Trading/Selling Tips for Dealing with LGS?

M

MK11

New member
I've never traded off a gun before and the wife decided...I mean I decided that future acqusitions should be done through trade (and maybe a little cash) rather than buying something else to take up more room in the safe.

I've got a couple things I don't think I'll miss. Any tips for not getting screwed over?
 
Selling/buying...

MK11--The one thing you must have when buying or selling, and this applies not just to firearms, is KNOWLEDGE.

The more you know about what you're buying, or selling, the less chance there is for the other party to put one over on you.

So, with firearms, study up on the prices in general of the unit in question, the local demand for it (which may be VERY different from the general situation!) the liklihood of a particular malfunction and the ease of fixing same, the common defects or non-factory additions which would affect the price, the ease of obtaining ammo, the prevalence of after-market parts, etc, etc, etc.

IOW, like a good used-car salesman, KNOW YOUR MERCHANDISE.

Good luck. I know it's never fun to "thin the herd." Please keep us posted! :)
 
You're unlikely to get a good deal on a trade with a dealer.

Under the best of circumstances, they're trying to make an honest profit and that money comes directly out of your pocket. Nothing wrong with profit, but right now that money is "yours", it's just hidden in the gun.

At the other end of the spectrum, the dealer will try to make more than a fair profit. Nothing unique with gun dealers, to be sure, but there are always those who will try to lie, cheat and steal every penny they can get out of you.

Then, you've got every body in between the two.

If you don't want the hassle and your local dealers are the honest type, there's nothing wrong with saving the trouble and dealing with them but, as Smokey Joe mentioned, the only way to know that is to know your gun and the market for it.

If you know the gun and the market, you're better off, IMO, to sell it outright and keep that dealer profit.
 
Good deal...

Mk11--A further thought: Firstly, Brian P. is quite right about dealers. They are quick-and-easy, and costly.

Probably the best way for you to sell your own firearm, is to go to a gun show with the firearm in question, and a sign announcing what you have for sale. (If it's a long-arm, the easiest way is to put the firearm on a sling, and mount the sign on a stick. Sling over your shoulder, stick in the muzzle. Print clearly. Handguns are best handled in a shoulder bag, with the "for sale" sign attached to same. It's more awkward but it works.) Walk around with the firearm, and you will get inquiries. Ignore the dealers' inquiries--politely, of course--and concentrate on the inquiries from others who are there walking around. (80% of the inquiries will just be tire-kickers, of course, but the other 20% will actually be interested in looking at, handling, and perhaps buying, your firearm.)

Yes, it's tedious. And you may have to take the firearm to more than one gun show (I fail to see a problem with just having to go to another gun show!) And there will be dumb questions which you'll have to answer politely, and with a smile. Eventually you WILL get an offer you like. You sell the firearm for cash, with whatever documentation is comfortable for you and the buyer.

Of course, this presumes that you've already done your homework on the firearm in question. There is no substitute for doing that durn homework.
 
Do your Homework !!!

I've got a couple things I don't think I'll miss. Any tips for not getting screwed over?
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First off, the only way you will get screwed is when you have not done your homework, on what you have and what you are looking to trade for. You know what you paid for your piece, after some homework,, you shoud be able to come up with a Max/Min of what it's worth. On most, I have never lost money and have done well. There are some times however, that I took a beating on a transactioon but understood why and accepted that. I seldom look back. .... ;)

Oh yes, don't buy or trade "in-heat" as all too often, you will come up short. Not always easy to do ... :eek:

Good Luck and;
Be Safe !!!
 
Here is how trading with a dealer works:

They will give you at least 20% less than they think they can sell your gun for.

They will charge you at least 20% more than they paid for a new gun.

So, if you trade a gun to a dealer for a new gun, the dealer is making at least a 40% profit from your transaction.

Sell your gun privately for as much as you can get, and shop around for the cheapest replacement. This is the only way to minimize your losses.

Simple.
 
homework also goes into knowing what makes/models command over blue book prices, and which are closer to blue book.

i have not found blue book prices to reflect market price on winchester levers, pre 64 models, model 12's, pre 82 smith revolvers, especially pre 57 smiths, market prices are higher on these in my area

so education is your friend..as well as closed items on auction sites, as well as blue book, and collector sites among others..but also the demand may not be there for that item..all of that affects the trade value

there is no substitute for homework.. either you do it, or you wish you had..

there are also some what I believe to be undervalued by book standards..
nice examples of these I look for at book prices or below..

once again homework, or personal knoledge having almost ordered it new and not seeing the many options offered in bluebook pricing..
 
My LGS has alot on consignment in the store. I usually will put anything I am trying to sell in his store and sell it out right. I am always in the store and have become good friends and a great customer so he doesn't charge me on anything he sells for me. Of course he already knows that he is going to get everything I made on the sell and then some anyway.

You might be able to avoid some of the mark downs for the LGS profit margins.
 
