How do YOU determine the price for a used ukulele ?

Doc_J said:

Brian,

You are over-analyzing this, IMHO. Too many factors, emotional and otherwise to figure a perfect price for a uke, on any given day. This isn't a science.

Most folks (including me) selling a uke will list a price that they think is fair and reasonable. If no one is interested at a particular price, it won't sell. Lower prices or offers may follow.

If I am looking to buy a uke, I can accept the price, wait for a better price, or make an offer.

Maybe we should have a forum or thread called "What's it worth?". But I guess we already do. It is the "Marketplace" or FMM or eBay.

Just curious, what are you looking to buy or sell?

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Means a lot coming from you, Hodge. I think you are our local expert on the buying and selling of ukes. Even a rabid collector like myself stands in awe of you.

coolkayaker1 said:

It's amazing that a uke can be listed for sale and get no bites. Then three months later, same uke, same photos, same listing, and boom: out the door.

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Agreed. When I sold my Mya-Moe on UU a couple of years ago, I had ten people in line for it within five minutes-- no exaggeration. And yet I see Mya-Moes sit on here now for weeks. Supply and demand is a crazy thing. Buying a musical instrument is an emotional decision; sometimes you just have to have it NOW.

coolkayaker1 said:

Buyers claim they care about sound above all, and that they do not care about looks (e.g wood grain), or about scratches and bumps. But they do care about looks and blems as most ukes are sold unheard by the buyer. They definitely do value eye appeal, and they definitely will ask for more photos of a blem.

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I think the vast majority of buyers care about looks. Not many people would want a bad sounding instrument that looked nice, but a good-sounding instrument that also looks super-hot is going to win the day. Somebody's buying up all that highly-figured koa! When I had my custom made, I was pleasantly surprised at little difference there was in price between highly figured koa and the plain stuff-- it's really a small cost compared to the overall cost of building an instrument.

coolkayaker1 said:

Lower-priced ukuleles (sub-$300) are hard sells; buyers can purchase new, with warranty, with free shipping, for what most sellers are asking.

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I think there's a point of diminishing returns. At some point, it's hard to get excited about saving $20 over the cost of a new one. I bought one of the Woodi plastic ukes when they were $25, and I don't much like it, but I can't be troubled to sell it. Not even worth my time to put it in a box for what it would bring

RichM said:

Means a lot coming from you, Hodge. I think you are our local expert on the buying and selling of ukes. Even a rabid collector like myself stands in awe of you.

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Thanks for the kind words Rich, but I'm no expert. I've just found a lot of wonderful ukes I wanted to try. I am getting pretty darn good at packing and shipping.

Perhaps some of you experts (at least compared to me) can explain something to me. And this is just a question I don't want to suggest there was any wrong doing. But I have seen the same uke in this case it was a koa KoAloha soprano that sold a while back for $356 it had no reserve but a short time later sold again from the same seller for $416. Same pictures and everything.

This question is not about the price because obviously an auction is a little strange it is the only place where the person who pays the most thinks they "win". And one would think that the next one would be valued less, but instead it makes people think that theirs is worth as much or more. Even though the person willing to pay the most is probably out of the market. But how does the same seller sell the same item twice ? Is it that payment never went thru the first time or some other reason ?

Brian1 said:

Perhaps some of you experts (at least compared to me) can explain something to me. And this is just a question I don't want to suggest there was any wrong doing. But I have seen the same uke in this case it was a koa KoAloha soprano that sold a while back for $356 it had no reserve but a short time later sold again from the same seller for $416. Same pictures and everything.

This question is not about the price because obviously an auction is a little strange it is the only place where the person who pays the most thinks they "win". And one would think that the next one would be valued less, but instead it makes people think that theirs is worth as much or more. But how does the same seller sell the same item twice ? Is it that payment never went thru the first time or some other reason ?

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If ebay, the buyer might have backed out for whatever reason.

