I’m trying to sell a 2006 Goldstar Gf 85, which I would classify as in very good-excellent condition. It has a tiny mark on the binding, a couple of small marks on the tip of the headstock, a few small resonator scratches that can be seen only with the reflection of a bright light, and a couple of tiny capo marks on the back of the neck. Otherwise the finish looks great.
There is some fret wear between 5 and 7 (the first three frets have been replaced, and the banjo has had little playing time since), but there are no grooves or buzzing.
Any guidance would be much appreciated!!
Edited by - Lynne on 12/03/2020 19:26:31
By the looks of the second hand market, about 8-900 on the high end?
A few options for how to approach. Typically I start at 50-60% of new. Looks like the GF85 retailed around $1500, so that puts you around $800 asking. Then you have to compare that to the actual market, and the competition. Looking at the banjo-buyer archive, it looks like some of these have sold lower, with a quick look showing a range of about $600-800 for a standard setup with no upgrades, and also Elderly is showing one that was sold at $950. The comparing to competition, you've basically got Gold Tone (OB-150/250/3) and Recording King (RK-35/36). Depends on the specific model, but I usually see these go for $700-900.
You've also got other considerations. Fretwork from an unknown luthier likely lowers the value to most buyers, especially if selling online. In my experience, including extras like free shipping, HSC, strap, picks/strings/capo/tuner can all help make a sale but usually won't change the price.
I would say list it for $800 and see what happens, understanding that you will likely need to negotiate to actually make a sale in the $700 range. This is all USD, you'll have to convert to CAD.
I've only been buying/selling banjos for a few years and have probably bought/sold ~50 banjos, so I don't have much experience. But I think it's very rare that a used banjo falls outside of the "50% Off New" rule of thumb. The only ones that do seem to have actual collector value which raises price, or flaws/damage which reduce price.
Edited by - KCJones on 12/03/2020 10:05:45
I don't recall the street price of the GF-85 ever being as high as $1500. I thought it was $1200-$1300 at it highest before it became unavailable.I could be wrong on all counts.
That being said, KCJones is correct that structurally the GF-85 is comparable to the RK 35/36 and Gold Tone OB-150. These were all entry-level professional grade instruments with a combination of serious features and design economies that allowed them to be sold for around $1000. These are primarily multi-piece necks with grafted pegheads, plainer wood or veneer for the resonators, lower cost tuners and possibly pearloid (instead of pearl) inlay. On the plus side, they have 3-ply rims, bronze alloy tone rings and quality 1-piece flanges.
I think all of these banjos sell for around $800 used.
$750 if the hard case is good.
If you need a FAST sale go $650 and negotiate all or part of the shipping.
Thank you all for your helpful responses!! I had it listed locally for 1000 CAD (777.50 USD), but it was suggested that I was asking far too much, based in part on the first image of the frets (below).
Does anyone have any suggestions concerning how much I might knock of the price for these worn frets? As I mentioned before, there is no buzzing, and I think they still have a lot of life in them. The lower frets were replaced by a professional luthier at Myhre’s Music in Edmonton (used to be called House of Banjo, so they have street cred).
Thanks again everyone!!
Originally posted by coreyowen
Does anyone have any suggestions concerning how much I might knock of the price for these worn frets? As I mentioned before, there is no buzzing, and I think they still have a lot of life in them.
Suggestions? Sure. We always have suggestions! Free -- and worth the price!
If there are no buzzes from those worn frets, then it's hard to say how much to drop the price. They look bad but they work.
If you're correct and the frets still have life in them, then maybe they just need a dressing -- level, crown, polish -- which should cost a lot less than replacing 4 of them (a cost you already know). Perhaps you could take it back to Myhre’s and ask them. Then maybe have that work done to make the banjo more presentable and increase your chance of getting Can$1100 (US$855), which is a reasonable price for one of these in good shape.
It's my understanding from past posts from our Canadian members that lower supply makes banjos cost a bit more there.
If you want to sell it as-is, with the instrument needing some attention to the frets, it's still tough to see your having to settle for less than US$700 (Can$ 900) -- especially if the fretwork needed is just dressing 4 frets.
Thanks Old Hickory—that’s very helpful advice, and worth far more than I paid for it!! :)
Edited by - coreyowen on 12/03/2020 18:43:11
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