Part II
MaxMidnight's links and comments were a good view of the process of evaluating a possible purchase. I just added some detail on part of the evaluation. If you dont 'know bikes,' enlist the assistance of someone who does, to help prevent you from the acquisition of a turd on wheels.
The savvy customer may be able to find a less-desirable bike, needing some replacement parts, and work to correct neglected maintenance and repairs, which sells for a greatly-reduced price just because of these things. One example of this among our ranks is
CaptainKyle, who isn't afraid to purchase a VMax needing repair of the problem of the transmission jumping out of second gear, because he's a mechanic, and has done probably dozens of such repairs on bikes he's bought for a song, just because of this, or on customers' bikes, who need their rides restored to function from a damaged transmission.
A VMax needing a transmission repair like second gear jumping out of engagement, loses probably half its value because of this. A Yamaha dealer may not consent to performing such a repair because in the course of attempting such a fix, they discover other things needing repair, and suddenly the dealer's expenses for parts and labor exceed the value of the motorcycle, should the owner abandon the bike, and now the dealer's stuck with a bike which is now repaired, but which has numerous cosmetic conditions, making it a tough sale on the marketplace. If you want to find this out for yourself, speak with your friendly local MN Yamaha service writer, and tell him, "I just bought a (1985-2007) VMax, but when I accelerate, it jumps out of second gear. I want you to fix it, how-much?" and I bet his/her response is, we don't work on anything that old and that in-need of extensive repairs." Why is that? Because when you abandon the repaired bike with a $2000+ repair bill, they have to file a mechanic's lien and attempt to sell it. They don't want the headache.
Common VMax issues on a bike sitting for months or years, and suffering from various maladies which caused them to be not used, include:
starting issues (use the search function to read about this, 'box of rocks' is what the problem sounds like (starter clutch issues)
worn-out clutch: slave cyl. needs rebuilding/replacement; system needs bleeding (it's hydraulic); worn friction discs
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tires are shot, especially the rear; tires are many years old (every tire has a date code, learn how to read it); worn tires cause wobbly handling, especially at higher speeds
worn steering head bearings, a source of imprecise handling. The top bearing outer race can be problematic to remove. Welding a couple of beads 180 degrees apart on the inner surface of the outer race does two things: the heat helps removal, and the beads give you a purchase point for a chisel or punch to knock out the race. Some use a Dremel cut-off wheel to notch that pesky outer race in a couple places, be careful not to cut-into the steering head! Then a chisel to remove it.
f & r brakes need calipers rebuilt, replacement brake pads (HH for the front compound recommended), and proper bleeding (search function for the 'reverse-bleed')
leaking fork seals, not particularly difficult, but use of a pneumatic gun is useful to loosen the bottom allen screws holding the damper rods, access is at the bottom of the sliders, after removing the front wheel/axle; a cordless impact may also do it. Badly leaking fork seals can contaminate your brake pads which are lubricated from the factory and need no additional oil (joking!) The brake pad contamination is no joking matter though.
a fresh battery is often needed, the CDI ignition whatever the year (1985-'89 have a 5-wire crankshaft/stator pick-up coil; 1990-'07 have a two-wire ignition pick-up coil) doesn't work well unless it has a strong battery. Consider that a replacement battery is a usual and customary replacement item on any used VMax, unless it was replaced by the seller recently. Failure to spin vigorously, and quickly running-out of 'beans' on a second successive attempt to turn the engine over, without getting it running means budget for a battery
chasing-down prior owners' botched electrical repairs can be frustrating. Soldering is superior to Scotch-Locks! Or crimping. There are some places where you can improve upon OEM wiring. One is the connection from the stator which makes AC power and sends it to the regulator/rectifier (R/R) via 3 wires along the left engine cradle frame member. There is a nylon 3-wire connector which often turns brown with age, and even crumbles due to the energy the stator produces to power the motorcycle electrical system (~50 VAC for all three wires) This is a common location for problems at the connector. Many owners solder the wires from the stator to the R/R. It makes no difference which stator wire goes to which R/R wire, what's important is no broken wires, no corrosion, and no loose wires. Again soldering beats crimping.
Charred wires, they could result in a fire: Say, what's that white plastic canister, full of liquid? The gas filter
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In the wire harness beneath the seat, is a large crimp connector (white arrow) where several wires of the electrical system, are collectively ganged-together and a brass crimp collar makes the connection. Spending a few minutes to remove the black tape covering this part of the wire harness, and soldering the wires to a shiny end-product (a small 25 watt soldering iron like for working on circuit boards will not generate sufficient heat, you need rosin core solder or rosin paste and a heavier-wattage iron or gun) will usually increase the conduction to the battery by 1 VDC. Homework: search function for 'crimp-fix')
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These are some of the things to look-for. Ther are many others. Don't be afraid to walk-away from a bike sending out all the wrong signals: it doesn't run/won't start; battery is flat, so you can't even see if it turns-over (put the bike in 5th gear, and try to push it to see if the engine is frozen, if it has no battery); crash damage (more on that, below); the coolant reservoir is dry (you have to remove the right scoop to access the coolant cap, if that's dry too, better give the bike a thorough inspection); you cannot see any oil in the oil window on the right side case of the engine; the master cylinder reservoirs for the hydraulic clutch and front brake are dry, or the brake fluid is low and opaque; the levers pull-back with no resistance whatsoever; a hacked-up wire harness, or random wires hanging-out or cut; scabby, rusty fork downtubes, new OEM are hideously expensive, see Race-Tech or Forking by Frank for more reasonably-priced ones, but that's going to be a $500 bill after purchasing new downtubes, seals, and fork oil. Your labor is free.
I mentioned crash damage. Places to look for obvious signs of it are the ends of the handlebars, the ends of the footpegs, the accessory case-savers at the front left and right of the frame; the handlebar levers (front brake, clutch); a broken headlight, and more-obviously, bent front forks. They are
not supposed to look like a backwards boomerang.
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Also check the lower fork triple tree and examine the fork stops. In a bad accident, those can be snapped-off. Broken, crushed bodywork. On the OEM exhaust megaphones, road rash on the outer edges of the rear-most diameter. Additional dents no extra charge.
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I've often bought non-operational bikes for minimal expenditure because I was willing to take the gamble, but for your first VMax, I suggest only purchasing a functional bike needing very little, or nothing. Few things are as frustrating as buying a new to you bike, and discovering it needs more in repairs than you've budgeted. "It doesn't run," you tell your mechanic, and he texts you this pic:
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Because I had a lot of parts, when I found this on a bike, I just replaced the cam, and had it running at no additional cost in a couple of hours. I suspect you'd rather not be faced with this level of repair.
This thread could go on and on, but I'm going to close with, "if you don't know bikes, find someone who does and inspect the bike thoroughly." Happy hunting.