2 min read

30% Off is the Magic Number for Selling Used Gear

30% Off is the Magic Number for Selling Used Gear
Photo by Alexander Shustov / Unsplash

I have often not bothered to put used things up for sale on Kijiji because I don't know how to price it. And because I don't like giving up things.

I have read about something called the 50-30-10 rule which are the different discounts you can give based on the condition of your item. The way it was explained made no sense to me so I'm re-writing this based on what a sales rep at the music store told me about how to price a keyboard that I want to sell soon.

  1. First take the price of the item new in store, and add sales tax to come up with a starting point figure.
  2. Now shave 30% off that number to come up with a realistic price.
  3. You can dial it up a bit because of the fact that people like to haggle, so they can haggle you down to this 30% off point.

I would imagine 50% off should be used when you really want to get rid of something, and it's either obsolete or in not good condition. At this point it's a decluttering project rather than a profit generator.

10-15% off that would be a rare case where the product really is brand new and it's not easy for people to buy it in store. You need to add some sort of discount to make it worth people's while to deal with you instead of a store that has a proper return policy and management team in case anything goes wrong.

Finally, it can be tough to part with your goods and take a haircut at the same time, but I always like to factor in what it costs for me to rent goods at the music store. On a bigger ticket item that's worth $1,000-2,000 new, I would have to pay $100-200 per month to have that item in my home. So if I have to shave off a few hundred or almost a thousand dollars off the price of something that I've owned for over a year, it's not all that bad.