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Step 1
Browse thrift shops and consignment stores where used clothing is sold. Find out what prices people usually pay to purchase used clothing items. Keep in mind that consumers typically want to pay much less for used clothing than new clothing. How much you paid for something new often does not come close to what it is worth used. Even quality name-brand labels that are expensive when purchased new are sold cheaply in second-hand clothing shops.
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Step 2
Keep receipts, canceled checks, billing statements and even photographs of any expensive items that you buy new. These may be helpful when it comes to determining a fair market value later on. Again, it is important to remember that used household items such as furniture and appliances may have little or no market value once they are worn or the style goes out of fashion. Trendy items tend to lose value more quickly than more traditional styles and designs.
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Step 3
Consider the cost of buying a similar item new. Although there can be a huge difference between the replacement cost and fair market value of an item due to years of depreciation and perhaps worn out physical condition, you may be able to get some idea of an item's present value by subtracting the amount of depreciation from what it would cost to replace the same item new.
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Step 4
Ask the opinion of an expert. If you own items such as antiques, artwork or fine jewelry, make an appointment with someone knowledgeable and experienced in that particular field to get an appraisal. However, for an appraisal value to be helpful, facts are needed to assess the true worth of an item. For example, copies of a warranty, homeowner's insurance rider or previous appraisal report may help an appraiser arrive at a more accurate value for a vintage cameo. An appraiser may also consider general price trends in determining an item's value, although in certain cases, the uniqueness of a particular item may increase its value. (See resource below)
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Step 5
Take into account current market conditions, which might increase or decrease the value of a particular item. Unless supply and demand affects the value, items tend to decrease in value at a steady rate over time. However, in cases where fewer numbers of an item in demand are available to consumers, even used items might keep a higher value.
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Step 6
Judge the condition of each item. Items that are in good or excellent used condition may hold more value. An item in first-rate condition is generally going to be worth more than an item that is damaged. However, some collectors' items that are old and rare may have little or no value to someone else, despite of being in prime physical condition.
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Step 7
Search for reference materials available online or at your local library or bookstore to get some idea of the value of certain collectible items. Although a collection of coins, books, stamps, dolls, baseball cards or souvenir coffee cups may be priceless to the collector, the fair market value of these items may be much less than their value to the owner. Even dealers' price lists and hobby catalogs are other people's opinions, and depending on current market conditions, as well as the dates of publication, the prices listed may already be unreliable. (See resource below)
