Looking to bring a piano in your home? Sometimes your best choice is to find a good used piano.
But how do you know how much it’s worth?
Makes and models only go so far. You can’t always compare the same make and model together and expect to pay the same price. A lot goes into determining how much a used piano is worth.
Of course, ultimately it depends on how much someone is willing to sell the piano for, and if they can find a buyer who is willing to pay the price. But how do you know the price you’re paying is fair? What makes a piano “good”? And is paying for one better than taking in a free model?
Comparables – When you find what you think is a good deal, often the best place to start is by doing a little research. When comparing, you can start by taking in the make, model, and brand of the piano. You also have to consider things like age, condition, and location the piano has resided in throughout its life. It’s rare – almost impossible – to find two pianos with the same background. But by using an appraiser or a reputable dealer, you can determine the differences and make adjustments accordingly.
Depreciation – Depending on the make and model, some pianos hold their value very well. If you can track ownership and location for the piano, some people prefer to take the original cost minus depreciation to calculate the used price. This valuation method can work well when standards are kept high, such as when the piano was kept in good condition in a theater or institution.
Current Value – For some, the easiest way to value a piano is to determine what it would take to restore the piano to its original playability. If the piano is in good working order, has value based on its make and model, but in need of a little work, paying the difference can give you a fair price. This means you might have to perform a little renovation to bring it to proper working condition. But it can give you a great value for your money.
Of course, finding the “diamond in the rough” is difficult for most consumers. That’s why trusting a reputable piano dealer can work in your favor. If you have a question about finding the right piano for you, we’re here to help.