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sveinis0 - Posted - 01/05/2025: 10:56:29
Hello! Im new to banjo and bought a goodtime banjo for 40 dollars.
I have found that same banjo selling for 300-500 dollars on ebay etc.
its an open back 5 string with single dot inlays, no pickups and a single coordinator rod.
Texasbanjo - Posted - 01/05/2025: 11:22:52
It's an okay banjo to start off playing on. Once you decide you really want to play a better banjo, if it's still in good shape, by all means, sell it and purchase a better one.
Have you decided what genre of music you want to play; i.e., bluegrass, clawhammer, jazz, etc. That will help you decide whether you need a 5 string open back, a 5 string resonator, a 4 string tenor, etc.
There are some good buys here on the Hangout if and when you decide to sell that one and get a better one.
One caveat: If you're buying a banjo on the Hangout (or anywhere online), be sure you vet the seller carefully. We've had a bunch of spammers/scammers try to sell bogus banjos to unsuspecting people.
You can also sell your banjo here on the Hangout. Just be sure to read the rules and guidelines for classified ads and Swap Shop forum. Go here: banjohangout.org/classifieds/rules .
Lastly, welcome to the Hangout. We have a lot of helpful, friendly people here and a few old soreheads (g).
cow_tools - Posted - 01/05/2025: 12:11:14
A goodtime is a great banjo to start off on if you can buy it used for a reasonable price, which at the price you got is a steal. The dot inlays makes it sound like you have an older "gumby" headstock model. If you're wanting to play bluegrass banjo you will definitely want something more powerful in the future should you decide to play with others, but these make great "quiet" banjos for practicing on. Stuff a towel behind the coordinator rod and you can practice into the late hours of night without waking up loved ones.
reubenstump - Posted - 01/05/2025: 13:39:23
quote:
Originally posted by Texasbanjo
Lastly, welcome to the Hangout. We have a lot of helpful, friendly people here and a few old soreheads (g).
They have patina. 
sveinis0 - Posted - 01/05/2025: 14:27:26
Thanks for quick answers!
Some info on how old it is and what it is worth would be nice. i understand 40 dollars is a total steal. i dont understand why i got it so cheap, its in good shape too!
I would like to install some pickups in it, so i can play live with it too.
Anyway, i think i have settled on bluegrass style and later i will learn som clawhammer so i can make a Norwegian version of going down the road feeling bad.
laguna21dc - Posted - 01/05/2025: 14:39:15
Going down the road feeling good for that price ……..you did good
Bill Rogers - Posted - 01/05/2025: 14:53:08
Remember that bluegrass requires others to play with you. Also helps if you can sing.
sveinis0 - Posted - 01/05/2025: 15:31:25
Yes its a total steal! i have borrowed it for some years, and asked how much the guy would sell it for.
For now, im just producing and recording music for some friends and myself, no live yet. But i do love the sound of bluegrass, but also country songs with resonator guitar, steel, banjo and all that acoustic.
Old Hickory - Posted - 01/05/2025: 16:52:05
quote:
Originally posted by sveinis0
Some info on how old it is and what it is worth would be nice. i understand 40 dollars is a total steal. i dont understand why i got it so cheap, its in good shape too!
Goodtime banjos don't have serial numbers, and to the best of my understanding the basic blond open back has had only two designs in the Goodtime's history: 1 - The "Gumby" headstock, dot inlays, multi-ply rim. 2 - The current standarad Deering headstock, wood bowtie inlays, three-ply rim. I don't remember how long this has been the current model. If you find out when the design changed, you'll know the latest year yours could have been made.
As to value, you've already seen others listed for way higher than you paid. Goodtimes. I would expect they sell for close to asking price.
In general, used Goodtimes will be advertised for up to 75% of the price of the current model new. A new basic open back sells for $499. So you should see used -- even old Gumby headstocks and dot inlays like yours -- advertised for up to $375. I would not expect to pay less than $300 for a used Goodtime (60% of new).
Your banjo is "worth" a lot more than you paid (assuming you have access to potential buyers).
To answer your question of "upgrade or sell and buy new": the $300 to $375 you might get for it doesn't put you very far towards a significantly better banjo. To play live, you only "need" a pickup if you're playing in a loud situation, such as band with electric instruments and drums or a big noisy bar. In most live situations, a microphone into a good PA run by someone who knows what they're doing is adequate amplification.
But if you feel you mus use a pickup, put it in the Goodtime, use it for as long as you need to, save your money, buy a better banjo, and transfer the pickup to that. Do not sell the Goodtime with the pickup in it. The pickup will get you no additional money, so you'll essentially be giving it away.
