Prices for used tools

[Dick Sylvan]

Do to space constraints, I have ordered a Hammer C3-31 combination machine and will need to sell my 10" Jet cabinet saw, Jet 15" planer , and 8" Bridgestone jointer (all 3hp, 220V). They are all about 5-8 years old and in fine operating condition. Should I price them based on some percentage of the new price or is there a better way to do this. If I use a %, what should it be? Thanks.

[Jim Becker]

"General Rule of Thumb" is half of retail price; a little more if in really nice condition and a little less if not. It's a judgment call, however...and your local market also affects it. Check out what similar items are selling for on Craig's List for your area, for example...and don't forget to advertise in the SMC Free Classifieds, too!

[David Weaver]

... and give us a gloat and an update on how you like the Hammer when you get it.

[Dick Sylvan]

They say it will be here in July!!

[Matt Lentzner]

I would agree with Jim. Up to 2/3 of retail for "like new" down to 1/3 for "well-used". 1/2 retail is for a typical used item and less than 1/3 for items that need repair or service.

I think that Amazon is screwing these rules up a bit though. For example I saw a nailer combo set on craigslist for $200 - half what the seller purchased for $400. Problem is, I was able to buy this set on Amazon for $240. I am very disinclined to buy anything used at this point.

The flip side is that durable, high-quality, expensive items hold their value better. I would think one could sell a well-maintained/gently-used Minimax Bandsaw for 2/3 to 3/4 of it's retail value.

Hope that helps,

Matt

[Jim Becker]

Yes, "what it is" and "who made it" also affect value. Jet tools in good condition do hold their value well. I recently sold a Jet LT Cabinet Saw (with mobile base and in excellent condition) for a good chunk of it's original cost in.

[Paul Johnstone]

If you go to ebay and do an advanced search on "completed items only", you can see what the prices are for all 15" planers in the last 30 days.
Do the same with all your other tools.

That's a pretty decent starting point.

Sometimes a premium top of the line tool is harder to sell. There's a guy here that's listed a min-max bandsaw several times.. But I already have a big bandsaw (even though it's not as nice). It's also hard for some people to come up with that much cash fast. So, it may take time if you go the Craig's list route, but that's definitely worth trying.

[glenn bradley]

Where are you? The price could slide up or down based on your area.

[Doug Shepard]

A lot depends too on how quick you want to move the items. If you're going to wait until your combo machine arrives, you're probably going to want the old tools out of there quick or you wont have anywhere to work. Once I've decided to sell something I usually try and price it to generate ad replies and get it sold quickly. I dont really like price haggling and often have 2-3 more interested parties if the first buyer decides they're not interested. I may have been able to get a bit more money for some things but have usually been able to get things sold within a week of listing them.

[Ted Miller]

I would see whats available in classifieds in your area for the kinds of machines you have for sale. Then price them to move quick a bit below other ads of the same equipment. Tools guys like us, price means more than we like to admit, also if you can offer local delivery that is another plus...

[Jeff Kerr]

Dick,

These are all great ideas. If you look at the completed listings on ebay take into consideration the shipping costs. Many buyers will discount the price they pay based on the shipping costs in order to receive.

I just sold my CMS there and actually sold it for more than I paid for it used. Local auctions are also a great way to gauge prices. If you check out local ads for auctions that have this type of stuff you can also tell what the prices are in your area.

As an auctioneer I firmly believe in the auction process for both buying and selling. It is the truest form of valuation. Items are worth what they sell for on that day at that time.

[Ed Jolin]

My 0.02. I haven't sold many tools, but as a buyer, I look for 60% of what I can buy it for new. I don't like to haggle, so if I don't like the listed price, I seldom bite. I agree with what Matt said - even though someone paid more when they purchased it, my price is 60% of Amazon (or wherever).

I also am not generally swayed by 'extras' unless it is significant. i.e. 6" riser on a bandsaw or extra set of knives for a planer doesn't figure into my 60% calculation.

good luck!
-ed