I started by going on eBay and gathering the price of similar guitars. I gathered information on 25 guitars, all of the same model and took 11 that stuck out as being more than just slightly similar.
Using the entire collection of 25 guitars, I calculated the average and the standard deviation.
I ended up with an average of $670 and a standard deviation of $156.92.
Knowing that the condition of my guitar falls somewhere between so-so and average, I immediately rejected prices above $670, but that's up to you.
The end result is as follows. I can sell my guitar and expect to get a price anywhere between $513 and $670 based on the most recent sales of this particular guitar on eBay.
This is where judgment comes into play. I know what condition my guitar is in, which means I can take the value calculated and used my best judgment to determine a fair price. In this case, I chose a value of around $550.
As for the 11 very similar models, I did the same thing and found an average of $651 with a standard deviation of 91.49. Strangely, this came to the conclusion that the lowest price found within the margin is $560.
That said... Getting less of getting more is still very well in the cards.
Do you guys have a less scientific, less waste of time approach?
the guitar in question
