How do you price your old tools that go up for sale?

[Len Coleman]

I am clearing some tools and was wondering how folks price out their stuff.  I will be trying craiglists first as most are simply too heavy to ship. I would say most are in excellent shape, brand names,  just not needed anymore so funds go to more goodies.  thoughts?

thanks
Len

 

[dltflt]

I just unloaded my bandsaw and I just looked on Craigslist to get comparable prices. I actually ended up getting what I paid for 10 years ago. Then picked up the OF1400

 

[grbmds]

I am clearing some tools and was wondering how folks price out their stuff.  I will be trying craiglists first as most are simply too heavy to ship. I would say most are in excellent shape, brand names,  just not needed anymore so funds go to more goodies.  thoughts?

thanks
Len

It's hard to price correctly. Sometimes the first price you select has to be dropped or no one even calls. For tools which are under 10 years old and still are sold retail, I try to figure out what it would cost new and what the price is that I would feel would justify not buying a new tool. If you don't get any calls in a couple of weeks, it usually means it's just a little high for interest. Sometimes dropping it only a little bit like $25 or $50 (depending on what it is) will generate enough calls to sell. I have never found a formula and it's hard to compare what is listed on Craig's list unless it is almost an identical tool. I have had success on Craig's list though and have sold several larger tools there when I replaced or moved on to something else.

 

[batcave]

I think half of a similar new model is fair.

 

[Corwin]

There are many factors that go into the pricing of used tools.  However, the original purchase price is not, and never should be one of them.

Is your used tool the same as what is currently available new, or has the new model been improved in some way?  Maybe your old model is actually better made than the current model? 

Did your used tool come with a warranty?  If there is still time left on it, is it transferable?  Is there any real value in that warranty in the first place?

How used is your older tool?  Is it older but yet unused, lightly used, still usable or about all used up?

The price you originally paid for the tool is irrelevant.  Prices change over time due to inflation, and you need to compare what you have to offer with today's prices.  Yet, if you just recently purchased a new tool and it is still unused, you cannot expect anyone to pay you what you paid -- you'll need to offer some incentive for a buyer to purchase from you.  There simply is no formula that you can apply to determine a price.  You have to evaluate the present value of the tool you have to offer.