Is selling records on eBay worth it? Reflection from auctioning 500 records
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- Опубліковано 30 тра 2024
- Selling a record for more than what you paid is not necessarily a win. Here I discuss the results from auctioning 500 records on ebay including how much I made, how much ebay and the post office made, and whether selling records on ebay was worth the effort.
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If you're new to my channel, what you can expect from me is a vinyl collector's approach to the jazz genre. For years, I've only collected vintage pressings and prioritized originals of Blue Note, Prestige, Savoy, Bethlehem, Riverside, New Jazz, and more classic labels. Lately, with the resurgence of the medium and more collectors coming to the space, the music industry has taken notice and prioritized putting out high quality reissues of some of the best albums ever recorded. Subscribe to my channel to watch me navigate how to rationalize how I used to buy vs. how I buy vinyl records today.
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Thanks, this was really helpful.
I need to pare down my collection by 300 or so. I have sold stuff on eBay before, but infrequently. You are very right that doing so is more time-consuming and expensive than most people think, and I'm grateful that you listed all the different costs, including time costs.
Because I work full time, and overtime during parts of the year, I think taking my no-longer-wanted records to a record store is a better option than selling individually. Yes, I'll get a lot less money. But I'll save all that time and effort, and that's more important to me right now.
Really appreciate your candor and insights. As someone who sells the occasional record on ebay, it's interesting to hear about how everything works at a larger scale. Currently, if I want to get rid of more than 20 records, especially if none of them are particularly valuable, I just take them to a record store (less money, but less hassle), and based on your video I don't anticipate changing that.
Really enjoyed the video. I have sold some on ebay in the past about 10 years ago. I have many records. In your opinion, what do you think the minimum you would need to sell an album for now if you bought it for $1.00 and still be worthwhile? Me personally I won't sell for less than $20. If it isn't worth at least $20 I'll sell it at a yard sale for a lot less but easy no shipping and people get what they want and they are are going to try to flip it😂. I give away alot of records that are either not too good of condition or not too desirable.
Excellent video, thank you for sharing the thorough breakdown
This was a helpful, timely and interesting video. Thanks!
Hi…eBay has been a total nightmare for me. I started selling my vinyl on eBay last year and was sent a form in the beginning of the year that i had to file with my taxes and now I’m stuck paying the irs over 3,000. i was told that $600 law was put in place last year. I was told i had to file eBay as a business. I’m completely confused right now.
very helpful , and intresting video , living up here in Canada postage is crazy .
I sell on eBay and there are few viable alternatives. Yes, eBay takes its cut but that is just the cost of doing business. If you’re in a rush to sell items you may be disappointed. I start things as an auction but if it doesn’t sell I re-list them as a But it Now and it sells when it sells. You can’t be in a hurry.
Selling records on an auction on EBay is probably best if you’re selling high value albums, but the work involved with listing and shipping and all the potential problems that could arise keep me from doing it Too much time and trouble
Very helpful. Thank you. Pity our respective governments are taxing us so much from postage to income. They have stopped a lot of international selling and buying. Really appreciate you sharing the knowledge as always.
Got Bill Perkins Octet from you, very nice
I started adding the cost of materials, time, etc. into my shipping. Single lp I charge $6, single cd I charge $5. I do ship the same or next day after payment is received though, so you’re also paying for me to quickly ship an item.
Ebay not a great option these days, they take about 20%. Discogs is around 14%, including paypal fees. You wasted money on mailers, you can easily find cardboard and cut it into 12/12. I use old record sleeves mostly, as a dealer I tend to have thousands spare. Postage now should be $6b for a 2lb package then add 75 cents per record. Doing this you will break even on postage. I get 5 lps into a mailer, including cardboard on each side.
I disagree on the mailer inserts being easy to make yourself. 500 records means 1,000 of them at least. I dont have the time for that, nor the patience as even being a 1/4" off risks the edges of albums being easily damaged. The most records I can fit into a single mailer is 3, because I use a cardboard insert not only on the outside of the mailer, but between each record. So 3 records in one mailer, corresponding with 4 cardboard inserts. It could be overkill, but I'd rather everything arrive unscathed and maintain my feedback rating.
