Used Tool Prices

[Rich Riddle]

I read through many sources for selecting used tools. It seems these days that the people selling tools are asking nearly new prices for used tools. Why would they expect people to pay 80% or more for used tools when they could get the new ones for a pittance more with a full warranty? Why are buyers paying such high prices for used tools? One member here was asking MORE than new for a Jet power tool last week. It bewilders me why people try this.

[Ralph Boumenot]

I can't believe what people pay for tools on ebay. I saw a LN block plane, used, that had a current bid $60 more than a new one. I don't understand this pricing neither.

[Charles Wiggins]

I read through many sources for selecting used tools. It seems these days that the people selling tools are asking nearly new prices for used tools.


Why would they expect people to pay 80% or more for used tools when they could get the new ones for a pittance more with a full warranty?
Hoping for a sucker, I guess. PT Barnum made quite a living on that premise.


Why are buyers paying such high prices for used tools?
A combination of ignorance and auction fever I guess. It astounds me that people don't do a little research before they bid or buy.

Years ago I wanted a fitness center quality rowing machine, so I hit eBay looking for used models. The bidding drove every single one up to more than a brand new one, so I finally gave up and ordered a new one from the factory.

I've been to a few estate auctions around here and it is rare that I see things go for a reasonable price. I guess my best deal was a Fein Multimaster for $27.50. Apparently, no one knew what it was. I wasn't even planning to bid on it, but when they only got one bid of $25.00 I just couldn't let it go to someone else that cheap. I hit my bid and there was no counter, so I got it. If I'd been really smart I'd have flipped it, but it had come in handy a couple of times.

[Steve Meliza]

People list at high prices because they either get a sale at that high price or it gives them room to negotiate down. I've actually been on the happy end of listing two items at a high "buy-it-now" price on eBay and had people buy at that price rather than choose to bid $1 and take their chances on an auction. It boggles the mind, but it is what it is and isn't just limited to used tools as Charles mentioned. The up side is that we have an excuse to buy new tools. :)

[Don Jarvie]

All of these TV shows don't help where people are getting good money for junk so everyone now thinks their junk is worth gold.

[glenn bradley]

Some folks also perpetuate the illusion that older machines, no matter how mediocre they were brand new, are now suddenly better than any of "that TaiChi junk" currently available. We've all seen the handplane handle and frog being sold as an "atique, extremely rare, handplain" (sic), or the "professional" tablesaw that turns out to be a job site saw that has seen better days. All we can do is try to be fair in our own dealings and look for others who are like us.

[Rich Riddle]

Some folks also perpetuate the illusion that older machines, no matter how mediocre they were brand new, are now suddenly better than any of "that TaiChi junk" currently available.
I will rebuild high quality old woodworking machines (OWWM) but simply refuse to look at many because they are simply old. Many domestic tool companies put out junk even back in the day; that's one reason they went out of business. Potential availability of parts also makes one ponder if an OWWM is worth restoring. Many parts exist for old Powermatic and Delta professional level tools but not so much for the Craftsman quality level tools for instance.

I know of few tools made in Taiwan these days. In my experiences Taiwan manufactured many higher quality tools. In reality tools made in any country can be of poor or high quality. Many forget that fact. I am just getting disgruntled in searching for a reasonably maintained and working planer. Sooner or later one will surface at a fair price that is made by a decent quality producer. Until then, we wait.

[Marty Paulus]

I noticed on my local CL that a Rigid 6" Jointer was listed at $1000. I have seen 8" Deltas for less. Not sure what this guy is thinking.

[Gary Max]

I want to know how to find these overpaying folks---- they are never around when I sell tools.:D

[Damon Stathatos]

I will rebuild high quality old woodworking machines (OWWM) but simply refuse to look at many because they are simply old...

Forget rebuilding them, buy them out of a working shop that's either closing or paring down. Large shops maintain their machines as it's too costly for them to be down. No reason to fool around with graveyard machines when working ones can be easily had at graveyard prices.

[Rich Riddle]

Almost on que, someone is trying to sell a "never used" Lie Neilsen Number 1 plan in the classified section for $200 more than a brand new one from the factory costs.

[Rich Riddle]

Forget rebuilding them, buy them out of a working shop that's either closing or paring down. Large shops maintain their machines as it's too costly for them to be down. No reason to fool around with graveyard machines when working ones can be easily had at graveyard prices.

You have far more faith in the way shop's maintain their tools than I have to say the least. The tools I have purchased in the past with the most need of total restoration come out of "working shops" that either closed or pared down. In my experiences those shops work the life out of tools and use them until they stop and cannot easily be fixed.

[John Lanciani]

Almost on que, someone is trying to sell a "never used" Lie Neilsen Number 1 plan in the classified section for $200 more than a brand new one from the factory costs.

