What is a fair used price?

[Brulaha]

Originally Posted by Frozen Rat

I will pay 50-60% of the original purchase price, not MSRP. If a $3800 guitar sells in the real market for $2800 I'll pay $1400 or $1500 for it used. The reason why is that is all I ever get selling them used so why would I pay more buying them used?

And upgrades add very little to anything when they hit the used market. You had a K&K pickup installed for $200? Doesn't matter, maybe you get $30 more for the guitar because of it. More likely it helps you not at all.

That is my thinking too. I want to be about half of what I can pay for it new.

[Ed-in-Ohio]

This can't be answered as a percentage. The "fair used price" is best defined as a price set at the average of the price range for other, similar used examples of the guitar. For some brand/model/years this will be much lower than the new price, while for others, it may actually be higher than the new price.

[ship of fools]

There is no way to judge how much off from a used price without knowing what guitar you are talking about as some may be worth even more then the original price more info is much needed.

[muscmp]

as usual, it depends. i'd have to see and play the guitar. i could live with high percentage off if it is just used and not abused. if in perfect condition, then i could lower that percentage.

play music!

[mickthemiller]

In the last year I've bought two used guitars, a Hummingbird 2010 and a Martin 00015m circa 2010. I paid £1500 for the Hummingbird and £1000 got the Martin. I consider I got a good deal on both. The new Hummingbird now costs £2999 and was in region of £2750 last year, the Martin had held at around £1500 over the last couple of years. I got two very good examples of used guitars for between 55-65 percent of new.

[guitar george]

The question asked is "what % off the original MSRP would you expect to pay?", not, "what % of the original MSRP would you expect to pay?)

If the MSRP is $1,000.00 and it is sold new for $600.00 and then sold used for $450.00 that used price is 45% of the MSRP. The percent off the MSRP is 55%. (Not 45%)

I wonder if everyone who voted is thinking like this or do we have a mixture of "% off" and "% of"?

[lar]

For the sake of clarity and to help the OP, I’m going to make-up some numbers, and acronyms:

MSRP: the price shown on the manufacturer’s website (for a brand spanking new guitar).

Example: If I go to Gibson.com, the MSRP for a J45 Herringbone Trimmed All Walnut guitar is shown as $3899 (with electronics).

I don’t like dealing with MSRP because it’s fictitious – it can be any phoney-baloney number the manufacture makes-up to try to buoy up their products. It’s better to use a typical selling price – but requires some work to find this out (Manufacturer’s hope you don’t do this due diligence).

Min. New Selling Price (MNSP): This would be the minimum price that you could purchase the same ‘brand new’ guitar for at a dealer: by negotiating or by dealing with low price dealers (as in our forum sponsors possibly). From what I understand, this would most likely be 40% off MSRP. So, the minimum price you could pay for that J45 = .6 * $3899 = $2339. Some people will pay more, because they aren’t good negotiators or don’t know how to get that guitar at the minimum price.

Some guitars may even sell for less than 40% in rare circumstances – for example I would find it hard to believe Gibson’s new Neon Green J-45s are selling well, so possibly Gibson may give the stores ‘money back’ to sell them.

Darn Used Market Price - Perfect Condition (DUMP-PC): The same guitar, now used, but in ‘perfect’ condition. In other words, it is in the same condition as a brand-new guitar: no scratches, no dings, no cracks. As if the original purchaser just stored it in the case and never played it. Also, no warranty. Age not specified, but not vintage (their prices don’t go by any rules) – let’s say it’s a late model guitar - 5 years old.

Granted this guitar hasn’t been ‘broken in’ and the sound hasn’t ‘opened up’ (whatever that means), but it also doesn’t have the wear of a ‘broken in’ guitar. Due to the rarity of finding a guitar in such perfect condition, this guitar would sell at a premium. Is this the guitar that you are polling?

Personally, I would pay probably 75% of MNSP = $1,750 (maybe slightly more) assuming I play it and like it a lot.

Darn Used Market Price – Average Condition (DUMP-AC): ‘Average Condition’ will depend on age. An 80-year-old guitar in average condition would be in pretty banged-up condition compared to a 2-year-old ‘average’ guitar. Again, let’s just say that our beloved Walnut J-45 is now 5 years old. It has one minor (cosmetic) ding, two scratches on the front, a couple scratches on the back, the pick guard has a lot of minor scratches, and the setup sucks. No structural issues or any issues that affect tone. For me, I would pay ~50-55% of MNSP = ~$1200 for this guitar (after which I would need to pay someone to set-it-up). That would be my baseline: if in better condition (or the girl selling it was cute), maybe 60% MNSP, if in worse maybe 40% MNSP.


