A friend passed away. Need some thoughts on pricing his tools for sale.

[David Tiell]

A friend who was a woodworker recently passed away, and his wife has asked me to help inventory his stuff and price it for sale. None of it is high dollar stuff, mostly benchtop type Craftsman power tools, but there is a nice Craftsman Professional 14" bandsaw and decent Delta 6" jointer. All of it is in very good shape.

I would like to price it so that she doesn't get taken advantage of, but also not so high that it doesn't sell. I buy and sell a lot of fishing tackle, and in that world around 60% of retail seems to be an acceptable price for most decent used stuff. Are tools the same way today? It's been quite some time since I've bought and sold any tools. I'm thinking maybe starting at about 60% with the option to negotiate.

I would appreciate any advice from anyone with experience buying and sell used tools.

Thanks,

Dave

[Chris Hachet]

Sixty percent seems like a good rule of thumb to start. I have had better luck selling directly to other wood workers. Otherwise, you get a lot of crazy low ball offers.

[Charles Taylor]

Sixty percent seems like a good rule of thumb to start. I have had better luck selling directly to other wood workers. Otherwise, you get a lot of crazy low ball offers.


I've typically considered 50% of new retail to be the rule of thumb for machines and tools in good condition. But it's a loose rule; I've often bought for more or sold for less.

[Matt Day]

If it were me i think speed of sale would be appreciated, so I'd go 40-50%. Especially since it's mainly benchtop stuff which isn't hugely desirable.

[John K Jordan]

I also usually consider about 50% of the new price, more or less. Less if more wear or "consumer" tools, more if new or for professional tools. (Old iron is a different category!)

Be careful about showing a shop or garage full of tools to the general public. I read of one guy who advertised on Craig's list and one guy came back later and broke into the shop to steal what he wanted. I may have read it here on SMC.

It may be difficult to prevent since people will understandably want to see the tools and make sure they run and they might not be easily moved outside. But it might be worth reviewing security. Maybe rent a Doberman!

Another option is to first contact local wood-related clubs. The clubs I belong to occasionally send out emails about tools or wood available in the area from both members and non-members. I know a guy who bought a complete shop and a storage building full of exotic wood that way.

You can list the items on the Classified forum here and someone in your area might want them. I think you do have to be a contributor but the required minimum cost for that is trivial!

JKJ

[andy bessette]

60% might be a good rule for quality tools/machines, but not for Craftsman. These tools are often found, brand new, on sale for 30-40% off.

[Joe Jensen]

depending on where she lives, there may be company that will sell them turnkey on ebay as a service. Around here they get 35% but you drop things off and they do the rest.

[lowell holmes]

Losing your friend and disposing of his tools must be depressing. I'm sorry for your loss.

[David Dockstader]

Lastly, try the local woodworking club. Our club regularly sends a team out to price all the tools in a workshop in such a situation. We give a fair market price for our area and the only thing we ask is that the owner let the club members have first shot at purchasing the tools. We must do this 5 or 6 times a year and it works very well for all concerned. The widow gets an intelligent asking price and a ready marketplace of willing buyers while the club members get a chance to get tools at a reasonable price.

[Jerome Sidley]

I anyone come on here to sell my tools just ask my wife how much I paid and double it, it will still be a good deal for the buyer. Just saying.

[lowell holmes]

I anyone come on here to sell my tools just ask my wife how much I paid and double it, it will still be a good deal for the buyer. Just saying.
And she would know???

[Mark Carlson]

How does one price a tool that is no longer made? Some woodworkers have tools they bought 40 years ago. I guess you could check what the going price is on ebay. Good luck with your task.

[Greg Parrish]

I'd say it depends on the tool. For example if I decided to sell my1972 restored PM66 with sharkguard, extended and short rails, side table, floor cart, 3hp leeson USA motor, etc I would be asking for premium price as opposed to 50% retail. Just saying. I would look on eBay and craigslist for comparisons.

[julian abram]

Lastly, try the local woodworking club. Our club regularly sends a team out to price all the tools in a workshop in such a situation. We give a fair market price for our area and the only thing we ask is that the owner let the club members have first shot at purchasing the tools. We must do this 5 or 6 times a year and it works very well for all concerned. The widow gets an intelligent asking price and a ready marketplace of willing buyers while the club members get a chance to get tools at a reasonable price.

Interesting and great ideal! Thanks for sharing,

[Warren Wilson]

This will not be a helpful comment, but a very good friend died a few years ago and his wife asked me to please take what woodworking tools I wanted from his garage.

He was not much of a woodworker, but I did take a set of bar clamps. Now, whenever I hold one of of his clamps and tighten it onto a workpiece, I cannot help but think of my buddy's hand holding it in that exact manner in his own work. It's a neat way to remember him.

No help with pricing, but the question provoked a good thought of my buddy.

[lowell holmes]

I'm 81 and sometimes wonder what my wife would do with my tools in case I pass away. (I sure don't dwell on it)

How in the world could she put a value on the stuff. My estate would not support hiring a conservator.

Do any of you know of a list of used tool values?

OBTW, I fitness walk for 1+ miles each day and experience no discomfort doing so. I have done this for about 15 years.

[David Tiell]

I'm 81 and sometimes wonder what my wife would do with my tools in case I pass away. (I sure don't dwell on it)

How in the world could she put a value on the stuff. My estate would not support hiring a conservator.

Do any of you know of a list of used tool values?

OBTW, I fitness walk for 1+ miles each day and experience no discomfort doing so. I have done this for about 15 years.

Lowell,
A while back, I started an inventory of my tools. I looked some stuff up on ebay, but mostly went with prices I would consider reasonable if I were to purchase it again. I did this for my wife in case she had to sell it after I'm gone. It will help her out if she is ever in my friend's wife's shoes. But I don't use most of the Craftsman power tools he had and what the value would be, feeling it would be lower than top quality stuff. That is why I asked here.

On a side note, it sounds like you are doing great, and to be walking over a mile a day at 81 is fantastic! Keep it up!

[David Tiell]

This will not be a helpful comment, but a very good friend died a few years ago and his wife asked me to please take what woodworking tools I wanted from his garage.

He was not much of a woodworker, but I did take a set of bar clamps. Now, whenever I hold one of of his clamps and tighten it onto a workpiece, I cannot help but think of my buddy's hand holding it in that exact manner in his own work. It's a neat way to remember him.

No help with pricing, but the question provoked a good thought of my buddy.

Yeah, there a couple small hand tools I plan to buy from her myself for this very reason.

[rudy de haas]

You can get a good idea of what is selling and what isn't by watching craigslist and/or kijiji. Look at what people are asking for comparable products and see how long the ads stay up. $125 (cdn = about 97USD) for a working craftsman 6" jointer might be gone in two days - i.e. that's too cheap. An ad for a 14" Mastercraft bandsaw at $80 that stays up for a month tells you what that's worth etc etc

[johnny means]

I'll be leaving all my junk to charity. I'd hate to burden my family by making them deal with a bunch of cheapskate lowballers like myself.:D

[Ed Labadie]

Find a reputable local on-line auction house and let the bidders fight it out.

http://bid.sheridanauctionservice.com/view-auctions/catalog/id/16013/

Ed