Dude, 20K or 0 doesn't matter. This isn't some collector car that's over 50 years old.
Right from the KBB page...
"The Kelley Blue Book Suggested Retail Value is representative of dealers' asking prices for a used unit in excellent condition."
Remind me again how excellent condition is the same as refurbished? :|
Also, if you would've kept reading you would've found this...
"This value also takes into account the dealers' profit, costs for advertising, sales commissions and other costs of doing business."
The $12,705 amount is, again, reflective of a DEALERSHIP'S PRICE and is including things like sales tax, licensing and other internal costs which dealers always add to everything including the used bikes. As a private seller, you can ask what a dealer's selling price is, but any idiot should know not to pay you what they can get haggled down at a dealer for less money.
FWIW, KBB really needs to add a "Private Party" function to the motorcycle sales area. As it has been mentioned on BARF before, the best way to gauge a price for private party off of KBB is to average the trade-in value and the retail value for the bike. In that case, you'd be looking at $10,952.50
(Retail=$12,705 + Trade-in= $9200 /2 = $10952.50)