Whether you want to sell your entire collection of luxury bags or just one, you want to make sure you get the best price possible. This requires a little more effort before selling your used handbag. There are three important steps:
- Price your high-end handbag for resale.
- Look into the best places to sell used designer bags.
- Know and understand what you need to sell it
1. How to Determine the Value of Your Luxury Handbag for Resale
When it comes to pricing your bag for resale, you want to price it competitively so that you can get cash in hand as soon as possible, right? Even if you intend to sell with a consignor, it's critical to understand how much money you can expect to make.Look at trends
Check online to see what handbags in a similar condition to yours are selling for. You can check out several websites (listed below). This is an excellent method for determining a starting price for your bag. Competitive pricing for your bag will also help you sell it quickly.Classic handbags and styles from the permanent collection are more expensive.
Classic investment bags, such as the Chanel classic flap, the Hermes Birkin, the Hermes Kelly, and the Louis Vuitton Speedy, are part of their permanent collections. This means that the prices of these handbags are never reduced; rather, they are constantly raised. (The Hermes Birkin bag is the most costly.) As a result, luxury handbags like these are always in high demand, and pre-owned versions tend to be expensive. They can sell for the same price as a brand new bag or much more, depending on the condition and demand for the bag. If you're attempting to sell a seasonal handbag, bare in mind that unless it's currently trending and in demand, it could fetch a much lower cost. Investment bags are not always good investments.Establish your bag's unique features.
Color and rarity are two other factors to consider when pricing your used handbag. You should also consider the bag's available packaging and accessories. Several factors can influence the value of your bag, so do your homework before having committed to a total cost.2. Where to sell your pre-owned designer handbag
You have two options When it comes to selling your designer handbag. You can sell it through online consignment stores, or you can sell it directly to the buyer. Each method has advantages and disadvantages.Designer consignment stores can help you sell your used handbag.
Pros The shop handles pretty much everything Cash upfront or fixed earning price Cons Lower return than if you sold it yourself It may be slow to list bag or payout proceeds One advantage of selling your used designer bag at a consignment store is how simple it is. You don't have to worry about proving authenticity, determining the price, dealing with buyers, or dealing with returns. The luxury consignment shops will handle everything for you. They'll usually send you a shipping label, authenticate your bag, give you cash upfront, or at the very least tell you how much you'll earn when they sell your bag. It's a simple and convenient way to sell your bag. The main disadvantage here is that you will typically receive a much lower offer price for your handbag than if you were to sell it on your own. This is because consignment stores must sell your purse to make a profit. They must account for the costs of obtaining the bag from you, authenticating it, professionally photographing it, listing it, and locating a buyer. Other disadvantages may include the time taken for them to list your bag and the time it takes to receive the money raised from your sale.Used designer bags can be purchased from online luxury consignment stores.
The Real Real
A popular luxury fashion and accessory destination are The Real Real. Multitudes of luxury items are available on their website. You can consign with them by sending in your items for inspection and quotes, and if you live within their service area, they will send someone to your home to inspect and pick up your items. Your items will be inspected and authenticated further at their offices.Fashionphile
Fashionphile is a widely known hangout for influencers, possibly because of its excellent online reputation and large selection. While their primary focus is handbags, they also sell designer small leather goods, jewelry, and a limited number of unworn designer shoes. They usually respond with offers within a couple of business days, and their deals reflect how popular a bag is. They will also accept seasonal/out-of-date luxury handbags, but don't expect a large offer. Ann's Fabulous Finds and Yoogi's Closet are two other platforms with good reviews but smaller inventories.Selling your designer bags directly to a buyer
Advantages
Earn maximum cash value on sale Can be selective with buyersDisadvantages
A lot more work and responsibility Higher risk If you are extremely picky about who you sell your bag to, selling directly to the buyer allows you to control who receives your bag. A major advantage of selling directly to a buyer is that you have the opportunity to earn the most money for your handbag. Since you don't have to pay consignor or reseller fees, so every dollar made on the bag goes directly into your pocket. If you are new to selling and the whole process, you must conduct some research to confirm that you list your bag in the correct location with as much info as possible and only sell to a reputable buyer. The main disadvantages are that you assume the entire risk of selling your bags and are responsible for their listing, shipping, and insurance.Online selling platforms
eBay
