Selling a Uke - how much to reduce from new price?

Sorry if this in the wrong place. Wondering how much a used uke should be reduced from its new price when it has been played a few weeks but still looks like new?

In Australia we have currency conversion + high shipping costs to factor into the equation. In other words, anyone buying the same uke new would have those costs on top of the instrument & case.

Thoughts?

Katz-in-Boots said:

Sorry if this in the wrong place. Wondering how much a used uke should be reduced from its new price when it has been played a few weeks but still looks like new?

In Australia we have currency conversion + high shipping costs to factor into the equation. In other words, anyone buying the same uke new would have those costs on top of the instrument & case.

Thoughts?

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Considering the high costs, try to sell in OZ as you'll lose lots of money due to shipping costs.

I'd start off at 15% and go from there...

Depends on the brand too...If it's a lower end production uke, you're gonna typically take a big discount...Now with certain custom brands, you will make a profit. Stan, do you know of any?

The type of uke is a huge factor, as is how quickly you want to move it.

I've paid almost the full street price of a new uke for a gently used KoAloha longneck and also got most of my money back out of my KoAloha concert when I sold it. With less expensive brands you can be lucky to get 50 cents on the dollar unless you are willing to sit on it for a long time waiting for the person who is looking for just that uke.

When buying, I figure I've got to save at least $50 to deal with the hassle of not getting a new item with a warranty and a dealer that I know will stand behind it. On a $100 uke that's half the price of the uke I have to save before I'll take the risk. With a $200 uke, it's a quarter the value. Oh, and I look at the full deal - and cost of shipping is often higher on a used uke than it is from a dealer on a new one (many commercial businesses get pretty good deals on shipping because they do a lot of business with the carrier). I figure the dollar amount varies from person to person but I think most of us probably have some "magic number" in our head that if the total deal doesn't save us that much we'll just go new.

Of course, when you start talking customs from extremely respected luthiers with waiting lists that are months or years long, you can probably make money in some cases.

John

nongdam said:

Depends on the brand too...If it's a lower end production uke, you're gonna typically take a big discount...Now with certain custom brands, you will make a profit. Stan, do you know of any?

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Aloha Danny,
I Will never let my MB go ever as I know you wouldn't either... yes some ukes as MB, Devines, Koa Works etc are highly sought after and can command more than originally paid easily...
rare or scarce high end and vintage mint high end ones...

Also depends on where you're going to sell it - I sold a Kala tenor and case for about 75% of new cost by posting it on the most used local classified site. Because shipping wasn't an issue, and because the cost overall was low, I was able to sell to someone looking to get started in ukuleles for a good price - good for them and good for me. If I'd tried to sell it online, shipping would have put me around 50% of value.

Once you get into the higher value ukes (which will likely have a smaller local market) then selling online will probably make sense.

Ah yes, the haircut.

Figure you'll take a good 25% haircut at least on a modern factory import. Factors depend on the length of time you've owned, it, etc. I've taken a haircut on every modern uke I've sold--except Kamaka--and obviously a Kamaka is not a factory import. I always figure the haircut as cost of my tuition in learning, and I'm happy to pay this cost. After all, it's my hobby, not my investment portfolio.

Having said that, I've sold several vintage ukes and have never taken a haircut. I either break even--which means I've lived with and enjoyed the instrument for almost nothing (there is inflation, after all) or I've made a profit.

Two sides of the coin. With shipping costs going skyward, that's a whole new wrinkle.

A 25% to 30% hit sounds about right if you ask the buyer to pay shipping. That's been my experience. It depends, of course on the condition of the instrument and the desirability of the make and model. I've gotten around 75% on my Kanileas, but in those cases, their factory new prices had increased by around $100 by the time I listed them. Additionally, I've sold several Carvin guitars and they usually go for only around 50% to 60% of their new price. But, here is where value is subjective. Carvin makes an excellent "custom" appointed guitar, but doesn't have the market recognition or general appeal of a Fender or Gibson.

Bottom line, I guess, is that demand will establish what someone is willing to pay for a "used" instrument. Both buyer and seller want to feel that they made a fair deal. I suspect you'll get a better price selling here or the Flea Market rather than Craigs List or Ebay.

As the popularity of ukulele wanes, prices will fall

Having spoken to a few stores who do trade in on this subject, their consensus for a uke in top condition is they would hang on the wall for about 30% off list.

Even with higher end ukes, there's a pretty good advantage to buying them used - except that in most cases there isn't a warranty. On instruments of $1000 ish or more, that warranty is worth a lot - like 20% or so. Some smaller custom builders will honor their warranty no matter who owns it, but I think it might be on a case by case basis. I've bought mostly used instruments of all sorts for 50 years and two smaller companies I've owned instruments from have honored their warranties based on time rather than ownership - but others have not - and of course, most of the time, there are no issues.