If two people want the same uke, then there's a bidding war. If I was only looking for Koaloha Soprano for my daughter for Christmas, I would pay extra to make her happy. If you were in the same situation, I'm sure you would be willing to bid more as well. Bidding is a funny process where people get emotionally attached and don't want to lose. I usually set a maximum price I'll bid on ebay but as the countown gets close, I'll usually bid more so that I don't lose. Yeah, it cost me more but I won! hahaha

Brian1 said:

Perhaps some of you experts (at least compared to me) can explain something to me. And this is just a question I don't want to suggest there was any wrong doing. But I have seen the same uke in this case it was a koa KoAloha soprano that sold a while back for $356 it had no reserve but a short time later sold again from the same seller for $416. Same pictures and everything.

This question is not about the price because obviously an auction is a little strange it is the only place where the person who pays the most thinks they "win". And one would think that the next one would be valued less, but instead it makes people think that theirs is worth as much or more. But how does the same seller sell the same item twice ? Is it that payment never went thru the first time or some other reason ?

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Odds are good the first deal wasn't completed for whatever reason. A few months ago, I sold a guitar on ebay, and even though I had specified US-only, I got sweet-talked by a guy in France into letting him bid, and he won. We had originally calculated the cost of shipping based on USPS, but when I took the guitar there to ship, they refused it, saying they had a size limit on shipping to some countries, including France. They just wouldn't ship it at all. So I got a price from FedEx and UPS, which were nearly twice the USPS price. The buyer didn't want to pay (and I didn't blame him), so we mutually agreed to vacate the sale, and I relisted on ebay. It sold on the next listing, and if you looked at my ebay record for a few weeks, it did appear that I'd sold the same guitar twice.

I guess I wasn't aware a buyer could "back out" of a deal on ebay. That must be frustrating for sellers. I guess it worked out for the seller of the KoAloha getting $60 more the second time around.

Oh the FRENCH !

Brian1 said:

I guess I wasn't aware a buyer could "back out" of a deal on ebay. That must be frustrating for sellers. I guess it worked out for the seller of the KoAloha getting $60 more the second time around.

Oh the FRENCH !

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That's why a seller on eBay should sell Fixed Price rather than auction: no backing out (the uke is not unlisted until a Buyer pays by Paypal).

coolkayaker1 said:

That's why a seller on eBay should sell Fixed Price rather than auction: no backing out (the uke is not unlisted until a Buyer pays by Paypal).

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That would probably be better for me, I tend to put in what I think is my top dollar for an item, then if it creeps up past that I tend to add a few dollars more just because it is "close". But I guess that is the point of an auction. There is also the passive agressive response of making someone who took the thing away from you pay a little more - for some reason I enjoy that.

coolkayaker1 said:

That's why a seller on eBay should sell Fixed Price rather than auction: no backing out (the uke is not unlisted until a Buyer pays by Paypal).

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FWIW, this buyer *had* paid me. We were just both misinformed as to how much it would cost to ship, so I refunded him. No harm, no foul.

Brian this is a good topic and I glad you started it. I assume you are using this thread as a learning experience. That's good. You make a lot of assertions, some are reasonable some are flaky and some are just wrong. This is OK too. Making wrong assertions is a quick way to get people to correct you. There have been a lot of good posts with good info here. When this thread dies down I suggest you re-read it from the start and evaluate your assertions.

Consignment sales: the agent handling the sale takes a pre-agreed commission on the sale. This can work many ways. It behooves the seller to understand how the agent is making their money. The agent is merely warehousing and maybe advertising items for sale. They may be happy to take $50 or $100 flat fee for each sale and be ahead of the game. 50-50 splits are not unheard of for consignment sales. Both the agent and the sellers overhead and profit need to be considered and do not equate to the value of the product only to the price. You should determine what you thing the value of the item is then add the other considerations. The deal with Bernuncio is troubling to me since it sounds like they are determining the value and the price of the goods on consignment. I'm not knocking anybody here. It makes me uncomfortable.

