part also must DIY la! Here’s the step-by-step:
1. Get an earnest deposit and take your bike off the market. If the buyer changes their mind for any reason, you get to keep it!
2. If you took a hire purchase loan, settle the outstanding amount. Go to any branch of your lending bank and ask them to calculate your early settlement amount. Once settled, the bank will inform JPJ to update ownership to you. Usually, it will take a few days lah.
3. Settle outstanding summonses, if any. You can check this online at sites like MyEG (cross your fingers while you’re at it!).
4. Transfer ownership at JPJ. Both you and the buyer should be present. Fill up your respective sections on the Tukar Hak Milik (Change of Ownership). There’s a nominal RM3 fee and an additional RM20 if there is a new loan involved, but usually the buyer bayar.
5. Hand over the keys and collect your moolah. At this point, the buyer should have the downpayment or full amount ready. If the buyer is taking a hire purchase loan, the buyer’s bank will send you the balance in a few days.
6. Cancel your insurance policy. Get an endorsement letter from your insurer stating your No Claim Discount (NCD) amount. You can use this to claim NCD for your new bike (you can’t transfer NCD if you’re buying a car though!)
Aaaaaand DONE. Bye-bye old bike!
I also plan to buy a bike. What’s the process ah?You nak new ke second-hand? Shop around and consider your options. Once you’ve decided on a bike, you’ll need to go thru the whole process again, but this time with you in the buyer’s seat. Again, if you buy from a dealer (or salesperson if it’s a new motorcycle), they can help.
If you’re buying directly from the owner, here’s what you need to do:1. Pay an earnest deposit. See step 1 above.
2. Secure a bank loan, if needed. Shop around a few banks for the best deal. Have copies of the motorcycle grant, your salary slips, EPF statement, IC and driving (riding?) license ready. The bank you choose will issue a letter of undertaking to JPJ to transfer ownership.
3. Apply for an insurance policy. While there will be agents providing this service at JPJ, kalau nak senang¸ better do this online beforehand lah. Make sure the sum insured is the market value of the bike (including modifications) at the time of purchase.
4. Transfer ownership at JPJ. See step 6 above. You can also renew the bike’s road tax here if it has expired.
5. Hand over the cash. See step 5 above. Get the keys aaaaaand DONE. You can now ride away on your new pair of wheels!
Got any other tips or not?
Pro Tip 1: If you need to finance your bike, you may want to consider a personal loan instead of a hire purchase loan. Do the math to see which one works out better for you. Use this personal loan comparison tool by Loanstreet to see which gives more benefit.
Pro Tip 2: Cancel your old insurance policy only AFTER you’ve handed over the bike. Don’t pandai-pandai ride around without insurance. You might get into an accident, or even worse, kena saman! If you haven't renewed/purchased road tax and motorcycle insurance, you can click here.
Pro Tip 3: Before buying a used bike, check with JPJ and the police to see if it has been in any major accidents.
Pro Tip 4: It is common practice to have your insurance and road tax expire on the same day, for ease of renewal. If your new bike’s road tax is still active, your insurance provider can advise you on how to line up these periods.
Got any more pro tips or not, kawan? Let us know your experience changing motorbikes in the comments section, and don’t forget to share this article.