How do YOU determine the price for a used ukulele ?

I have waited a little while before I posted this question. The reason being, there are often people selling items here but, after a while I realized that there will always be items for sale here. And if you currently have items for sale you may not like me very much, or depending on the responses you might want to thank me, who knows?

The questions is how do you determine the price for a used ukulele? I have been looking at guitar forums and they have a wide variety of answers and a lot of them are based on economics. Some are from the point of view of people who buy and sell used instruments and equipment professionally, as well as retailers of new items, collectors and G.A.S. sufferers from financial and all other backgrounds.

There were people comparing their guitar to cars, and TV sets, computers etc... saying that as soon as you buy it it looses half of its value, which is the rule of thumb I have always grown up with. This is compounded when a warranty is available verses when it has expired. Others noted when an item is sold used to a shop the price is also marked back up and you might be offered $200 for a $1000 guitar so the shop can mark it up to $700 and make the $500 (or half of the retail price.)

Other things that were considered on the other forums were how rare the instrument was, the condition, improvements, and unique custom instruments. How rare something exceptional was, was the biggest factor, along with condition. Improvements, repairs and customization seemed to almost be a detriment. The original "hype" or popularity of an older instrument was also considered, and "must have" items tended not to hold value as well as standard items. I guess this is to be expected how much would somebody pay for a used pair of bell-bottoms or parachute pants today ?

Getting very few justified answers, I went to the Department of Commerce tables of depreciation.

http://www.bea.gov/national/FA2004/Tablecandtext.pdf

and it came as no shock that ukuleles were not listed. They did however, have a couple of categories for items made out of wood. Basically a "general item" made out of wood is expected to last for 12 years, and depreciate 13-15% annually provided there is no inflation. (Things like houses are in their own category.) So a run of the mill ukulele (according to this model) that originally sold for $100 typically would be worth a little less than $87 if in good condition the following year. After two years and with a scratch on it it might be worth $70, and just a little more than half after the third year. ($100 - 45 or 3x15)

Also noted were things that are considered "vintage goods" which are normally evaluated by their ability to hold value against inflation. To figure out the worth of an item from 1920 you would take the amount it sold for then and calculate the rate of inflation. Which according to an inflation calculator on line I discovered that $20 from 1920 is equal to about $237.43 today. Then to appraise it, you would take away points for damage, and add points for supply and demand if a similar item is not currently still available.

And there lies the "rub" something is worth what somebody else will give you for it. Everything not discussed might just be emotional. If someone was to offer me $100 for my first ukulele which I bought at Guitar Center for $42 including tax, I don't think I would take it, the emotional value it has is worth the extra $58 to me. If they want my Rouge Baritone I bought new for $40 including shipping for $100, that is another story all together even if it is the best buy I ever got I can still get another one for $40.

So how do you put a value your ukulele ? And how do you determine the worth of one you want to buy ?

Interesting thread. Worth a revisit.

My opinion is still the same.

For a readily available production instrument, some percentage of a new instrument price, depending on condition, seems fair. Up or down from that value depending on supply/demand. There must be an incentive to not buy new.

For top custom instruments of outstanding quality, not easily found, and with long wait lists or where the builder has retired, we have seen resale prices for more than new instruments from the same maker. These instruments cannot be bought any day of the week, so are "rare". This is really all about high demand and low supply. Percentages of new prices don't apply here, as long as there is a willing buyer.

Sometimes it is about finding an incentive for the current owner to part with a special instrument.

Other times an instrument must be priced low enough to entice potential buyers.
 
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I feel that used production model instruments tend to be overpriced on ebay (although there are occasional bargains). Typically, I think, people buy an entry level instrument, get bored with it, and then try to sell it for as much as they can get away with. Because the instrument is in 'as new' condition they seem to feel justified in trying to resell it for 80%-90% of its retail price. Personally I feel this is too much.

Often I see rather dubious RRPs quoted by ebay sellers as well. That really annoys me... :mad:
 
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Look at sold listings for similar items on eBay. Subtract eBay's 10% listing fee and you'll see what the seller got.
 
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