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View _Whitey's profile

My formula for pricing used power tools

by _Whitey
posted 11-01-2017 07:31 PM


17 replies so far

View bigblockyeti's profile

bigblockyeti

5112 posts in 1716 days


#1 posted 11-01-2017 07:54 PM

I think the biggest wide card you have there would have to be rarity as many things that might have been pretty expensive a long time ago are for one reason or another just worth more.

My own recent experience was with a four footer Unisaw, it wasn’t priced to move very quickly as a 78 year old table saw, but as a specific vintage Unisaw it was. Despite being a bit dirty and with multiple coats of paint flaking off, I wanted it. It was complete with the cast iron “goose egg” motor cover and it ran. Miscommunication with the seller (who was selling for someone else) ultimately killed the deal when he couldn’t get back to me then the owner’s son sold it.

View MrUnix's profile

MrUnix

6704 posts in 2195 days


#2 posted 11-01-2017 08:10 PM

I ignore most of the stuff mentioned above… just doesn’t enter into the equation when you are going to tear a machine down and restore it. I start at what it’s worth as scrap metal and go from there. The most critical point, and one not mentioned, is being a complete machine (and broken bits should be considered missing as well). Getting it to look pretty is easy… sourcing and paying for missing bits will quickly add up and really bite you in the wallet.

Cheers,
Brad

-- Brad in FL - In Dog I trust... everything else is questionable

View _Whitey's profile

_Whitey

17 posts in 1547 days


#3 posted 11-01-2017 08:15 PM

bigblockyeti_I agree with you that the rarity of the item can be its most subjective property. Lots of things can affect how rare something is including age, location, proximity to industrial areas where tools are used or commercial areas where tool stores are common, or even where the manufacturer was located if it is old enough. Other tools are more susceptible to abuse thus sending them to the scrap yard more commonly than others. I have found that I usually don’t have to compensate for inflation unless something is really old, and buying vintage stuff is really a different market than a general used tool market. It has its own set of valuation for tools much like an antique market.

View _Whitey's profile

_Whitey

17 posts in 1547 days


#4 posted 11-01-2017 08:20 PM

MrUnix_Couldnt agree with you more. What you call “bits” I guess I I tried to cover under accessories, missing and or broke. These can definitely add up and drive your end cost up if you don’t have an idea what NOS costs before you negotiate. Very good point.

View Woodknack's profile

Woodknack

11610 posts in 2376 days


#5 posted 11-01-2017 08:58 PM

If you are buying relatively recent, big machinery, it’s not bad criteria although ultimately all that really matters is what the guy is asking and what you are willing to pay (or what it is worth to you). Higher end products tend to have above average resale value and all the calculating in the world will not get it cheaper. Regional differences can also set prices, around here a good used drill press sells faster than a $2 hooker, why I don’t know. But if you waste time trying to calculate and negotiate, you’ll forever be a shopper and not a buyer. It’s actually not uncommon for people to offer more than the asking price. Of course if you are willing to drive an hour or two in any direction, you can save 20-30%. Of course on old machinery, retail price means nothing. And if you are buying it to flip, you need it dirt cheap to make a decent profit. If I want to own it personally, forever (or for the foreseeable future), I worry less about what I pay because in 10-15 years I’m not going to be crying because I paid 5% too much.

-- Rick M, http://thewoodknack.blogspot.com/

View jonah's profile

jonah

1696 posts in 3294 days


#6 posted 11-01-2017 09:43 PM

So if I see a used (-10%), depreciated (-20%), worn (-50%), missing accessories (-20%), rusty (-10%), dirty (-10%), poorly maintained (-10%) machine, they’ll actually pay me 30% of its price to take it away?

View PPK's profile

PPK

1000 posts in 805 days


#7 posted 11-01-2017 09:56 PM



So if I see a used (-10%), depreciated (-20%), worn (-50%), missing accessories (-20%), rusty (-10%), dirty (-10%), poorly maintained (-10%) machine, they ll actually pay me 30% of its price to take it away?

- jonah

I thought the exact same thing ;-)

-- Pete

View Carloz's profile

Carloz

1147 posts in 587 days


#8 posted 11-02-2017 04:13 AM

You can certainly price the items YOU SELL however you wish.

View AlaskaGuy's profile

AlaskaGuy

4127 posts in 2305 days


#9 posted 11-02-2017 05:27 AM

The price of a used tool is what a willing buyer and a willing seller agree on.

-- Alaskan's for Global warming!

View _Whitey's profile

_Whitey

17 posts in 1547 days


#10 posted 11-02-2017 02:02 PM

Jonah I agree with your assessment. If you are offered a piece of equipment in the condition that you described, have the means and are willing to move it to the scrap yard for the owner to get it out of his way, you can make some cash. your return and percentage for the original value will depend on the original cost, the weight of the machine and current scrap prices. Given that a Delta Unisaw from 1940ish weighs in at around 500 lbs, cost only a couple hundred bucks originally, and scrap prices seem to be hovering between .07 and .10, I think the math would work out, +/-. However, your talking about being a scrapper, not a legitimate tool buyer, two very different things.

View _Whitey's profile

_Whitey

17 posts in 1547 days


#11 posted 11-02-2017 02:09 PM

AlaskaGuy Thank you! This is the guide that I use to make sure that the price that I agree on with the seller is fair, or close. I also use it to price things that I am selling so that my offering is fair and I don’t sit on a piece of unwanted equipment for a long time wondering why I am not getting any bites. I never have a problem selling a piece of equipment using my formula to price it, never.

View Woodknack's profile

Woodknack

11610 posts in 2376 days


#12 posted 11-02-2017 05:57 PM



So if I see a used (-10%), depreciated (-20%), worn (-50%), missing accessories (-20%), rusty (-10%), dirty (-10%), poorly maintained (-10%) machine, they ll actually pay me 30% of its price to take it away?

- jonah

LOL

-- Rick M, http://thewoodknack.blogspot.com/

View William Shelley's profile

William Shelley

571 posts in 1465 days


#13 posted 11-02-2017 06:55 PM



So if I see a used (-10%), depreciated (-20%), worn (-50%), missing accessories (-20%), rusty (-10%), dirty (-10%), poorly maintained (-10%) machine, they ll actually pay me 30% of its price to take it away?

- jonah

I think we’re talking about the same “bandsaw” on craigslist

In case the link stops working:

-- Woodworking from an engineer's perspective

View _Whitey's profile

_Whitey

17 posts in 1547 days


#14 posted 11-02-2017 09:11 PM

Awesome. Bet it hasn’t sold yet!

View cabmaker's profile

cabmaker

1730 posts in 2805 days


#15 posted 11-02-2017 11:43 PM

A little paint touchup and that baby will be gone !

View MrUnix's profile

MrUnix

6704 posts in 2195 days


#16 posted 11-03-2017 05:13 AM

That Oliver is actually beast… it’s a 30” machine and weighs in at just under a ton (~1800 pounds). For someone looking for parts, or for a machine to part out, that one might not be too bad of a deal given what it is.

As for buying machines in bad condition, basically for the price of what they would fetch as scrap metal – I have done exactly that several times, with great success. Because of that, I now have some better than new high end tools for pennies on the dollar.

Cheers,
Brad

-- Brad in FL - In Dog I trust... everything else is questionable

View robscastle's profile (online now)

robscastle

4980 posts in 2200 days


#17 posted 11-03-2017 11:29 AM

A power saw on ebay

The same power saw on Google

-- Regards Robert

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