Plans to sell off your tools?

[brandyspaw]

First some background info:

I've been lurking on this forum for years and have gotten some great ideas for my garage. However, I recently retired and after moving to another state with a much smaller garage I have been wondering how to liquidate my tools when I either die or am no longer able to use them. Keep in mind I don't plan to die off tomorrow but I have been going through estate planning recently and am trying to get everything organized.

I do realize most members on this forum are still building up their tool sets but being in my sixties I'm now looking at a slightly different perspective. Plus after being a mechanic for a couple of decades and then staying in the auto industry all my life I've accumulated a large amount of stuff. I sold a lot of larger shop equipment before the move but I still have all my tool boxes filled with stuff I will eventually need to get rid of.

I had thought my wife could just have an auction for the tools and my other stuff of value when I'm gone but I wonder now with the economy if that is a wise option. The other approach was to start selling some tools piece meal style when I physically am unable to use them. Right now it seems older Snap-On stuff sells quickly if priced right.

What are your thoughts if you were coming up with a plan to get rid off your tools. Thanks in advance for any thoughts/ideas.

 

[cderalow]

I'd pare it down to the minimal tools that accomplish basic tasks around the house and car, and sell off the specialty stuff on the assumption that as you've gotten older, you're less inclined to crawl under the car and tackle a brake job or suspension work.

basically, keep a 3/8" & 1/4" set, screw drivers, hammers and basic standard length wrench set.

but sell off the air tools, impact stuff, pressure testers etc.

 

[sometoyotaguy]

I'll have to agree. Keep the basics of what you need, and sell off the things you rarely use. You're better off selling them since you have some idea what they are worth.

Selling locally on CL will probably be better for tools that aren't too obscure. Sets will sell better than individual pieces.

Start at 50% of new, if they are in good shape. Just remember, that time is on your side if you don't "Need" to sell them. People will try to lowball you. If something doesn't sell after a few weeks, come down 10%, and see if there is some interest.

Estate sales are only good for people looking for a bargain, not the wife who is selling off the late husbands old tools.

 

[DRhodes]

brandyspaw,

I think you have the right idea on selling stuff that you dont need sooner rather then later. If that time comes, your wife is going to have a hard enough time as it is and selling tools is not going to be high on her priority list. My opinion would be if you dont need it anymore you should sell it - you know the true value and what you could get out of the tools. She would have to rely on someone elses opinion on what its worth and who knows if they would be honest with her?

I'm lucky because my wife helps me look for tools at sales and she knows exactly what to look for. I buy and sell a lot of tools locally and while she does not know the exact values of stuff - I cant tell you how many times she has come running to me saying honey that guy over there has a bunch of snap on / mac / cornwell / or matco.

It's nice knowing that she knows what to look for and if I was to die she is smart enough to look the stuff up and to sell everything for what its worth and not give it away. If your wife is like mine then thats great - she may be fine selling everything. But if she dont really care about tools I think you should start selling off some stuff sooner rather than later.

Just my .02

 

[american lockpicker]

De-cluttering is very liberating.

It is.

 

[NastyNate]

Sell stuff in packs by brand. People seem to be brand specific, especially the older stuff. If it doesn't sell that way split it up. Take your time, make it easy on your self. I sold of things I collected over the years some recent as 1 month ago. Now im buying it right back at 2X the cost cause I decided to go another route in collecting. Dumb move on my part.

 

[-Brent-]

You bring this up at a good time, too. I've notice stuff selling very quick, locally. I'm sure it has to do with a little extra in the bank account due to tax returns and such.

That said, I'd start off now with stuff you know you're not going to need/use.

 

[Outlawmws]

I think the key for this is organization. if it isn't organized, its "just junk" to 98% of the population. I'm happy to root around in the "buckets of junk" and cherry pick, as most sellers have already convinced themselves that it's old and near worthless...

If all you have are "piles of stuff", it's hard to get people to think it has any value. Even family members. This is why I can regularly score decent deals at estate and yard sales.

This is also countered with people that neatly lay everything out, and expect Eprey prices at a yard sale. Generally this ain't going to happen. You get at best, 50-maybe a couple of hundred people visiting at a yard sale. You can get thousands, if not millions of hits on Eprey, and many of those will be people actually looking for the item, and some may be willing to pay a premium.

To get top dollar you have this sort of orde,r and it is all exposure driven:

Eprey

C-list

Estate sale where the people running it have time and are willing to run for several weekends to get top dollar before the last day blow out..

Flea market, but you need to do more than one day. and time it for a good day (not in winter in the rain..)

Yard sale, every weekend for several months

Regular estate sale (Weekend long)

Once in a blue moon yard sale or flea market visit.

For the flea market/yard sale events, this assumes you have things organized and not in piles/buckets. if its in piles and buckets (And filthy dirty to boot), don't expect much in the way of top dollar.

Somewhere in there is selling here on GJ, but I don't have the experience here to rate it for getting top dollar. Most people here (With a few exceptions for particular items) are probably looking for a decent deal at the least...

p.s EDIT: It's a lot harder to sell stuff than buy it and bring it home...

 

[Even Steven]

Keep your tools and leave them to a relative or a good friend when you kick the bucket. You must know somebody who would appreciate your tools and get good use out of them, no?

 

[rocklobster]

I agree with Even Steven; is there anyone that you care about that would be able to put the tools to good use when you are gone?

Maybe even make up a few starter sets and barter some labor with a few neighborhood kids in exchange for some basic tools?

 

[crewchief888]

Keep your tools and leave them to a relative or a good friend when you kick the bucket. You must know somebody who would appreciate your tools and get good use out of them, no?

I agree with Even Steven; is there anyone that you care about that would be able to put the tools to good use when you are gone?