Your examples from Bernuncio were interesting. The 2013 Collings should be considered as a new instrument $800 off retail price is 32% off 2800 list. Bernunzio's wholesale cost is between 40-50% list. Say $1400 When I buy a "new" instrument from Bernuncio I look for a price that is between 55-65% of list. Which this instrument is. It is not a great deal but a good deal for the money. The $199 Cordoba is at 74% of $270 List. That is an average deal not a good deal for a new instrument. When it comes to vintage instruments, (over 25 years old -my definition), you are dealing with a totally different market - Start a new thread!

One thing you have asserted is positively wrong. Taking a loss for tax purposes will never generate a profit. ever! - somebody else mentioned this too.

Brian1 said:

That would probably be better for me, I tend to put in what I think is my top dollar for an item, then if it creeps up past that I tend to add a few dollars more just because it is "close". But I guess that is the point of an auction. There is also the passive agressive response of making someone who took the thing away from you pay a little more - for some reason I enjoy that.

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As a Seller, one can do the opposite: start high, and slowly lower the price based on how much interest (questions from buyers, and Watchers). No charge from eBay to manipulate the price, shipping, etc. as much as one wants. When I go out of town and cannot ship the uke, I bump the price up a few hundred bucks. lol When I return, I lower it (and people think that it's "on sale"...lol)

I see, RichM. I am sorry for that experience, frustrating for sure, about the shipping discrepancies. I understand.

Duplicate post see below.

IamNoMan said:

Brian this is a good topic and I glad you started it. I assume you are using this thread as a learning experience. That's good. You make a lot of assertions, some are reasonable some are flaky and some are just wrong. This is OK too. Making wrong assertions is a quick way to get people to correct you. There have been a lot of good posts with good info here. When this thread dies down I suggest you re-read it from the start and evaluate your assertions.

Consignment sales: the agent handling the sale takes a pre-agreed commission on the sale. This can work many ways. It behooves the seller to understand how the agent is making their money. The agent is merely warehousing and maybe advertising items for sale. They may be happy to take $50 or $100 flat fee for each sale and be ahead of the game. 50-50 splits are not unheard of for consignment sales. Both the agent and the sellers overhead and profit need to be considered and do not equate to the value of the product only to the price. You should determine what you thing the value of the item is then add the other considerations. The deal with Bernuncio is troubling to me since it sounds like they are determining the value and the price of the goods on consignment. I'm not knocking anybody here. It makes me uncomfortable.

Your examples from Bernuncio were interesting. The 2013 Collings should be considered as a new instrument $800 off retail price is 32% off 2800 list. Bernunzio's wholesale cost is between 40-50% list. Say $1400 When I buy a "new" instrument from Bernuncio I look for a price that is between 55-65% of list. Which this instrument is. It is not a great deal but a good deal for the money. The $199 Cordoba is at 74% of $270 List. That is an average deal not a good deal for a new instrument. When it comes to vintage instruments, (over 25 years old -my definition), you are dealing with a totally different market - Start a new thread!

One thing you have asserted is positively wrong. Taking a loss for tax purposes will never generate a profit. ever! - somebody else mentioned this too.

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I am aware some of what I am saying is flaky, and I don't say everything I feel like saying either both are to promote discussion- thanks for noticing.

The tax thing was off-handed, at the time I made sure to point that out, then offered a way it would be possible in jest shortly after I was called on it. If I sell $100 uke for $1, and charge $1000 for the shipping was the easiest way to show a profit. Selling a broken uke at a loss when it is very likely I will be the one called on to fix it might be another.

I do however disagree that "vintage" ukes need their own thread. In a few short years Toms and Rubins will be "vintage" by your definition.

The Collings uke was custom, and when I looked up a dealer that had similar ukes, they were selling for more than the price of what that custom uke sold for.

