Guitar Consignment and Trade-In:
We are often asked about taking trade-in’s toward purchase of a new guitar, or one better suited to your playing needs. It seems common practice for some shops to reference a “trade” publication for pricing guidelines, which do not appear to take into consideration current resale or market value of a particular instrument – yet are more or less arbitrary. We have heard from our clients that many shops will then also offer only 40% to 60% of that “book” value.
This practice seems to leave a poor impression of the industry in general, and doesn’t seem fair to you, the seller. Alternately, the shop owner is taking the risk of tying up their inventory dollars in a “trade” – which may be some time in coming before he or she gets the appraisal price for the instrument.
For these reasons, we have established what we consider to be fair trade & consignment policies, which works for sellers, buyers, and us too. We have heard some shops charge as much as 25% consignment fee to sell your instrument. Our fee is more competitive, and offers you a sensible alternative to the dreaded “trade” option:
- Our fee is 20% of the final selling price.
- We ask a minimum of 30 to 60 days to allow us to sell your instrument, but if you find a buyer before we do, we are happy to return it to you, and there is no fee, just return shipping expense.
- You will receive payment within 30 days of buyer’s 3 day approval period (bear in mind we may need to ship to the buyer, which will add to this time frame).
Purchase with a Consignment
- Our fee is 10% of the final selling price of the consignment, up to the value of your purchase (any difference will be subject to the higher 20% rate).
- You can wait to decide until your consignment sells, then apply the proceeds to a purchase or order to take advantage of the lower rate.
- Also, if you recently made a purchase, you can consign an instrument within 30 days to take advantage of the lower rate.
(To learn more about what we do to earn our commission, review our consignment process in detail here).
Purchase with a Trade-In
- Our fee is 30% of the estimated retail value.
- For those of you who wish to finalize an immediate purchase, we try to give every consideration to worthy trades, particularly if your instrument is one of the core product brands we feature.
- After establishing a fair retail price for your instrument, we will work on a premise of 30% commission, offering you up to 70% of the value for your instrument on trade towards a store purchase (your purchase must be greater than the value of your trade).
"What price will my guitar or mandolin sell for?"
When attempting to establish a resale value for a pre-owned instrument, we conduct a bit of research on the internet to see what is currently available on the market, adding to a careful inspection of the instrument with regard to it’s wear, repair history (if known), and age. Together this information is evaluated with the current price for a new replacement model of the same specifications (when pertinent). You have full approval for both the list (or asking) price, as well as the “minimum” selling price, prior to signing your consignment agreement.
"I worry about my guitar being mishandled while hanging in a shop"
A final note… Your instrument is well cared for in our shop. We do not allow visitors to play unattended, we use a mylar pickguard cover for every demonstration, and make frequent string changes so that your instrument is well cared for during it's stay. Your guitar is fully insured by Heritage Insurance Company while in our possession, and in transit to its new owner.