Help me justify losing money on selling bags.
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Well, this thread certainly hits home!
For the better part of a year, I have been contemplating selling a Chanel that has barely been used. I have to admit, buying the bag was a mistake -- if I had bought it as a special occasion bag, that would be one thing, but I actually convinced myself that this would be an everyday bag and that just hasn't happened. The bag is in new condition and has gone through one price increase since I bought it, and yet, the quotes I've received from a couple of well-known, online resellers has been a complete disappointment. Lesson learned! I don't expect to recoup all my costs on resale, but I was hoping to lose only 20% or so, but in reality I will only get back about half of what I spent. Not worth it to me at this point, so I am sucking it up and keeping the bag, at least for now.
For years, DH has said to me that buying and reselling bags is a losing proposition, and he's right. Still, I haven't minded taking a loss on some other bags because I enjoyed them for a while but ultimately, they didn't work for me so I moved on. Everything depreciates, I accept that. But the Chanel was a wake-up call and I think it's snapped me out of the buy-sell-buy craziness that tPF seems to bring on.
Before I joined this forum it never would have occurred to me to sell a bag or expect much of a return from a "used" product. Because let's call it what it is -- we say "pre-loved" but that's just a nicer way of saying "used." Even if it's "gently worn," the fact of the matter is, like a car, a bag depreciates the minute you drive it off the lot, so to speak.
These days, I am focusing my bag obsession/hobby on really making sure, as much as possible, that I will love and USE the bag I'm considering spending my money on. In that regard, to me a bag is an investment -- not a financial one, but a personal one. I use a handbag every day, it gets a lot of use and so I want to "invest" in something that will function supremely well and look great doing it.
OP, I suggest listing the qualities a bag needs to have to function well for you in your life. Then go though your current bags and see how many of them tick the boxes. Then do a further cut and ask yourself, of these bags that function well, which ones do you really love? But go with function first -- if you start with form, you'll almost always be frustrated.
And while I agree with those who said to stop beating yourself up over your mistakes, I do think some reflection is warranted here, Without berating yourself, ask yourself what you expected these bags to give you. You may be asking them to do more than a bag can really do, IYKWIM. Once the rush of aquisision is over, what positive thing do you expect a given bag to bring to your life?
No judgements here, just throwing out some questions in the hopes that they are helpful.
For the better part of a year, I have been contemplating selling a Chanel that has barely been used. I have to admit, buying the bag was a mistake -- if I had bought it as a special occasion bag, that would be one thing, but I actually convinced myself that this would be an everyday bag and that just hasn't happened. The bag is in new condition and has gone through one price increase since I bought it, and yet, the quotes I've received from a couple of well-known, online resellers has been a complete disappointment. Lesson learned! I don't expect to recoup all my costs on resale, but I was hoping to lose only 20% or so, but in reality I will only get back about half of what I spent. Not worth it to me at this point, so I am sucking it up and keeping the bag, at least for now.
For years, DH has said to me that buying and reselling bags is a losing proposition, and he's right. Still, I haven't minded taking a loss on some other bags because I enjoyed them for a while but ultimately, they didn't work for me so I moved on. Everything depreciates, I accept that. But the Chanel was a wake-up call and I think it's snapped me out of the buy-sell-buy craziness that tPF seems to bring on.
Before I joined this forum it never would have occurred to me to sell a bag or expect much of a return from a "used" product. Because let's call it what it is -- we say "pre-loved" but that's just a nicer way of saying "used." Even if it's "gently worn," the fact of the matter is, like a car, a bag depreciates the minute you drive it off the lot, so to speak.
These days, I am focusing my bag obsession/hobby on really making sure, as much as possible, that I will love and USE the bag I'm considering spending my money on. In that regard, to me a bag is an investment -- not a financial one, but a personal one. I use a handbag every day, it gets a lot of use and so I want to "invest" in something that will function supremely well and look great doing it.
OP, I suggest listing the qualities a bag needs to have to function well for you in your life. Then go though your current bags and see how many of them tick the boxes. Then do a further cut and ask yourself, of these bags that function well, which ones do you really love? But go with function first -- if you start with form, you'll almost always be frustrated.
