Now that you're done with your shopping (and spring-cleaning) for the Lunar New Year, you're left staring at the pile of bags and SLGs (small leather goods) that you no longer want. You could have outgrown them, or feel that they no longer suit your new wardrobe. Or, like many others out there, had a 'What the heck was I thinking when I bought this bag' moment. In this 2-part special, Bagaholicboy offers some ideas on how you can sell your pre-loved designer goodies and get some money back.
But before any sale happens, here are some important tips you need to take note of.
Being Realistic About The Sale Price
It is almost impossible to get back the exact same amount you paid for the bag in the first place, which is something not many sellers are realistic about. Neither is reducing it by 10% to 20% going to be of much help either, because in today's market of discounted designer bags online and end-of-season sales at the brick-and-mortar stores, it really does makes your discount look really pitiful. A good rule of thumb is between 30% and 50% less; this is also dependent on factors like the general condition of the piece, as well as the extras which you'll read more about later.
However, there are exceptions and they include brands like Chanel, Hermes and Louis Vuitton. These 3 brands often hold their value very well (especially if the bag in question is still in very good condition). Some, like Chanel and Hermes, may even fetch more than what you paid for, since price increments and scarcity will work in your favour.
The General Condition
Does your bag look brand new even though you bought it five years ago, or does it look like it has been around for 5 years? If you have been taking good care of your bag (or SLG) from the day you bought it, chances are, the condition would be near pristine which also means it'll be able to fetch a higher price. Conversely, if you hadn't taken care of it, chances are even the neighbourhood dog won't want it for a chew toy.
So what do would-be buyers look out for when buying any pre-loved bag? There's a long list, but some of the more important factors include if there are any stains (or marks) on the outside (or inside) of the bag, if the bag smells musky (or funny) and if all the stitching is intact, along with checking the hardware (are there scuffs or marks?) and if the things like the zipper still works.
And if it is less than perfect, do be honest and upfront about it. Nothing is worse than a less-than-perfect bag that was described to be flawless in the first place.
The Complete Package
The first thing anyone should do whenever they purchase a new bag is to keep the bag's papers intact; these may include the care tags for the bag, receipts and any other paperwork relating to the bag. You may not think it is important, but it gives the buyer-to-be assurance that your bag is indeed 100% legitimate, and having bits like care tags and receipts do mean that at the end of the day, it can command a slight higher resale value. Extra bonus points can be awarded if you have the original box and dust bag, along with other bits like the bag's padlock and key, which many people often misplace over the years.
The best way to keep everything intact is to keep all the extra bits in a small ziplock bag, which can then be stored inside the bag, or in a box file on the shelf. It may seem like a hassle, but when the day comes when you want to sell it, you'll be thankful you went through all that trouble to begin with.
A Picture Is Worth A Thousand Words
While you may endlessly wax lyrical about why the next person should buy your pre-loved bag (or SLG), nothing is more powerful and effective than showing your would-be buyer snapshots of the bag you want to sell. Best shot on a white background (now, we all have white walls at home, don't we?), keep the images simple, focusing on the bag. You may want to include angles from the front, the back, as well as close-ups of anything special (or flawed) that you would like to highlight.
For best results, try to shoot the bags near the window in the day, taking full advantage of natural light because nothing is worse than hideous images that were shot at night under artificial light. The bag just won't look the same.
And now that you are prepared to sell your bag (and now know how you price it and even shoot the images), stay tuned for next week's piece on where you can actually sell it.
