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Should I trade-in when buying new? #2933618 01/14/20 09:04 AM
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Propianoplayer Offline OP
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Hello all! So I am in the process of upgrading my Kawai RX2 and am looking at a Shigeru Kawai and a Mason Hamlin. My question is, is it worth trading in my RX2? I mean how much does it actually impact the purchase price? I'm not opposed to consigning it, but I know from past experience that trying to sell a piano privately is a very long drawn out process. And often times you don't get anywhere close to what you want to get out of it. When I bought my RX2, I purchased it from a private seller and basically stole it from them because they were moving and HAD to get rid of it right away. I kind of low-balled my offer and was extremely surprised when they accepted it.

The way I see it, I could probably negotiate a lower gross price with out the trade but with the trade my overall price will be lower. For example, without the trade the piano price may be $30,000 and then IF i could sell my piano I would get $10,000, netting the sales price at $20,000 (ignoring taxes etc.) But with the trade it would be $32,000 but then $4,000 off for my trade making my net price $28,000.

Obviously selling my piano on my own is the best financially, but it could be months or maybe even years before I could find someone to buy it and have the cash to pay for it... Second best would probably be to consign it at the piano store. I would get more than a trade in, but less than selling it on my own. Again it could sit at the piano store for months or longer...

Thoughts??

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Re: Should I trade-in when buying new? [Re: Propianoplayer] #2933622 01/14/20 09:09 AM
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joe80 Offline
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My thought is you ask the dealer what they can offer, have a look at similar pianos to the one you have for sale, and set two lowest prices - one that you'd be willing to accept in a private sale and one that you'd be willing to accept in a trade.

It's really hard to say how much any used piano is ever worth, because the market is so changeable. I'm inclined to think if the dealer offers you a good trade in, and you're happy to go with it, it's the simplest option. Sometimes you can wait for months to sell a piano and end up getting a rubbish price for it. Since you bought the piano for not that much in the first place at least you probably won't lose anything in a trade.

Re: Should I trade-in when buying new? [Re: Propianoplayer] #2933637 01/14/20 09:49 AM
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j&j Offline
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Trade in policies vary significantly between piano dealers. I got 100% full trade in for my pianos bought from the same dealership and an extremely fair trade in for my Baldwin upright. I was also told up front that with a trade in, the best they could do on price was the posted sale price. The pianos I chose to buy were on sale were nicely reduced from SMP, so each time I chose trade in vs sell myself. And I must say, the convenience of having my previous piano wheeled out and my new piano wheeled in was fabulous. I did pay for that convenience but it was worth every single penny. Compared to the hassle of having people traipse through my house and then insult the piano I’m selling so they can give me some low ball offer and then haggle about moving it and are they even paying me legitimate currency? Ugggggghh! We’ve sold vehicles, horses, horse trailers, motorcycles, and even a house that way. No thank you. But that’s just me. Do your research and pick what’s best for you and your family. Best wishes!


J & J
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Re: Should I trade-in when buying new? [Re: Propianoplayer] #2933643 01/14/20 10:06 AM
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MarkL Offline
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The RX2 is very popular, I would think you could sell it yourself. Of course it will be easier if you live in a metro area- if you're 50 miles from nowhere it may be much harder. Consignment usually takes 40% for the store, but some stores will reduce that a lot if you bring in a buyer. So you could still advertise it yourself and take a buyer to the store to see it.

Do you have room in your home for both pianos? If you can afford to carry the older piano until it sells, that would give you the most flexibility in terms of waiting for the right buyer to get a good price and enjoying the new piano now.


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Re: Should I trade-in when buying new? [Re: MarkL] #2933663 01/14/20 10:53 AM
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j&j Offline
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Originally Posted by MarkL
The RX2 is very popular, I would think you could sell it yourself. Of course it will be easier if you live in a metro area- if you're 50 miles from nowhere it may be much harder. Consignment usually takes 40% for the store, but some stores will reduce that a lot if you bring in a buyer. So you could still advertise it yourself and take a buyer to the store to see it.

Do you have room in your home for both pianos? If you can afford to carry the older piano until it sells, that would give you the most flexibility in terms of waiting for the right buyer to get a good price and enjoying the new piano now.

Or you could put the RX2 for sale now. See how many calls you get, piano tryouts, and maybe some good offers. If you have trouble or hate the hassle, trade it in for your new piano. Another former RX2 owner had good success selling on Piano Mart. He was upgrading to a SK2, if I remember correctly. Good Luck!


J & J
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Re: Should I trade-in when buying new? [Re: Propianoplayer] #2933677 01/14/20 11:20 AM
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Great advice here, as always.

In my view, if you are not counting pennies and are pretty well off financially, the trade in is by far the path of least resistance.

But if you are like me, and money matters, cause I ain't never had a lot of it at any one given time, ( smile ) then negotiating the lowest price on a new one and then selling your current piano is likely the more financially frugal thing to do, as a general rule.

Of course, as has been mentioned, different dealers offer different trade-in options (values), which can vary a lot amongst dealers; and, private sale pianos can be difficult to sell, and can take a long time, unless you are asking a really bargain basement price for your RX2.

Your call... smile

Good luck!

Rick


Piano enthusiast and amateur musician: "Treat others the way you would like to be treated". Yamaha C7. YouTube Channel
Re: Should I trade-in when buying new? [Re: Propianoplayer] #2933824 01/14/20 04:45 PM
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Deann Offline
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If you post your last IRS tax return here, we will see your financial situation and can then make an informed recommendation. grin

But really, your financial situation, your space for two pianos, the time and patience you have to hassle around with private buyers - that's what determines this. If you've got the money (to buy without a trade-in) and space and time - and live in a large enough town so that there will be a market, then sell it yourself.