eBay is the biggest and most popular online marketplace. Nevertheless, selling on eBay can be a frustrating process if you don't know what you're doing. The secret to winning here is to post as many images as possible, be as specific as possible, and be clear on shipping timelines and your sale policy. Furthermore, refuse to sell to buyers who have provided no, very little, or negative feedback. Even if their reviews are all positive, read through their feedback to see what people are saying about them before selling to a buyer. Finally, keep eBay and Paypal fees in mind. A final value fee calculator can assist you in making this decision.Tradesy
Another popular selling platform is Tradesy and, as with eBay, you should be as descriptive as possible. However, Tradesy does not provide buyer reviews or feedback, so when someone chooses to buy your handbag, you are essentially taking a chance. And if they choose to return it, it can be difficult to get your item back because they must initially send it to Tradesy.Purse Forum
A solution to this is to look at the number of purchases a buyer has made on Tradesy and to ask questions about buyers on forums such as the Purse Forum.Poshmark
Poshmark does not provide a large selection of designer items, but you can still sell your designer handbag here. List as much information as possible, read buyer feedback, and ensure you understand their return policy if a buyer chooses to return a purchase.Pro tip: Avoid selling to people or luxury consignment stores with no reviews or negative reviews
The last thing you want is to be duped or face a difficult transaction so an important thing to remember to protect yourself is to be cautious about who you sell your bag to. While not everyone is a conman, and not every place with no reviews means a poor experience, it is critical to prioritize your safety. Therefore avoid selling your designer handbag to individuals or luxury consignment stores who have received no or negative feedback. You spent a lot of money on your designer handbag, and you want to make sure the transaction goes smoothly. Conduct online research and ask reputed and reliable sellers and consignors questions.3. Best practices to sell your designer handbags for cash
While selling your bag, there are a few crucial steps you should take to ensure you get the most money for it. Sadly, the internet is riddled with scams and con artists, particularly in the used luxury market. Your primary objective should be to find a really good purchaser (credible and non-problematic) and to maximize the financial value of the sale. Here's what you need to do whether you're selling one bag or many.Locate the box, dust bag, receipt, and authenticity card for your bag
On the surface, the packaging that comes with a designer handbag, while usually very pretty, may not appear to be a big deal. When it comes to selling your bag, however, having all of these items intact is critical. It not only aims to guarantee that you get the most money for your handbag, but it also helps to support the authenticity of your handbag. Do you lack these items? This is not a deal-breaker depending on how desirable your bag is. The handbag is the main item for sale here. While authenticity cards and receipts are useful, your bag can be verified without them.Be very clear in your handbag descriptions
The next step is to prepare your handbag for sale. To properly present your designer handbag and reduce the number of questions or issues, later on, you should be as descriptive as possible. This entails carefully inspecting your handbag and noting any marks, scuffs, tarnishing, creasing, smells, or other signs of wear. Even if your bag is brand new or barely used, you should inspect it thoroughly. Everything you discover should be highlighted in the bag description you write. You should also include any features that distinguish your luxury handbag: Where was it purchased? Is it still being made today? Is it part of a limited edition series? When was your bag made? Is it a special color or leather? What was its location?Share tons of photos of every angle of your handbag
After you've written your detailed description, get your handbag camera ready. Even a phone camera would be sufficient. Take as many pictures of the inside and outside of the bag as you can. This should include photos of the box, receipt, an authenticity card, and any accessories that came with the handbag. What's important is that you use great natural lighting and that your photos indicate the necessary details. Make a point of blocking out any personal information that may be visible on a receipt.Pay for tracking and insurance
When you list your handbag for sale, depending on where and how you sell it, you must ensure that it arrives in good condition. Insurance on packages can be pricey at times, but depending on how much money you have, it's a good idea to get it. This way, you can rest easy while your handbag travels to its destination. Most online designer consignment stores will send you prepaid packaging in which to ship your bag. However, you should ensure that when you ship your bag, it has tracking and adequate insurance.Take videos of your shipping process
Some people may regard this as paranoia; there are horror stories online about people shipping their designer bags and buyers complaining that the box they received contained a fake or was empty. So, every time you ship a bag, bring it to the shipping center unpacked, set up your camera, and film it is packed and handed over to the shipping staff.You can confidently sell your designer handbags for cash!
You can sell your designer handbags for cash and recoup some of the purchase prices while also making space in your closet, whether you're downsizing your preloved luxury collection or simply need to let go of one. It may take a lot of time and effort to do it correctly, but your efforts will be rewarded when you find the right buyer for your high-end bag and see the money in your bank account.