With only a few weeks until Christmas, the rush for spending up big and sharing the Christmas cheer is well and truly underway.
If you wind up getting presents each year you don’t need don’t leave them gathering dust in the corner of your shed, turn them into cash so you can spend the money on something that really gets your motor running.
In this article, we’ve put together some of our top tips for how to turn your unwanted tools into cash.
Hold a garage sale
The old garage sale is a simple one for those who like to do things the old fashioned way. Gather your unwanted and unused tools, dust them off, create a sign and sit out on your lawn for the day for your sale.
These days you can put an ad in the local paper or list the event on a community notice board to get some awareness of your sale. Be aware that you will need to negotiate and haggle as many people that attend garage sales are expecting a bargain so you will need to be negotiable otherwise you won’t sell a thing.
Set up some listings on eBay or Facebook Marketplace
This is a fairly popular option for selling items in general. While it might be more suitable for clothes and items that can be easily posted in the mail, many people sell their tools on eBay or Facebook Marketplace and get people to pick up once the bidding has finished.
The only thing to be aware of when you do have a situation where people pay when they collect the item is that you can in some cases have no-shows, and this can mean that you are paying for auction fees and you aren’t getting a sale.
Be wary of people who haven’t had any sales on eBay before, as they may not understand the site rules. Also, you might need to take note of where your bidders are located, there is no way someone from across the continent is going to bid and collect a $50 dollar item, so make sure you are aware of their location, so you don’t waste your time.
Consignment or pawn shops
Selling your unused tools through consignment or a pawn shop is only really ideal if you have large tools that will take time to shift.
If you do have large tools or you think you need a specialist to present your items in a storefront, you can list them through a pawn shop but be aware they will take a percentage of the sale, and you might be waiting a while if your item is not in high demand.
List your items in the local paper
While it might seem old school, you can still sell unwanted items in the trading post or local paper.
The ads are usually cheap, and you can set them up over the phone and you simply pull down the ad once you have a sale. It’s not an auction and you have the luxury of negotiating with the interested party and they can come and visit and test out your tools if needed.
We wary of people coming to your home though and always have family or friends present to ensure the person visiting has the right intentions.
List your item online and hire it out for cash
Listing and renting our your item on a platform like ToolMates and hiring it out for cash is a great way to earn cash from people living in your local area.
With ToolMates Hire, you can rent those tools out to people in your area and make money off your unused items. The process is simple and you can make some cash on the side while your tools are sitting around not being used.
The process is secure with PayPal payments pre-arranged before pick up to ensure your payment is safe and secure. Owners get paid instantly when someone hires your tool, so you can see the money in your PayPal account right away, no more waiting around for someone to collect goods that never arrive!
Platforms such as ToolMates have a bond and item guarantee system so you have that piece of mind that your Tool is safe and if anything goes wrong your bond will ensure you have the security and peace of mind to cover any costs.
In the event of your tool coming back damaged then ToolMates Hire can claim the bond from the renter and refund you the cost to get your tool fixed. You can even opt into our item guarantee – for an extra fee, your tool is covered for up to the value of $1,000.
These days there are a wide variety of ways to turn your unwanted tools into cash. Whether you use an online platform to hire out your items or you hold a garage sale and cash them in permanently you’re bound to find the perfect way to make some cash out of your tools if you have a quick look around and use a little bit of initiative.