@@jazzvinylcollector Yes, no need to use card between records, although if expensive ones might be sensible. Although USPS rarely damages anything. It's just a way of saving money. I go to local stores and pick up boxes or take them out of the trash, or people bring me theirs. You can cut up about 200 12x12 an hr once you get into the swing of it. Is it better for the environment as well, a factor for me.
This was very informative the only large thing that you left out was you real profit . Cost of albums. Otherwise, well thought out and good explication of cost and amount of time and energy spent grading and listing and packing .
Hi, just watched your video and had a question. I, at times, also sell duplicates on eBay but use whiplash/mighty mailers; what mailer that costs .75 cents do you use? Thanks and sounds like you have a great jazz collection.
I use mailers by an Amazon retailer called ValueMailers. They also sell the inserts
I have found that only the ebay sellers with lots of followers can consistently get higher sale prices. Caralina Soul, Funk You etc. Discogs is better for the less famous pressings. I have used Ebay for records that i think would inspire a bidding war.
A few comments on taxes: (1) the form would be a 1099, not a W2: (2) you actually have taxable gross income on everything you sell whether or not you get a 1099 - the 1099 just makes it much more likely you will get caught if you don’t report the income; and (3) I’ve been getting 1099s from eBay and PayPal the last couple of years even though the IRS isn’t yet requiring it and I’m way below the thresholds.
Honestly I wouldn't ever recommend selling to a shop. Especially if you have many high end items. I mean some shops pay fair/well,but many offer a dollar a record no matter what. I think if one accumulates a bunch of records they want to sell your best bet is setting up at a record show or sell online via record collecting forums where there are no fees.
If you have over 200 transactions using Paypal within a given year, you will receive a 1099-K. Paypal/Ebay are linked too, so expect a 1099-K next year.
Do you pay tax on an ebay side hustle in the US?
yes
eBay/paypal report it to the IRS if you make over $20k in the calendar year. For anything less than that, it’s up to the individual to report it through their tax filings
@@jazzvinylcollector Just £1k in the UK I believe!
You bought new mailers for the records you shipped? I always just reuse the mailers I get when I buy stuff or a few times I asked a local shop near me and they gave me a bunch of mailers they had in the back. Have never paid for a mailer
Kinda confused. Doesn't buyer pay shipping?
The buyer pays the seller for shipping, yes. My only point was that eBay deposits all the money to the seller, and then it’s the seller’s responsibility to actually pay for the shipping label.
Selling of records (by regular people) is not worthwhile whatsoever. Selling of records (for the store owners and high-ups) I'm sure is very worthwhile. But they're not getting any more money from me until the prices come back down to earth
What happened to the two ERC records you sold, interested in the price you received v purchase
They have not sold but I also haven’t been budging on the Buy-It-Now price. Just leaving them available for now
I’ve sold two in the past however and they sold for just about retail. Maybe $25 more
Errr what about the original cost of acquisition? So $9K NET and say you bought them for say $4k the profit is $5k
That would be quite difficult to determine. These records could have been originally purchased by me at any point over the last 13 years, and I don’t keep track of
You can document the cost in a notebook.
Have one row for payed
One row for package
One row ship
One row total expense
One row sold price
Subtract the total expense from the price this equals profit
Add all the profits and put on the bottom of the page, this is your total profit that month.
U talking shipping in usa
If u send overseas no way that cheap
Correct, it’s $4.87 within the United States. The cheapest I’ve seen shipping charges overseas are $25 plus any VAT, import charges the buyer pays
Sorry but grading and listening to records ain't work.I think you're over analysing this.
Time is money
Hello! FYI, sent you a hello on Instagram. Would appreciate it if you accept. You made some interesting comments! You mentioned not looking for 10 records that are worth 20. What records or artists have served you best/do you look for? I have some ideas, but would be interesting to hear your thoughts. Also you are very detailed! & Appreciate your content.