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How to calculate market value for Snap On Tools?

Yoke

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So I'm going through a separation with the wife and she's being picky about things so I need to go through every item and place a market value on each tool/tool set. 90% if of my tools are Snap On, and 90% of those are used. The rest of my tools are Mac. Is there a general accepted calculation for used snap on tools like 50% of new price or something to that effect? I am aware I could easily surf through here and compare or even ebay but it would be just easier if I could go to the snap on site and to a simple calculation from their prices. Any help would be greatly appreciated. On a side note don't feel bad for me she's being pretty fair when it comes to the tools so far it's just she has an inflated image of what their market value is and I want to set her straight.:bounce:

Joachim
 
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Danglerb

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50% isn't a bad reference point, but it varies a lot depending on the specific tool, some more valuable than others, but with a large lot 50% is likely close.

Pick a value for them and give her the option of keeping them as part of her settlement if she thinks they are worth more.
 

back2class

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I say 38-40% assuming you have fairly complete stuff and it is not beat to hell. A few items in like new shape with complete sets that everyone loves like rathets and wenches and screwdrivers will fetch 60-70%. Those same things with dull chrome or typical used shape will average closer to 35-40%. Most everything else will average 30% of retail at online auction or other common sale methods. I buy and sell alot and my #'s are pertty accurate in general. Random odd pieces will be closer to 10% sometimes. tatoo your name on them now and loose some value.....may help with the settement...lol. If you were smart like us, you already lied to her about how much you have invested in tools. Good for the devorce, bad if you die and she sells them at a yardsale for what you said you paid.....LOL
 
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tyndall

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Just don't use ebay for values. With clueless chrome polishers paying more than new retail you can't get a fair market value.

It also needs to be valued as a complete wholesale package. She can't expect you to slowly sell each piece individually to get the highest price.
 
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rebrewer

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In my experience 30-40% would be more accurate for hand tools, if sold as a lot, and probably at the lower end of that. Tool boxes are about 5% less. Remember that if you sell off tools on ebay you have to calculate the loss that comes in the form of eBay fees and PayPal fees. It's a soft market now, which benefits you.

I'd peruse eBay, pick some sample completed auctions, then have the sale price less fees calculated.
 

NWphotog

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I think you are going to have a tough time if you try to value them below 50%. Definitely not worth the grief.
 

DRhodes

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Just don't use ebay for values. With clueless chrome polishers paying more than new retail you can't get a fair market value.

:withstupi That's some good advice. DO NOT USE EBAY. If you have any green, blue, pink or orange color hard handles those things go crazy high sometimes to the collector in good shape.

I think back2class gave you some good advice because it really depends on what you are selling.
 

Danglerb

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The main trouble with ebay is that most sellers are savvy to what sells for the most, they check the completed auctions and only list the items that sell for higher prices. Craigslist is worse since all the ads you "see" are wishful fantasy asking prices, things with good prices sell fast and the ads get pulled once sold.

If you post some pictures of your tools, including info like engraving, a much better estimate could be offered.
 

back2class

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Someone brings up a good point, as a "lot" selling all at once you are looking at 30% max, I would think closer to 20% of retail. This assumes you have a the "typical" mechanics stash of about a double bank about 80% full with about $6,500 in new retail worth of hand tools of which about 25% will be "junk" with no real resale value"
You would get your best prics as a lot if you had a small stash like the tech school kids have. That will be small enough for many to afford and only have the basics that are the best sellers. You will get killed if you are a master tech with 100k in tools and try ans sell as a lot. In that case nobody has that kind of cash or wants your special xyz brand specialty tools and you are looking at 10% or retail value for the lot.
 

ARAMP1

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I'd say DO use e-bay. Sure a tool may not be worth more than 40-50% of it's original value, but if you can split things up and get more for them by placing them on e-bay, why not. After all, the definition of "market value" (and I'm paraphrasing here) is what an asset would trade for in an auction setting.
 

tyndall

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Pick a value for them and give her the option of keeping them as part of her settlement if she thinks they are worth more.
I like this. Reminds me of when my ex's lawyer was chest thumping, demanding selling the house and splitting the profits. I told him we just bought the house, the market went down and there would be agent fees. If she wanted to split the $20k loss it was ok by me.

If you post some pictures of your tools, including info like engraving, a much better estimate could be offered.
If someone knew they were keeping their tools forever and didn't mind devaluing them, engraving would be a easy way to do it.
 

DRhodes

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I'd say DO use e-bay. Sure a tool may not be worth more than 40-50% of it's original value, but if you can split things up and get more for them by placing them on e-bay, why not. After all, the definition of "market value" (and I'm paraphrasing here) is what an asset would trade for in an auction setting.