I don't have an LGS store in my area. But this is how I buy weapons in my local area and manage to save a few bucks at the same time.
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Perhaps sell your weapon out right as others have mentioned. Than check your area for non-store front FFL holders. Phone or check one out in person and see what He / they will charge for the same weapon your wanting. Ask your local FFL holder for references (i.e. happy past customers) Ask questions like (does He require a down-payment? Is my down-payment refundable?) If you question that FFL holders prices. Ask him where He intends to get your new weapon (from)? You would appreciate being shown some advertisement or catalog from that place of business showing the price He quoted? __(In my local area usually a non-store front FFL holder charges wholesale price plus 10% & sales tax and that my balance due be paid in full at completion. Your area may differ.) (GET A RECEIPT) If the dealer refuses your request/requests. Find another FFL holder in your area who will. "It's your money spend it wisely."
 
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id recommend armslist to sell it. i sold my witness in 24 hrs for $60 less than i paid for it

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The more you know about what you're buying, or selling, the less chance there is for the other party to put one over on you.
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The first question most dealers ask is "how much do you want to get out of it?" If you don't have an answer...welcome to Gouge City.

If you start with a price, there's room for negotiation. Bear in mind, the dealer will most likely offer 20%/$100 less than what he pays for the same gun new. He's got to sell it for less than a used gun, and dealers aren't getting decent margins on new guns, so this is how they recoup some of it.

Another factor will be how desireable the gun in question is. If it's a Glock 19, you're not going to have much room. An older, rarer gun will give you more.

If you're looking to trade, there might be some additional wiggle room, depending on what you're getting.
 
I think horse trading with LGS is the least cost effective way to buy/sell firearms. As another poster said I use Armslist as well as internet forums, and gunshows when I want to deal. At gunshows you'll want to buy/sell/trade with other attendees rather than the folks behind tables, generally speaking. That assumes shows are legal where you live.

The worst offers I've received on firearms have always come from LGS.
 
I mean I decided that future acqusitions should be done through trade (and maybe a little cash) rather than buying something else to take up more room in the safe.
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:eek: That's just crazy talk! ;)
 
LOL. I appreciate the responses. I'll do a little homework and see what they have to say. I'm not in a rush to sell (or buy), so I've got no problem walking out if the offer is ridiculous.
 
I have a local gun shop that has let me put firearms on consignment for a small percentage. You need to know what the guns are selling for on the market. I give the gun shop a display price which is usually the market value of the firearm. Plus the lowest price I will take for it. Since the dealer knows he gets a percentage plus I am usually going to spend the money I make in trade he has gotten me some decent prices. Plus he doesn't have to tie up money in the gun.

I made a wish list of what I wanted and and inventory of the firearms I didn't use anymore. That gave me a list of what I wanted to sell.
 
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If you don't have an answer...welcome to Gouge City.
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Oh, PLEASE! - it's bad enough when regular folks who have no knowledge of business start whining about gouging, but now the mods are as well??

If he WILLINGLY sells/trades at an accepted price, it is NOT gouging, never has been, never will be.

Just because some internet keyboard commando always seems to be able to buy something for half what you can and sell it for double doesn't make it true, feasible or even possible in his location.

If two parties come to an agreement, it is called a fair deal. SHEESH!.:mad:

OP, if you have the time, the best way to maximize your income from a sale is to do it yourself - either through free local ads or free online websites (like this one). Secondly would be to use a website that charges a small fee (Gunbroker or similar). Third would be to find a shop that does consignments for 15% or less. Last, but also the fastest, is to trade - not sell - to your local gun store for something else - just selling sucks, trading in gives you more haggle room on price

Good luck
 
If two parties come to an agreement, it is called a fair deal
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Not so much if one of the parties doesn't have enough information to make an informed decision. Those folks who paid twice market value for AR-15's after the last election because they didn't know better didn't get a fair deal. They got gouged.
 
Oneounceload, It sounds like you may be a shop owner. If so, what is your standard markup on new and used guns? I have asked around and it seems to be a question that gets avoided. I have found several pawn shop guys that will special order for $30-$40 over their cost, though. That makes me happy!
 
It all depends on what you have and what you want! I once traded in an O/U for $200 more than I paid for it. I shot the shot out of it. Here you dont have to pay sales tax on the trade in portion ($1200 x 7% =$140). Now if I would sold out right I would of had to pay that extra in sale tax. Would of been more of a hassle to me. Right now I got another I'm thinking about trade up. This dealer takes 5% off of a new gun price with a trade in. Now if my math is right that is $1000 -$50-$525(trade in $25more than I paid)=$375+7%tax= $401.25. Versus $1000+70 tax - $500 (gun sale)=$570 plus the hassle.
Know what you have and what you want!
 
Dealers are in business to make a profit. Nothing wrong with that ,but they will give you the lowest price for your gun. I like to buy what I want up front if funds allow, then list the one I was going to trade in the standard places already mentioned to replenish the coffers. I always put the price with a "possible trade " on my listing. People will occasionally offer a weapon or equipment you never knew how much you needed, and you could be the one getting the good deal. Or you can sell this way before buying if necessary, and still entertain some interesting offers. I've got some really good deals this way.
 
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