How to price tools?

[David Stone]

I may be selling my shop.  I'm trying to figure out how to price my big tools.  I bought my TS, BS, jointer, dust collector (all Grizzly) about 10 years ago.  They're in very good condition, with not much mileage on them given their age.  Do I price them based on a used tool price, or with consideration for what a new tool would cost?

For example, I paid $725 for my GO490 jointer in 2009, and added a Shelix cutterhead.  The current price for a 490X (with Shelix) is $1800 -- although that includes a $300 tariff bump.
What would be a good price?  I could see a good argument that $1000 is fair because a new unit costs so much more.  Am I nuts?

[Splinter Puller]

I may be selling my shop.  I'm trying to figure out how to price my big tools.  I bought my TS, BS, jointer, dust collector (all Grizzly) about 10 years ago.  They're in very good condition, with not much mileage on them given their age.  Do I price them based on a used tool price, or with consideration for what a new tool would cost?

For example, I paid $725 for my GO490 jointer in 2009, and added a Shelix cutterhead.  The current price for a 490X (with Shelix) is $1800 -- although that includes a $300 tariff bump.
What would be a good price?  I could see a good argument that $1000 is fair because a new unit costs so much more.  Am I nuts?

I consider half of new to be common and fair for most cases.

Make sure you take a bit of time to clean up your tools though... a few minutes with wd40 and a sander with scotchbright will fix rusty cast iron.

[Greg Jones]

I don't know what a good price would be, but I would say that this would be an excellent time to get top dollar for used Grizzly machinery. With the tariffs in place and the extremely low inventories/long wait times for new Grizzly products today, you may never see resale values like you do today.

[jlanciani]

The 50% rule of thumb is sort of the de facto standard, and it is an ok place to start, but there are a bunch of variable that will add or subtract from the final selling price. Things to consider are replacement cost, condition, location, desirability, included extras, and whether you want to maximize your return or minimize your effort to sell.

Desirable equipment in great condition in a good market may yield 70% or more of the replacement cost, and a used up dog out in the sticks may bring 10%. One thing to remember, too; its easy to lower the price to close a deal but its impossible to raise the price if someone agrees to buy it for your listed price the instant they see it.

[Strokes77]

What you paid for the item is irrelevant.... Unless your buyer has access to a time machine...

His choices are: your tool, another used option, or new... New in 2005 isn't a choice.

[Handplanesandmore]

I may be selling my shop.  I'm trying to figure out how to price my big tools.  I bought my TS, BS, jointer, dust collector (all Grizzly) about 10 years ago.  They're in very good condition, with not much mileage on them given their age.  Do I price them based on a used tool price, or with consideration for what a new tool would cost?

For example, I paid $725 for my GO490 jointer in 2009, and added a Shelix cutterhead.  The current price for a 490X (with Shelix) is $1800 -- although that includes a $300 tariff bump.
What would be a good price?  I could see a good argument that $1000 is fair because a new unit costs so much more.  Am I nuts?

Assuming your machines are in clean, good conditions and carry the same model #s and similar features of the new machines, always price with reference to the current prices of the new.

In your case, if a 490X is $1800 (the tariff is not an issue because if someone buys new, they have to pay the tariff; of course someone can wait...if they can and then they are not your targeted buyers), you would apply the % you feel right to $1800. If you want to sell at 50%, then the asking price will be $1000 (allowing the other guy to bid $100 down; people love to know they get a bargain). If 65% is your call, do a similar calculation.

Always clean your machines and take lots of pictures.

If you are in a hurry to sell, lower your mark-down %. 

One more trick: create a sense of competition. Tell people you will respond to all inquiries in the order they receive. They never know if they are the first or the only bidder. I usually sell my stuff in less than two days and within two attempts of listing. Don't put Or Best Offer behind your asking price!!! People will counteroffer unless you put Firm Prices.

Simon

[David Stone]

Thanks everyone.  I'm trying to work out a single deal to sell everything.  (I was talking with a friend about how I was selling my house and had a big wood shop I needed to deal with.  He said he know someone who just bought a weekend house in the area and was planning on putting in a wood shop.  Talk about coincidences.)

This will give a good starting point for big tools.  I've also got lots of gizmos and gadgets, a Leigh FMT and D4R pro, lots of clamps, and a big stack of walnut, mahogany & poplar.  

The thought of selling all this stuff kills me.  I'm also considering "lending" everything to a friend so he can use it, with the understanding that I'll take it back if I ever find myself with space for a wood shop.  I'd hate to have to go out and buy everything again.   But that seems like a recipe for disaster and a lost friendship.

