Value of a 1998 Honda VFR800 that needs work

I bought a friend's 1998 VFR800, neither of us realized how much work it would need. The bike looks great, but it needs:
New front and rear tires (due to dry rot)
All new fluids (the bike has been sitting for 4 years)
New battery
Probably needs rebuilt cylinders of front caliper (brake is dragging while we pushed it onto the trailer)
Needs its 8,000 mile service (its got 10,000 miles on it, but missed the service)
And there's some mild rust in the gas tank
Only has one non-original key


The body is in good shape - a couple small scratches on the tank (probably buff out), a 3" scratch on the front fender (definitely won't buff out), and a scratch on the right fairing (it was knocked over once in a parking lot, but no cracks in fairing). There are also some wear marks around where the back of the seat goes from the Corbin gun fighter seat it had on it (key for back compartment of Corbin seat is missing). Also included is the factory seat that has been comfort modified and shaved by Spencer Turnier in Florida.

This bike has sat for four years. Two of those years were outside under a cover. So there's some surface rust on the chain and gears, but that should wear right off with a nice lube and a few miles of riding.

So... my point is: I don't know if anything else might be wrong with it, but what would a fair price for a bike in this condition be?

Would it be worth it to part it out? What parts are worth a decent amount of money?

Thanks for your help!

 

Based on your description I would think it is valued somewhere around $1500-1800 as she sits right now. Once the maintenance, tires, and tank issues are addressed and you get the bike running properly you should be able to get somewhere between $2500 and $3000. Not worth parting out in my opinion. Be sure to carefully check the airbox for rodent nests and inspect all the wiring for damage too.

 

Very interesting and welcome to the world of VFRs.. What part of the country? like AZ. or the SW, texas where it's dry probably not much to worry about less what you've spoke of, if it was in the PNW or the mid states and the east coast I'd be more concerned. Up here I'd say by your description $800-1000. in running condition $12-1500.
But since it needs tires, chain and sprockets, brakes gone through, a very thorough tank cleaning job. then there's the battery and electrical bug a boos yet to be found, yea I like the $1100 mark. now had it at least been running add another 5-600. These in fair shape but still have some road wounds and needing some attention still fetch 2500+ you'll spend up wards of a grand just to get to a point of asking yourself what did I get into But VFRs are worth it But Damn Man, wheres the photos? Enjoy

 

When I bought my 5 Gen, it was in decent shape but none the less I did a full flush/full of all the fluids and rebuilt both front and rear calipers, rear caliper had a couple of stuck Pistons, and the fronts I did for good measure. My gas tank was fine but tires were done, so those were changed right away. I replaced the air filter, spark plugs and did a thurough check of the electrical connections and charged the battery.

I did all the work myself, so if you're at all mechanically inclined, you could do the same and save yourself some dough and get familiar with your bike at the same time. That's if your decide to keep it, hint keep it!

 

I can't see any issue with what needs doing, routine maintenance and a couple of tires and a polish. Are you fishing as to what money to give your friend or have you actually paid for it and did you want to ride it or turn a buck on it. All have different outcomes

 

Thanks guys for all of the input. Sorry for the lack of photos. The bike is sitting at my local Honda shop for estimate and repairs.

Here's the rest of the story on it, for those that are curious:
The bike is located in Sharon, PA. So the weather up here is not kind to bikes left out in it. We get everything from feet of snow to 90+ temps in the summer. I bought the bike from my friend, but I made the mistake of assuming (we all know how that goes). I had assumed he had stored it properly and taken care of it. Instead, it was just parked and left - 2 years in a garage followed by 2 years outside. The bike has sat in a garage for about 4 years prior to all of that, but in an attempt to sell the bike, the owner had it serviced (new fluids, new tires, etc.) and put maybe 20-30 miles on it before it got parked again. It's a huge shame the tires now have dry rot, since they're virtually new.

