My impression is asking prices for used banjos still in production range from 65%-75% the cost of new. Especially when new instruments have long warranties. Maybe up to 80% for in-demand instruments with waiting lists. For example, when Arthur Hatfield was still alive and building to order, I think used Hatfields ready to ship were advertised at prices not tremendously below the cost of new.

Running the numbers, my estimated range suggests just under $1700- to just under $2,000.  $1800 might get you a quick sale. But maybe you could get more. So maybe you could ask $2000-$2200 and give yourself room to negotiate.

I could be wrong about all this.

Good luck.

I saw a couple in lightly used condition sell on Reverb for $1400-1500 over the last year. If your Patriot is completely untouched, perhaps you can sell it for a few hundred higher. (There's a 15+ year old Cimarron on Reverb right now for $2200 and the Bishline website says they're $2995 new, though I'm not sure how often the site gets updated.)

I used to think that used instruments were worth 50% of their current new price, but people are now asking a lot more. I am unlikely to go more than 75% of the current price, and I still lean toward my first figure. I bought my Patriot 5 years ago when the seller reduced the price from $1500 to $1250, and it has been my main banjo ever since. I would consider another one priced at $1800 or less, but someone else might pay more.

quote:Originally posted by Old HickoryMy impression is asking prices for used banjos still in production range from 65%-75% the cost of new. Especially when new instruments have long warranties. Maybe up to 80% for in-demand instruments with waiting lists. For example, when Arthur Hatfield was still alive and building to order, I think used Hatfields ready to ship were advertised at prices not tremendously below the cost of new.

Running the numbers, my estimated range suggests just under $1700- to just under $2,000.  $1800 might get you a quick sale. But maybe you could get more. So maybe you could ask $2000-$2200 and give yourself room to negotiate.

I could be wrong about all this.

Good luck.

 
 

I beg to differ. $1800 would not get him  quick sale. Remember, the Patriot is the entry level banjo from that maker! Most folks would rather have the Cimarron... which has a real tone ring, a three ply maple rim and a one piece flange, fancy burled walnut and a nice ivoroid binding!

I've seen Cimarrons on Reverb for less than $1800. A few months ago a guy had a Patriot on there and kept lowering the price until it was well below $1400. It's a buyer's market now!

 

 

 

 

quote:

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Originally posted by Mark Douglas

I beg to differ. $1800 would not get him  quick sale.  . . . I've seen Cimarrons on Reverb for less than $1800. A few months ago a guy had a Patriot on there and kept lowering the price until it was well below $1400. It's a buyer's market now!

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Well, I did say I could be wrong!