Thanks for your participation

I really like this topic so let's get down to some actual numbers in a possible scenario. For example, I've done a number of YouTube reviews of the new Martin ukes and I've decided to sell off my new Martin style 2 tenor. It just can't compete with the 2k tenor and it has to go bigtime pronto! I bought it new back in late 2012 or 2013. So, the manufacturer's list price has since gone up. Here's the current status:

--> Martin Style 2 Tenor List Price (Dec. 17, 2014):
$1,749 (US)

--> Elderly Instruments List Price as new (Dec. 17, 2014)::
$1,349 (US)

--> Long & McQuade List Price as new (Canada - Dec. 17, 2014):
$1,325 (Cdn)

I mention the prices since anyone can check online.

The tenor uke has no cracks, no whacks, and is in very good condition. You can ever hear it in my vid.

***

How much would I sell it for? I've read every post in this thread and it was very illuminating. Without giving it to a friend or friend ukulele player at a very reduced price… it would depend on how much I was in need of the quick cash for the sale. If I needed the cash quick for my planned Hawaii trip in Feb. 2015, I would offer it at a lower price, and if I was looking to recoup some cash for other things later... I might look for a higher price.

I would offer it at $1000, not less. No bargaining. What do you think?

Petey

Okay lets talk about value and worth of vintage instruments. I don't like my definition any better than you do. It is arbitrary and a talking point. Many classes of objects are rated as antique at age 25. Automobiles for one. Rugs are a different matter. A hand woven or knotted rug is "Old" at 25 at 100 it is antique. About half of my instruments are more than 25 years old. I do not necessarily consider them antique or vintage as it makes me feel old and I had some of them made for me. Pick an age that use wish to use for "vintage" maybe pre-1960, the dawn of the plastics era would be acceptable.

Another classification associated with vintage is whether the make or model is still made. Certain models of Martin ukulele were discontinued then later on the model was reintroduced. This is a consideration. Rarity is another consideration. Sears and Montgomery Wards sold thousands of low end ukuleles from 1920 to 1960. Most were jobbed out to different manufacturers and labeled by Sears or Monkey Ward. Other outfits did similar things.

Which brings us to the first step in determining the Value or the Worth of a Vintage Ukulele: Who made it?
Vita brand ukes are discussed here it will give you and idea: http://forum.ukuleleunderground.com/showthread.php?102690-Vita-Uke-Collection/page3. Two other vintage ukes came up recently: http://forum.ukuleleunderground.com/showthread.php?102780-Please-Help-Identify-Old-Red-Uke
and: http://forum.ukuleleunderground.com/showthread.php?102805-Inherited-very-special-Uke-now-what

The red uke is very common so it has low worth on that count. The clips I've heard of the these sound pretty good. It has a higher value on that count. It is a Monkey Ward "Airline" uke. Actually it is a Harmony. In addition to the identifiers cited in the thread it has a plastic fretboard. That is a characteristic of Harmony's too. Plastics were used as early as the 30s but didn't boom until the late fifties. The OP paid $5 for it. One poster suggested fair value of $75. I would rate it equivalent to a new Makala Shark ~ $50. If these numbers are good the 50 year old vintage uke is worth 150% or $25 dollars more than the new one. Given that $5 was paid and $8 for new strings it is an incredible value but not really worth that much.

The Inherited VSU is an interesting case. It is a Supertone which makes is Pre-1940s Sears - very common. The canoe motif on the body is not so common though. This would make it a Harmony or a Regal MFR. c 1930. It may have a plastic neck which would indicate to me a 1930s Harmony. The pictures are not that clear but the tuner and headstock look to me to be a Regal. It needs restoration and repair work, but it throw some strings on it and it may play very well. Fair Value between $25 and $75.

Small worth too, until you consider the backstory. This is a ukulele that was probably played by the same person for 50-60 years. With strings it may sound incredible. It was bequeathed to a 15 year old musician who knew the lady and heard stories about it as a child, and who has been playing uke for more than a year. Now how in blue blazes are you going to put worth and value on that?

