am I asking a fair price

[bobcatdan]

Quick background. About 10 years ago my buddy and I built a shop together. The building is his with most of the stuff inside mine. We did a lot of side work together plus working on our own junk. Last few years I have done less and less there. He has pursed side work to the point he LLC the shop and has a small business fixing cars beside his day job. I just bought a new house that has a second garage that is pretty much a turnkey shop for myself. Ownership of idems in the shop are clearcut so removing my tools and equipment is not a problem. Where my question lies is with my air compressor. I have a 7.5 HP 80 gallon IR I bought brand new for $1700 and it has been in that shop since day one. I feel life is easier for him to buy it from me instead of me moving it. I will be buy a new Quincy or Saylor Beal in a year or so. We have briefly discussed this in the past. In the 10 years I have had it, he has taken care of the issues with it. Sitting in the unheated part of the shop, it had eaten a couple of belts. Also the motor has been rebuilt twice. All times, he has gotten it fixed by himself and told me about it later. Never asked to settle up. So what do I ask for price? My feelings is since he had had use of it since brand new, I'd like what I paid for it. Do I have my share of use, yes, but he is the one racking the real hours on if. Am I asking for a fair price, if not what is. I what a sound train of thought on this.

 

[AndrewV]

He has paid the value + some, in the repairs.
I'd just ask him what he thinks is good on it. I mean that's all that can really be said.

 

[jd_1138]

You're asking him to pay full retail brand new price for a 10 year old compressor? Why? You got to use his building for 10 years. I think a fair price would be a few hundred.

 

[twertsy]

I think it's his......

 

[whitedogone]

I'd just let him have it. IF you feel the need to get something for it, I would ask 1/2 of whatever you could sell it for. Which would be around $500-600 depending on condition. So, $250-300

 

[rjohnson]

I tend to agree with ducksface. If he has no problem giving you the money for it, great. However, I can't see anyone in their right mind paying $1700 for a compressor that can be purchased new for the same price. This is probably something that you should have negotiated when you purchased it. Unless he used it exclusively, I would have a hard time asking him to pay me full blown retail. Especially as he took care of everything that broke. Like you said, it's inconvenient for you to move. Personally, I would either ask for like $500 to put towards a new compressor, or just give it to him if he's a good enough friend. Sometimes being owed a favor is more valuable than the cash.

 

[PECVD2]

What Ducksface said is what I would do. I would bring some of your favorite beer to seal the deal. Never know when you might need his help for something and a friendship is not worth losing over a 10YO compressor.

 

[kc-steve]

I don't think I would give it away, but then I wouldn't charge full price for a new one either. A good price is the average price of a good used compressor in similar condition. That way he doesn't have to go to the trouble of searching for one he likes and move it in. The point being, everyone is happy with the transaction. Everyone remains friends.

Steve

 

[Tellingthem]

It sounds like he has taken care of any problems that the use has come up with. If he was my friend I don't think I would charge him the full retail for it. Maybe fair used value. Honesty if he was a good buddy I'd probably just let him keep it. Maybe ask for some money if I really needed it.

 

[AA/FC]

Wanting full new price for a 10 year old compressor is not a fair price. lol

 

[alwaysFlOoReD]

I'm also in the give it to him camp. You'll get more than it's worth in favors back.

 

[logikal]

You sir, are a **** for even thinking about asking full price.

 

[dngrmse]

You ever pay rent, or help out $$ when something broke in his shop? If no, giving him the compressor is probably the least you could do. Sounds like a good friend, I would try to keep it that way. If yes, offer it to him for below market value. Just my 2 cents.

 

[Catadj78]

Tell him $300 and $10 a month in rent for it which sounds fair.



Just kidding, sounds like you need to let him have it or for a price HE feels comfortable paying, how I would do it.

Good luck

 

[wild cowboy]

a 10 year old well built compressor should have had zero repairs during its life, other than normal oil and belt changes (which are ridiculously simple) - if it has been having any other issues, you probably don't want that lemon anyway!

 

[Spinnacak]

A case of beer sounds about right for him to pony up.

 

[John in OH]

I’d tell him the compressor is his …. Provided he helps you pick-up, transport, unload, and install your new compressor when the time comes.

But to ask $1,700 for a ten-year old compressor that he has apparently maintained at no cost to you??? Come on, are you really willing to risk what appears to be a good friendship for a lousy old air compressor??? You’re nuts!!!

 

[bobcatdan]

See this where I wanted to test my train of thought. The repairs he had made is really what muddies the water in this decision. He has been given the use of the compressor, but I'm not giving it to him. I will even up on repairs and pull it out before giving it away. I already have plans to leave him a number of things that do not fit my need. He is making out very well on other stuff.

 

[jim1987]

Hold the train a minute. After all that your seriously want money from this guy? I thought you said you were friends?

 

[mitusa]

I'm also in the give it to him camp. You'll get more than it's worth in favors back.

^^^^^This......

 

[jim1987]

See this where I wanted to test my train of thought. The repairs he had made is really what muddies the water in this decision. He has been given the use of the compressor, but I'm not giving it to him. I will even up on repairs and pull it out before giving it away. I already have plans to leave him a number of things that do not fit my need. He is making out very well on other stuff.

Wow. You're a real douche. So, you think you can still make money by paying him back for repairs, then have home give you that money back, and then some? I thought I was the only piece of work around here.

 

[Catadj78]

See this where I wanted to test my train of thought. The repairs he had made is really what muddies the water in this decision. He has been given the use of the compressor, but I'm not giving it to him. I will even up on repairs and pull it out before giving it away. I already have plans to leave him a number of things that do not fit my need. He is making out very well on other stuff.