I dont think he is selling - He has to find a value to give to his ex-wife- in this case using ebay is a bad idea. The guys here have a good point - if you sell as a lot it's going to be worth much less then parting them out. I dont know if this would be acceptable to her attorney or not?
 

tyndall

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I'd say DO use e-bay. Sure a tool may not be worth more than 40-50% of it's original value, but if you can split things up and get more for them by placing them on e-bay, why not. After all, the definition of "market value" (and I'm paraphrasing here) is what an asset would trade for in an auction setting.
This situation doesn't allow for sitting around, selling individual sockets for months just to get a buck more each. It's about the value of the assets liquidated right now. Ebay is not representative of a true auction setting. Local value is more important that nationwide value.
 

Strouty

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I'd say DO use e-bay. Sure a tool may not be worth more than 40-50% of it's original value, but if you can split things up and get more for them by placing them on e-bay, why not. After all, the definition of "market value" (and I'm paraphrasing here) is what an asset would trade for in an auction setting.

Are you by any chance the attorney for his wife?
 

wornoutoldman

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If you use the tools to earn a living she would have NO claim to them. When I divorced my ex wanted cash to "allow" me to keep my tools. The judge didn't see it that way as they were required for working in my trade. Without them she would have not received her "half" of anything since there wouldn't have been anything. I've got every one of them. They were not included or considered in the settlement.
 

warmpancakes

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Personally I would use the date stampings on the tools any of them with a date stamp before the marriage would not be included in the estimate for one large sale figure 30 cents on the dollar , if they are owners marked deduct more
 

diy570

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its too bad us guys don't feel the need to keep receipts for all the "disposable" items our spouses buy over the years like shoes, clothing, make up, etc. i have a good buddy going through a nasty divorce at the moment and i can't believe the things he tells me about the lawyers, what his soon to be ex is entitled to, and all the other stuff involved. it all sounds like a racket and seems criminal when you think about it logically.

best of luck in your situation.
 
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Yoke

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Wow I really didn't expect so many responses so quickly. A little back ground, I was a tech in the trade, hated working for someone else so I quit and now I am a in house mechanic working on Zamboni's, Forklifts, Sky Jacks, Scrubbers etc at a local sports facility...... I don't use my tools at work (maybe occasionally) but I do work from home for family and friends and of course fixing the wife's car. We are trying to work through this without the lawyers as much as possible, if we come to a stalemate then we won't have a choice.

I have heard that if they are a means for me to make a living then she is not entitled to them period, I have a call into a lawyer to clear up several things, this being one of them.

I asked her out right what she thought my tools were worth, she flat out said you've spend $100k or more and probably worth $25k to someone. I laughed and let it drop, she is clueless. I've probably got maybe $10K tops spent on the tools, and I figure at market value probably $5K-$7K.

hofferwood I will be going through all her jewelry that we've bought over the years and let me tell you it looks like kitchenaid threw up in my kitchen so we'll be pricing all that out as well.

I appreciate all the responses and I will take some photos and post them to get an idea from you guys.

Thank you for all the feedback.
Joachim
 

ARAMP1

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My bad. I was under the impression he was selling and splitting the money, not necessarily paying for half of the value.
 

woody 73

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Sorry to hear your marriage isn't working out. Good luck to you.

Yes I second that,I hate to hear of people getting divorced, I understand sometimes it's for the best. Ask the person that does your taxes how to handle the tools,they will be able to give you some helpful advise.

Best of luck.
 

diy570

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if a woman can take half of a mans tools in divorce, a man should be able to take back half of any cosmetic surgery she's had during the marriage, including breast implants. it's only fair.
 

Skyline

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I think for the purpose of this type valuation, the lower the figure..the better for you. So what a dealer would pay for the entire collection all at once should really be the proper figure to use. After all, if you don't have sufficient other assets to balance things out with the ex, and the tools had to be sold, you are going to get a used, "wholesale" price for them, (she's not going to wait for 100 eBay auctions!)

I buy used tool collections all the time. If you would like me to tell you what I would pay for such a collection of tools as a dealer, I will need a lot of detailed photos; at least one photo of each drawer, and a few of each toolbox. Send me a PM if you want an impartial valuation; (I would not charge to do this; given how many times I've bought collections, I have this down to a science, and it only takes a few minutes,)
 

justanengineer

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Unless you have a ton of specialty tools, the average tech looks at 10% of retail for SO at most of the industrial plant and large shop auctions I attend.

Stand your ground, dont let her be greedy but dont get greedy yourself. The most important part - if it comes to court, pray for a semi sympathetic judge.
 

Rickster

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Usually a good starting point on used tools is at 50% of cost. This value drops if the tools are engraved or show signs of abnormal wear. Snap-on tools can hold their value better than the rest. Mac tools are not really sought after which lowers the prices for used Mac to run less than 50% of retail. These are just my observations.
 

wornoutoldman

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if it comes to court, pray for a semi sympathetic judge.

Most attorneys will try to keep you from involving a judge in any of the decision making process. (At least here in the US). It is in their best/personal interest to keep the negotiation/mediation between opposing counsul (that's the game and how they keep up the billing). Do not fall into or allow your attorney to do this. You paid him/her to follow your direction. Direct him/her to let the judge decide. It's in your best interest provided you have your ducks in a row.

