Perhaps you have a couple of bags sitting in the back of your closet that you no longer use as much as you used to, or you were gifted an item that doesn’t suit your style. Maybe you are downsizing your closet or are looking for some extra money to buy a new bag you have frequently been dreaming about.
Whatever the reason, opting to sell designer bags online is a fantastic way to find them a new home and put some money back into your bank account.
To learn more, read on for everything you need to know about selling your luxury designer bag for cash.
1. The secondhand luxury market is booming
If you are new to the secondhand luxury market or haven’t explored all of the possibilities, you may not be aware that it is growing four times faster than the new luxury market. This upward growth is facilitated by online resellers who specialize in secondhand luxury goods and consumers who are more concerned with the sustainability aspects of their purchases.
The buying and selling of luxury goods is a significant part of the circular economy, which aims to reduce waste and continue the utilization of resources. As they are high-quality and timeless in design, luxury handbags are among the most popular items to buy and sell in the secondhand market.
Many shoppers like to resell their used items and then use the cash they receive to purchase another, more useful, or appropriate handbag for their current style and lifestyle.
2. Certain brands are always in style
While there is nothing quite like purchasing a new handbag, shopping on the secondhand market provides you with an opportunity to buy luxury goods at a price you can afford. Whether you are buying your first designer bag or are an avid collector, this type of shopping opens up your possibilities.
If you want to sell luxury designer handbags for cash, it is crucial that you understand which brands and styles stand the test of time. Generally, the more classic the style, the more likely it is to hold its value. For example, the Céline Box Bag and the Hermés Birkin are two of the most renowned bag styles that maintain their value when listed on the resale market.
Almost all Chanel bags keep their value, with studies demonstrating that they are often a safer investment than a home. Gucci and Louis Vuitton are two other designers with fabulous reputations that help their products keep their value long after leaving the initial store.
3. It helps to have all the related items
When it comes time to sell your luxury handbag, it is crucial that you have kept it in good quality and possess all the necessary items such as the box, dust bag, and authenticity card.
Being able to produce these items is crucial because it will help you sell the bag for the highest possible price, and it will also support (and speed up) the authentication process. Plus, the new owner wants to have those small items that are integral to the luxury bag experience.
If you don’t have these items anymore, you may still be able to sell the bag; however, the price you are able to command will be lower. Without the authenticity card and receipt, your luxury designer handbag will have to be authenticated via a different method.
When preparing to sell your handbag, make sure you note any marks, creases, and other signs of wear as you always want to be giving an honest and accurate description to a potential buyer. The more descriptive you are upfront, the easier it will be to find it a new home.
4. Research the best places to sell your luxury designer bags
Now that you know what you need in order to sell your luxury handbag, it is time to research the best places to sell it. You have a couple of different selling options: either through online marketplaces or directly to a buyer.
It is generally recommended that you use an online marketplace as this is the easiest way to sell your designer bags for cash. This method outsources most of the work to the shop as they will prove the authenticity, set the price, communicate with buyers, and facilitate returns. Plus, they will often provide you with money upfront or give you a clear idea of your earnings.
To increase your chances of selling your handbag, make sure you choose a reputable online marketplace that specializes in luxury goods. These sites attract the most informed shoppers who are willing to pay a significant amount of money because they trust the reputation and selection.
To sell with an online marketplace, all you need to do is email them clear photographs of your luxury bag, and they will respond with a quote. If you accept, ship your item to them for a full review, and once they have authenticated the handbag, they will provide you with a full quote. If you accept, they will pay you instantly, and you will have the cash in your bank ready to spend on your next luxury bag purchase!
5. Keep an eye on bag trends and shop smart
When shopping for new luxury designer bags, you should always consider whether you will be able to resell them in the future. By staying up-to-date on bag trends, you will be better positioned to understand which styles are in high demand.
If a bag is a limited edition or no longer produced, it will likely garner much interest when posted on the resale market. Similarly, vintage bags that are in good condition are quickly purchased by individuals who want something unique.
Whether you are minimizing your bag collection or are looking to make room for a new one by selling an old one, opting to sell your luxury designer handbag is a fantastic way to recover some of the original purchase cost. Plus, you are giving it a chance at a new life in a loving home.
At first, it may take you some time and effort to get the bag sold; however, by following these tips and working with an online luxury marketplace, you will be able to sell it in no time.
Do you have luxury designer bags that you want to sell for cash? If so, what are you planning to do? Have you ever purchased pre-owned designer bags before? Let us know your thoughts and any related experiences in the comments below!
Sabrina Sadiq is the CEO of LuxuryPromise.com, the ultimate marketplace for the world’s most exclusive, rare and luxurious accessories, incorporating cutting edge technology to redefine the luxury shopping experience. She is considered one of the leading experts in luxury goods authentication. Previously, Sabrina founded a real estate investment company, specialising in residential and commercial portfolio acquisition. Sabrina holds the LLB from the University of Westminster and the LPC from the London College of Law.