Determining Value of Used Tools

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Old 01-30-06, 05:54 AM
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Determining Value of Used Tools

A family member, in the Seattle area, recently passed away and left a home work shop chock full of tools. A band saw, jig saw, shaper, planer, table saw, lathe and some other items we are not sure off. In addition there are numerous socket sets and hundreds of assorted sockets, many assorted wrenches, tools for electrical work and meters, etc, etc. We have had no luck finding a local appraiser and are at a loss on how to determine value on all this. We plan on several garage sales to sell all this. Probably the power tools at one time and then all the rest later on. Any help would be very much appreciated.
JMK
 
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Old 01-30-06, 07:13 AM
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If you want to get the maximum return on the items, the best place is probably eBay.

You will likely need to do a little bit of research on the items to help make accurate descriptions for the listing. Just trying to find similar items for sale there would help.

Garage sales only bring local people, and you will need to find other "tool people" that are interested in what you have for sale.

Too bad you aren't closer...
 
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Old 01-30-06, 07:26 AM
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ebay is definatley not the place to sell large power tools , you want to crate that bandsaw and arrange shipping to new york ?

evan handtools , the shipping cost will keep the prices doown

no need to worry about "locals only" at a grage sale unless its a rare collectable put a ad in for tools and they will be crawling out of the woodwork.

get some tool catalogs , sears , lee valley ect and do some time on the net find the new price and price about hallf of new to start then put a ad in the local papers "TOOLS FOR SALE " or hold a grage /estate sale listing tools

for the power tools classified ads would be my choice

look for woodworking groups in the area and see if they have a newsletter you can advertise in .



I hit garge sales evey sat looling for tools and 50% of new is the most I will pay

they will move for you .
 
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Old 01-30-06, 08:10 AM
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one further thought is to donate them to Habitat for humainity , they have bldg material resale stores around the country where they take bldg materials and tools that rare donated and sell them the money going to help build houses .

if there's one in your area the tax break may be more than you could gain by selling outirght. Im not a tax guy so I have no idea what the benifit might be but the lawyer handling the estate should be able to advise you .

I shop the one near me all the time and I've bought both a bandsaw and a tablesaw from them along with lots of hand tools and bldg materials

http://www.habitat.org/env/restores.aspx
 
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Old 01-30-06, 12:14 PM
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Around here, people would contact an auctioneer. Auctions often bring the highest bidders- heck I've seen someone pay full price before for a used miter saw. I believe they call that "auction fever".

You get a bunch of guys together, with a bunch of tools and let them fight over them. The auctioneer is the referee.
 
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Old 01-30-06, 12:41 PM
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I have to agree with the auction thing. I saw a guy pay for a Basin Wrench with no jaw on it. He paid twice what I paid for a brand new one with two interchangable jaws. Auctions, especially tool auctions, are crazy.
 
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Old 01-30-06, 08:03 PM
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Don't rely on Subjective valuations. Hire a pro. One that knows the target market.

Contact the "International Society of Appraisers" in Seattle.

Interview potential apprisers:
Are they a certified personal property appraiser.
Note. This is not a licensed occupation.
Do they specialize in estate (tool) appraisals.
Do they have formal education in appraisals.
How many appraisal to date. Since when. References.
Cost (hourly rate, flat rate, "per item" rate).
Note. Appraisals based on a percentage of the valve or on contingency are unethical.
Ask about the report. It should be typed & signed.
 
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Old 01-31-06, 04:53 PM
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Auction is the way to go, assuming you don't have a nephew to give them to. They are worth more than you will ever get by selling them. I suggest you give them to a family member that wants them.


There are specialty sellers that run estate sales out of the house. They price and organize everything, and tend to get top dollar for the goods.
 
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Old 01-31-06, 05:26 PM
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the problem with auctions or prorun estate sales is while the gross sale may be higher the net may be considerably lower after they take their cuts which can be rather substinial.

I do go to a fair amount of estate sales , and tools are often either grossly overpriced and still there at the end or grossly underpriced and move right out . the peaple that run these sales are well versed in furniture , hosewares and collectibles but grossly unifrmed on tools
 
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Old 01-31-06, 06:08 PM
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[QUOTE=Lugnut]assuming you don't have a nephew to give them to.[/QUOTE




I can be adopted
 
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Old 02-01-06, 04:16 AM
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I chuckle to think what my family will have to go through when I cross the river. They have no idea what is in my shop, on my jobsite trailer, in my truck, etc., nor what it is worth in today's money. Oh, to be able to observe it would be a hoot!
 
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Old 02-01-06, 11:50 AM
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Chandler...
I'm willing to help out your family when the day comes you graduate. Tell them to find out where Rapture on the site lives and send all to him
 
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Old 02-01-06, 04:56 PM
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Such a nice Guy!!!
 
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