Maybe even make up a few starter sets and barter some labor with a few neighborhood kids in exchange for some basic tools?

i have a couple things i want certain people to have, wife and kids can have whatever is left, the rest goes to auction.

 

[rsanter]

we need more information, but as a general rule here are some options...

do you have kids? do they want the stuff.
if so give it to them so you will still have access to the stuff if needed
or have them use the stuff to do the task for you...that seems to have worked for my dad

do you have friends that will want the stuff...sell it to them

if there is stuff you really dont want or need and dont know someone that does then by all means sell the stuff off...
the remaining stuff is not your problem when you die...its someone elses problem.
however I do have a couple of people that I know and trust that could step in and help with the liquidation should I die

bob

 

[bobcatdan]

I would go threw everything. You mot likly have a "secondary set" of tools. Out of these, build yourself a basic set of tools keeping what ever you think you may use or need. There is nothing worst then having something, getting rid of it and then needing it. I would then put these tools in what ever box you have that you feel is worth the least. From there, start figuring prices for what is left, 50% of new is a good start, but not the final word. I wouldn't sell a complete tool set, but keep sets together. Depending, the common stuff would sell easy in a weekend tool sale. If you have older more collectable stuff, ebay or the classified here on the journal. Of your remaining tools, I would set a value and after your death, your wife can sell it on craiglist.

 

[brandyspaw]

Thanks for all the replies. It definitely gives me some ideas.

BTW-Giving them to family just won't work as none of the kids have any desire for the tools. I do have a nephew who is into old cars but he is a former auto repair shop owner like myself who has as much if not more tools than I.

Also, I'd like to recoup some of the money used for tools over the years to supplement the wife's retirement when I'm gone. It won't be a huge amount but it will certainly help. I saw what happened when my brother died. I found out all his tools and old car parts had just disappeared out the door and what was left was sold for pennies on the dollar. I don't want that to happen to my stuff.

 

[ZRX61]

De-cluttering is very liberating.

HERECY!!!!! Pitchforks & torches meeting on your lawn at dawn tomorrow.

 

[Elroy]

De-cluttering is very liberating. I'm "only" 55 and started to get rid of stuff a few years back. Other things have crept back in, but with no sentiment attached.

Elroy can assure you with out doubt that any decluttering is NOT going to include tools.

The half dead and broken pine tree on the property line would be fair game.

 

[71flh]

I hate selling stuff. People always want to buy my gold at tin prices
When I go, you guys can pick my tool bones at the inevitable estate sale.

 

[frostys]

Outlawmws basically said everything I was going to say and then some. If organized, photographed, and well described, you're most likely to get the best price on eBay.

I've been thinking about this since my wife settled her father's estate. She came home and said "We're getting rid of stuff." And since then I've made a couple hundred selling stuff on eBay that I've been carting around in boxes for 35 years.

Of course, I've blown half of that on toolboxes and tools. What Outlawmws said at the bottom is too true. Oops.

As far as passing on the value of my stuff, I'm thinking of doing an inventory with $$ and putting it ... maybe in the will? Someplace where executor/wife/kids can find it and not inadvertently give away something worth a thousand bucks.

 

[geologist]

Make 100% sure that if you want someone to have something that you add the item (or items) specifically, and as well described as possible into your will. Otherwise, there are no guarantees. I won't get into specifics on here, but I've unfortunately found out the hard way what misplaced trust results in.

 

[lennoxlennox]

another option you can do is "leave a legacy"

whatever tools you have left you could leave them to a local high school with a good automotive program... i know the colleges get funded pretty good, but the high schools don't especially with cuts etc.

Try going around to them now and seeing which one is the best and who knows... if you have time now, maybe you could go in and help train and pass on your passion.


just an afterthought, if you donate them now, you might even be able to get a tax receipt for the full value... that would beat all the hassle of selling them

 

[davesnothere]

Id prefer my tools be welded all together in some kind of snaponcasketmonstrosity, rather than leave them behind.

 

[camarotoolman]

You can donate them for a tax break. Sell good stuff the on feebay, you would probable get the most $. You can get a good idea what its worth on there too. The above ideas are fine. Find a used tool dealer and sell it all to him, alot less time spent.

 

[Boiler]

Learn to use eBay with the wife and start now on everything you both don't use. You'll declutter, make a little extra income, and you'll get max value from them. If you're not in a hurry, copy the way I do my eBay tools. Some things sell after sitting for months, but toove them fast you have to slash prices on single or special items. And even that is no guarantee that it will sell fast. Best to be patient, price for about half of new cost, and wait for the right buyer (the one who wants that exact thing and is choosing between you and new)

 

[Toymeister]

I went through this process at an early age (45) although I had the tool collections of some one 10 years older. I had bought items at government auctions and I had an ecletic collection. I had started clearing things out a few years before via Cl, then I recall distictly one assclown that I dealt with and I decided this is the reason I am going to stop selling via CL.

Fast forward a year and I meet said assclown at my now wife's Christmas party a BF of my now sister in law. I am so glad she saw what I saw and dumped him.

Compare this to my farm auction: 27K gross sales proceeds, 7K in auction expenses and all barns sweep clean in 9 hours. Some items went ridiculously cheap and some for more than I paid for them. At the end of the day I was happy. The stress was gone and I realized that for years I had been a prisioner of my possesions. I have gone on to acquire more things but rarely duplicates of what I had and I am still a master of my possesions.

I still have duplicates which I plan on organizing and give to son in laws over the next 5 - 10 years. I had considered charity but I think charity starts with the imediate family. If they don't want it I will go charity vice deadbeat more distant relatives.

 

[brandyspaw]

More very good advice. I really do appreciate it as I have a much better idea on the way to plan this.