Hi Petey I don't know if you are asking me the poster above you or everyone, I couldn't even begin to guess what that should be priced at really. I don't understand the differences in models of Martins, I see the words Martin Tenor I think of the add for musicians friend on my yahoo mail account new for $499 which it says is 23% off of list and offers free shipping. But that is a koa model, not what you have. I don't think anyone has brought up differences between different models and the advantages of one model over another from the same year and and company. I'd be interested if you could point out some differences and what you are paying for when you buy a Martin or other uke.

I have seen some of your videos and I would believe you know what is "up" with Martin Ukes. (I really enjoyed the Smeck video btw)

PeteyHoudini said:

I really like this topic so let's get down to some actual numbers in a possible scenario. For example, I've done a number of YouTube reviews of the new Martin ukes and I've decided to sell off my new Martin style 2 tenor. It just can't compete with the 2k tenor and it has to go bigtime pronto! I bought it new back in late 2012 or 2013. So, the manufacturer's list price has since gone up. Here's the current status:

--> Martin Style 2 Tenor List Price (Dec. 17, 2014):
$1,749 (US)

--> Elderly Instruments List Price as new (Dec. 17, 2014)::
$1,349 (US)

--> Long & McQuade List Price as new (Canada - Dec. 17, 2014):
$1,325 (Cdn)

I mention the prices since anyone can check online.

The tenor uke has no cracks, no whacks, and is in very good condition. You can ever hear it in my vid.

***

How much would I sell it for? I've read every post in this thread and it was very illuminating. Without giving it to a friend or friend ukulele player at a very reduced price… it would depend on how much I was in need of the quick cash for the sale. If I needed the cash quick for my planned Hawaii trip in Feb. 2015, I would offer it at a lower price, and if I was looking to recoup some cash for other things later... I might look for a higher price.

I would offer it at $1000, not less. No bargaining. What do you think?

Petey

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The Elderly price is a 23% Discount off list. - That is not a bargain. I Purchased an IZ Tenor in august at 60% of list before horsetrading it down a tiny bit. Your asking price is 57% of list. Given your reputation Petey I would give you $1000 no bargaining but would try to get you to pay the shipping. I think you are offering a good deal with no bargaining. I am not in the market right now for a Martin Mahogany Tenor for what I believe are obvious reasons.

IamNoMan said:

Now how in blue blazes are you going to put worth and value on that?

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First I didn't want to imply any disrespect for your post when I edited it down to the last sentence. But I don't put a value on that other than what I called emotional value. When I put $5 strings on a $10 uke and sell it, that $10 uke stays a $10 uke it doesn't become a $15 uke. One point made in the guitar threads were people commenting on adding different tuners(ie) and not getting a better price for them.

When you sell the car you drove in high school you don't usually mention to the new buyer that is the car you were in the first time you got to first base and with the preachers daughter. That is an emotional value. Perhaps a reason to hold onto the car longer but not a reason that someone else normally pays for. If that car was a '57 Chevey people are there for another emotional reason which does seem to have some universal appeal. And those differences I think should be discussed in this thread.

(sorry if I was crass)

Brian1 said:

Hi Petey I don't know if you are asking me the poster above you or everyone, I couldn't even begin to guess what that should be priced at really. I don't understand the differences in models of Martins, I see the words Martin Tenor I think of the add for musicians friend on my yahoo mail account new for $499 which it says is 23% off of list and offers free shipping. But that is a koa model, not what you have. I don't think anyone has brought up differences between different models and the advantages of one model over another from the same year and and company. I'd be interested if you could point out some differences and what you are paying for when you buy a Martin or other uke.

I have seen some of your videos and I would believe you know what is "up" with Martin Ukes. (I really enjoyed the Smeck video btw)

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Hi Brian,

Thanks. I was just throwing out the Martin "sell" concept to the entire gang! We've been talking here vague percentages and emotions here but I like really case scenarios like in business. So, I put out the new Martin idea. That's it, that's all. I can now see some real world answers.

cheers,

Petey