BTW-Sorry to hear about the divorce. It's a pain the ass but you'll be happier once done.
 

Olafur

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I asked her out right what she thought my tools were worth, she flat out said you've spend $100k or more and probably worth $25k to someone. I laughed and let it drop, she is clueless. I've probably got maybe $10K tops spent on the tools, and I figure at market value probably $5K-$7K.
Joachim
I don't have any snap-on tools and have little idea what used SO's are wort, to me it seems almost irrelevant in this case.

i)Judging by your numbers she has already given you her own estimate on used tool price - 25%. In the big picture there is little or no problem here, give or take $1-2k

ii) You and her differ tenfold on what you have spent on tools. Here is the real problem. Reading the numbers - her estimate $25k and your average of $6k a $19k difference. All based on something that has little or nothing to do with resale price on used tools.

Since she is in for nasty surprise I would be generous and just use 50% and try to win the main $19k "battle" peacefully. Using 10% -lot price- would only direct her to ebay only to find out just how expensive used tools are and open another can of worms.

And good luck, to both of you.
 
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Boiler

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50%? thats a joke.

Yes, he'd pay 50% retail to replenish buying on ebay. But he'd have to sell it all individually on ebay to make 50% (maybe!) and then give ebay & paypal 12-15% of THAT.

If you had an auction today, for snap on you're going to get probably about 35% on the whole thing if it is advertised well, BEFORE their 20-30% cut.

If you sell it in one big lump sum to an individual who resells, you'll probably get 20-30% in cash, and you keep it all, and don't have 300 people on your lawn, and don't wast 5 days preparing, hosting, cleaning...etc etc.

Short answer: 25% of retail for "wholesale / bulk" selling. You're way off the mark with 60-70%.
 

toolmaker1

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I think for the purpose of this type valuation, the lower the figure..the better for you. So what a dealer would pay for the entire collection all at once should really be the proper figure to use. After all, if you don't have sufficient other assets to balance things out with the ex, and the tools had to be sold, you are going to get a used, "wholesale" price for them, (she's not going to wait for 100 eBay auctions!)

I buy used tool collections all the time. If you would like me to tell you what I would pay for such a collection of tools as a dealer, I will need a lot of detailed photos; at least one photo of each drawer, and a few of each toolbox. Send me a PM if you want an impartial valuation; (I would not charge to do this; given how many times I've bought collections, I have this down to a science, and it only takes a few minutes,)

This is a VERY generous offer and also will give the most realistic value for the lot. I would take up this offer form skyline. If you dont do this I would try to go to a local pawn shop with her and the tools and find out what they would pay for the collection. That would also be a fair market wholesale value.

I also want to wish you good luck. Been there done that. Walked away with nothing but a wrecked credit score and all her debt!!
 

kxxr

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Toolmaker1's idea is a good one.
The pawnshop(s) might the the quickest way to get a realistic dollar amount in one day. If it isn't convenient to load everything up (probably not), you could take some good quality photos, take her with you and go to 3 shops to create an average. Make sure the photos are organized and show plenty of 'scale'. In other words make sure they show everything and keep items nearby to show the sizes of boxes etc. I don't see how she could argue with that.
 

treasureseeker

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It is going to come down to what the Ops wife feels is reputable source for the value of his tools. I am guessing the less they are valued at the better off he will be. I mention the value an insurance company puts on tools as they have a formula for depreciation which would most likely be less than they would sell for on eBay. If they can’t find a solution then they may end up selling them to find the actual value.
 

Danglerb

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Divorce sounds like a real PITA, maybe you should learn to get along with each other?

1) Take a full set of photos and establish a baseline of what you have.

2) What Olafur said, she thinks you spent $100k on tools, correct that with easy to produce facts like list prices of tools and you may be most of the way to sorting this out.
 

GoBlue

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F that B...cherry pick the tools, take them to a buddy's house and let her lawyer find them...or better yet...they were stolen...or put a bunch of harbor freight garbage in the box. What total crap...i would not play this straight if i were you! Its not what they know...its what they can prove.

On a side note...best of luck to you my friend. Im sure this is tough to go through...keep your head up and your toes tapping...things will work out in the end.
 
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Olafur

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Divorce sounds like a real PITA, maybe you should learn to get along with each other?

1) Take a full set of photos and establish a baseline of what you have.

2) What Olafur said, she thinks you spent $100k on tools, correct that with easy to produce facts like list prices of tools and you may be most of the way to sorting this out.
Even though this tread has the description " How to calculate market value for Snap On Tools?" and many contributors have put forth valuable insight regarding that - what I bold in your reply is the main issue for him/them. Well put Danglerb.

Additionally I want to repeat that she has already offered her opinion on resale value of used (SO) tools;
she flat out said you've spend $100k or more and probably worth $25k to someone.
In other words: 25%
 
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