You do realize that that particular plane was a one time collectors piece and not a catalog item don't you? :rolleyes:

[Rich Riddle]

You do realize that that particular plane was a one time collectors piece and not a catalog item don't you? :rolleyes:

The mere fact that something is labeled as "limited edition" or "special edition" does not make it worth more money. What makes this plane qualitatively different from the exact plane they are selling at this time? In a marketing class, you will be taught this technique to garner more income without more expenses to the company. Many of us drive automobiles that say "limited edition" and indeed few of them are produced in that line yet even if we put them in a garage on blocks we will experience depreciation. I thoroughly understand marketing techniques and economics. This label in and of itself means little to nothing.

[Erik Loza]

In my experience, many folks seem more interested in the idea of "a bargain" than in actually owning or using a tool.

I cannot tell you the number of customers I've talked to who balked at the price of a new machine then later, told me how they bought a used one, but actually ended up paying more for transportation/gas/time and labor, to get it from Point-A to Point-B, spare parts to get it back in shape, etc. Well, they never really tell me they paid more but you can just do the math in your head and figure that fact out easily enough. In other words, there are some folks who get no emotional satisfaction out of just ordering a new machine and as we all know, most of us make our buying decisions based on emotion, rather than need. The excitement of a "bargain" is just irresistible sometimes. Of course, there is nothing wrong with that.

Just an interesting observation.

Erik Loza
Minimax USA

[John Lanciani]

The mere fact that something is labeled as "limited edition" or "special edition" does not make it worth more money. ... This label in and of itself means little to nothing.

The label in and of itself might not mean anything, but if it is truly a limited production item it might mean everything to a collector. Just because you don't see the value does not mean that others feel the same way. If you truly understand marketing then you should have a good handle on "prestiege products" that (to some) have costs beyond their utility. Diamond rings are a perfect example...

As for cars, the Fords of the world will build all of the "limited edition" cars that they can sell, and they are not worth any more than an unlimited edition. On the other hand when Ferrari made 699(?) Enzo's and stopped making them they all became worth as much as the 700th customer was willing to spend to buy one. That's the difference here.

[Myk Rian]

The label in and of itself might not mean anything, but if it is truly a limited production item it might mean everything to a collector. Just because you don't see the value does not mean that others feel the same way. If you truly understand marketing then you should have a good handle on "prestiege products" that (to some) have costs beyond their utility. Diamond rings are a perfect example...
Delta 882 machine lamps are another example.
They sell for $50- $100+. I saw one sell on e-bay for $158. All that for a lamp that cost less than $2 back in the day. They are "desirable".

[Rich Riddle]

In my experience, many folks seem more interested in the idea of "a bargain" than in actually owning or using a tool.

I cannot tell you the number of customers I've talked to who balked at the price of a new machine then later, told me how they bought a used one, but actually ended up paying more for transportation/gas/time and labor, to get it from Point-A to Point-B, spare parts to get it back in shape, etc. Well, they never really tell me they paid more but you can just do the math in your head and figure that fact out easily enough. In other words, there are some folks who get no emotional satisfaction out of just ordering a new machine and as we all know, most of us make our buying decisions based on emotion, rather than need. The excitement of a "bargain" is just irresistible sometimes. Of course, there is nothing wrong with that.

Just an interesting observation.

Erik Loza
Minimax USA
I try to use logic with rare exception. I will rebuild an old woodworking machine if it performs a task I need done, does it as well as a new model, and does it at less than half the price of a new model. I rebuilt a Powermatic 143 metal/wood bandsaw and have less than $500 in it. I cut metal and wood, hence the need. Parts will be available for quite some time for it, well at least my lifetime. I don't understand why people would overpay for used tools, ever.

I recently wanted a second table saw and looked at a used Unisaw. A local woodworker had one still in the crate that he never unboxed from the early 2000's, a "Limited Edition" Unisaw. He wanted more for it than a brand new Unisaw. Of course, he still owns it since no one will pay that price or ever will. Perhaps if there is an extremely rare specimen of a tool then one would be tempted, but then you aren't really buying a tool to use. Certainly a mass producer like Lie Neilsen doesn't qualify. I have some of their planes and they are high quality. They aren't exceptional pieces. But as an expression states, "there's a sucker born every minute."

Regarding Minimax and Hammer products, I won't ever have to buy them, just stay in dad's good graces when he lets his go. They are good products. Another thing I don't understand is why people purchase "cheap" products they will use on a frequent basis.

[John Fabre]

I owned a Jet 1442 1hp lathe for five years, paid $650.00 for it new. Sold it for $1,000.00 or so to upgrade. Bought a Jet 1662 lathe for $1,300.00, sold it for $1,700.00 six years later to upgrade. After the guy paid, he said "do you know what this is going for". Both guys were from used tool stores who sold them for a profit. It could be the brand Jet, because I lost my shorts on my Oneway, still new when I sold it. When I wanted to upgrade, I called places to see what they would offer and they would pick up.

