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Selling vintage kits question

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Nancy Andover09/01/2020 11:59:01
2 forum posts

I found a massive collection of vintage kits in my late Gramps attic and my Nan said I can have them and do with them as I like. I am thinking of selling them as saving for a house at the moment and it could really help. i have a few questions you guys might be able to help me with.
Is this the right time to sell them? Would like the money asap but if they are going to gain in value considerably then I will hold off.
Best place to sell? Gumtree? Or specialised forums like this one?
Will I have to pay tax on selling them if its not a business and just a one off sale kind of thing? According to this tax calculator if I pay income tax on it Im going to fall into the higher tax threshold which I want to avoid.
Are certain months better to sell this kind of thing?

Thanks for any help

FlyinBrian10/01/2020 13:21:32
708 forum posts
4 photos

Value will depend purely on what they are, most old kits do go up in value but relatively slowly.

I would not expect to pay tax on private sales.

You could try putting a couple on ebay and see what they fetch.

Someone on here may be able to give a better answer if you list the kits

Peter Miller10/01/2020 13:41:14
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11771 forum posts
1416 photos
10 articles

OLd kits do seem to sell for high prices.

If you are a member of Ebay go to the search at the top of your page and choose "Advanced" at the end of the line. Then enter the name of the kit in the "Toys and Games section and select Completed listings and you will see the price that they have made.

This will give you an idea of value even if you try to sell via classifieds or any other outlet.

No, you will not have to pay tax but Ebay does charge a fee of 10%.

You might get a better price on Ebay in a month or two after buyers have paid off their Christmas credit cards. However real collectors will probably still be buying.

Don Fry10/01/2020 13:56:04
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4557 forum posts
54 photos

Most of the people buying this stuff are in the age range 60 plus. You can make your own choice if you know the age of the buyer, as to if the market will go up or down.

Market them properly. I see stuff, sold by people who don't understand what is important, poor photos, poor descriptions. Poor prices realised.

Now, if I were in your shoes, I would list the kits, or a photo of the box front, and if mentioned the technical section of the box front(that's the bit about wingspan, motor requirements). Secondly, I would be finding out where the local club is, speak to the secretary, you are seeking a trusted guru, to help with the descriptions, assessments that the kits are complete etc.

Edited By Don Fry on 10/01/2020 13:56:46

Peter Christy10/01/2020 16:09:36
1950 forum posts

Good advice from Don, there!

Like anything second-hand - even if never opened - its basically worth what someone is prepared to pay for it. Some items can go for more than expected, some for less.

Kits can be difficult. Unless stored in ideal conditions they can (and do!) deteriorate. However, some are classics and a competent builder should be able to sort them out.

As has been said, without knowing what you've got, its difficult to advise, and I would be wary about giving out too much information too early!

Don's advice about contacting a local club is particularly sound. If you don't know where your local club is, the BMFA should be able to help.

--

Pete

jonryan10/01/2020 17:28:44
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165 forum posts
12 photos

Kits can vary massively in value. for some collectors, they never intend to build them, but want them as close to pristine as possible. Damaging a box can greatly reduce the value. They're a bit like toy cars in that way. Complete, unstarted kits in clean boxes tend to fetch the best prices, and as others have said, a list & photos would help.

If he had kits, he may have engines as well. Diesels can be valuable, glow motors less so. Again, perfect condition in clean boxes are best. Old RC equipment tends to go cheap, but could well rise over the next few years. Magazines rarely fetch much, but catalogues can.

Dealers (me!) may offer a price for a complete collection, but of course we want to make a profit so won't offer as much as a private buyer. It depends if you need fast money, or are willing to wait for a better price.

Good luck!

Don Fry10/01/2020 19:09:49
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4557 forum posts
54 photos

Anyway Nancy load of GOGs awaiting, drooling, a look at your treasures. Was your gramps an early exponent of large quarter scale stuff, or was his pleasure related to free flight gliders? A lie down in a dark place needed. The County Lines phrase is, from the original post, massive collection, is obtuse and veiled. Tell all.

kevin b10/01/2020 19:21:38
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2057 forum posts
187 photos

Hi Nancy.

