Selling Your Old Handbags? Check Out These Quick Tips Before You Begin

Woman selling her bag online stock photo
demaerre / iStock.com

If your home is overrun with handbags you swore you’d never part with but can’t bear to look at anymore, it might be time to sell. Luckily, there’s a lot of potential business 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 rise to $47 billion by 2025.

See: How Rich Is Meghan Markle?
Find: 8 Best Remote Jobs That Pay at Least $50 an Hour

Before you jump in, though, you’ll want to take certain steps to ensure you get the right price. A good place to start is researching a bag’s value. 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 will give you solid footing if anyone questions the price.

Make Your Money Work Better for You

Your next step should be analyzing the market to find out how much demand there is for the handbag(s) you want to sell. If you see a lot of sales of your bag for prices at or above the average, your item might be hot enough that buyers will overlook imperfections in quality.

“If the bag is highly coveted, or in high demand and low supply, it’s more likely that our buyers will make a good offer that could even be more than the bag’s original retail price,” Charles Gorra, founder and CEO of resale platform Rebag, told Fashionista.

On the other hand, if your bag isn’t seeing much action from buyers, you’ll need to think about adjusting your price — and ensuring 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 sites, especially if you have luxury bags to sell:

  • Rebag: The process here is pretty simple — just upload a few photos of your bag onto the Rebag website and you’ll get an instant quote.
  • StockX: To list your bag, either select to sell it in an auction or set a designated price for it. Once you get an agreement with a buyer, StockX sends a pre-paid label, which makes shipping easy for the seller. There’s a 14.5% seller fee and a 3% payment processing fee, according to InStyle.
  • The Real Real: You get three options to consign your bag here — set up an in-home appointment, 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 things 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, which will then buy them and immediately send you check or store credit.
Make Your Money Work Better for You

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

“The fees resale platforms take [are] well worth it, considering the risks of the other options,” he added.

Cash App Borrow: How To Borrow Money on Cash App
Zelle Facebook Marketplace Scam: How To Recognize and Avoid This Scam

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

Finally, you can also look into brick-and-mortar consignment shops. This is a convenient option if you happen to live near a shop, but it might also come with steep consignment fees and inconsistent timelines.

More From GOBankingRates

Make Your Money Work Better for You

Share This Article:

Make Your Money Work Better for You

About the Author

Vance Cariaga is a London-based writer, editor and journalist who previously held staff positions at Investor’s Business Daily, The Charlotte Business Journal and The Charlotte Observer. His work also appeared in Charlotte Magazine, Street & Smith’s Sports Business Journal and Business North Carolina magazine. He holds a B.A. in English from Appalachian State University and studied journalism at the University of South Carolina. His reporting earned awards from the North Carolina Press Association, the Green Eyeshade Awards and AlterNet. In addition to journalism, he has worked in banking, accounting and restaurant management. A native of North Carolina who also writes fiction, Vance’s short story, “Saint Christopher,” placed second in the 2019 Writer’s Digest Short Short Story Competition. Two of his short stories appear in With One Eye on the Cows, an anthology published by Ad Hoc Fiction in 2019. His debut novel, Voodoo Hideaway, was published in 2021 by Atmosphere Press.
Learn More

Best Bank Accounts for September 2022

Untitled design (1)
Close popup The GBR Closer icon

Sending you timely financial stories that you can bank on.

Sign up for our daily newsletter for the latest financial news and trending topics.

Loading...
Please enter an email.
Please enter a valid email address.
There was an unknown error. Please try again later.

For our full Privacy Policy, click here.