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ShinySideUp

ShinySideUp

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Martin
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I decided I might extend my collection of MFT lenses and thought I might trade in a DSLR lens that I really don't use enough, to wit, a Sigma 14-24mm F2.8 DG Nikon fit. Last January 2023 I bought the lens new for £1269, it is in mint condition. Today, I got a quote from WEX for a trade-in value of £486!!! LCE said they wouldn't accept a trade-in unless it was in exchange for another product. So if you weren't sure before that the DSLR market is, to all intents and purposes, dead, you can probably rely on it now. I suppose it could be the nature of the lens, it being quite specialised, but then I couldn't get an automatic quote for a Nikon D850 either (not that I'm selling it).
 
I feel for you. Luckily for me when I sold my Canon DSLR kit I actually sold a couple of lenses for more than I paid for them and the other kit sold for reasonable money and reasonably quickly. None of that was by design and it was all just pure luck that I sold it all at a good time.

I suppose for someone who's happy to keep their DSLR cameras now is a good time to buy as prices are reasonably low but I do have to say that after going mirrorless I'd find it very difficult to go back to a conventional DSLR.
 
I have a mirrorless camera in the form of an Olympus E-M10, it is quite dinky and fits in my coat pocket, but I'll never go 'big' mirrorless instead of DSLR now as I really couldn't justify the cost at my age, I shall keep my D850, and now, it seems, my short-zoom Sigma lens. It was only a thought to sell it but since it is apparently practically worthless it will stay in my collection. My favourite lens is the Sigma 60-600mm even though it's rather heavy and when I checked the trade-in price, out of curiosity only, I found it was holding it's value pretty well.
 
ShinySideUp said:
I decided I might extend my collection of MFT lenses and thought I might trade in a DSLR lens that I really don't use enough, to wit, a Sigma 14-24mm F2.8 DG Nikon fit. Last January 2023 I bought the lens new for £1269, it is in mint condition. Today, I got a quote from WEX for a trade-in value of £486!!!
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MPB quoted me £175 for my (admittedly well used) 24-70/2.8 Nikon.
 
ShinySideUp said:
I decided I might extend my collection of MFT lenses and thought I might trade in a DSLR lens that I really don't use enough, to wit, a Sigma 14-24mm F2.8 DG Nikon fit. Last January 2023 I bought the lens new for £1269, it is in mint condition. Today, I got a quote from WEX for a trade-in value of £486!!! LCE said they wouldn't accept a trade-in unless it was in exchange for another product. So if you weren't sure before that the DSLR market is, to all intents and purposes, dead, you can probably rely on it now. I suppose it could be the nature of the lens, it being quite specialised, but then I couldn't get an automatic quote for a Nikon D850 either (not that I'm selling it).
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Wex have been outrageously low on a lot of stuff recently, always found LCE easy to deal with, maybe try a different branch ? Many LCE branches only have F mount used lenses in stock, Z mount are thin on the ground. It's also notable that the FTZ II adapter is in short supply so people must be buying them with a view to either using or acquiring older glass.

Park have offered some decent prices lately, give them a try.

I've been eyeing up an Nikon F mount lens to use on Z mount, it's around the £800-900 mark and when I checked MPB they would pay £625 so that tells me the market is far from dead.
 
Just tried Park as per your suggestion. Must be the lens is just not at all desirable as they offered me £415, £71 less than WEX! It stays with me now, I'll just rethink how I'm going to make more use of it.
 
THIRTYFIVEMILL said:
If you look at sold items on eBay they seem to command a price of 650-800 so worth listing there, I guess, preferably when they have their 80% off selling fees offer on.
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That makes Wex price about in line with my expectation for any second hand goods you are looking to sell to a shop, which is for a retailer to offer you a little over half the price they will sell it for. Buying at £486 would suggest they would be likely to mark it up to around £950-1000.

Indeed they have one of these lenses for sale right now at £995.00

I'd also assume Wex (or any other reputable dealer) can/will charge a bit more than eBay auction prices, simply because they offer a 12-month warranty and a 45-day return policy, buyers can have more confidence in an established bricks and mortar store than a random eBay seller.
 
Musicman said:
That makes Wex price about in line with my expectation for any second hand goods you are looking to sell to a shop, which is for a retailer to offer you a little over half the price they will sell it for. Buying at £486 would suggest they would be likely to mark it up to around £950-1000.

Indeed they have one of these lenses for sale right now at £995.00

I'd also assume Wex (or any other reputable dealer) can/will charge a bit more than eBay auction prices, simply because they offer a 12-month warranty and a 45-day return policy, buyers can have more confidence in an established bricks and mortar store than a random eBay seller.
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Agreed.
 
THIRTYFIVEMILL said:
Agreed.
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Also worth mentioning that there is VAT that Wex will have to charge when they sell the lens, which will not apply for private sales on eBay.

For second hand goods like this that is applied using the VAT Margin Scheme: 16.67% of the difference between their buy price and what they sell it for.

If Wex paid £486 for the lens they are selling today for £995, then that £995 includes £72.73 of VAT and their ex VAT gross margin is £436.27 or 47%.
 
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I have no intention of selling my Nikon DSLR kit, I like to use it, but when having to trek a distance, I'll use my Olympus outfit instead nowadays. I've got much the same capabilities in terms of lenses in both outfits. Your trade-in/sale experience confirms my view.
 
I recently had an annoying experience with Wex.

They quoted me a price for a Voigtlander 40mm f1.2 I wanted to sell and once they had it they cut the valuation and I gather this has happened to other people too. I tend to look after my gear and that 40mm was in excellent condition and I couldn't see a mark on it or any evidence of wear plus it was complete with everything it came with and its box which was also unmarked.

That left a bad taste for me and although I've spent thousands with Wex I doubt I'll deal with them again.
 
In the past I've sold quite a bit of stuff to WEX and the only time they've reduced the price quoted was when they contacted me and said that a lens I sent in had a faulty manual focus ring, which might well have been the case because I never used manual focus on it; it was also a cheapo DX lens.
 
Musicman said:
That makes Wex price about in line with my expectation for any second hand goods you are looking to sell to a shop, which is for a retailer to offer you a little over half the price they will sell it for. Buying at £486 would suggest they would be likely to mark it up to around £950-1000.

Indeed they have one of these lenses for sale right now at £995.00

I'd also assume Wex (or any other reputable dealer) can/will charge a bit more than eBay auction prices, simply because they offer a 12-month warranty and a 45-day return policy, buyers can have more confidence in an established bricks and mortar store than a random eBay seller.
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That is the way we priced up used kit when I was in the trade thirty odd years ago. There are other operating costs, staff, electric, rent on premises, insurance, theft or shrinkage plus the fact if you have it in stock too long it will be worth less every month in a falling market.
It is not the huge mark up that it looks to be.
 
Just my own experience but there does seem to have been a large drop in what is being offered as trade in prices across all camera equipment not just older DSLR stuff in the last 18 months or so.

I guess they are trying to screw as much margin as possible from every deal. Sign of the times we live in possibly.

The huge increase in the amount of equipment being purchased from the grey market now has I think hit hard with trade in valuations. Even for mirrorless equipment I have seen quotes at around 45% of the new price for equipment that has never even been used.

They are taking the p***. But while they all do it there is no alternative other than selling privately.
 
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