Your bags, clothing and accessories are more than precious little possessions because they can also be part of an excellent investment collection. Pre-owned designer bags from Chanel, Hermes, Louis Vuitton, and other luxury fashion brands are among the most sought-after items in the secondary market these days. So if you want to sell your designer handbags, now is the best time to do so.
Selling your first pre-owned luxury bag can be a bit challenging and may make you feel anxious. Where should you start? What is the process? How can you avoid fraud? These questions need to be answered before putting your designer bags up for sale.
To help you out, here’s a helpful guide that can assist you in making well-informed decisions when selling pre-owned designer bags and getting the best possible price for them.
1. Prepare the bag for sale
Preparation is the key to a profitable and successful luxury bag resale. Here’s how to do it.
a. Categorize your bag’s condition
First, categorize its condition based on the following guide:
- Pristine – The bag looks the same as it did when it was made. It is in perfect condition without any defect or detectable wear.
- Excellent – The bag has barely visible imperfections. It has slight signs of wear but is in near perfect condition.
- Very good – The bag has minimal visible signs of slight wear and aging, but is still in very good condition. It may have very minor wear, scratches, or discoloration.
- Good – The bag has visible wear but is still in good condition.
- Fair – The bag has been heavily used for years. Visible imperfections may include discoloration, scratches, and tears.
Be honest with yourself when categorizing your bag so you can get a clear idea of how much it is worth. For instance, pristine bags can receive more than their original price, especially when they’re rare. But for bags in very good to fair conditions, they can fetch a maximum of 90% of their original price.
b. Gather all the information about the bag you want to sell
Second, identify the bag’s intricate details. These may include its size and precise style, the type of metal used to produce it, and the leather it is made from.
Moreover, check if you still have the bag’s original dust bag, accessories, and box. Including these essential elements can help maximize its resale value.
Take note that some bags command higher prices than others. While the value of designer bags can fluctuate because of the trends, iconic designer bags like Hermes Birkin, Chanel classic flap bag, and Louis Vuitton Neverfull receive the highest resale values.
c. Take good quality images of the bag
Lastly, take high-quality and proper photos of your designer bag. Preferably, use an excellent digital camera and a plain backdrop, so you won’t leave anything to the buyer’s imagination.
Make sure to highlight the bag’s design, color, hardware, and any imperfections.
Compiling all of the essential details and images of the bag can help you provide a truly descriptive and concise listing for the designer bag you want to sell.
2. Decide how you want to sell the designer bag
Once the bag is set for resale, it is time to decide how to sell it. There are several selling options available today – some can be more profitable and safer than others.
Here are the three main selling options to consider:
Direct sale is the common method of selling designer bags. You can keep a higher percentage of the sale price, but often, you will have to wait for a buyer to see those great profits.
Selling it to a dealer like Luxury Promise can be your best option. Although you cannot set a price for it since you will be given an offer upon thorough inspection and authentication, the good thing is that there is no risk of being scammed.
While some dealers may request to see the bag first before providing you with an offer, Luxury Promise gives an initial quote within 48 hours. If you find the quote agreeable, you can then bring the bag or send it to the shop for inspection. Final payment can be made after 7-10 working days.
Selling to a dealer is the ideal selling method if you want to make a fast sale. It is also a safer route than putting the bag on an auction site as it eliminates the risk of being scammed or prevents you from waiting months for buyers to make an offer.
Consigning your bag is another selling option to consider. It provides you with more control over the price and exposes the bag only to your target audience. However, you can only receive the money once the bag is sold.
If you choose to consign the bag, you may need to consider several factors. For instance, look into the consignee’s base fee, the company’s exposure and popularity, the layout of their product pages, and the simplicity and transparency of their process. You should only proceed with the consignment if you’re happy with all these crucial factors.
If you’re looking to upgrade your personal handbag collection because you’ve fallen in love with a different style, swapping your bag can be your ideal option.
Like selling, swapping entails sending the product details and images of the bag to the dealer to get an initial quote before sending it for inspection and authentication. The resale value may be higher than the value if you sell it, but the money will be transferred as a credit that you can use to buy another bag.
Here at Luxury Promise, you have the option to sell or swap your used luxury bags with us. We can offer the best price for your designer bag. So if you’re looking for a quick sale or a designer bag exchange, complete our online form to request an appraisal today.