Here's the problem with any issues on these bikes, almost-any bikes, really.
One thing can mask another issue, or issues. A bad 2nd gear is a common VMax problem, and that alone is enough to cut the market value of these bikes, in-half. Most people aren't going to be able to fix a bad 2nd gear on their own. It's probably $2,000 to take your bike to a Yamaha dealer, and to get them to do the work, many dealerships won't agree to take-on such work, unless you pay substantially, up-front. Why? because when the bike comes-in and it needs a 2nd gear, in the course of a teardown other issues come to-light. Suddenly that estimate is out the window, and to most people, the bike is going to be something they are not-willing to pay-for. They walk-away from the bike, abandoning it, and the dealership is reluctant to spend the time and $ to fix it, because the dealership market for a Gen 1 isn't going to get then their $ out of it. Try and trade-in a Gen 1 these days, and they'll probably offer you < $1K for it. That's a running one.
These are great bikes for someone who can fix the issues that commonly occur: carburetor cleaning/rebuild, fork seals/downtubes replacement; R/R replacement with a MOSFET unit; battery, brake pads, rebuild/replace front brake and/or clutch master cylinders (also clutch slave cyl); brake calipers rebuild; clutch friction discs (steelies rarely need replacement, just a scuffing); and, yes, the second-gear replacement. I didn't mention tires, that's a given. Electrical repairs can quickly turn a bike into a nightmare.
If the bike cannot operate properly, such-as the clutch is acting-up, which could be nothing-more-than needing a good bleeding, that's gonna prevent you from easily and safely operating the bike to hammer-it in 2nd gear, to see if the gear dogs and the mating holes are worn, and if the bike is one which has sat for years, now needing carbs done, that 2nd gear repair, tires, brake pads, calipers, all hydraulics rebuilt/cleaned, fork seals, maybe downtubes, cleaning the gas tank, maybe sealing it, etc., suddenly that's a $500 bike. A savvy seller will know this and will know the bike's true-worth; an unscrupulous seller will know 2nd gear is bad, and all those other deferred-maintenance issues, but still insist, "hey these are selling on ebay motors for $6,000!" That may-be someone's asking-price, but sales prices are more like half-that, for stock bikes in decent shape.
We're on-here because we like these bikes, most of us can do some if not most of the work needed to keep them on the road. Also, there is a good body of knowledge when those problems occur: someone on-here, or who has been on-here, has had your problem before. The search function is your-friend.
The key is to being smart with your money, buy the best bike you can. If you're buying something having the quality of, "it needs work," do NOT over-pay! For me here in the good, ol' USA I wouldn't pay over $1,000 for a in good-shape VMax with some desirable accessories needing 2nd gear, and I can do the work. Something neglected and weathered, not-running, that price gets cut in-half, and only if the bike turns-over and has compression. A locked-up bike engine for me consigns it to a $250-$300 price range. No, I don't care how-much they're selling-for on ebay motors, that's my price. GLWS.
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