Luxury handbags are my biggest weakness. But with quality control issues and changing trends, purchasing handbags with resell value might be a better option to follow. I’m not saying to just purchase handbags with the thought of reselling them, but keeping their resell value in mind can help you rotate your collection. It’s a great way of making money as a side hustle! Some people like to curate a collection of rare handbags and sell them at a later time as a business! What if your handbag is discontinued and is still in demand? You can make big bucks by selling the bag for more than what your purchased it for! Let’s get into what resell value means and how we can use it for our advantage.
What is a luxury handbag with resell value?
Luxury handbags are priced depending on their materials, how they’re made and the fashion house they come from. Sometimes fashion houses collaborate with designers from other businesses and release limited edition items as well. Those handbags are priced accordingly.
Each bag has a resell value. Resell value is the amount the handbag is priced at if you want to put the bag on sale in the pre-loved market. Resell value is dependent on a number of factors such as demand, quality of the bag, and wear and tear.
Bags from certain fashion houses are worth more than others. For example, bags from Chanel have a higher resell value than a bag from Balenciaga.
Keep in mind, if a handbag style has been discontinued, that doesn’t mean it won’t sell on the pre-loved market. It might be in higher demand than you think. You might be sitting on a money bag!
How to ensure handbag resell value?
The first thing to do is to research. Much like every important decision in your life, it’s important to know which designers are in demand, which ones resell well and which items are worth investing in. When purchasing your next luxury handbag, keep in mind that it’s an investment. You’re not just treating yourself to a handbag but securing an investment that you can potentially cash out in the future. Note, just because you like a handbag, doesn’t make it popular or in demand.
Checkout consignment stores and websites and see which styles and brands are in demand. For examples, the ones that are selling out constantly is what you want to keep an eye on!
Again, don’t just buy something to resell it. If you’re going to spend the big bucks, just make sure you get all the advantages along with it.
Maintain your bag!
Once you find the handbag that ticks off all the things on your list, make sure you take care of your investment. I don’t mean to baby your bag and never use it. But keep in mind that this purchase has a potential ROI, or return on investment. Maintain your luxury handbag in the condition you would want to purchase it in, if you were looking for the same bag on a pre-loved website.
Plus the better condition your luxury bag is in, the better the handbag resell value (selling it in excellent or “almost new” condition). Try using a protectant to maintain the leather of the bag, and store the bag in a dust bag so that it doesn’t stain. Stuff your bags when storing them so that they don’t lose shape!
Try purchasing rare or limited edition items!
Who remembers the multi color monogram that Louis Vuitton had in production years ago?
Every so often, big designer houses have collaborations which end up in limited edition items for sale. They’re usually priced a bit higher than regular ticket items but are definitely worth a look at for a number of reasons.
If you’re spending a premium price, why not have an item that’s different from the rest? A unique luxury handbag will definitely hold more value because of the high demand and low availability of it along with the fact that it’s unique. It’s really that simple! I regret not jumping on the Takashi Murakami collaboration with Louis Vuitton. Any item from that collection, in mint condition is almost worth three times as much now than it was then! (I purchased the key cles pre-loved)
So if you can, look into these types of items. These types of handbags have great resell value!
When to resell your luxury handbag?
If you’ve purchased a common item from a luxury designer, it should be easier to resell your item all year round. But before you do, do your research. Is your item being discontinued? Is the pre-loved market saturated with your item?
These questions affect handbag resell value. For example, my handbag in the picture above, is the LV Speedy 35 bandouliere. At a certain point of time, no store had them in stock. Rumor had it that LV was producing an exponentially less amount of monogram canvas items. The demand for this handbag shot through the roof! I spent close to $1600 on it and could have easily sold it for more!
Selling it now, on the other hand isn’t in my interest only because the demand isn’t as great as it once was. But had it been a colorful piece, or a painted speedy, I could have sold it right now and made a profit.
Where to resell your luxury handbag?
When it’s time to sell your bag you need to do the research to see where you can earn the most money. There are many consignment sites online but most of them take a huge cut out of your earnings.
Ebay, Poshmark and Mercari are ok, but I’ve sold with Fashionphile and earned well. Another route is on Facebook marketplace. Wherever you decide to resell your luxury handbag, having the original receipt, the price tags, and an authentication certificate handy will also increase the handbag resell value.
Ask for quotes! Make sure you take high quality, detailed photographs of your items before submitting them online. Ask for buying quotes from all the consignment stores you submit to. If you’re planning to resell it yourself, check out what prices your item is selling for on the other websites and price accordingly. Overpricing your item, might not help it sell but don’t undersell either!
In the end, remember, purchasing a high ticket item, like a luxury designer handbag, should be thought of as an investment. Also think of it’s reselling advantages when you purchase the item. Keep the future in mind because if you’re like me, you’re going to want to rotate your handbag collection. Recycling them by reselling your handbags might save you hundreds, if not, thousands of dollars in the long run! Who knows, you might be able to turn this hobby into a lucrative business! Happy shopping!
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January 17, 2023 at 11:11 am[…] At one point in time, people would purchase designer items in the hope that they would have a great ROI (return on investment) and that still holds true with certain […]