And while I agree with those who said to stop beating yourself up over your mistakes, I do think some reflection is warranted here, Without berating yourself, ask yourself what you expected these bags to give you. You may be asking them to do more than a bag can really do, IYKWIM. Once the rush of aquisision is over, what positive thing do you expect a given bag to bring to your life?
No judgements here, just throwing out some questions in the hopes that they are helpful.
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First of all, big hug to you
And I need to say that since you sold the bags to consignment, you've done a great job taking a loss less than $1K. I sell my bags on my own cuz I am willing to spend time on this to avoid or reduce losses I need to take.
Other than certain Chanel or Hermes bags, a lot of time we sell bags at loss. That is the reality
(Sometimes you can get away with losing money for selling Chanel's on sites like Tradesy or Shop hers but depending on bags)
And we all live and learn. I learned my lesson and stopped buying LV.
And for all the bags I bought or want to buy, I keep the resell value in mind and that makes me more careful before buying. Not saying this stops me from buying bags with lower resell value but just makes me think twice
Buying and selling is really a bad vicious cycle.
Take another look at your collection and perhaps stay away from the forum for a while!
And I need to say that since you sold the bags to consignment, you've done a great job taking a loss less than $1K. I sell my bags on my own cuz I am willing to spend time on this to avoid or reduce losses I need to take.
Other than certain Chanel or Hermes bags, a lot of time we sell bags at loss. That is the reality
(Sometimes you can get away with losing money for selling Chanel's on sites like Tradesy or Shop hers but depending on bags)
And we all live and learn. I learned my lesson and stopped buying LV.
And for all the bags I bought or want to buy, I keep the resell value in mind and that makes me more careful before buying. Not saying this stops me from buying bags with lower resell value but just makes me think twice
Buying and selling is really a bad vicious cycle.
Take another look at your collection and perhaps stay away from the forum for a while!
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Agree with the previous posters. You can't justify it. From my experience I always lose at least 40% off of the original price. But if you sell the bags that you bought pre-owned, the loss is not that bad.
I don't sell used bags--I donate them to charity.
In some viewpoints, I've "lost" more money than did you.
But, I enjoy using my bags & enjoy letting go @ right time--this feels more like a gain.
I've never looked @ handbags as an investment, just as handbags.
Better to own them than to be owned by them, imo.
Hope this helps.
+1
I've contemplated many a time on selling one or two of my Gucci bags but in the end, I'm still using them. I find keeping them in their dustbags helps. Depending on the mood I'm in, it's like finding an old friend. As everyone, here has told you, don't beat yourself up. Just learn from the experience and remember, bags are not an investment!! This includes a used Hermes. In the end, it's just a used bag.
I agree with everyone - you can't justify it. You have to be able to live with it.
Most of the bags I've sold have been at a loss. A couple have been breakeven or close to it.
I try to buy at a good price and buy bags that are popular so that if/when I decide to sell, hopefully I can get a halfway decent percentage of what I paid.
What kills me is when I reduce the price on a bag and still no one wants to but it. I've given a couple to my sister and that's fine but not all the bags I want to sell are her style.
As far as new vs preloved, I mostly prefer new. I've had a couple of bad experiences buying supposedly like-new bags that had defects. So I try to buy new at a deep discount. The biggest danger for me is probably buying a bag I like but don't love because the price is good. But as long as I can re-sell it later, I prefer to do that rather than pay FP for something that won't be worth half what I paid in a year. I haven't seen a bag that's so perfect for me that I'm willing to overpay for it.
Most of the bags I've sold have been at a loss. A couple have been breakeven or close to it.
I try to buy at a good price and buy bags that are popular so that if/when I decide to sell, hopefully I can get a halfway decent percentage of what I paid.
What kills me is when I reduce the price on a bag and still no one wants to but it. I've given a couple to my sister and that's fine but not all the bags I want to sell are her style.
