A luxury handbag is a great item to have in our closet. However, even a designer bag may lose its ability to keep us interested in showing it off. Luckily, you don’t have to hold on to your designer bag if you have outgrown it or want to cash in on your investment.
If you have a designer handbag that you’re no longer using, you may be able to sell it for cash.
Let’s take a look at this quick guide on how to sell your designer handbag:
1. Do Some Research
Before you put your handbag up for sale, do a little research on the current market value. Find out how much similar bags are selling for, and price yours accordingly.
It’s also a good idea to find out the going rate for the same bag in different conditions. This will give you a good idea of what to expect when selling your bag.
2. Find the Right Venue
Once you have an idea of how much your bag is worth, it’s time to find the right venue to sell it.
There are a few different options when it comes to selling your handbag. You can sell it online through a luxury consignment website, or you can sell it to a local consignment store.
You can also try to sell it yourself through classified ads or online marketplaces.
3. Prepare Your Bag
Once you have decided on the best place to sell your bag, it’s time to get it ready.
Start by giving your bag a good cleaning. This will help it to look its best and attract buyers.
If your bag has any damage, you may want to get it repaired before putting it up for sale. This will help to increase its value.
Make sure you have the original receipt, dust bag, box, and authenticity card to prove your bag is legit.
4. Take Good Photos
When you’re selling your handbag online, good photos are essential. Make sure to take clear, well-lit photos of your bag from all angles.
You may also want to include a photo of the bag’s interior so buyers can see the condition of the lining.
5. Write a Good Description
Along with your photos, you’ll also need to write a good description of your bag. Include all the important details, such as the brand, style, material, color, and condition.
Be sure to mention any damage or wear and tear, as this will affect the price of your bag.
6. Set a Reasonable Price
When setting a price for your bag, be sure to take into account the current market value as well as the condition of your bag.
You may also want to consider the price of similar bags that are selling online.
7. Be Patient
Selling a designer handbag can take some time, so be patient. It may take a few weeks or even months to find the right buyer.
The market is flooded with bags, so you may need to lower your asking price if you’re having trouble finding a buyer.
8. Stay Safe
When selling your handbag online, it’s important to stay safe. Be sure to meet buyers in a public place, and don’t accept personal checks or money orders.
It’s also a good idea to get the buyer’s contact information so you can follow up if there are any problems with the sale.
Remember, luxury bags are expensive items. You don’t want to make yourself a target to thieves by telling them your home location.
Once you’ve found a buyer, it’s time to negotiate. If the buyer is interested in your bag but isn’t willing to pay your asking price, try to come to a compromise.
You may need to lower your price in order to make the sale.
10. Complete the Sale
Once you’ve agreed on a price, it’s time to complete the sale. Be sure to get payment upfront before sending the bag to the buyer.
If you’re selling the bag online, you may need to use a secure payment method, such as PayPal.
You should also get the buyer’s shipping information so you can send the bag as soon as possible.
Things To Avoid When Selling a Designer Bag
Now that you know how to sell a designer handbag, there are a few things you should avoid doing in order to get the best price for your bag.
1. Don’t undersell your bag. Remember, you paid good money for your designer handbag, so don’t sell it for less than it’s worth.
2. Don’t overprice your bag. While you don’t want to undersell your bag, you also don’t want to overprice it. If your asking price is too high, you may have trouble finding a buyer.
3. Avoid going to a low-end consignment shop. There are some consignment shops that will only offer you a fraction of what your bag is worth. Do your research before selling to a consignment shop, and make sure you’re getting a fair price for your bag.
4. The last thing you should do with a luxury bag is go to a pawn shop. Pawn shops are in the business of making money, so they’re not going to offer you a fair price for your bag.
Your average pawn shop owner will only give you a fraction of what your bag is worth – as little as 25% of the value. If they pay you the full value, they won’t make a profit when they try to sell it to someone else.
It’s not worth the risk, so only sell authentic designer handbags.