How to figure resale value of power tools etc.?

[macpiano]

My wife keeps telling me that if something happens to me they will have no idea how much to sell my tools for. I have a 52 inch contractor Sawstop etc, a jet 16/32 belt sander, assortments of a jointer, planer, and so forth.

I'm thinking of labeling each tool but not sure if I should put retail value and they can percentage it, or should I list a target price? I'm sure others have thought about this.

thanks

[Admiral]

Things like price change, find a trusted buddy, tell him you need his help to sell stuff if things go south, and give your bride his name. That's what I did.

[Richard D.]

My biggest fear is my wife will sell my tools for what I told her they cost.

[Jonny Rocket]

Admiral said:

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Things like price change, find a trusted buddy, tell him you need his help to sell stuff if things go south, and give your bride his name. That's what I did.

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+1

"If I die, call these guys. They'll help you out."

[shoottmx]

Jonny Rocket said:

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[blockquote]Admiral said:

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Things like price change, find a trusted buddy, tell him you need his help to sell stuff if things go south, and give your bride his name. That's what I did.

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+1

"If I die, call these guys. They'll help you out."

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[/blockquote]

To add to the above--My trusted buddy and I agreed to take care of each other's stuff for the widow. Either sell it for her with zero effort on her part or teach their kid(s) to safely use the equipment should they decide they want to learn woodworking.

g

[macpiano]

Richard D. said:

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My biggest fear is my wife will sell my tools for what I told her they cost.

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Oh now that is too funny. Same here.

[Bill Lyman]

macpiano said:

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My wife keeps telling me that if something happens to me they will have no idea how much to sell my tools for. I have a 52 inch contractor Sawstop etc, a jet 16/32 belt sander, assortments of a jointer, planer, and so forth.

I'm thinking of labeling each tool but not sure if I should put retail value and they can percentage it, or should I list a target price? I'm sure others have thought about this.

thanks

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I am consolidating two well equipped hobby shops into one, and so currently selling tools on Craig's list. Here is my approach.

1. I have an Excel spreadsheet listing every tool I purchased in the last 10 years and the price paid. Should something happen to me, my wife has access to my computer and the spreadsheet.
2. I list the tools I want to sell in a separate spreadsheet at original purchase price. I then look up the current retail price on a source, such as Amazon.com, because I assume everyone knows it and can use it as a reference.
3. I then discount the tool from its purchase price new depending upon wear, etc. and work up or down from 50% of its current retail price in order to determine a sales price.
4. In addition, I may also check a large nearby market area Craig's list (such as Chicago, but you can find one nearer to you) for the same item and see the price at which others have the same item listed.
So far that approach has been very successful.
BTW, anyone need any shop tools?

[Bill Lyman]

BTW, if anyone has a better approach, please respond and let us know your approach.

[jussi]

Craigslist or eBay is a good start.

[Steve N]

Bill Lyman said:

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BTW, if anyone has a better approach, please respond and let us know your approach.

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If you have a friend who is going to ride herd over your tools for you surviving wife's benefit you can't beat that. Only problem there is your entire shop will not sell in one day, or one week. There is a time when your friend is going to have less time for selling your tools. I have a few friends who would help me bury a body, and they would loose interest. It's a lot of work, ask guys who have sold out while still alive. For years I have believed that an auction is a true barometer of the real value of anything. If you have a large assembly of equipment, and associated tools you will likely draw a like minded crowd. Everything sells to the bare walls in one afternoon, Usually by the next afternoon everything has been crated away, and all your wife will need to do is sweep the dust bunnies from the corners, She has a fair representation of the value of your tools, is done with them quickly, and she can still feel like she could ask your buddies for a favor if needed, without hearing about back problems, and having to go out of town that day. My $0.02

If you love your wife, you won't put her through an ordeal for a few pennies. Your friends will appreciate you too.