How to price tools?

[Handplanesandmore]

I probably should have started with this.  Is there a way to get a consensus for a fair price on all this stuff? 

 

I already gave my advice: apply a % to the current retail values. Some can fetch a higher %, some lower. For example, Festool, WP, Veritas etc., I would ask 50% to 70% (plus some room for counterbidding), depending on their conditions. Festool Kapex is known to have motor issues and so depending on the buyer. If he or she is not knowledgeable, you may get 70% back.

Others may fetch 10% to 50%.

When I buy anything not new, I won't pay anything more than 60% of the current values. 10% - 50% is usually my target if I am buying.

Simon

[Strokes77]

Where are you located David?

[Timberwolf]

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?

...............
As a rule, tools just like most automobiles, {particularly power tools} don't get more valuable as they get older...half of what you paid would be a good place to start..Remember you don't give a new guarantee to the buyer of a used tool...Buyer has no idea of how much it has been used....A new machine has a warranty..That is important to lots of potential buyers...Price them so you can reduce it some..you can always go down but never up..
Disclaimer...I did increase my price once when the guy made me an insulting offer...He passed on it when I said no, but later came back and tried to buy it at the original asking price, but I told him the first price was my "sale" price and the sale was over.....He bought it at my "adjusted" price....Attitude makes a huge difference to me.

[ajkoontz]

Thanks everyone.  I'm trying to work out a single deal to sell everything. 

I've not heard many success stories of people selling their entire shop as one lot. You're limiting your market to resellers and people new to woodworking with a huge initial budget. The former likely won't be willing to give 50% new and the latter will probably just buy what they want new. It's a hassle to sell individual items, but that will get your best results, IMO. I think you would do better to have a yard sale and sell each piece individually. If you advertise well I think you will draw the best potential buyers for your ww equipment. Allows you to set your price & say no to lowball offers but limits your dealing with riff-raff to a weekend or two.

Personally, I like your idea of loaning a few items to your friend. Just think of it as giving it to them, not loaning, and I don't think it would cause any hard feelings. I'd be PO'd if they sold my stuff would be my only worry. Maybe not give them your whole shop, but I'd consider a few select items. I mean, even if you sold your TS at 25% retail to your friend do you think they would tell you no if you asked to come over and use it for a couple of hours down the road? Only you can decide what this is worth vs what you would gain selling outright.

[TGW]

I've not heard many success stories of people selling their entire shop as one lot. You're limiting your market to resellers and people new to woodworking with a huge initial budget. The former likely won't be willing to give 50% new and the latter will probably just buy what they want new. It's a hassle to sell individual items, but that will get your best results, IMO. I think you would do better to have a yard sale and sell each piece individually. If you advertise well I think you will draw the best potential buyers for your ww equipment. Allows you to set your price & say no to lowball offers but limits your dealing with riff-raff to a weekend or two.

Personally, I like your idea of loaning a few items to your friend. Just think of it as giving it to them, not loaning, and I don't think it would cause any hard feelings. I'd be PO'd if they sold my stuff would be my only worry. Maybe not give them your whole shop, but I'd consider a few select items. I mean, even if you sold your TS at 25% retail to your friend do you think they would tell you no if you asked to come over and use it for a couple of hours down the road? Only you can decide what this is worth vs what you would gain selling outright.

I agree. Selling all at once means that the only buyers you can find will be resellers who don't pay much. You don't sound like you are in a situation where you have a lot of money to shovel overboard.

By the way I rekon that if you see any chance of going back into woodworking in the future you should keep all important tools and machines and put them is storage. You aren't likely to ever again be able to cough up that money and get started again are you? Four or five times the best bid you can ever get from a reseller for the batch. Only to get back to where you are now......
Aside from that every craftsman adapts his way of working to the individual pecularities of his tools so even if you at some point strike gold and can afford to start again it will always feel like you are working with someone elses tools with everything wrong about them.
I don't know if you are like me but I am well aware that it would take me at an absolute minimum twenty years to get accustomed to new tools and make them perform properly.......

[Jim Tincher]

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?

If you were buying what would you be willing to pay?

There's not a set formula, some tools are worth more than others for numerous reasons. I don't buy into the 1/2 of new price, the machine may be worth more or worth less than that based on condition, rarity, ect...  too many variables....

[Arlin Eastman]

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 am not point this at you, but for me I have a bad case of honesty.  Even if I sell a tool and it goes way up in price I would still sell it for 50% to 75% of new of what I paid.

I have known a few people who I gave something to since they told me they needed it and a week later they were selling it which was very dishonest to me and would never do much with them again. 

Sorry for my .02

[fixtureman]

Good thing my wife isn't selling anything she doesn't get as is.  We had a mower that the dealer couldn't fix and took it back and she said they couldn't sell it but I told her they will just sell it as is and that is what they did.