For those who know me they will know I buy and sell a lot of things, it used to be skateboards, now it is camera’s and bikes. Many people ask me “why do you always sell your bike” and I typically respond with a long winded explanation about how I’m combatting depreciation and getting a nice upgrade at the same time.
I won’t bore you with the specific camera’s and bikes I started out with, I’d bought both of the second hand, they were fairly base level, not too expensive (at least as camera’s and bikes go), and they did the job. I had both of those for a few years and got some great use out of them, but newer cameras and bikes were coming out and I knew mine were not going to be worth as much soon, and nor were the previously more expensive cameras either. So I set up a gumtree account and listed them at a price slightly higher than what I had paid, and soon enough, they were sold.
I was stoked, I’d essentially been paid to use my camera and bike. I was hooked. I looked around gumtree for a new updated camera and found one listed for just under what I had just sold mine for, so I picked that up; the same story for the bike. I’ve done this probably 4-5 times and in the process have gone from having a bike worth $900 to now $2000, and a camera worth $500 to $1500.
My method for knowing when to sell is not too complex, as soon as I get a little bored with my current gear, I start looking to sell. How I get people buying it at a higher price than I did is two-fold; I buy the gear for a great price, but also list it at a higher price and since I’m not in a rush to sell I don’t have to accept lower offers. This is definitely the reason I’ve been able to upgrade over the past several years; I haven’t had to sell, I’ve been patient.
Buying and selling anything you want on gumtree or Facebook Marketplace is an awesome way to either upgrade your current gear, whatever that may be, and/or pick up a quick buck, but its not without risk. I have been incredibly lucky in my buying and selling not to be left with something that doesn’t sell, but that is a real possibility, so if you want to try it don’t discount that possibility.
In summary, if you want to start buying and selling second hand items here is a checklist to follow:
- Buy something you know / are interested in – Buying something you don’t know anything about is a recipe for disaster, I like riding bikes and photography, so they were easy choices. Buy within your sphere of understanding
- Buy at a good price, always negotiate – You shouldn’t be in a rush to buy, wait for a good deal
- Understand the risks – There can be a lot of money to be made in buying expensive items, but there is greater risks as well, so only spend as much as you are willing to lose
- Never NEED to sell – If you need to sell, you’ll lose money. This is another reason why I buy things I’m going to use, because worst case scenario is I continue using my bike until I sell it
- Research what similar items are selling for – I always search what other people are selling things for, and typically I’ll list mine for slightly more than that and wait it out, your location might be more convenient for someone or it may be in slightly better condition.
- Don’t get Greedy – This is a big trap that is so easy to fall into. It’s not worth negotiating over $20 on something worth $1000, sometimes you just have to accept a tiny bit less than you had in mind. I’ve lost sales because I was too stubborn to reduce my pricing, and have ended up selling the item for less than the negotiator offered me.
Buying and selling second hand items can be very fun, you essentially get newer things for free, but it is not without stress. I have been left without a bike for weeks whilst I have been looking for the ‘right’ one to upgrade to.
It’s important to keep it in perspective, If you’ve made $200 over the course of buying and selling sometimes its worth just splurging to get something a little bit nicer, at least it has been for me and they are the items you enjoy the most.
Harrison Hansford 