While parting with a musical instrument can be difficult, even if you no longer play, it can also be a great source for an influx of cash into your bank. That can be used to buy a new instrument, pay bills, or even just build up savings for a rainy day.
Why let a beautiful instrument sit unused in a closet when someone could be playing it?
Pricing and valuing musical instruments can be complicated. A variety of factors will need to be considered in setting a reasonable price for your instrument.
Let’s look at how to price yours so that it sells making both you and the buyer happy.
Step 1: Release Sentimentality
We grow attached. We place sentimental value on objects because they have served us well and been with us throughout amazing times in our lives.
The thing is that prospective buyers do not have that same sentimental attachment. They are just looking for an affordable price on a secondhand instrument. If you want yours to sell, it’s important to take your emotions out of the equation and be objective in pricing.
Be realistic in your expectations
We have all seen new stories where someone finds a classic guitar or an old violin in an attic tucked away someplace and it magically brings in millions of dollars. But the truth is that is not the case for most instruments out there on the market.
Those ultra-high-value instruments are few and far between. While your instrument may be similar in style to the million-dollar valued style, it is unlikely that the greats ever played your particular instrument. That’s often what increases the value of an instrument: the providence. Providence has to be traceable and provable in order to hold clout and value.
Most instruments do not hold their full value over the years as tone and quality can deteriorate.
Setting and expecting a realistic price of other similar instruments that are selling as of late is a good way to go.
Do the Research
In pricing your saxophone, clarinet, flute, drum set, of whatever you happen to play. The internet can provide you with a wealth of information. Make sure to enter the model number and make for a closer pricing match. See what others are selling for (not just asking). Try and figure a price in that same range you could be happy with.
Keep in mind that the quality of one not played is likely to be better than on one who was used quite a bit.
Depending on the type of instrument you are looking to sell, the general pricing structure can range from straightforward to complex. For example, guitars, amps, electric keyboards and drum kits tend to be fairly easy to price. However,
Orchestral instruments are made in three tiers: student, intermediate, and professional. Professional instruments can sell for thousands of dollars, while student varieties may bring in, used, less than $100. That is a huge range. If you aren’t sure which tier yours is, bring it to a music shop or a pawn shop and ask.
An Appraisal is the most accurate
You should only seek out a professional appraisal if you believe your instrument to be worth a large sum of money. Otherwise, the cost of the appraisal can eat into any profits you might make from selling your instrument so make sure it will be worth it.
Supply vs. demand.
You may wish to wait until the beginning of the school year to sell your musical instrument. When children head back to school in the fall, many of them play in their school’s band or orchestra.
Not all students can afford to buy a brand-new instrument so there will be increased demand for used band and orchestra instruments during this time of the year. Because the demand is high, you may be able to set your price higher.
The same increase in demand goes for the holiday season. Children ask for musical instruments as holiday gifts, increasing the demand for these items towards the end of the year.
Sell Your Musical Instrument at First Pawn Jewelry and Loan Today
Here at First Pawn we buy and pawn all kinds of musical instruments. Our associates will work closely with you to determine a price for your instrument that is beneficial for you and our shop. We have 2 locations in SWFL to serve you, and we welcome you to bring your instrument to us today to get a free price quote.
We’ll be happy to answer any questions you have about how pawn shops work and whether selling or pawning makes the most sense for you. We do everything we can to make the process as easy and straightforward for you as possible.
Stop by and see us today to find out how much money you could get from selling your old musical instrument.
889 Airport Road South, Naples, Fl 34104 | 239-434-7296
1331 Homestead Rd N, Lehigh Acres, FL 33936 | 239-369-2274