If I were him I would have a brand new one installed and yours out in the driveway waiting for you when you got there

 

[MG44]

$100 and take your lady out to a nice dinner with it.

 

[jakemac]

How long was he paying for you to store your tools in his garage ?

Give him the worn out compressor and take him out for a beer.

 

[Tellingthem]

See this where I wanted to test my train of thought. The repairs he had made is really what muddies the water in this decision. He has been given the use of the compressor, but I'm not giving it to him. I will even up on repairs and pull it out before giving it away. I already have plans to leave him a number of things that do not fit my need. He is making out very well on other stuff.

Well talk to the guy and work out a deal on everything you don't want then. It's not that complicated. If you want the compressor take it. If not sell it to the guy for a price you can agree on. I'm starting to think this guy isn't much of an actual friend if you can't hash this out easily.

 

[55bigblockcid]

If I were him I would have a brand new one installed and yours out in the driveway waiting for you when you got there

This ^^^^^ in the blink of an eye.

 

[Givl Reggin]

I'm not giving it to him. I will even up on repairs and pull it out before giving it away.

I would rethink this if I were you. Good friends are hard to come by. Losing a friend over an old worn-out compressor is hardly worth it. Let him have it and the other stuff too, it will make you look like the bigger man instead of a greedy b'stard worried about coming out ahead by making a few bucks off him.

 

[BFHtime]

The most important thing here to remember, he is your friend, for 10 years and no big issues.

Remember as soon as you take it home it loses value, like a car when it leaves the lot, not including the time it could be returned.

Make a deal, maybe ask him to make you an offer. This way he feels that he did not get screwed, and you are still friends. If that offer is not enough for you ask for a little more and include that he has to help you set up your new compressor, as you could probably use a hand to install it.

You could check craigslist and eBay for fair market value. Then offer that price. Remember that guy has been your friend for 10 years.

I guess maybe how much do you value your friendship? Maybe trade some other tool(s).

This is one of those tough things, where he got use out of it, but you could have used it as well. It was new when you put it in, it is still worth something, it still works. You had no problem with him using it before, when you shared the garage, so the previous usage, vs your access to the garage and tool storage kind of balances out.

If it was me I would ask him what he thought it was worth, accept that, and then tell him he has to help me, install the new compressor some day if I get one. Most importantly keeping a friend.

 

[logical]

I'd say his investment in fixing it covers the value of him being able to use it. At this point, you are all square and if he wants it, you should sell it to him for maybe 25% less than you could sell it to a stranger.

You can't at this point decide to charge him back rent, which is what you'd be doing if you asked for the price of a new one. He didn't charge you storage fees for keeping it in his building did he?

 

[jeepinerdeep]

See this where I wanted to test my train of thought. The repairs he had made is really what muddies the water in this decision. He has been given the use of the compressor, but I'm not giving it to him. I will even up on repairs and pull it out before giving it away. I already have plans to leave him a number of things that do not fit my need. He is making out very well on other stuff.

You would be surprised, a couple motor rebuilds, and he's prpbably got as much in it as you do.

I dunno, I'd just walk away from that one, if he bought pizza- I'd call it even.

 

[t4runner]

With friends like you who needs enemies.
Dont be a Scrooge call it even and feel good about it.

 

[2jz4me]

I will go against the grain (or just be honest) and say that I probably wouldnt give it away. I dont think that most of you would give away something you paid $1700 for. I imagine the conversation going like this:

"Hey, so I have my new shop at my house, what do you want to do about the air compressor?"

"I dont what do you want to do about it?"

"Well, we both been working out of here a long time and its 10 years old now so if you want to just give me 150-200 bucks for it, would that be cool?"

Thats my prediction and how I would handle it. Quite frankly he may indeed think its his but realistically I think he will acknowledge ownership and agree to give a little something for it.

 

[Jwych]

Wow. You're a real douche. So, you think you can still make money by paying him back for repairs, then have home give you that money back, and then some? I thought I was the only piece of work around here.

This ^^^^^^

Don't be that guy

 

[wild cowboy]

Sitting in the unheated part of the shop, it had eaten a couple of belts. Also the motor has been rebuilt twice. All times, he has gotten it fixed by himself and told me about it later

This is why I caution people from buying any IR compressor that is less than $5K, they are ****! - believe me, you are not giving him anything to speak of, if you let him keep it for free!

and FYI, the unheated part of the garage is just fine for any well built compressor, I have owned compressors that have run with nothing but oil changes and normal belt replacement for 30+ years and living outside (under an awning blocking direct sun or rain/snow) the entire time.

a 10 year old compressor having had the motor or the pump rebuilt even once is just ridiculous!

 

[BFHtime]

I think you are getting some good advice here. Maybe think about if it was the other way around, what would you want to pay for it.

The other tools or whatever, was not in the initial post. So no one knows what value that would be, but that is a friend too. If you are giving him the other tools, or want something for them, is another thing, that was brought in after the first post.

 

[Zrexxer]

Betting this thread didn't go quite how the OP thought it would.

 

[Catadj78]

Betting this thread didn't go quite how the OP thought it would.

 

[woodrail]

He should bang your wife.

 

[Tweeker]

He should bang your wife.

 

[Givl Reggin]

I dont think that most of you would give away something you paid $1700 for.

For a relative? Absolutely.
For a friend? No problem.
A stranger? Probably not. But, under some circumstances maybe.

Remember, money isn't everything. Blood is thicker than water, etc.