Sounds like you have quite a job on your hands !

PM sent.

Bob Cotsford10/01/2020 19:27:24
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8948 forum posts
498 photos

Wouldn't it fall under Capital Gains tax, not income tax? You have a 12k allowance for capital gains from what I can make out of the HMRC web site, so that would take a massive stash to exceed that. From what I have seen top end kits from TopFlite, Royal, Pica or japanese MK kits appear fairly regularly, those I've watched on E-bay fetch around £200 give or take £50 with Mk coming at the top end, Flair scouts are somewhere similar, outside of these it's a lottery. Could be £25 or £500, it's in the lap of the Gods.

Edited By Bob Cotsford on 10/01/2020 19:28:06

kc10/01/2020 20:09:48
6946 forum posts
175 photos

of course modern kits of vintage designs are still being made & sold so there may be little resale value, but old kits of unobtainable designs are what people pay money for. Look out for old model engines as the rare types are collectors items worth money.

Beware dealers who may want to buy them and pay you very little then resell at huge profit.....

You could consider taking them to Old Warden when they have a model show and allow car boot sellers ( pre booked only) but only if you know their value first. Modelair website is here and the fee for car boot traders is 25 pounds per day but includes 2 adult entries so not much more than being a spectator. Next event is May 9th & 10th

Peter Miller10/01/2020 21:08:52
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11771 forum posts
1416 photos
10 articles

Capital Gains Tax???

You would just be selling off some old second hand kits.

Martin Dilly 110/01/2020 21:35:15
81 forum posts
17 photos

Was your grandpa a member of a model flying club? You probably need a competent person to detail what kits you have and do a short write-up on each to flesh out the ads. The BMFA (01162-440028) can put you in touch with a local club (there are over 800 around the country) and I'm sure someone will be able to help.

The BMFA also have a classified listing section open to members only on their website ( https://bmfa.org ), and a local club member will, I'm sure, be glad to do the listing for you. Using that will avoid some of the potential hiccups that sometimes come from selling on E-Bay.

kevin b10/01/2020 21:53:30
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2057 forum posts
187 photos
Posted by Peter Miller on 10/01/2020 21:08:52:

Capital Gains Tax???

You would just be selling off some old second hand kits.

Sorry Pete, but capital gains applies to anything you sell for more than you paid for it (technically). The only exception I am aware of is the domestic property you live in and I think that is subject to how long you have lived there.

No doubt someone will probably correct me on that. I am only an amateur with regards to tax matters (but a professional tax payer !)

Edited By kevin b on 10/01/2020 21:54:01

Bob Cotsford11/01/2020 11:12:31
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8948 forum posts
498 photos
Posted by kevin b on 10/01/2020 21:53:30:
Posted by Peter Miller on 10/01/2020 21:08:52:

Capital Gains Tax???

You would just be selling off some old second hand kits.

Sorry Pete, but capital gains applies to anything you sell for more than you paid for it (technically). The only exception I am aware of is the domestic property you live in and I think that is subject to how long you have lived there.

No doubt someone will probably correct me on that. I am only an amateur with regards to tax matters (but a professional tax payer !)

Edited By kevin b on 10/01/2020 21:54:01

That's my understanding too, though it would take a large collection to exceed the £12k capital gains tax exemption allowance!

Robin Colbourne11/01/2020 13:52:01
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783 forum posts
21 photos

If you sell some of them 'for your Gran' then Capital Gains Tax probably won't be an issue. Also selling off a good collection takes time, so it may well take you more than one tax year.

