Understanding the 'rules' when buying second hand
For a family watching costs, buying second hand merchandise can translate into some pretty hefty savings – if you can find anything at a reasonable price, of course. 
On the lookout for several second hand items, Sandy L, an engineer mom who blogs at First Gen American is nothing short of amazed at the total lack of price awareness of some of the sellers on popular sites like Craigslist, Kijiji, and a stack of local imitators.
First off, get over yourself. Think of selling your old stuff as earning, not losing, money.
You lost the money long ago when you made that decision to buy the item, particularly if you’re not really using in the first place. The sooner you realize your mistake and resell it at a reasonable rate, the more money you’ll be able to recoup, she suggests.
There are rules, however. Ticket prices are fairly easy to figure out but what's a used drill or appliance really worth?
As a buyer in the second hand market, she expects a discount for the following reasons:
- You’re not a store and you don’t have a return policy.
- I am taking a risk and don’t know how the item has been stored or misused while it was in your possession.
- You likely don’t have exactly what I need, so I don’t get to be as selective with my color/finish/brand, etc.
- If you’re selling something by the quantity, like flooring, it’s likely you’re not selling the exact quantity I need. Plus, if you only have a small quantity, there is going to be a very limited amount of buyers who can find a use for your product.
- I’m not comparing your product to the exact same brand/model that you bought in the store, but the cheapest version of that product that I can buy brand new.
- Your product is old and if it is still around in the new retail market, it’s usually been heavily discounted and more often than not costs a lot less than what you paid.
Do you agree? What's your criteria when trying to determine fair value? Any suggestions?
By Gordon Powers, MSN Money
* Follow Gordon on Twitter here.
Posted by: First Gen American | Aug 4, 2021 11:39:23 AM
Thanks for featuring this article. Admittedly, I'm a bit of a craigslist addict. If you're out there selling, I think it's important to be able to understand what's going on in your potential buyer's head.
The biggest thing I see is that people tend to cling to that price they paid for the product originally and are in denial about depreciation or big loss in value something has when it's a newer model comes out.
Posted by: Juan | Aug 8, 2021 11:10:58 PM
I agree w/ what you say....and I do look every so offen @ kijiji..from musical instruments to auto parts hoping to find some bargain. But most of the sellers have unrealistic prices. Listen...if it's just 30% off from a new one...I'm not bitting. It has to be at least 50% off or more to get my attention. Simply because I have to have the knowledge to know what I'm buying & at the same time, it could be garbage ( defective ). All the best.
Posted by: Debbie | Aug 10, 2021 12:12:34 AM
It depends on what it is. Some things become extremely de-valued over time, and others gain value. Let me explain: When my sons grow out of clothes, I sell them (brand name stuff) for a buck or 2, more to clean their rooms out than out of expectation of getting anything back. When I have a garage sale, not only do I drop the prices to almost nothing, if someone buys something I tell them to pick something else out for free. (if I put it in a garage sale, I don't want it back in the house)
The exception: Something that is hard to get. I am an avid cardmaker/scrapbooker. Some of my wood stamp sets retired in the late 90's. I know their value, and have sold them for 3 times what I paid on Ebay. Another example: When I was still pregnant with my youngest (he is now 2) I bought both my boys a Disney Cars Ceiling Fan. (the deluxe ones from the US) We decided that our boys would be happier sharing a room, so I put the fan on Ebay on auction, and it got bidded up to $350 (I paid $100). Why? Because they haven't been for sale in over a year.
So it depends on what you are selling, and looking at it with an objective, but intelligent eye. No one is going to pay close to retail for clothing, but for a collector's item, they will pay a lot.