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Old 01-12-2012, 03:37 PM   #1
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value of used tools


My Father retired as a Mechanic, then went into major debt, when he built 4 chicken houses because he needed something to do. Pilgrams Pride stopped delivering chickens and my father is now having to declare bankruptsy. He has every tool known to man and we have to put a price value on everything he owns. Do you know how I could get my hands on a general list of used tool prices?

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Old 01-12-2012, 03:52 PM   #2
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Originally Posted by pomillwee View Post
Do you know how I could get my hands on a general list of used tool prices?
I don't believe that such exists.
If anyone showed something like that to me I'd look it over out of curiosity but I sure wouldn't count on it meaning anything.

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...we have to put a price value on everything he owns.
Well, SOMEONE does.
Someone meaning a disinterested 3rd party.

Or something like X% off current new price...
with a sliding scale based on age and condition applied consistently.

hth

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Old 01-12-2012, 04:03 PM   #3
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Quote:
Do you know how I could get my hands on a general list of used tool prices?
Ayuh,.... Have an Auction, 'n at the end of the day, you'll have yer list of what everything is worth....

Tools are only worth whatever yer buyer is willin' to pay for 'em....
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Old 01-12-2012, 04:46 PM   #4
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value of used tools


tools depreciate as they get older, be it hand tools or power tools

im a tool junky and as my collection gets too out of hand i will typically sell off older tools.. for hand tools i typically sell them for 1/5 of what i initially paid for them if they have been well used.. if theyve hardly been used but i dont like them its 1/2 price. power tools are usually a different story.. i will use big ticket price items until they are dead or i absolutely need a bigger version do to a specific project which the current one cant do pricing for those is similar.
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Old 01-12-2012, 05:10 PM   #5
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value of used tools


I'm an attorney.. Please do NOT consider this legal advice; it isn't and you aren't my client. However: I've told bankruptcy clients to consider their items as at a yard sale. How much would an actual buyer actually pay for something when they don't really know its history, harshness of use, repairs etc? The value is likely to be very low, and it's in your father's interest to value it accordingly. Personal property is consistently given a very low value, because it's value is usually just that: personal. Have newer items? Value those accordingly.
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Old 01-12-2012, 05:41 PM   #6
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Look at Craigslist or eBay for similar tools see what they are selling for. When I sell used, and take into account I'm anal with my tools I clean them with iso alcohol and an air gun so they always look mint. A new power tool sold personally take off 10-20%. A used power tool less than 2 years old but still current model take off 20-35%. After that 50% at least. Most insurance companies use a figure of 10-15% per year. But it is a buyer market and people will only spend what they feel is a good value and high end or contractor grade tools most home owners won't buy even with a good deal, that's why lowes, sears, and home depot sell cheap stuff (roybi, craftsman, husky, mastercraft, etc) if someone who isn't well versed or is on a budget they would rather buy cheap new than cheaper used quality. Good luck, have an auction/garage sale to move things quick or invest a lot of time sell things solo or in small lots.
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Old 01-12-2012, 06:17 PM   #7
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I've sold thousands of dollars worth of tools and was in charge if liquidation of access inventory at several differant companys.
Price it at 50% of new cost and settle for 40%. if your lucky.
I've used Creigs list a lot, it's free and have sold all most everthing I've listed.
Be ready for all the scam's, and dum as*'s that show up.
I always say cash only, no checks no trades, and everytime someone will show up with a check, want to Western Union you the money or offer to buy it if you give them your paypal account info. Do not fall for it.
Just this week I sold a 2000 Silverado, 75 ft. of # 6 wire, and a trailer.
All for cash.
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Old 01-12-2012, 07:03 PM   #8
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value of used tools


How do the chickens figure into this?
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Old 01-13-2012, 08:45 AM   #9
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value of used tools


It was already posted, but look at Craigslist and eBay for comparisons. You'll have to do it for each tool individually so get ready to spend some time in front of a screen.....

Does he have any air tools? A compressor? Live in Connecticut?
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Old 01-13-2012, 09:05 AM   #10
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Nobody knows the true value of used things like a pawnbroker.
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Old 01-13-2012, 09:23 AM   #11
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A lot would depend on the market and who is in it. For example, I was at a houshold auction several years ago. I was primarily interested in getting used refrigerator and/or freezer. When they came up the prices went too high for what I thought they were worth. There were too many interested people bidding which drove the price up. Since I was there I decided to hang around and see what else might come up. Soon tools started coming out of the garage. None of this was advertised. I was buying 36" rigid pipe wrenches for $1.00 each (qty 4), two 24" Rigid pipe wrenches $1.00 for both. Rigid pipe clamps 2 for $1.00, 4" rigid pipe cutter $2.00, 4' bar clamps 4 for $1.00 Small 18" tool box with about 100 misc snap-on, Mack and Craftsman wrenches & screwdrivers for $5.00. Two weeks later I was at another auction and saw similar pipe wrenches going for full new retail prices.
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Old 01-13-2012, 09:49 AM   #12
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He probably doesn't have to sell the tools for a bankruptcy, he just needs their value. Personal property is usually exempt.
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Old 01-13-2012, 01:02 PM   #13
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He probably doesn't have to sell the tools for a bankruptcy, he just needs their value. Personal property is usually exempt.
Tools needed for a trade are usually exempt, in most states, from bankrupty. Hint, hint, hint.

If you are asking what they are worth? I am guessing not much but to some tradesperson nearby. Hint, hint, hint.

Once you put a value on them, they could become part of the estate.

Plan well, to die poor. This nonsense of fighting over the material things in wills is absurd. And mean. And very, very expensive. If you want to see your offspring fight it out, strip razor blades to their finger nails today, truss them like chickens, and bet on who wins.


Last edited by user1007; 01-13-2012 at 01:11 PM.
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