We get asked all the time, Do you take Trade-Ins?
Yes, sometimes we do. No, sometimes we don't. Why? Let us share. We've owned, operated and serviced sewing machines at Cottage Quilting since 2013 and the market is constantly changing. So we feel this might be valuable information for anyone looking to trade in their machine.
When it comes to determining the value of a trade-in, there are several factors to consider. As a sewing machine expert, we take into account various aspects to provide a fair assessment of your machine's worth.
Do we Want to Re-Sell Your Machine?
One of the first questions we ask ourselves is whether we have a market for reselling your sewing machine. If the machine is in good condition and there is demand for it, the trade-in value will likely be higher. On the other hand, if the machine is outdated or in poor condition, the resale value may be lower.
These machines usually consist of older machine brands, or models that parts are no longer available. The worst part in recent years, is we are now seeing machines that are 15 to 20 years old that we cannot get replacement parts for. A simple $10 needle plate clip is no longer available rending a $2000 machine unusable. Therefore the trade in value is smaller than you personally would like.
The reason we point this out is that if your machine is getting in that 15-25 year range it may have a good trade-in value today but very little trade-in value tomorrow should a needed part be unavailable. So don't hesitate - Capitalize NOW! We are experiencing this with a variety of suppliers that have decided to focus on newer models vs the older models. It's not that we don't want to value your machine higher, it's that we can't.
What Will we Be Able to Sell It For?
Another crucial factor in determining the trade-in value is the potential resale price of the sewing machine. We consider the brand, model, age, condition, and market demand when estimating the selling price. The more popular and well-maintained the machine is, the higher the trade-in value will be.
Machines from top brands like Bernina, Brother, Janome, and Baby Lock purchased within the last decade offer the best trade-in and resale values. Trade-in prices reflect the estimated resale potential within 60-90 days.
When accepting a trade-in, we factor in servicing costs, warranty coverage, user training, and a reasonable margin. For instance, if a machine can resell for $800, a trade-in offer might be around $400 to cover the costs of servicing, customer lessons, staffing, ensuring quality for the new owner and value for you.
Factors Influencing Trade-In Value
Aside from the condition and market demand, other factors can impact the trade-in value of a sewing machine. These include the presence of accessories, the original purchase price, any modifications or repairs, and the overall desirability of the machine.
Factors that can increase or decrease a trade-in? If you are considering a top-of-the-line machine, we may be more generous with our trade-in value. If the machine is missing key accessories (instruction book, hard case, presser feet etc.) then we may deduct from the trade-in value.
Most times trade in values are reduced from the MSRP (Manufacturer Suggested Retail Price) NOT the current sale price. Often machine suppliers dictate a MAP (Minimum Advertised Price) and we're not allowed to go too far below that value - the exception being with Trade Ins. If our hands are tied with the pricing we can reduce machines to, we may offer store credit values as well. This is away we can get around it and still offer you something fair and reasonable.
It's important to remember that trade-in values are not set in stone and can vary depending on the dealer and market conditions. To get an accurate assessment of your sewing machine's trade-in worth, it's best to consult with a knowledgeable expert in the field.
Reach out to us today, we're happy to help you. Come in see us, look at our wonderful machines and bring in your old machine. We'll be happy to assess it. Or reach out to: cottagequilting@cottagequilting.ca