Trade ins?

[belbein]

I woke up this morning with my mind, my mind/
set on ... /
a new mandolin.

I have several instruments (classical guitar, banjo, the mandolin that I'd like to replace) that could lighten the load of a new instrument. Has anyone had any experience doing a trade in with one of the internet stores? If it's even possible, what should I be aware of, watch out for, insist on, etc.?

(I'm thinking more of practices, not sellers to avoid.)

[multidon]

I traded in an instrument to Elderly and while I am a long time customer with them and a big fan this trade in was not a positive experience. I did not go to the store in person. I described my instrument to them via e mail and they gave me a value based on that. They did warn me up front that if they found work needed to be done on it to get it into salable shape it would be deducted. I agreed and as it turned out it had problems I was not aware of. So much of the trade in value got eaten up. Doing other trade ins with local stores I have learned that consignment when that is an option is a much better deal. If you trade in you get maybe 50 percent of its value so that the store can make its money. Why accept such a low value? Well you get it instantly. If you consign you can expect to get 80 percent of value while the store gets its 20 percent cut but then you have to wait for the right buyer. That can take months. I feel like you can do better consigning to a place like Elderly with a high profile web presence. I have seen aggresively priced consignment instruments on their site go in a matter of a couple of days.NFI.

[Clement Barrera-Ng]

Better yet: sell the instruments yourself and use the money to buy a mandolin. I tried avoiding trade in or consignment whenever I can, unless I really don't have time to deal with selling it myself.

[Eddie Sheehy]

A dealer will only 'buy' or 'trade for' your instrument at 60% of what they think it will sell for, so they will make money on the instrument they trade you at full price and when they resell yours at 20% more than they allow you for it... whereas you could sell it yourself for a lot more, or trade it yourself on the Cafe to another player - you both agree on the same valuation i.e. say 60% of a new instrument - if they are currently for sale new, or a reasonable market value. It is unfair to value your instrument at 90% of retail while expecting another player to trade his instrument at 60% of retail just because he has it listed at 60% of retail for a cash sale...
In other words if you value your instrument at more than 40% of retail you will take a beating on a store trade.
Bearing that in mind, it is easier to take a smaller hit by lowering your price on the Cafe and probably get a quicker cash sale. With cash in hand you can then negotiate a better price on an instrumant from a dealer.

[Steve Sorensen]

Eddie knows!

Steve

[Canoedad]

Another issue is a trial period for your new instrument (if you're not doing this in person). Make sure you ask about it. The one time I got close to doing it, I was told I wouldn't have a trial period with a trade in for value.

[Clement Barrera-Ng]

Another issue is a trial period for your new instrument (if you're not doing this in person). Make sure you ask about it. The one time I got close to doing it, I was told I wouldn't have a trial period with a trade in for value.

Funny that's exactly what kept me from doing a trade-in last time also. If I had bought the instrument, I get a trial period, but if I were to trade something in, then the sales is final.

Another thing to consider is: If you must do a trade in, you may also be limiting yoruself to fewer instrument choices, since you can only transact with dealers who'd take the trade in, or other private sellers looking for the very instrument you have to trade.

[belbein]

Thanks, everyone. I appreciate the advice and shall follow it.

Is there a source for pricing instruments? I mean the equivalent of the Kelly Blue Book. One of my instruments is an Ome "Ponderosa," no longer made, relatively "rare," and not easily found traded on the internet. The other one ... I probably don't really want to know how low the value is.

[belbein]

Another issue is a trial period for your new instrument (if you're not doing this in person). Make suit weren't for your que you ask about it. The one time I got close to doing it, I was told I wouldn't have a trial period with a trade in for value.

Interesting: I'm dealing with Elderly and they offer a trial period even if you trade. But I wouldn't have tbought to ask if it weren't for your comment.

[fatt-dad]

I traded in my HD-28V for a 000-28 Norman Blake. I did it for one reason only, the Blake was discontinued and I got one of the last new ones in the country. I was willing to take a $300 loss on my dreadnaught, 'cause I wanted the Blake new.

On a mandolin, I'd sell it on these classifieds. Even if have to knock down a few bucks in negotiations, you'd do better with a private party sale.

f-d

[Eddie Sheehy]

Thanks, everyone. I appreciate the advice and shall follow it.

Is there a source for pricing instruments? I mean the equivalent of the Kelly Blue Book. One of my instruments is an Ome "Ponderosa," no longer made, relatively "rare," and not easily found traded on the internet. The other one ... I probably don't really want to know how low the value is.

Search the Internet. Search open and closed listings on EBAY... Search the Cafe Archive...If you don't find anything comparable then it's up to you to value it or accept offers. CAVEAT: The market is really soft right now.

[William Smith]

Yep Eddies correct, dealers will not give ya much $$.But they will for sure sell stuff on the "high end" of whatever condition the instrument is! They sure don't go by the price guide on certain horns!

[Stephen Perry]

Consignment does work a little better, but do consider all the usual points in dealing with factor/agency/bailment situations. I am familiar with issues of instruments in for repair or consignment caught up in bankruptcy proceedings for long periods. Were I leaving something expensive with a store I would probably have a UCC1 filed. I've done that before and found it highly useful during an ownership change I wasn't warned about.

[Mike Scott]

Consignment does work a little better, but do consider all the usual points in dealing with factor/agency/bailment situations. I am familiar with issues of instruments in for repair or consignment caught up in bankruptcy proceedings for long periods. Were I leaving something expensive with a store I would probably have a UCC1 filed. I've done that before and found it highly useful during an ownership change I wasn't warned about.

Stephen, that is a great tip. I have sold several instruments through consignment - some that took several months and I worried about just that scenario. If you file the UCC-1 and you really haven't sold any thing or have any type of debt recorded, is this subject to the Bankruptcy preference period issue? Sorry didn't mean to go off topic, but..........

[belbein]

I never would have thought of that. Does it help in bankruptcy?

[Stephen Perry]

Absolutely, http://en.wikipedia.org/wiki/UCC-1_financing_statement - I figured it all out once, and filed a UCC1 for goods sent to a now-dead firm. The firm changed hands and tried to stiff me, but the UCC1 led to them having to acknowledge my interest in goods that had not been paid for. I haven't looked into this for a while, and I believe there were a few changes, but were I consigning valuable items or even putting valuable items in for repair I would make sure I'd thought through protecting my item with respect to casualty loss, theft by third party, theft by employee, bankruptcy, death or incapacity of the principal at the receiving entity, etc. If I wasn't tired and was at the office I could figure this out quickly, but I'm exhausted and my head is in criminal contempt at the moment, rather than bailments. CJ on factors I would look at, too, if you have that hanging around. I am familiar with instruments getting caught up in bankruptcies for long periods.

Now my paranoia index is rising greatly and I may have to do a review of my practices with respect to instruments left for repair!!