As far as new vs preloved, I mostly prefer new. I've had a couple of bad experiences buying supposedly like-new bags that had defects. So I try to buy new at a deep discount. The biggest danger for me is probably buying a bag I like but don't love because the price is good. But as long as I can re-sell it later, I prefer to do that rather than pay FP for something that won't be worth half what I paid in a year. I haven't seen a bag that's so perfect for me that I'm willing to overpay for it.
There was a great thread full of support and great ideas for people who kept buying and selling and ending up in big trouble, can anyone remember what it was called? It might help the OP.
(Not 'Resolutions...', but that's good too)
(Not 'Resolutions...', but that's good too)
Try to look at the money you lost as "rent." You got to use the item for as long as you wanted. Such as a hotel, you rent the room and then your money is gone. Any mistakes on a bag that didn't work for you...chalk it up to a lesson learned. No sense in beating yourself up because it will not make one bit of difference in the long run. Try to find out before you sell your bags which style works for you and what doesn't then you have a better understanding and can move on to better purchases.
This is the very why I vowed to never ever resell my handbag. Ever since I started collecting premium and contemporary designer handbag I have never sold one yet. Though the thought of selling few of my bags sometimes occur to me my sentimental value for all of it quickly disperse the idea.
Thanks I like the idea of rent. I thinking problem arose when I tried to purchase preloved bags that retails value equaled what I originally paid before selling bags. That was my mistake, I should have just bought the bags I wanted/needed instead. I just got wrapped up onto swithing to better. I felt I was moving up brands which is so silly. That is not a real thing. I am kicking my self for my own stupidness. I think my probables too was after I got a flap preowned, I saved so much that I thought I'll only do preowned for now on, but the other two bags I purchased, I really didn't save enough that I should have done that. Plus the whole non return thing. Because I knew I wasn't happy with both before every using but it was too late. It want the bag style, it was just the bag it's self. To be honest when I started buying lv; I just gave away all my coach, mK, and Kate spade so it probably wasn't any different. I just need to get away from handbags I think. Maybe take a loss of a few thousand dollars but find three or four that are perfect and then accept, that I got to use all those other bags along the way.
Come join us in the 2015 Resolution - shopping your closet thread. It is more about finding what works for you and not getting caught in the hype .
Oh my gosh, I can so relate to this. It seems to be an endless cycle and although I don't have any answers for you, I sure feel your pain.
Like you said, one of my biggest issues is buying online and not being able to return. I've taken so many chances because of that, and it's cost me dearly. Yoogi's Closet probably shakes it's head wondering what in the world I'm thinking. lol
Like you said, one of my biggest issues is buying online and not being able to return. I've taken so many chances because of that, and it's cost me dearly. Yoogi's Closet probably shakes it's head wondering what in the world I'm thinking. lol
One more chime in on the whole "investment" nonsense. It's not. It's like a car. The only time you might be able to break even or make money is if you buy new items at a discount (like at an outlet store) and sell them at full retail, and you're still not going to make much of a profit after fees.
Stop worrying about the money that's gone. Start thinking about enjoying what you have. Even if you do sell at a loss, it's not as bad as it could be. You will have money in the bank that was sitting in your closet (unused bags) and you DID have the experience of owning a nice bag even if it didn't work out.
Stop worrying about the money that's gone. Start thinking about enjoying what you have. Even if you do sell at a loss, it's not as bad as it could be. You will have money in the bank that was sitting in your closet (unused bags) and you DID have the experience of owning a nice bag even if it didn't work out.
One more chime in on the whole "investment" nonsense. It's not. It's like a car. The only time you might be able to break even or make money is if you buy new items at a discount (like at an outlet store) and sell them at full retail, and you're still not going to make much of a profit after fees.
Stop worrying about the money that's gone. Start thinking about enjoying what you have. Even if you do sell at a loss, it's not as bad as it could be. You will have money in the bank that was sitting in your closet (unused bags) and you DID have the experience of owning a nice bag even if it didn't work out.
That's kind of what I decided, that 500 our so our 2000 dived by a bunch of bags is not that bad. It's like I owned this really great bag for price of a much cheaper bag. Enjoyed for a while and then can sell when I relive they are not perfect for me. Thanks everyone. I already feel better!