We have a Troy Built riding lawn mower that needs some engine work. We don’t feel like messing around with the repairs, so we were just going to sell the body.
What would be a reasonable price to ask for?
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October 26th, 2009 at 8:29 pm
Find the price of a new one, then subtract 10% for each year old it is. Then subtract the cost of making the repairs and you will have a reasonable price, assuming that it is in good shape otherwise.
So, it if was $1000 new and it is 4 years old, you would subtract $400 plus the cost of repairs ($100/year).
You can quickly see that when the price of the repairs exceeds its value then that is the time to just junk it!
October 26th, 2009 at 9:01 pm
I like the other answer about subtracting 10% for each year and then the cost of the repairs - but I would argue that you may still have trouble selling it at that price.
When I put myself in the buyer’s position, I can’t help but think that there should also be an additional incentive for me to purchase a non-working item. Yes, theoritically, I would be made whole by deducting the cost to repair - but that is just an estimate. If I’m going to take the additional risk of buying a non-working item then there should be a little extra cushion in it. If for nothing else than to protect me in the event that the repairs go over budget.
How about
- Take 10% off for each year
- Take off the cost to repair
- Take off an additional 5 to 10% since it isn’t currently working.
October 26th, 2009 at 9:04 pm
An individual in this office just had a very good (when new) unit fail on him. He sold it to a repair shop for $125. Repairs would have been $450. A new one of similar capacity and quality cost him $1200 after all the rebates and discounts, so the net cost for a new one was $625, for which he got a two-year warranty and two-year service contract in addition.