Supply and Demand: How We Decide on a Price

How We Decide What Your Item is Worth

Understanding the valuation process at SOS Quality Used Goods involves understanding the fluctuating market for an item, primarily driven by supply and demand. In this blog post, we’ll explore how these factors shape the appraisal of your beloved items at our establishment.

1. Essentials of Supply and Demand:

At SOS Quality Used Goods, the value of your items depends on the basic principles of supply and demand, as well as the value of the item itself. If we have a larger number of the item in store, then we will lend/ give less on that item as we already have plenty in, so buying in more of that item isn’t a necessity. Conversely, if we have none/ very little of the item in, we will be likely to offer more on it as it is something we will need in-store.

2. Customer Demand

As a business responding to customer demand, we will be much more likely to lend a higher amount on an item that is currently in high demand, such as the latest phone models or games consoles etc. If the item is considerably outdated, e.g. an iPhone 6, we will either offer very little on it or not take it in at all. If an item is considered retro or vintage e.g. a PlayStation 1, we may offer more depending on it’s individual value.

3. Emphasis on Quality:

Quality of an item is a paramount consideration at SOS Quality Used Goods. Whether assessing jewelry, electronics, or collectibles, the condition of your items significantly influences their market value. Well-maintained, high-quality items tend to attract greater demand, and thus a higher offer.

In a fast-paced market where supply and demand is constantly fluctuating, here at SOS Quality Used Goods we will always try to give the fairest price for your item, whether you are seeking to sell or place an item on buyback, this blog is an attempt to broaden your understanding of how our company works, and the way in which we determine the worth of your items.