Flash forward to the present: both the owner and I assumed it would be easy and relatively cheap to get it back on the road. So I paid him $2,000 for it. I expected to have about $300 in service (new fluids, battery, state inspection) for it to be road worthy. Unfortunately, the shop tells me it is more like $1,200 and that's just the stuff he found with a quick visual inspection. Due to how long it sat outside, there's no telling what else might be wrong or how much more it might cost. Also, the shop can't help me with the rust in the tank. He said they wouldn't touch it. I've read up on how to clean the rust out and line the tank with polymer (like Red Kote or Kreem). But even on that front, the reviews are very mixed - lots of people love it, lots of people hate it.

Anyway, neither myself nor the original owner is able to do the work ourselves. I'm not willing to put half the value of the bike into repairs, especially not knowing how much more it will need. My friend, the original owner, just wants rid of it. Since we both were shocked by the amount of repairs it needs, he's agreed to take the bike back and give me the $2k back. I'll eat the fees on the title transfer and the towing of the bike to/from the shop.

He has asked me to check with the shop to see what they would give me for it, and he would pay me the difference from the $2k. I'm betting the shop won't want it. They're buried in work and probably aren't interested in a project bike, but I'll ask them anyway.

So... if anyone here is interested, let me know. I'm betting you could get a good deal if you want a project bike. If you can do the work yourself, it might be a good investment to flip it.

 

To give you some perspective I bought a 2002 6th Gen for $1200 that needed work. It had been sitting but insidefinitely a garage. I have a soft spot for project bikes but you have to look at the asking price and start to tack on the known charges. Brakes will be $130 and chain and sprockets will be another $250 if you do the work yourself. Dealership work will be the most expensive option. Budget $250 for tires and these are the things you can see. There is always a reason people stop riding a bike and sometimes that is because of a major mechanical meltdown. Just be advised that nothing is more expensive than a cheap bike.

 

LOL, I had to learn that one the hard way.

 

We all learn it the hard way!

Sent from my XT1064 using Tapatalk

 

I've been looking at a few 5th bikes, I looked at two 98 models, both were advertised to be in excellent shape, but to me, not worth near what these people are asking for them. What would er 98 be worth in ok condition?

The condition I'm referring to is rusted steel, pitted aluminum, faded paint, needs tires, needs fork seals, needs battery, etc. The bikes look older than they actually are. Looks like they've been sitting outside their entire life.
One of them has 24k miles, the other has 34k miles. The owners are asking around 3 grand each, and I think that is just crazy.
What would be a realistic counter offer?

 

I hate to say this but I wouldn't offer anything over $2000 and only that if it ran well.

Sent from my XT1064 using Tapatalk

 

That's what I was thinking, but I don't want to say that to them, I'm afraid they will take offense.
I wanted to ask because I really have no idea what a good price would be, and I really don't want to pay a lot for something if it's not worth it.
They seem to run well, but look like old worn out bikes. I wish I had more 98's to look at for comparison.

 

It's no offense. It's what the bike is worth to you. Make an offer, put it in writing and give it a time limit like 10 days. I had a buddy that did this and while they may not have liked his offer many times it was the only offer they got. Also your job is not to make the seller happy by paying big bucks for his junk.

Sent from my XT1064 using Tapatalk

 

If the bike is in a Honda dealership shop to get roadworthy, Two grand is just the start.

Not to worry aboot hurting any feelings at any vehicle dealership.. They have very thick skins that come from skinning customers..

 

Well, if you don't mind doing the work, I'm sure you can get mine for a lot less than $2k. LOL

 

I wish these bikes were at dealerships, I would feel a lot better buying from a dealer because I know they would make sure the bike would be mechanically sound. The bikes I've been looking at are locally advertised in for sale ads. I don't have any nice dealerships in my area.

 

Lol.... What do you have?

 

I'm an idiot. Your the original poster, so I'm guessing you have a 98 that needs work! Lol

 

We live in a Craigslist world where an ad costs nothing and a lot of people throw their bikes on there with unrealistic prices. I try, when I have a bike to sell, to price it fairly if not a little cheaply with a some wiggle room built in. That way, if the guy comes out, with cash money and offers me less I can take the deal. He must to come out. I will not haggle price without meeting face to face.

 

You got it. If you have a truck/trailer and time to drive to Western PA, I'm sure you could get a deal. From my drives to the Dragon, it's about 8 hours from Maryville to here. If the bike wasn't at the shop, I'd post pics of it.