Anyone would pay more than the above used prices if they really really wanted a guitar (or that specific guitar) bad enough. And if that used guitar is in a store (including on consignment), expect to pay more because the store takes their cut – and provides you a service by having the guitar conveniently available.

Obtaining a 'reasonable' price might take a while. A lot of used prices are ridiculous, so be patient. And be somewhat flexible on prices because there really aren't rules that cover everything.

For any guitar (new or used), I personally pwould pay only a single price if it were sight-unseen – and that would be 0% MNSP (which by coincidence is also 0% DUMP).

[Steadfastly]

It depends on the guitar, of course but 50% is pretty much where I sit.

[Brulaha]

Originally Posted by lar

For the sake of clarity and to help the OP, I’m going to make-up some numbers, and acronyms:

MSRP: the price shown on the manufacturer’s website (for a brand spanking new guitar).

Example: If I go to Gibson.com, the MSRP for a J45 Herringbone Trimmed All Walnut guitar is shown as $3899 (with electronics).

I don’t like dealing with MSRP because it’s fictitious – it can be any phoney-baloney number the manufacture makes-up to try to buoy up their products. It’s better to use a typical selling price – but requires some work to find this out (Manufacturer’s hope you don’t do this due diligence).

Min. New Selling Price (MNSP): This would be the minimum price that you could purchase the same ‘brand new’ guitar for at a dealer: by negotiating or by dealing with low price dealers (as in our forum sponsors possibly). From what I understand, this would most likely be 40% off MSRP. So, the minimum price you could pay for that J45 = .6 * $3899 = $2339. Some people will pay more, because they aren’t good negotiators or don’t know how to get that guitar at the minimum price.

Some guitars may even sell for less than 40% in rare circumstances – for example I would find it hard to believe Gibson’s new Neon Green J-45s are selling well, so possibly Gibson may give the stores ‘money back’ to sell them.

Darn Used Market Price - Perfect Condition (DUMP-PC): The same guitar, now used, but in ‘perfect’ condition. In other words, it is in the same condition as a brand-new guitar: no scratches, no dings, no cracks. As if the original purchaser just stored it in the case and never played it. Also, no warranty. Age not specified, but not vintage (their prices don’t go by any rules) – let’s say it’s a late model guitar - 5 years old.

Granted this guitar hasn’t been ‘broken in’ and the sound hasn’t ‘opened up’ (whatever that means), but it also doesn’t have the wear of a ‘broken in’ guitar. Due to the rarity of finding a guitar in such perfect condition, this guitar would sell at a premium. Is this the guitar that you are polling?

Personally, I would pay probably 75% of MNSP = $1,750 (maybe slightly more) assuming I play it and like it a lot.

Darn Used Market Price – Average Condition (DUMP-AC): ‘Average Condition’ will depend on age. An 80-year-old guitar in average condition would be in pretty banged-up condition compared to a 2-year-old ‘average’ guitar. Again, let’s just say that our beloved Walnut J-45 is now 5 years old. It has one minor (cosmetic) ding, two scratches on the front, a couple scratches on the back, the pick guard has a lot of minor scratches, and the setup sucks. No structural issues or any issues that affect tone. For me, I would pay ~50-55% of MNSP = ~$1200 for this guitar (after which I would need to pay someone to set-it-up). That would be my baseline: if in better condition (or the girl selling it was cute), maybe 60% MNSP, if in worse maybe 40% MNSP.


Anyone would pay more than the above used prices if they really really wanted a guitar (or that specific guitar) bad enough. And if that used guitar is in a store (including on consignment), expect to pay more because the store takes their cut – and provides you a service by having the guitar conveniently available.

Obtaining a 'reasonable' price might take a while. A lot of used prices are ridiculous, so be patient. And be somewhat flexible on prices because there really aren't rules that cover everything.

For any guitar (new or used), I personally pwould pay only a single price if it were sight-unseen – and that would be 0% MNSP (which by coincidence is also 0% DUMP).

There was no guitar I was polling. It really was just a thought discussion. However you encapsulated what I was thinking and I love your response. Thank you for taking the time.

Anyone else who has differing opinions I’d love to hear from you too.

[musicman1951]

I like the idea of the poll, but there are too many variables to come up with a reasonable answer.

Is the used guitar a model still in production, or one that's difficult to find?
Does it look like a new guitar (many do) or one that has been rode hard and put away wet?
Is the used guitar a Martin or an Olsen (I don't see many of those)?

If the question was about a used Martin D-18 in good condition you'd probably get a more accurate response.

[jaybones]

Depends. Normal wear, 40%.

More, higher quality guitar with less wear, less off.

Something more worn, higher percentage.

Something no longer in production and collectable, we're talking something else. Of course I would gladly pay full price new for a pre war Martin, 50's-60's Gibson.