Determining A Used Instruments 'True' Value?

[Dispatch]

When looking into buying a prospective used guitar, how can you find out what its true 'book value' or it's genuine worth, as not to get ripped off?

 

[japetus]

When looking into buying a prospective used guitar, how can you find out what its true 'book value' or it's genuine worth, as not to get ripped off?

These days,Reverb and Ebay completed sales and auctions are a good indicator. If it is a collectable or rare instrument, it may vary more wildly depending on condition.

 

[DeathbyButterslax]

It seems pretty subjective these days. Some products go over 100% of new price, some go less than 50%. It also really depends on supply & demand

 

[skullfxr]

When looking into buying a prospective used guitar, how can you find out what its true 'book value' or it's genuine worth, as not to get ripped off?

These days,Reverb and Ebay completed sales and auctions are a good indicator. If it is a collectable or rare instrument, it may vary more wildly depending on condition.

This.

 

[nightlight]

It's only as valuable as someone is willing to pay for it. I've bought some gear cheap and sold for more than I bought it for, and sometimes I bought expensive gear and couldn't break even when I sold it.

This stuff works for a lot of stuff in cycles really. Demand peaks, demand drops, timing your sale is really important.

It also depends on how long you are willing to hold on to gear. Sometimes there'll be no buyers and tonnes of lowballers. Then one day some guy who wants the guitar will make an offer at your stated price and it's gone.

 

[scottosan]

When looking into buying a prospective used guitar, how can you find out what its true 'book value' or it's genuine worth, as not to get ripped off?

These days,Reverb and Ebay completed sales and auctions are a good indicator. If it is a collectable or rare instrument, it may vary more wildly depending on condition.

this^^^°°

And when I buy, I stay with people accepting best offer and if I'm interested start with an offer 15% lower than asking, unless it was just listed and I really want it. I think 15% under is a good balance without being absurd

 

[skullfxr]

When looking into buying a prospective used guitar, how can you find out what its true 'book value' or it's genuine worth, as not to get ripped off?

These days,Reverb and Ebay completed sales and auctions are a good indicator. If it is a collectable or rare instrument, it may vary more wildly depending on condition.

this^^^°°

And when I buy, I stay with people accepting best offer and if I'm interested start with an offer 15% lower than asking, unless it was just listed and I really want it. I think 15% under is a good balance without being absurd

That is what I usually go for on a best offer scenario too on reverb. 15% is usually what I add to my listings assuming that some one will offer a little less.

 

[cardinal]

Keep in mind the distinction between valuation and liquidity. To the right buyer, something might be worth a high amount, but it can take a long time for the buyer and seller to find each other. If a seller needs to sell though, he'll end up having to sell for less than what might be considered the actual value of the thing.

But yeah, completed listings are your best guide, but keep in mind a seller who can wait may not drop his price if he really thinks what he has is more valuable. He can just wait for the right buyer.

 

[Bad.Seed]

Keep in mind the distinction between valuation and liquidity. To the right buyer, something might be worth a high amount, but it can take a long time for the buyer and seller to find each other. If a seller needs to sell though, he'll end up having to sell for less than what might be considered the actual value of the thing.

But yeah, completed listings are your best guide, but keep in mind a seller who can wait may not drop his price if he really thinks what he has is more valuable. He can just wait for the right buyer.

This exactly right. I have made a nice little side business out of a hobby by flipping gear. I always price my items in the middle of the road as far as market pricing go. For Example, I just got a 2 Channel Dual Rectifier, I have Priced it at $925. It's not the lowest price on the market, but it's also $200-300 lower than some I see on ebay and reverb. It will probably take me a month or so to sell, but I'm ok with that.

Waiting for the right buyer is always more profitable, if you have the money and patience. And you being the buyer, if it's exactly what you want and is a price you consider reasonable, it's hard to say you're getting"ripped off" but I'd always research Reverb and eBay sold listings first, as others have said above.

 

[JackTripper]

One more vote for comparable completed listings. What people are actually paying is a good indicator of fair market value. What they are asking is often not.

Another thing to consider in buying a product is “buying the seller”—while the seller’s price might be the cheapest, are they reputable? Do they have good feedback?

I’ve got no problem paying more if I know the seller is top notch and has a reputation for customer satisfaction.

 

[skullfxr]

One more vote for comparable completed listings. What people are actually paying is a good indicator of fair market value. What they are asking is often not.

Another thing to consider in buying a product is “buying the seller”—while the seller’s price might be the cheapest, are they reputable? Do they have good feedback?

I’ve got no problem paying more if I know the seller is top notch and has a reputation for customer satisfaction.

 

[panhead]

It will sell for whatever someone is willing pay within reason.