kingalton Posted July 15, 2014 Share Hi Guys, not sure if anyone has started a topic like this? It seems guys are overpricing their secondhand bikes on thehub.. if you see the amount of bikes that sit on the hub and don’t sell, I think some guys are pricing their bikes incorrectly.. (especially MTBs) The equation I have always worked on and been advised to work on is the following. After the first year 50% of the value is dropped, then 10% each year after that.. it may seem harsh, but as with cars, as you drive it out the door, the value instantly drops... Any thoughts on this? Edited July 15, 2014 by kingalton Jocklaw, Peach. and nonky 3 Link to comment Share on other sites More sharing options...
SimpleDom Posted July 15, 2014 Share Not so simple.... It all depends on components that have been changed / replaced, services, how far and hard it's been ridden, and above all, how much someone else is willing to pay. arendoog, StevieL, Carpediem and 2 others 5 Link to comment Share on other sites More sharing options...
kingalton Posted July 15, 2014 Share Not so simple.... It all depends on components that have been changed / replaced, services, how far and hard it's been ridden, and above all, how much someone else is willing to pay.Yes, that is fine, but there is an equation to use as a baseline... Boerklong 1 Link to comment Share on other sites More sharing options...
eddy Posted July 15, 2014 Share It seems guys are overpricing their secondhand bikes on thehub.. The equation I have always worked on and been advised to work on is the following. After the first year 50% of the value is dropped, then 10% each year after that.. I have used your formula and it makes a lot of sense. Please will somebody give me R7.25 for my old Colnago C40 before I have to pay somebody to take it. Carpediem, domane, Mongoose! and 11 others 14 Link to comment Share on other sites More sharing options...
Uni Posted July 15, 2014 Share i sold my 4 month old bike for about 50% of what i paid - I just didn't' have the space to hang on to it and wait for a better price. i hope the guy who bought it is enjoying it.. Link to comment Share on other sites More sharing options...
shaper Posted July 15, 2014 Share willing seller, willing buyer!!... if the bike does not sell, then you often see it readvertised with "price dropped"... and will probably sell once it gets down to the price that a willing buyer is prepared to pay! Also, everything is negotiable !! Patchelicious, Uni and Eddy Gordo 3 Link to comment Share on other sites More sharing options...
Patchelicious Posted July 15, 2014 Share Hi Guys, not sure if anyone has started a topic like this? It seems guys are overpricing their secondhand bikes on thehub.. if you see the amount of bikes that sit on the hub and don’t sell, I think some guys are pricing their bikes incorrectly.. (especially MTBs) The equation I have always worked on and been advised to work on is the following. After the first year 50% of the value is dropped, then 10% each year after that.. it may seem harsh, but as with cars, as you drive it out the door, the value instantly drops... Any thoughts on this?Why not let them sell it for what its worth to them. That is after all their right. If it sits there for too long they will drop the price as the value vs price is wrong, after all demand is what sets real value, BUT if I want to sell my bike for what its worth to me, well that's my decision. I think we are now getting very arrogant, first we tell retailers what they should charge for products and services and now you want to tell individuals what to sell their stuff for. Let people sell things for what they want, if its too expensive, work harder or buy something else. arendoog and kingalton 2 Link to comment Share on other sites More sharing options...
kingalton Posted July 15, 2014 Share Sorry I didn’t explain the formula correctly.. Lets make it simplePay R50kNext year sell for 25kThen 10% off that price so 22.5kThen 10% off that price 20.25ketc Link to comment Share on other sites More sharing options...
DIPSLICK Posted July 15, 2014 Share willing seller, willing buyer!!... if the bike does not sell, then you often see it readvertised with "price dropped"... and will probably sell once it gets down to the price that a willing buyer is prepared to pay! Also, everything is negotiable !!IF THIS THREAD GOES TO 200 PAGES THATS WHAT IT COMES DOWN TOwilling seller, willing buyer!!.. a war medal to someone is worth a BAR to someone else they want to melt it down for its weight in gold/silverlooooong ago i had a 2L GOLF 16V GOLF 2, i would pay R300K FOR A NEW ONE, WHATS IT WORTH NOT EVEN HALF,,,,SO TO GET BACK MY STEED I WOULD PAY THAT there is no formula Edited July 15, 2014 by DIPSLICK GLuvsMtb, Solstice and Off_da_brakes 3 Link to comment Share on other sites More sharing options...
kingalton Posted July 15, 2014 Share Why not let them sell it for what its worth to them. That is after all their right. If it sits there for too long they will drop the price as the value vs price is wrong, after all demand is what sets real value, BUT if I want to sell my bike for what its worth to me, well that's my decision. I think we are now getting very arrogant, first we tell retailers what they should charge for products and services and now you want to tell individuals what to sell their stuff for. Let people sell things for what they want, if its too expensive, work harder or buy something else.People can sell their bikes for exactly what they want.. not telling anyone what to do - I just made the observation that bikes sit for ages and don't sell.. I have always used the formula\equation which I mentioned in the start and the bikes I sell go quick, maybe I undervalue the bikes, maybe I don't..?? Wet Ears and Scooterza 2 Link to comment Share on other sites More sharing options...
eddy Posted July 15, 2014 Share Sorry I didn’t explain the formula correctly.. Lets make it simplePay R50kNext year sell for 25kThen 10% off that price so 22.5kThen 10% off that price 20.25ketc The concept of declining balance depriciation is well understood..... Sarcasm, not so much. Edited July 15, 2014 by eddy Link to comment Share on other sites More sharing options...
kingalton Posted July 15, 2014 Share The concept of declining balance depriciation is well understood..... Sarcasm, not so much.not according to the guy that worked out he should sell his bike for R7.25..wasnt being sarcastic, wanted to explain what I meant.... Wet Ears and Scooterza 2 Link to comment Share on other sites More sharing options...
pe3nguin Posted July 15, 2014 Share Thread of the day! Subscribing for later lolz Link to comment Share on other sites More sharing options...
Solstice Posted July 15, 2014 Share Who died and made you CEO? (a little sarcy but I couldn't help myself) I agree with DIPSLICK. There is and always will be the battle between what the seller wants and what the buyer is willing to pay. Its a really pragmatic approach, but not any of us can decide what we use as a measuring stick to gauge the value of someone else's property. Peace out Link to comment Share on other sites More sharing options...
shaper Posted July 15, 2014 Share Sorry I didn’t explain the formula correctly.. Lets make it simplePay R50kNext year sell for 25kThen 10% off that price so 22.5kThen 10% off that price 20.25ketcYour formula only works if nothing is done to the bike and is the exact same spec as original in whatever year... if a bike was originally 3x8spd and has been upgraded in the 2 or 3 years to full XT 2x10spd then the formula goes out the window, even if was 2x10 deore and upgraded to XT. Especially on MTB's as components get upgraded all the time. Not all bikes are in the R50k mark Link to comment Share on other sites More sharing options...
kingalton Posted July 15, 2014 Share Your formula only works if nothing is done to the bike and is the exact same spec as original in whatever year... if a bike was originally 3x8spd and has been upgraded in the 2 or 3 years to full XT 2x10spd then the formula goes out the window, even if was 2x10 deore and upgraded to XT. Especially on MTB's as components get upgraded all the time. Not all bikes are in the R50k markI agree, I noted that "I" use this as a baseline.. I never said anyone else must use this, it was simply an observation. Link to comment Share on other sites More sharing options...
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