Book value vs. real value?

Discussion in 'The Ask the Pros & What's It Worth? Forum' started by 9 fingers, Apr 24, 2009.

  1. 9 fingers

    9 fingers New Member

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    Hi, just a general question about values supplied by helpful members of this forum. I have noticed in the past 6 months since I caught this disease, that the price people will pay for guns is often much higher than what the book shows. I find this to be true on the motorcycles I collect also. Is this due to the fact that the book does not consider the rarity in some cases or the emotional content of collectors or what? I bought a small collection from my friend when his Dad passed away and we based all the values on the current book value, because neither of us knew any better. Now I am finding that I vastly underpaid him on some of the items and am a little uneasy about it. We did the best we could with what we knew and the sale was easy for him as he didn't have to find buyers but the guns were probably worth 2 to 3 X what I paid him. Is this normally the case?
    9 fingers
     
  2. oscarmayer

    oscarmayer New Member

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    yes seems to be the case , but mainly on firearms i was looking thru a blue book of gun values the other day for example, i looked up a colt lawman mk 3. the value of this gun was stated to be 450 in 85% condition but had no value listed beyond that, having one in 99.9 % condition i wonder what the real world was paying for them. so i called a friend of mine that owns a gun shop and he told me it's what ever the market will bear. in other words if these things are being sold on the auction sites for 600+that is a good indication what the value ( true value) is. if you want to be sickened beyond belief go to the colt forum and see what they are asking for and getting for pythons. almost 50% above "book value".your local gun shop should be a good way to measure the way values have gone up. the glocks the sig, the h&k beretta etc... and priced 20% higher than they were before nov of 2008 the ak and ar's and priced higher as well. as with any product it's all about supply and demand, the demand is high the supply is shrinking.
     

  3. army mp

    army mp Member

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    As with all collectibles, there are highs and Lowes in value. Granted Guns do seem to hold value better than most. Properly rating a guns true value takes years of experience. And with guns there are several variances that can greatly increase or decrease the value. Most of the books I have state the price listed is a general value. If your friend is happy with the sale and you are. Then it was a good sale. And remember if you did not buy the guns someone else would have
     
  4. Old Gun Guy

    Old Gun Guy Member

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    Army MP,
    Your input was right on! Those guns would have been bought by someone else, so 9 fingers, you gave him what you thought was the fair market value and he was satisfied. You're obviously a very honest person to feel that you have short-changed your friend. Ease your conscience by taking him out for a steak dinner!
    Old Gun Guy
     
  5. gdmoody

    gdmoody Moderator Supporting Member

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    9 fingers, I totally agree with mp and gun guy, if you both were satisfied with the "deal", then it was a good deal. A few weeks ago I was kind of blasted here when I told about buying a gun, at a very low price, from a friend who had financial problems. So, I say again, if you were both happy, then the deal is done!!
     
  6. Teejay9

    Teejay9 New Member

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    What I hate is when whatever you have is "junk," but when they have it, it's priceless. I use the book for ballpark, but what you get, and what you're willing to pay is all relative. Hard to really put a value on what you think about a certain item. If you really want it, or it's just too expensive. It's all relative. TJ
     
  7. 9 fingers

    9 fingers New Member

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    So I guess, from what I am reading and what I have noticed in the past months, is that the book value is just a general guide and reflects a reasonable price for something that no one has an emotional attachment to. But collectors, or the guy who "had one as a kid" or had one and "had to sell it", might be willing to pay substantailly more for something than the book value because it is special to him. That make sense? When my buddy pulled out the BSA Majestic Featherweight it was such a beautiful gun and I have a soft spot for old BSA motorcycles, that I had to have it. I paid the most for that one as he was thinking of keeping it and I really wanted it. Even my wife told me to buy as it was a real piece of work.
    9 fingers
     
  8. marcodelat

    marcodelat Member

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    Shame on you! :)

    No, really you probably did your friend a favor... least it's with somewhere and with someone he knows... and he can get to see and fondle it every once in a while.

    You did tell him you'd give him "visitation rights", correct?

    Enjoy!
     
  9. 9 fingers

    9 fingers New Member

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    Ha Ha! Yes, I even will let him shoot tham at the range...under my supervision of course. He did sell his Dad's M1 Girand, in really good condition, at the gun show I took him too and he is very sorry he did after watching videos of people shooting them on You tube. I could not afford that one or didn't want it that much but now I wish I had bought that one too! I will never get the chance to own one at the price he sold it for.
    Thanks for al the comments.
    9 fingers
     
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