When many hobbyists or people doing renovations have finished their project, they find themselves with a ton of new and used machine tools that they no longer need or have room for. Some end up giving the tools away, donating them or even throwing them away. These people can make a lot of money by selling their tools, but many don't know how to go about pricing, advertising and selling the tools. Fortunately, selling tools is a relatively straightforward process and doesn't require a middle man if you want to sell the tools yourself and avoid paying a commission.
Visit the websites for machine tool sellers (such as Home Depot, Ace Hardware and Lowe's) to determine their pricing for similar tools.
Determine your own pricing for each of your tools. New machine tools should be priced about 15 percent lower than retail competitors' prices. Used machine tools should be priced 40 to 50 percent lower than retail competitors' prices for new machine tools.
Write a detailed description of each tool, including its uses, age, condition and manufacturer.
Take a digital photograph of each tool. Each photograph should be taken at the highest possible quality in a well-lit area.
Visit Craigslist.org and post an ad in your city offering your tools for sale. Include the description, photograph and pricing. Include your email address for people to respond to and your phone number if you wish.
Respond to people interested in buying your machine tools and arrange to meet.
- Never accept payment in the form of a personal check, as personal checks can bounce or be fraudulent. Cash is the safest form of payment, but a cashier's check or money order is also relatively secure.
- Ilona Burgers