Regarding selling:

  1. Don't expect any sort of stall at a boot sale, even if modelling specific, to get good prices. People go to them for bargains. Smaller items such as engines can get pilfered and kits get damaged or lose small parts.
  2. If you are prepared for the effort, eBay is your best bet. They do weekends once every two or three weeks when the total selling fees per item are £1 (up to 100 items). Write your listings and take photos in advance of such a weekend, and aim to have the auctions finishing between 8pm and 10pm on Sunday evening.
  3. The wider the market you offer to, the better the final prices will be. For example, German kit collectors will pay good money for German kits which are complete and boxed.
  4. A fully itemised list of the contents and close up pictures of all the parts, particularly any damage you describe, will reassure buyers.
  5. Spend time researching what you have and what it is worth. An accurate description with all the key words and numbers gets people interested.
  6. Make sure you use all 12 photos you are allowed.
  7. Don't underestimate the time, effort and cost of materials in packing.
  8. Be aware that postage/courier prices go up a lot once you get over 120cm (48" long.
  9. Interparcel are good for gauging the cost of delivery to different countries.
  10. With regard to the best time to sell; yes, let people clear their Christmas debts first.
  11. People often want what they would have liked to have had when they were in their teens/early
  12. 20s, but couldn't afford then. Once kids have flown the nest and they have the trime, money and space, they start getting nostalgic for those things, e.g. BMX bikes, mopeds, 70s aerobatic models and gliders. They generally want them in good condition too.
  13. To many collectors, the condition of the kit/engine box is as important as the contents. As well as bubble wrapping the contents, bubble wrap around the box and allow an inch or two of crush space, so if your outer packaging gets damaged, the kit box and contents don't.
  14. Glue shipping boxes with PVA. It makes them much stronger and more crush resistant than tape will.
  15. Make sure you courier insures for the full value, it may cost you extra to cover for the full value, once you get over £25 or £50.

 

Edited By Robin Colbourne on 11/01/2020 14:12:55

Braddock, VC11/01/2020 14:53:45
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1688 forum posts
52 photos

If you sell through e-bay there is a perpetual trace on the transaction, as you are obviously concerned about tax.

My advice is avoid general forums such as this.

Google SAM 35 , it's the UK chapter of the society of antique modellers and they offer a classified section that varies from free to members to v. cheap if not. Ensure that you insert "COLLECTION ONLY" and cash only then there won't be a paper trail and you won't have to worry if the kit is not complete.

One further bit of advice, if the box is sealed don't open it even for a tax inspector.

The guys that buy these little treasures get their kicks from all the activity associated with the acquisition so you'll have absolutely no problem with collection only; I know I'm one of them. I recently drove from Dover to South shields to pick up an item oh and don't let some doddery old geezer try to get you to reduce the price because he had to drive so far, you're selling he's buying he didn't have to come, just allow him the use of toilet facilities as he will no doubt need to go.

Cuban811/01/2020 17:08:19
3166 forum posts
1 photos

How about listing the kits here? I'm sure we could suggest what would be a reasonable/realistic value for them and possibly identify something rare or unusual? Where they eventually get sold will be up to the vendor.

Robin Colbourne11/01/2020 17:22:13
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783 forum posts
21 photos
Posted by Cuban8 on 11/01/2020 17:08:19:

How about listing the kits here? I'm sure we could suggest what would be a reasonable/realistic value for them and possibly identify something rare or unusual? Where they eventually get sold will be up to the vendor.

Great idea! If there are any airframes that need identifying, the collective grey matter on this forum should manage it.

Paul Marsh11/01/2020 17:36:40
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4128 forum posts
1247 photos

We run a Modellers' Swap meet in June, July at some shows. Most stuff sells and if you are willing to wait until then (though you said you did money asap.)

There are club swapmeets now on, one next weekend. Worth a try, know what price you would like to sell them for, and expect a slight haggle in price, though some vintage kits either sell well, or don't sell at all, depending on who the other punters are.

Ebay is probably the best, anyway, as many people are collectors, where at Swapmeets, many (including me!) want a bargain for as much least as possible outlay.

Just remembered, Ali Machinchy of Als Hobbies in Milton Keynes is an avid collector - well known for his range of vintage kits and might be interested in any kits.

Give them a call and ask to speak to Ali Senior referring to your quest.

Edited By Paul Marsh on 11/01/2020 17:40:42

PatMc11/01/2020 17:37:42
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4523 forum posts
550 photos

The OP says the kits are "vintage" but that very much depends on the definition used, they may simply be "old" but still available.
Until the kits are listed there's no way of guessing at their "vintage" status, rarity or value.

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