Are you selling your old handbags? Check out these quick tips before you start

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If your home is overflowing with handbags that you have vowed never to part with but can no longer bear to look at, it may be time to sell them. Luckily, there are plenty of potential deals out there—especially if you’re selling a designer bag. In 2021, the global luxury resale market reached an estimated $33 billion, according to Fashionista, and that figure is expected to grow to $47 billion by 2025.

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However, before you jump in, there are certain steps you should take to ensure you’re getting the right price. A good place to start is researching the value of a bag. Fashionista recommends looking up previous sales of a particular bag, which you can find on various resale sites. After that, set a price range based on that sales history. This gives you a solid base if someone questions the price.

Your next step should be to analyze the market to find out how much demand there is for the handbags you want to sell. If you see a lot of sales of your bag at or above average prices, your item may be so hot that buyers are overlooking quality issues.

“If the bag is highly coveted or in high demand and little availability, our buyers are more likely to make a good offer, which may even exceed the bag’s original retail price,” says Charles Gorra, founder and CEO of resale platform Rebag , said fashionista.

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On the other hand, if your bag isn’t seen much by buyers, you need to think about adjusting your price – and making sure the bag is in very good condition.

From here you need to decide where to sell your handbag. If you’re looking for an online marketplace, InStyle recommends these five websites, especially if you have luxury bags to sell:

  • repacking: The process here is pretty simple – just upload a few photos of your bag to the Rebag website and you’ll get an instant quote.
  • StockX: To list your bag, either choose to sell it in an auction or set a specific price for it. Once you reach an agreement with a buyer, StockX sends a prepaid label that simplifies shipping for the seller. According to InStyle, there is a 14.5% seller fee and a 3% payment processing fee.
  • The Real Real: You have three options for checking your bag here – make an appointment at your home, visit an authentication center or ship items for free. Commission rates at this online consignment shop range from 40% to 70%.
  • Vestiaire Collective: The Vestiaire app gives you access to the platform’s concierge service, which takes care of everything from there. Another option is to upload photos to the Vestiaire website and sell the bags yourself.
  • What goes around comes around: With this platform, you send a simple email with photos of your bags to the What Goes Around Comes Around team, who will then purchase them and send you a check or credit immediately.

Other digital resale options include Bag Borrow or Steal, Fashionphile, and The Luxury Closet. These types of resale platforms have several advantages (including a quick and realistic sale), TikTok creator Charles Gross told Fashionista.

“Resale platforms take the fees [are] It’s worth it considering the risks of the other options,” he added.

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These other options include peer-to-peer listing sites like Depop, eBay, Mercari, Poshmark, ThredUp, and Tradesy. These are good for recouping the money you spent on your first purchase, Fashionista said, but they require more time and effort than digital resale platforms.

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Finally, you can also look into brick-and-mortar consignment stores. This is a convenient option if you happen to live near a store, but it can also come with high shipping fees and inconsistent deadlines.

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