Read the following sentence and identify if the verb form 

That’s a very old bicycle. How long do you have it?

• As given within the hint, the current perfect represents the consequences of the actions of the past on this situation.
• The formation of present perfect tense tense- Has/have + past participle/ 3rd style of the verb.
  Example- She has forgotten her book.
• Here, we will understand that the action of ‘forgetting the book’ began within the past and continues to be continuing within the present.
• In the given question; X is asking Y about the old bike he bought within the past and remains using it within the present.
  Now, let’s examine the given options-
• The used verb form isn't correct. Hence, it's an incorrect option.
• We cannot use an easy tense to precise the accurate meaning of the sentence. Hence, it's an incorrect option.
• We cannot use simple present to point an action that began within the past. Hence, it's an incorrect option.
• We use the current perfective to point an action that began within the past and is constant within the present. So, it's the right option.
   

Hence, option D is the correct answer.