[jteneyck]

Thanks everyone.  I'm trying to work out a single deal to sell everything.  (I was talking with a friend about how I was selling my house and had a big wood shop I needed to deal with.  He said he know someone who just bought a weekend house in the area and was planning on putting in a wood shop.  Talk about coincidences.)

This will give a good starting point for big tools.  I've also got lots of gizmos and gadgets, a Leigh FMT and D4R pro, lots of clamps, and a big stack of walnut, mahogany & poplar.  

The thought of selling all this stuff kills me.  I'm also considering "lending" everything to a friend so he can use it, with the understanding that I'll take it back if I ever find myself with space for a wood shop.  I'd hate to have to go out and buy everything again.   But that seems like a recipe for disaster and a lost friendship.

I think you are right about the risks associated with lending your tools/machines to what likely will turn out to be your ex friend.  Better to sell it all now and buy again if the time comes.  As for the price of your machines my take is the same as others, 50% of new is a good place to start from.  The fact that your jointer has a helical head adds a lot of value because that's what people want these days, so I'd say that machine is worth more than 50% of new because people will still feel they are getting a good deal.  If it had a straight knife head in it, on the other hand, you would likely not get 50% of a new straight knife machine.  Same with your TS.  If it has a riving knife you will get more than one w/o.  IMHO, anyway.

Sorry you are considering selling off your machines, but I hope you make out OK in the process.  Just the thought of moving out what I have in my basement shoip makes me depressed.  

John

[paarker]

I bought the exact shopfox equivalent of the jointer you're talking about for $1000, and drove 2-1/2 hours to pick it up. I was more than satisfied with the deal.

[David Stone]

I probably should have started with this.  Is there a way to get a consensus for a fair price on all this stuff?  The big tools are all in excellent condition, with only minor discoloration on the tables.  I'm guessing, however, that the price would depend on what the buyer really wants.   A new Leigh FMT is $1100 (plus tax and shipping), but it's not worth anything to someone who doesn't want one.
 

Grizzly 1023sl left tilt table saw (w/ extra inserts).

 

Forrest Woodworker II 10” 40 Tooth

Freud Diablo thin kerf rip blade 10”

 

Incra TS-LS table saw fence

(I also have the original Grizzly fence and miter gauge)

 

Freud Dial-a-Dado dado set (recently sharpened)

Push sticks, feather boards, Wixey angle guage, digital height guage)

 

2 10" saw blades (Forrest WWII, thin kerf rip blade)

Various accessories (featherboard, push sticks, miter sled)

 

Micro-Jig Gripper push block

 

Incra Miter 1000SE miter gauge

 

Incra HingeCrafter jig

 

Grizzly 513X band saw.

(Miter gauge; probably 4-5 blades)

 

Grizzly GO490 Jointer with aftermarket Byrd Shelix cutterhead

(Push blocks)

 

Grizzly GO548 2hp dust collector with Long Ranger remote.  Many hoses and connectors.

 

Grizzly tenoning jig

 

Delta scroll saw

 

Dewalt 13" table-top planer 

(Flip top stand; Wixey Digital Height Guage)

 

Festool Kapex

 

Freud 2200 plunge router

 

Porter Cable 890 router with fixed and plunge base

 

Shop-made router table with Incra Wonder Fence (inserts for both Freud & PC routers).

Bits, collars, etc.)

 

Port-a-mate miter saw stand.

 

Rigid oscillating spindle sander

 

Festool TS-55 track saw, with 55” rail

 

Leigh FMT mortise and tenon jig

(Used once!)

 

Leigh D4R pro dovetail jig (w/ all guides).

 

Worksharp 3000 sharpening system  (wide blade attachment, extra discs)

 

Earlex HV 5500 Spray Station

(w/ extra needles, guns)

 

Porter Cable random orbital sander

 

Kreig Pocket Hole Jig Master System (w/ extra clamp)

 

Veritas Hand Planes:  standard block plane; low angle jack plane; low angle spokeshave; router plane; cabinet scraper; medium shoulder plane.  (Non-veritas:  Miller Falls #5; a few other some random planes I’ve picked up over the years)

 

Bosch Colt router

 

Bosch jig saw

 

Taper jig

 

Lots of clamps (Bessy, Rockler, etc.) of various length.

 

Husky 26 gallon compressor, with Porter Cable guns (nail, brad, stapler)

 

Measuring:  Starrett 18”, Woodpecker 12”, Woodpecker 24”, Woodpecker 24” T-rule, Woodpecker triangle

 

Lee Valley setup blocks

 

Lee Valley razor dovetail saw.

 

Marking knives, card scrapers

 

Flush trim saw

 

Compasses, protractors (digital & analog)

 

Drill bits, Set of Forstner bits