[Chris Walls]

Rich
People actually SELL tools ? I've loaned out tools, lost tools , had tools stolen , broken a few, completely worn out a few, had some junk I wish I'd never bought , had some borrowed and returned in better shape than it left , but never SOLD a tool. Didn't know anyone did that.
Chris:rolleyes:

[David Nighswander]

I read through many sources for selecting used tools. It seems these days that the people selling tools are asking nearly new prices for used tools. Why would they expect people to pay 80% or more for used tools when they could get the new ones for a pittance more with a full warranty? Why are buyers paying such high prices for used tools? One member here was asking MORE than new for a Jet power tool last week. It bewilders me why people try this.

I'm rather new to this forum so I hesitate to comment. Every tool I own is used. I might have purchased new but I bought it to use and do so.
I can understand the desire to get the most return from the sale. Based on some of the replies, I can understand why anyone would pay more than the fair market price for an item.
My mother once told me that she always bought the best she could afford. I took that to mean not the highest priced but the best made, best performing product or service. I still have some of hers and Dad's things that will never wear out.
Used tools can be confused with "antiques" in the mind of the purchaser. As Glenn Bradley said "We've all seen the handplane handle and frog being sold as an "atique, extremely rare, handplain" (sic)," Using that reference I can point to a $2.00 plane, http://www.youtube.com/watch?v=5J4wGeClnvY, that with a little time spent, even though it is butt ugly, still performs the same function with equal quality as the aforementioned LV plane.
Sure if I was flush with money I might buy the LV for the joy of owning a truly superior tool. I'm more likely to pick up a Dunlop, or Sargent, for little or nothing and have the best made, best performing, for the task at hand, that I can afford.

[Rich Riddle]

Rich
People actually SELL tools ? I've loaned out tools, lost tools , had tools stolen , broken a few, completely worn out a few, had some junk I wish I'd never bought , had some borrowed and returned in better shape than it left , but never SOLD a tool. Didn't know anyone did that.
Chris:rolleyes:

Chris,

I have sold a few tools after upgrading to better tools. An example would be selling a Ryobi drill press given as a gift after I found a vintage Rockwell variable speed drill press. Strange thing is that selling the Ryobi nearly paid for the vintage Rockwell.

[Andrew Pitonyak]

I'm rather new to this forum so I hesitate to comment.

No no no.... Jump into the fray..... and welcome! :D


I might have purchased new but I bought it to use and do so.

Exactly! I wish I had room for collector pieces. Sadly, I have a few things I purchased at a great price because I thought that I would use it.... and then did not. So even at a discount, I wasted my money.

[Rich Riddle]

Exactly! I wish I had room for collector pieces. Sadly, I have a few things I purchased at a great price because I thought that I would use it.... and then did not. So even at a discount, I wasted my money.

An articulate way to distinguish the difference between those of us who purchase tools to use as those who simply purchase tools. To me they are a means to an end. It's pleasant to have good tools but a waste of money and space to have unused and impractical tools. Tool collectors tend to drive up prices for those of us who really use them.

[Biff Johnson]

Good timing on this thread. I'm trying to negotiate with a guy on CL who has a used, couple year old supposedly "like new" Jet drum sander. He's asking $850....retails new for $900-925 locally. I just don't see how people come to their prices!?

[Paul Steiner]

I purchase and refurbish tools to use them, especially old planes. Using something with history just feels better. Personally I think someone selling a tool at a high price does not what to part with the tool. When I sell stuff I price it low because I want it to move.
This has been said before but I think all the shows on TV have inflated prices on the junk and antique market. Also I think there alot more people out their that think they can but old things I flip them for a profit. Lastly I never see the guys on TV buy tools, this is likely because tools were/are abundant and often worn out.

[Rich Riddle]

Good timing on this thread. I'm trying to negotiate with a guy on CL who has a used, couple year old supposedly "like new" Jet drum sander. He's asking $850....retails new for $900-925 locally. I just don't see how people come to their prices!?
I own several Jet tools and believe the sander you discuss is the Jet 629004K 16-32 Plus Drum Sander. Don't purchase it locally since they are running a 10% off sale and any retailer from whom you purchase it will drop-ship it to your home for free. Select a retailer that doesn't collect sales tax in your state. Right now that sander is $989 to your door. At $850 used, the seller wants 86% of current retail. When I purchased mine a couple of years ago, I got it shipped on sale to my home for $849. He only wants to break even after a couple years of use. Buy the new version with the 5 year warranty. By the way, if this is the sander you want, get it. It's a great unit. You can buy the sandpaper at lower prices from Hardwood, Lumber, and More in Milford. (I don't work there). Steve sells sandpaper that outlasts the Jet sandpaper for less than half the cost and ships it at cost to customers.

There is a member trying to sell a LV plane in the advertisements section. It's been "honed" but never used, right. He started out asking more than what a new one costs. When a member informed him of that, he dropped the price to 95% of new and got someone to bite. LV frequently runs sells at lower prices than what he got. I am beginning to think many people don't understand the value of used tools.