Have you ever thought about buying a designer bag just for the resale value?
It’s no secret that some bags like the Chanel classic flap, Hermes Birkin and even the Louis Vuitton Speedy have steadily risen in price over the past 10 years.
This leads a lot of people to think – “Why not just buy a bag that I can sell for more money in 10 years?”
Sounds like a good idea, right?
|In Hurry? Best Designer Bags||Best For|
|Chloe Faye Diamond Bag||Design|
|Prada Quilted Tessuto Nylon Chain Shoulder Bag||Price|
|Balenciaga Hourglass Tote Bag||Luxury|
I actually have considered this many times.
And I’ve even looked into what it would take to do this.
While this idea may seem like a no brainer, there are some things you may need to consider first.
I’m not saying it’s a bad idea – it might actually be a great idea for you.
Then again, depending on who you are, it might not be the best idea either.
Here’s a look at some things you need to consider first before you buy a designer bag just for resale purposes:
#1 The Bag Must Be in Pristine Condition
Are you the kind of person who is ultra-careful with your bags?
Are you willing to do the extra work to store them and care for them properly (i.e. stuff them with tissue paper when not in use so they keep their shape, care for the leather properly, keep your hands meticulously clean when handling them)?
What if you go out and have an accident and the bag gets messed up? Will you be up the creek financially?
If your plan is to resell the bag in a few years for the same amount that you paid for it – or greater – it has to be in pristine condition. If you’ve poked around the resale market for a while you’ll notice that the better condition the bag is in, the more you can expect to get for it.
But if the bag is misshapen, watermarked or sagging at the bottom because of overfilling, you won’t get as high a price for it.
So this is the first thing to know if you want to buy a bag just for the resale value. It can be a lot of work to keep the bag in perfect shape – so much so that you may find you’re not even using it that much.
A few people I know even just buy a few designer bags and store them away in a safe – they never even use them!
That will definitely keep the bag in pristine condition – but you also lose out on the joy of actually wearing the bag!
#2 Proof of Authenticity Is Everything
Fake designer bags are getting better and better these days – they’re a lot harder to spot than they used to be. For example, did you know that Chanel is suing the resale website therealreal.com for selling fake Chanel bags?
And I can’t even tell you how many times I’ve heard from somebody who has bought a resale bag on ebay – only to take it into the store and discover that it was a fake.
One lady told me her Louis Vuitton Neverfull was finally deemed a fake – after 5 different LV sales associates had looked it over – it was THAT good of a fake!
Because of the plethora of fake designer bags around today, more and more buyers are demanding proof of authenticity. Nobody wants to spend thousands of dollars on a bag that might be fake!
So you need to do everything you can do prove authenticity – that means receipts, authenticity cards, even a pic of yourself buying the bag at the store with a date tag would be good (if not a little overkill).
Anything you can do to prove the bag is authentic will go along way (by the way, the last I heard, counter fitters were even faking the receipts!)
So make sure you keep all of your receipts and proof of authenticity that you can if you want to resell the bag at a later date for a good price.
#3 How Do You Plan To Sell the Bag?
Do you plan on using a trusted bag reseller like Fashionphile? Or maybe you’re going to take it to a luxury consignment store in your neighbourhood?
The upside is that these places have a hungry group of buyers, a newsletter list and usually the reputation of selling authentic bags (so people are more willing to buy). The downside however is that they also take a cut – and that cut can quickly eat into your profits!
So even if your bag is now selling for 20% higher than what you bought it for – you might end up spending that just on the consignment fee!
Another option is to try and sell it yourself on ebay. However a lot of buyers won’t even look at you if you don’t have thousands of 100% positive reviews and a history of selling designer bags. It’s just way too risky for them.
You could also try selling it on the Facebook marketplace. Chances are if people know you already through Facebook – or you’re a friend of a friend – they know you won’t try to scam them. So you might have better luck that way.
But regardless, this is something you should think about and consider before you buy a bag to resell it for a profit.
#4 What About Unforeseen Circumstances?
What happens if the particular bag that you choose suddenly becomes unpopular? What happens if the head designer at a fashion house moves on and the brand is not as popular?
There was even some rumblings a while back that Chanel was going after resellers with the intent of shutting down the resale market.
While I think that’s a bit farfetched (and I doubt they’d ever be able to do it), it could make people hesitant to buy a Chanel bag in the future (because they think they won’t be able to resell it if they ever need the money).
And if people are hesitant to buy a Chanel resale bag then the price you can ask for your bag will probably drop.
These are all long shots of course but they are things to consider.
Buying a designer bag just for resale can be done – and you might even make a fair bit of money on it if you have the patience to wait several years.
However there are risks. It’s not as easy as it looks at first glance.
If you’re willing to take that risk and do what you need to in order to maximize resale value (care for the bag, keep receipts etc.) then it could work wonderfully for you.
However, just know the risks beforehand – so you’ll be able to make a fair and balanced decision.
What Do You Think?
Have you ever bought a designer bag just for the resale value? Did it work out?
What bags do you think are best for resale value? Leave your comments below!
– Kate XO