Re: Should I trade-in when buying new? [Re: Deann] #2933865 01/14/20 05:58 PM
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j&j Offline
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Originally Posted by Deann
If you post your last IRS tax return here, we will see your financial situation and can then make an informed recommendation. grin

But really, your financial situation, your space for two pianos, the time and patience you have to hassle around with private buyers - that's what determines this. If you've got the money (to buy without a trade-in) and space and time - and live in a large enough town so that there will be a market, then sell it yourself.


Cute. Some people enjoy the haggling both buying and selling. I’ve had to do both. I go to auctions so I know the whole song and dance. There’s always that one potential buyer that the instant they see the piano they start nitpicking everything and then give a ridiculous low ball offer. I know it’s coming but just hate the process. But that’s just me. I want to roll my eyes and just moan aloud when I hear it.


J & J
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Casio Privia PX-330
Pianos - the reason God made trees!
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Re: Should I trade-in when buying new? [Re: Propianoplayer] #2933884 01/14/20 06:34 PM
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Originally Posted by j&j
Cute. Some people enjoy the haggling both buying and selling. I’ve had to do both. I go to auctions so I know the whole song and dance. There’s always that one potential buyer that the instant they see the piano they start nitpicking everything and then give a ridiculous low ball offer. I know it’s coming but just hate the process. But that’s just me. I want to roll my eyes and just moan aloud when I hear it.

Yea, the private buying and selling is a song and dance of sort, and can be stressful to an extent. But you do get to meet some really nice people, along with some funky folk. And, it usually doesn't take long to tell the difference. smile

You can usually weed out the funky folk during the initial communication process, but not always. The scammers are pretty easy to detect, and weed out, as a general rule. But if someone is interested enough to ask questions and schedule a time to come and look at your item/piano, after some type of vetting process, they are usually serious prospects, and safe enough to deal with, as a general rule.

I sold an antique cedar chest that needed restoration around Christmas, and a guy came and looked at it and in just a few minutes said he'd take it. He paid my asking price, and asked if I would keep it a few more days so he could surprise his wife, who was an antique enthusiast, for Christmas. I told him it was not a problem at all, and he could take his time. He came to pick it up a couple of days before Christmas, and gave me an extra $20 for holding it for him a few extra days, which I was reluctant to accept, but he kept insisting, so I took it. He said it was not very often he met really nice people like me. I was quite flattered at his compliment.

But there are certain risks in dealing with the general public as a private seller/buyer. But there are risks involved when you walk out your door to go to the grocery store.

To the OP, good luck, whatever you decide to do! smile

Rick


Piano enthusiast and amateur musician: "Treat others the way you would like to be treated". Yamaha C7. YouTube Channel
Re: Should I trade-in when buying new? [Re: Propianoplayer] #2933914 01/14/20 07:26 PM
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Jethro Offline
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Originally Posted by Propianoplayer
Hello all! So I am in the process of upgrading my Kawai RX2 and am looking at a Shigeru Kawai and a Mason Hamlin. My question is, is it worth trading in my RX2? I mean how much does it actually impact the purchase price? I'm not opposed to consigning it, but I know from past experience that trying to sell a piano privately is a very long drawn out process. And often times you don't get anywhere close to what you want to get out of it. When I bought my RX2, I purchased it from a private seller and basically stole it from them because they were moving and HAD to get rid of it right away. I kind of low-balled my offer and was extremely surprised when they accepted it.

The way I see it, I could probably negotiate a lower gross price with out the trade but with the trade my overall price will be lower. For example, without the trade the piano price may be $30,000 and then IF i could sell my piano I would get $10,000, netting the sales price at $20,000 (ignoring taxes etc.) But with the trade it would be $32,000 but then $4,000 off for my trade making my net price $28,000.

Obviously selling my piano on my own is the best financially, but it could be months or maybe even years before I could find someone to buy it and have the cash to pay for it... Second best would probably be to consign it at the piano store. I would get more than a trade in, but less than selling it on my own. Again it could sit at the piano store for months or longer...

Thoughts??

I sold my 2007 RX-2 on Pianomart for the price I was looking for ($12,500)

As I was advised I wouldn't get offers until the fall when parents were looking for pianos and this turned out to be true. I did have an initial offer to buy within days of posting on Craigslist and a couple a few miles from me happened to be in the market for the RX-2 but that deal fell through. Around the same time a church pianist was looking at it but the church elders could not finance it.

Try Pianomart. Create a nice ad. The buyer told me my video of me playing the piano sold her the piano as did my description of how well it was maintained. Nice pics help as well as a thorough description of the condition of the piano. The year of the piano matters. Having the original receipt and being the original owner helps because you are a more reliable source of how the piano was maintained and where was kept.

Honestly it wasn't that painful an experience and I bet on the resale value of a quality Kawai grand in great condition which is why a few of us buy these pianos along with their great build. I was getting offers from local dealers for $5000 for the piano but that would have been leaving $7500 on the table. In the end the private sale worked well for me.

Last edited by Jethro; 01/14/20 07:27 PM.

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Re: Should I trade-in when buying new? [Re: Propianoplayer] #2935288 01/17/20 11:16 AM
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Propianoplayer Offline OP
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Thank you all! I am not in a big hurry to buy so I think I will try the pianomart avenue and see where it gets me. I really got a fantastic deal when I bought it. I've not seen one priced any where close to as low as what I paid.

If I don't get any bites after a while then I'll evaluate what to do next. I have some room in my studio if I needed to put 2 pianos in there, but it would be very tight and the movers wouldn't like setting up or tearing down...

Thanks again for all your input!


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