An auction I am going to tomorrow night has several good items. Can I get your advice on the maximum I should bid on them? They look to be in good condition as most of the stuff this guy had seems well taken care of, even the hand tools.
Craftsman Commercial drill press model 113.24611 8.8 amp. A monster, as tall as me.
Delta 1.5 hp 15 amp model 10 table saw. cast iron, but with stamped steel extension wings.
Jet JJ-6CS 6" .75 hp jointer Solid base, I really need a jointer.
Thanks!
$100
$100
$250
Here is sort of a condensed version of the thought process I go through in situations like that, roughly in order:
1.) How badly do I need it? 2.) Is it in decent shape? How much time would be needed to fix/tune it up? 3.) How much does an equivalent new one cost? Would this used one require any new parts, accessories, etc. in order to make it equivalent to a new one? 4.) How much are other used ones going for, if available? (ebay, craigslist in surrounding cities, classifieds, rec.woodworking archives, etc.) 5.) How much can we afford? (accounting for any applicable family opinions here) 6.) Even if I don't need it, could I for sure turn it around (ebay, etc.) for a profit?I think about those things, and bid accordingly. Yes, it does require some research beforehand. However, asking what someone else would bid doesn't necessarily line up with what YOU should bid, because your answers to the questions above would be different than everyone else's. Good luck and have fun at the auction - I've been to a few and seen some screaming good deals, and some real rip-offs. Andy
I go with about 50% of the cost of a new tool of similar capacity and features.
If I knew the source and condition I would go somewhat higher.
After that the warrenty on a new item , parts availability to me make it a better investment.
I've been to many auctions and can give you a few tips.
Always make sure you factor in the buyers premium ( typically 10% but not at all auctions) and sales tax into the price of your item.
Set the price you will pay and don't get caught up in a bidding war. Raising your bid cuz you just have to have it is a VERY dangerous trap. This is the mentality the auctioneers try to invoke. They are working for their client and their own best interest, not making sure you get a geat deal.
If it has a motor I try to pay 1/3 to maybe 1/2 the cost of new. You never know how hard it has been run.
Hand tools sometimes go for rediculous amounts. again see tip 2#
Sit back and enter the bidding once or twice early and then back out just so your comfortable with the biding process. when an item comes up that you want. enter the bidding later.
Go with a clear idea of value and don't be afraid to bid on something you didn't intend to buy. I once bought a trumpet for 63.00 because no one else was bidding. Turned out it was a $1200.00 instrument new and I turned around and sold it on E-bay for $870.00.
If you can take a straight edge to test the table for flatness and a dial indicator to test runout etc. It is also a good idea to run the motors and listen to them if they'll let you.
If you are experienced at auctions then feel free to ignore any of the above advice.
As for the actual prices I believe previous replies have covered it rather well.
Have fun and good luck
See if they will let you plug them in and turn them on before bidding. Sometimes they will, sometimes they won't.. If you can't even be assured they will turn on, the price I'm willing to pay goes way down.
I got the jointer for $250. It is in really good shape, blades still sharp. All of this guys stuff was excellent. Bought 10-12 chisels for $25, all sharp. Other good odds and ends. He really took care of his equipment. Also got a nice workbench with a Wilton quick release vise for $60. Saw the vise in a catalog for $140.
The table saw went for $300. The drill press for $225-$250, I think.
Another auction tomorrow at someone's house and the wind chill is expected to be between -9 and -19 with a temp of 11(east IA). Will be hell, but that means fewer may show up and good deals for me!
Thanks for all the advice.
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