The one thing that’s certain about most women and designer handbags: they never have enough of them. Some stockpile bags and wear whichever one which fits their mood or outfit, others simply must own the latest and most fashionable.
What that usually leads to is a collection of high-end bags which never see the light of day, once they’ve had their moments in the sun. That’s a problem for the majority of women who don’t have an unlimited amount of cash to spend on the latest offerings from Coach, Chanel, Victoria Beckham, Gucci, Prada or Hermès. The best way to solve that problem and fund another purse purchase is to find a new home for some of those old classics which are gathering dust.
Brick-and-mortar consignment stores are one way to do that – but why only collect 50 cents on the dollar when there are ways to get closer to 100% back on your pre-owned handbags? The Internet is a godsend when it comes to finding a fair deal for used bags; here’s a look at how to sell your handbags online for the best payout, along with our (totally biased but accurate) view on why selling luxury bags to Luxury Buyers is the smartest option.
Online Consignment Sites
There are many websites which have set up virtual consignment operations. You list your luxury items like handbags on these sites, and receive payment when the items are sold. The reputable websites are deadly serious about the authenticity of the goods sold on their site and require an in-person inspection of anything put up for sale. Some even have retail locations where you can drop off your purse, or will send someone to pick up your bag; others will only work with known sellers. On the other hand, there are sites which are a lot looser with their requirements and will let you list after they simply see photos of your bag; they say they authenticate goods after they’re sold and before they’re shipped to the buyer, but who really knows for sure?
Online consignment sites are certainly a better option for sellers than brick-and-mortar consignment shops, since online fees for sellers typically range between 10% and 30% compared to the traditional 50-50 split when consigning a purse to a local shop. And unless the consignment store is located in a major population center with a large upscale clientele, your handbag is much more likely to be seen by ready buyers when it’s listed on a well-known luxury resale site with a worldwide audience. Some of these websites will determine the asking price and others will let you determine the price you want to charge for your bag.
If you’re prepared to give up a good percentage of your handbag’s value and prepared to wait a while before it’s sold, you’re better off with online consignment than by doing it in a store.
eBay, Craigslist and Other Sites
For the widest possible audience of potential buyers, there’s no better option for selling your handbags online than eBay. You have complete control over your listing (obviously, the more complete it is and the more high-quality photos you post, the better the chance of making a sale) and the pricing of your bag. It’s up to you if you want to offer a “buy it now” price, how long you want the listing to stay active, and whether you set a reserve price which must be met in order for a sale to be completed. Best of all, you only pay eBay a 10% commission after your purse is sold.
Here’s the problem for most people: it takes a lot of work to be taken seriously on eBay. Most buyers pay a tremendous amount of attention to the seller’s rating, and if you’re only an occasional seller you’re not going to have the ratings or positive feedback which will lead to a lot of action on your auction. It’s been shown that sellers without those advantages receive fewer bids on their items, at much lower prices – particularly when often-counterfeited items like luxury handbags are involved. You may only have to pay ten percent to eBay, but receiving 90 percent of $100 from eBay will net you a lot less than receiving 80% of $250 from an online consignment site.
On eBay, at least you know that a lot of people will see your listing. On smaller auction sites, you’re likely to see less activity than you would by trying to sell your handbag on a busy street corner. Craigslist and other classified ad sites can be tempting options since there are no fees to pay, and if you’re in a big city like New York or Los Angeles a decent number of qualified buyers may be willing to pay your price. Don’t expect to have a ton of them beating down your door, however, if you live in Dubuque or Butte. What you can expect on Craigslist, though is to be bothered by lots of people who are tire-kickers, bargainers – and even worse, scam artists looking for a way to rip you off.
Reputable Online Buyers
Auction and classified sites, and to a lesser extent online consignment websites, require a certain amount of time, effort and diligence before you can actually sell your handbags and collect your payment. The simpler approach is to sell your luxury bags to an honest company which purchases the purses outright and pays cash immediately. And if you choose properly, you can end up making more for your handbags than through any other online outlet.
We’ll use our own site, Luxury Buyers as an example – because we’re most familiar with the way our company operates, and because we offer higher payouts than any other buyer.
All that’s required to sell a designer handbag to Luxury Buyers is to submit an online form requesting a preliminary evaluation of your purse, describing the items and attaching any photos or documentation you might have. We respond almost immediately with the evaluation and an invitation to ship the handbag to our facilities for a full appraisal. Once we receive the bag, you’ll quickly hear back with the appraisal and a firm offer to purchase.
Unlike the 50% you pay to consignment shops, or the 10-25% for online consignment or eBay, the Luxury Buyers sales process is absolutely free; we pay all shipping costs and for full insurance on your handbags. And unlike the weeks or months you have to wait while your purse is up for sale through consignment or auction, we pay in full within 48 hours once you’ve accepted our offer.
This is the way most reputable online buyers operate; the difference is that Luxury Buyers, as the world’s premier Internet luxury goods purchaser, is able to pay you more than the competition when you sell your handbags online. In fact, it’s quite likely we’ll pay more than the asking price you might set for a consignment sale or eBay auction.
If you’re interested in learning more about the Luxury Buyers difference, please contact us at any time. We’d be pleased to work with you to get you the highest payout possible for your handbags.