Used tools - Sometimes, I don't get it.

[Ben H]

While trolling ebay and CL today I had to scratch my head. I was watching a few auctions of Vertias & LN tools. It seems crazy to me the used prices these tools go for. I have no problem at all paying for these tools new. But it's crazy that folks will pay 10.00 less than new money for a tool they can't even see before they buy....

What's your breaking point? I can't bring myself to pay close to retail for used equipment. If I can't save at least 1/3 buying used, I'd rather buy it new. What say you?

EDIT** I meant to say 1/2, not 1/3

[jHop]

Most of the time, I don't look at hand tools unless they are 50% or more under the new tool price. For hand power tools, I check out everything at $20 and under first, then go up to $50 based off the size of the tool. The heavier the tool, the higher I'm willing to go. My cutoff is $100.

Then again, I'm cheap. And I know it.

[sw1]

Sometimes I think people just don't pay attention or know what new ones go for. I can understand sometimes at auctions people get caught up in the moment, but with ebay or craigslist you can do some research. I have someone local selling a Jet DC and a Grizzly lathe for almost double what they cost new. There is an old saying Buyer Beware that applies here. When I buy used I generally look for 50% off or more. I may pay more if it is very new and gently used, but if its older and out of warranty I want a big savings.

[Beechwood Chip]

For refurbished tools with a 6 month or better warranty, I'll pay 2/3rds of new.

For second hand tools with no warranty, "buyer beware", it needs to be less than half price. And that's less than half of the sale prices you can usually find, not list.

[PaulMarcel]

Festools routinely go for 10-15% off retail. Usually there's some of the 1+3 warranty left besides the fact they are built like tanks. I've only caught a few Festools at decent prices when the auction ended at 4:30 am or during a major sporting event. I've seen plenty of auctions go higher than retail for no good reason. For stuff like Bridge City, usually the item is no longer made so if you want it, you pay. Those things go crazy.

[Dyami Plotke]

Ben,

you hit my cut off. Though I have occasionally broken my own rule, the rule I usually follow is that a used tool, should sell for no more than 50% of original list, unless it's trashed. Then is should sell for less. I've picked up many a used tool from both a local retailer and CL. the 50% rule usually serves me well.

[wilburpan]

There's one good reason that LN and Veritas tools sell for close to their retail price. There are people outside the U.S. that are bidding on these. The prices of LN and Veritas tools are often quite higher than what they are in the U.S., and although to us it may look like that LN #4 is going for just $10 less than retail, to someone in the U.K. they are saving over $100, at today's exchange rates.

The other reason, of course, is that there is a high demand for these tools, so they bring a good price, even used. Simple supply and demand economics.

[jimmykx250]

I also go by the 1/2 off rule as well. Common sence always plays a part as well. I have seen LN and veritas tools go much higher too but that's because they are worth it. Power tools are different and can be had at a much better bargain. The key is to know what you are shopping for and know what the street value is, they usually come hand in hand.

[Guest Trace]

When buying tools,I try to anticipate when and how much I will use it. I have a hard time buying a used tool at near new prices. I have bought at auction the clamps, biscuit joiner, and some of the smaller tools to have a backup handy. For the bigger stuff, I do some research and do some calling, check the internet. Then start whittling the list down before buying. Many times I can buy and have it shipped to me for less than buying at a local big box store. The nearest specificly woodworking store is 70 miles away, which gies me a good excuse for taking the afternoon off. I did buy an electric drill for 1/2 price at HD, it needed a new power cord, because they cut them off for their display area.

[aggie4you]

When buying tools,I try to anticipate when and how much I will use it. I have a hard time buying a used tool at near new prices. I have bought at auction the clamps, biscuit joiner, and some of the smaller tools to have a backup handy. For the bigger stuff, I do some research and do some calling, check the internet. Then start whittling the list down before buying. Many times I can buy and have it shipped to me for less than buying at a local big box store. The nearest specificly woodworking store is 70 miles away, which gies me a good excuse for taking the afternoon off. I did buy an electric drill for 1/2 price at HD, it needed a new power cord, because they cut them off for their display area.

It's not uncommon for me to see electronics (specifically computer goods) go for more than what the brand new items costs at a reputable dealer (on the internet). I think that in some cases it's because people don't know where to look to find a good deal and in some cases it's a matter of what I like to refer to as "auction fever." Some people care more about winning the auction than getting a good deal.

[PaulLapczynski]

Some of the LN tools can be older versions or signed that can add to the value.... but those are the tool collectors not the users buying then.