Pianos are wonderful instruments. They can add elegance, class, and refinement to any home or venue. They are also expensive, which is why many people may balk at the prospect of buying one. Fortunately, there are ways to sell your piano and recoup some or most of your investment, one of which is through selling a piano. Here is what you need to know about how to do it.
What Is Piano Consignment?
Consignment is a type of short-term lending. That is, the shop owner will loan you money based on the value of your instrument. Then, after some agreed-upon period, you will have to repay them the full amount along with any applicable interest.
The main difference between a traditional loan and a consignment is that you don’t have to provide any sort of collateral for the loan. Instead, the shop owner will put the piano on the floor for sale at its regular price. After a predetermined amount of time has passed, the owner will return a set percentage of the sale proceeds to you.
How Does Piano Consignment Work?
The owner of the shop will appraise the condition of your piano, along with its make, model, and approximate age. Next, they will offer you a percentage of the sale price based on the current market value of your instrument. You can either accept the offer or decline and keep looking for a shop that will pay you more.
This might sound a little shady but rest assured that reputable shops that offer this type of short-term lending have nothing to gain by short-changing their customers. In fact, it is in their best interest to offer as high a percentage as possible, since they will keep the rest of the sale proceeds after repaying you.
Why Would You Want to Sell a Piano Through Consignment?
There are a number of reasons why you might want to sell your piano through piano consignment rather than through a traditional sale. For starters, consignment shops are much more likely to purchase used pianos that aren’t in mint condition.
While you may be able to find someone who is willing to buy your used piano outright, you can expect to get a fraction of the original purchase price. Another advantage of selling your piano through consignment is that you don’t have to remove it from your home. And if you don’t have a place to store it, that can be a major plus.