Defining value of a used good is not a science, but an art. While there is no particular formula to calculate the price of used goods, there are a few points which will help you value your product right.
Used goods – The perception
The way used goods are perceived varies drastically between a seller and a buyer. A person who has owned something will always value it high. It can either be because of the price at which it was bought or because of the personal attachment to it.
While, in case of buyers, used goods are always perceived low. No matter if you have used it or not, once it is owned, its value decreases.
The price at which your product will be sold is at the intersection of these two perceptions.
Do the research
Go through the e-commerce sites like Amazon, Flipkart, Myntra etc. and find out the market value of the product you want to sell. Mostly, the current market price of the product will be lesser than the price at which you bought it.
E-commerce discounts !
Keep in mind, all e-commerce sites give offers during different occasions and hence the price will be lesser during that period. People might not be satisfied with the 20% or 30% discount since they can buy a new product at that discounted price. Yes, they will compare apples with oranges. Hence, your product has to be priced competitively and the discounts have be more than the e-commerce discounts.
Be open to negotiate
Expect people to offer less than what you quote. Be realistic and come to a happy medium. If needed, start by listing a slightly higher price. Don’t list it too high, though, or people may not even enquire.
Have a clear intention
If you feel your house is too cluttered and want to get rid of as much items as possible, price it low that people will buy it without even bargaining. Low priced items always sell fast.
On the other hand, if you are not too particular about getting rid of things but you want to make some money, you can try negotiating with people and sell it at the best possible price. This could take longer than usual.
Think as a buyer
When you quote a price, for a moment, imagine yourself as a buyer and think if you will buy it at that price. If the answer is no, it’s time to reduce the price
Hope this article has given you a clear understanding on pricing your pre-loved goods. See you at the Declutter Sale & Flea Market !