April 10, 2008

Selling Old Items for a Good Profit

Posted in extra income at 5:26 am by kimsan23

Firstly, I’d like to say that you cannot do this for everything you own. There are certain things you can sell at the price you once got them for (or maybe a tiny bit lower) and there are things that you just simply need to sell at super discounted rates.

I once owned a gym. I had so much equipment I had to sell when the gym closed. My gym was up for 2 years. I had weights and some workout machines to dispose of.

Before selling anything, I went out into the market to look at prices. At that time, I had discovered that much of the equipment I had in my possession were selling for 30% more than what they used to sell for. The gym had gone bankrupt– that’s why I closed it. No one could manage it full time, and I had another job to augment my income.

I realized that the inflation actually worked in my favor at the time I wanted to sell everything.

My treadmills, I had two of them, were selling at 12k each, I had bought mine for 9k each. And because I was able to maintain my equipment in tip top shape — I sold both of them for 11.5k each. Didn’t lose much there.

My utility benches were all made for my gym. I didn’t buy them at any shop. They were heavy duty and very sturdy. I paid P800 for each of them when I had them done by a welder. In the shops, benches like mine were pushing 1.5k each. I was able to sell all my benches at the price I originally paid to have them done…P800.

After giving my exercise machines good paint jobs and screw replacements, I sold them all at the same prices I got them at, two years before. Most of the furniture went the same way as the machines. Just a bit of paint here and there, and some refurbishing work which didn’t cost all that much.

The exercise mats I had were cleaned thoroughly– shampooed and all. Jigsaw mats like mine were selling at P700 each. I sold the ones I had for 400 each, the original price I had paid for them two years back. They looked good as new.

The best deal I made was when I sold my weights sets. Weights were selling from P14-P16 per pound. I had bought mine at only P9 per pound two years before. Guess how much I got to sell them? I sold the weights for P12 per pound to my buyers. And because weights don’t get lighter as time goes by, it was “cheap” I disposed of those rather quickly.

The secret really to re-selling at good prices is maintaining the assets. Making sure that they always look and perform good as new.

For some items, it’s impossible to employ this technique. Electronics for one: the prices always go down when a bigger and better model comes in. But for other items, it’s a gold mine!

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