The Price is Right: Why Price Matters When Selling Secondhand

So you've gone through the effort to list your clothing items for sale. Congratulations, you're well on your way to turning clothes collecting dust into cash in your pocket! However, the fun isn't over. One of the biggest barriers to ensuring a sale is setting the right price.

It's easy to get sentimental when it comes to pricing - naturally, the dress you wore to prom or pair of jeans you wore on a first date hold a special place in your heart. But buyers don't care about an item's past. They care about a fair deal, and a price that reflects market value.

Pricing secondhand items effectively requires balancing competitiveness, demand, and the condition of the items. With that in mind, here are some best practices to guide you when pricing your secondhand items:

1. Research Market Value

• Check similar listings: Look at online marketplaces like Poshmark, eBay, Depop, Facebook Marketplace, or local consignment stores for similar items to see how they’re priced.
• Know the retail price: If the item is still available new, use the original retail price as a baseline.

2. Consider Condition

• Excellent/New: Items in mint condition can be priced closer to the retail price (typically 50%-80% of retail).
• Good: Slightly used items should be priced around 30%-60% of retail.
• Fair/Worn: Items with noticeable wear should be priced at a steep discount (10%-30% of retail).

3. Account for Brand Value

• High-demand brands or luxury items can retain a significant portion of their value.
• Generic or less-known brands may require lower pricing to attract buyers.

4. Factor in Rarity or Demand

• Limited-edition, rare, or collectible items often command higher prices (e.g., a Birkin bag).
• Seasonal demand (e.g., winter coats in colder months) can also justify higher pricing.

5. Consider and Disclose Defects

• Clearly disclose any flaws and adjust the price accordingly.
• Consider offering a slight discount for repairs or missing parts.

6. Set Negotiable Prices

• Indicate if your price is firm or open to negotiation to attract more buyers.
• Set your price slightly higher than your lowest acceptable amount to allow room for bargaining.

7. Bundle Deals

• Offer discounts for purchasing multiple items to encourage larger sales.

8. Reduce Price Over Time

• If an item doesn’t sell after some time, consider reducing the price incrementally.
• Alternatively, start slightly high and lower it if there’s no interest.

9. Justify Your Price

• Emphasize unique features, quality, and why your price is fair (e.g., "Like new, only worn once, originally $100").

10. Factor in Selling Costs

• Account for platform fees, shipping costs, or listing expenses when setting your price.