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A RUMMAGE IN YOUR GARAGE OR CUPBOARDS COULD UNEARTH A BOOST TO YOUR FAMILY’S FINANCES, SAYS TRICIA PHILLIPS
RISING prices are a nightmare. And it’s not just everyday costs we’re being stung by. Every time we need to replace or upgrade an item, we face alarming hikes too.
Take bikes, for example, which have seen prices rise 11% in a year. Sports equipment is up 12% too and baby items are up almost 16%.
But many of us have lofts, garages or cupboards stuffed with these things that we’ve gone off or grown out of. So it could be a chance to boost family finances.
Sarah Coles, from investment firm Hargreaves Lansdown, says: “Inflation has been causing horrible headaches for all of us for months now, but inflation isn’t all bad news for everyone, because there are a couple of silver linings.
“Savers will have noticed that rates are starting to rise, and while they’re still well behind inflation, they have risen off rock bottom.
“Inflation is also pushing up the value of the things you have lying around the house gathering dust. It means if you dust off that old bike or dig unworn clothes from the back of the wardrobe, you could make more than you expect.”
The asking price will depend on the condition of items, their age, the demand and what the market for new products is doing.
As a rough rule of thumb, you can expect to charge around half the original selling price for anything nearly new and in great condition, 25% if it’s a few years old, and 10% for everything else.
But there are some exceptions to the rule – which should mean you can make a surprising amount.
CLOTHES
This is one of the biggest secondhand markets. The number of preloved items sold boomed during the pandemic, partly because so many of us had time to have a clearout but also as we look to live more sustainably.
In the first nine months of 2021, 28 million pre-loved fashion items, and 87 million second-hand items were sold on eBay.
New clothes have risen in price by 10%, which means more people bidding for pre-loved clothes, pushing auction prices up.
Last year, eBay revealed trainers were selling for an average of £86, bags £57, coats £27, T-shirts £16, dresses £14, jumpers and cardigans £14, jeans £11, and tops £8.
Designer sales will have pushed the average up, but the high street sells well too. The top five brands to buy and sell second-hand were Next, Nike, M&S, Adidas and Zara.
Where to sell: ebay.co.uk, preloved. co.uk, depop.com, vinted.co.uk, Facebook Marketplace
FURNITURE
In recent years the relative affordability of flat pack furniture has seen prices for pre-loved items Why consider an unfashionable old bookcase when you can get a brand new one for less than the price of a night out?
But supply problems with new furniture has not only meant prices are up 17%, but that it’s more difficult to find anything in stock. For garden furniture, prices are up by a third.
No wonder more people are turning to the second-hand market. Increased demand means you’re more likely to get a better price too. On average, second-hand furniture goes for half its original price – if it’s relatively new and in great condition. If you have something mid-century that was expensive in its heyday, it’s worth checking before you sell it. Some items can fetch more than they originally sold for.
Where to sell: Facebook Marketplace, gumtree.co.uk, ebay.co.uk, thrifted.co. uk, ikea.com – offering a buy-back service, so items can be sold back to the shop for credit
BABY ITEMS
Not all baby items are suitable for selling second hand. Things like car seats should always be bought new, to ensure they haven’t been in an accident.
But prams, baby monitors and baby baths are fine to sell on. With the cost of baby items up by a sixth in a year, it could mean a lot more demand on the second-hand market.
How things hold their value depends on the item, its condition and the brand. Some buggies will retain a third of their original selllanguish.
New clothes have risen in price by 10%, which means more people bidding for pre-loved clothes, pushing prices up.
Where to sell: ebay.co.uk, Facebook Marketplace, gumtree.co.uk, preloved.co.uk, depop.com
SECOND-HAND BIKES
New bike prices are up 11%, but the thing that may make the most difference to the price you get is supply chain problems, which equals a shortage of new bikes.
Not only are not enough bikes being made, but there are delays in shipping too, so people can struggle to buy new.
Meanwhile, demand has boomed as people have reconsidered how they wanted to travel over the past two years. So take advantage of the boom in people looking for second-hand models. Figures from Mintel found a quarter of buyers opted for second hand in 2020 – up from 17% a year earlier. It has inspired Halfords to start buying bikes back (in return for store credit) and selling them on.
Where to sell: pinkbike.com, cycleexchange.co.uk, ebay.co.uk, gumtree.co.uk, Facebook Marketplace
CARS
The most striking rise in prices is in the second-hand car market, where prices are up 27% in a year.
A shortage of computer chips adds up to long waiting lists for new models. Some are opting for nearly new or buying second-hand to see them through 18 months until their new car is ready.
A lack of trade-ins and a rise in people extending their leases has meant fewer second-hand cars too. A nearly new car bought this time last year may be worth more than you paid for it.
If rising prices have persuaded you to opt for alternative transport, or working from home means you can live without, it might be worth your while.
Where to buy: