How are you guys putting a value on your tools in the garage? My wife asked me the other day if something were to happen to me she obviously would not keep my tools and she would need to sell them what I have is not top-of-the-line stuff but good old made the USA Craftsman in 3 small roll-a-ways automotive, wrenches, sockets, etc.woodworking, tools, compressors, air tools. I’m not a professional, but I’ve got a good amount of quality equipment. I really don’t want to go through and try to itemize everything. Any suggestions? Thanks
Garage Tool Value?
- Thread starter TIKI II
- Start date
Mr. Wonderful
Well-known member
This one has been visited here on GJ before. Some helpful things I personally have taken away:
One post said that he had everything itemized and priced accordingly. Very thought out and detailed. The response to this was a question on if he actually thought it was feasible for his elderly wife to run ads in CL or MP and negotiate and deal with all of that for hundreds or more items. I hadn't really considered that. Another member posted that he had already made arrangements with a liquidation service. One call and they would set everything up. They obviously get a piece of the pie though. After retirement my father did some estate liquidations. He did one for a coworker of mine helping a widow. I was told it was a huge relief. Food for thought.
One post said that he had everything itemized and priced accordingly. Very thought out and detailed. The response to this was a question on if he actually thought it was feasible for his elderly wife to run ads in CL or MP and negotiate and deal with all of that for hundreds or more items. I hadn't really considered that. Another member posted that he had already made arrangements with a liquidation service. One call and they would set everything up. They obviously get a piece of the pie though. After retirement my father did some estate liquidations. He did one for a coworker of mine helping a widow. I was told it was a huge relief. Food for thought.
FJ 432
Well-known member
I would second this suggestion. Typically your evaluation on items will not meet the reality of what they will bring. I have suggested to my wife that they hire an Estate company to remove this off of her plate.
Jeff Ivers
Well-known member
I started years ago maintaining an inventory spreadsheet of all the tools in the shop, including purchase price and date. Since I did not start until a few years after I started acquiring tools, it is not complete, but close to it. I have discovered that many items would cost many times what I paid if replaced now with comparable quality. My advice to my heirs is to take what they want to keep and hire an estate liquidator to handle the rest. The liquidators seem to have a pretty decent sense of replacement value pricing and then will discount from there to try to clear as much as possible in a reasonable period of time. The rest should go to someone like Habitat.
d.mcfarland
Well-known member
Just know that if something happens to you she isn't selling all items individually on facebook marketplace or eBay.
It's getting auctioned off for pennies on the dollar compared to what you think the "value" is.
With that in mind, give her a list of things to sell herself meaning the highest dollar value items and what to sell them for. Let the rest move on peacefully.
It's getting auctioned off for pennies on the dollar compared to what you think the "value" is.
With that in mind, give her a list of things to sell herself meaning the highest dollar value items and what to sell them for. Let the rest move on peacefully.
esben57
Well-known member
Could you condense your tools into what you actually use, sell the rest now.
Wut? That's crazy talk. Only have the tools you actually need, what sort nutty idea is that? How else can I fill all the big toolboxes and garage space I also don't need? Where does it end? Only one car per driver in the household? No big giant trucks as a commuter vehicles? Less than 5 pew-pew devices per person? I'm starting to tear up here.
gatewaysysop
Well-known member
My suggestion? Don't overthink it. If finances are good enough that she won't need the money and just wants it gone, tell her to sell it cheap in bulk (i.e., "Box + Contents" in one go) or just donate it. The last thing I'd want to do is impose a burden on my survivors and to have them feel obligated to screw around selling my stuff for 6 months to make sure they get "enough" for it.
esben57
Well-known member
I'm in England. We are poor over here.
kbeefy
Well-known member
I put an insurance rider on my home insurance for my shop equipment.
I take pictures of all the drawers and shelves as an attempt at inventory.
As far as replacement value, it would probably cost $100,000 to replace everything new.
Current value if I were to try and sell it? Maybe $25k?
I take pictures of all the drawers and shelves as an attempt at inventory.
As far as replacement value, it would probably cost $100,000 to replace everything new.
Current value if I were to try and sell it? Maybe $25k?
Gangly
Well-known member
If there are specific tools you want certain people to have, give it to them as “time nears” or leave it to them in a will so that your wife doesn’t have to worry about finding a new owner for them.
When it comes time for me to start thinking about that, I’ll ask my kiddos if they want anything specific from my tool “collection”. Anything they don’t want will be donated to the local high school automotive/machine shop class. At least there the tools are guaranteed to get used, and maybe a young aspiring tool pusher will get access to something I donated that will make him/her want to make a career with their hands.
When it comes time for me to start thinking about that, I’ll ask my kiddos if they want anything specific from my tool “collection”. Anything they don’t want will be donated to the local high school automotive/machine shop class. At least there the tools are guaranteed to get used, and maybe a young aspiring tool pusher will get access to something I donated that will make him/her want to make a career with their hands.
woody 73
Well-known member
Wait for it, wait for it...
woody 73
Well-known member
I'm not really a math guy...