How to Calculate the Fair Market Value of a Guitar
If you are looking to sell your guitar or are just interested in learning more about it, you may want to figure out its fair market value. One option is to take your guitar to your local music store to have it appraised. However, if you want to figure out the value of your guitar on your own, there are a few items that you need to take into account.
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Instructions
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Investigate the history of your guitar. The value of your guitar will largely depend on the history of the instrument. Is your guitar made by a company that is reliable? Has that company been around for many years? What was the original cost? Also, check the history of the model of your guitar. Each model is going to have a different value.
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Locate the serial number of your guitar. Learning this number will help you to identify the model of your guitar and the year it was made. There are databases available online to help you find information about your guitar if you know the serial number.
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Check to see if your guitar has had any replaced parts. If your guitar happens to be a vintage guitar, this might mean that it could be worth quite a bit of money. However, if you have parts on your guitar that were not part of the original setup (excluding strings), the value of your instrument might be less than a wholly original model.
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Learn what the demand is for your instrument. Obviously, if you have a guitar that is rare and many people want to own it, the guitar is going to be worth more than a guitar that nobody cares about anymore. If your instrument is rare but nobody is looking to own it, the guitar is not going to sell for much money.
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Check the condition of the guitar. If your guitar has a lot of dings and scratches, it is not going to be worth as much as a guitar that is in perfect condition. If you come to find that your guitar is worth a decent amount of money, but your guitar is in poor condition, you may want to look into having it fixed without replacing any original parts.
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Tips & Warnings
If you have a vintage guitar that is in high demand but in poor condition, it will probably be worth more in its present state than if you were to repair the guitar or replace any parts.
If you cannot adequately appraise your guitar on your own, you can go to a music store where a professional can appraise it for a fee.
