Are you looking for a way to make some extra cash? You’re not alone! Many are searching for ways to supplement their income in these economically challenging times.
We’re here to tell you that a great way to do so is to resell LEGOs. The LEGO resale market is quite lucrative, as LEGO sets excellent value retention.
In this in-depth guide, we’ll provide all the tips and know-how you need to enjoy great success reselling old LEGOs. Stick around!
Is It Possible to Resell LEGOs?
If you’re wondering whether it’s possible to resell LEGOs, the answer is a definite yes. In fact, if you’re thinking of starting a resell business, LEGOs are a great option to consider.
The value of LEGOs tends to fare very well as time goes by. We’ll get into more detail on this in the coming section.
Reselling LEGOs is a great idea whether you simply have used LEGO sets you want to offload for some extra cash or if you want to start a full-scale LEGO resale business.
What Kinds of LEGOs Sell Well?
LEGOs are popular in general. They’re always in high demand and you’ll always find many willing buyers for the sets you’re offering.
However, some LEGO sets tend to have a higher resale value than others. Here are some of the best LEGO sets to resell:
- Star Wars Ultimate Collector’s Millennium Falcon (Set #10179): A mint condition Millenium Falcon set can get you up to $7,000 on the resale market. Opened sets in good condition can also sell for great prices.
- Grand Carousel (Set #10196): If you have an unopened Grand Carousel set, you can cash in and pocket up to $2,900 when you sell it. Those who have used sets can sell them for around $1,000.
- King’s Castle (Set #6080): You can sell a mint-condition King’s Castle set for a whopping $3,400.
- Statue of Liberty (Set #3450): Unopened Statue of Liberty sets can go for up to $1,300.
What Is the Value of LEGOs?
The value of LEGOs depends on two main factors. First off, whether or not a LEGO set has been opened plays a major role in determining its value.
Mint-condition LEGO sets typically have higher resale value than opened ones. However, if an opened set is in good condition, it can still sell for a high price.
The second consideration is how rare the set is. The LEGO sets you’ll find selling for the highest prices are ones that have been discontinued.
There’s a limited number of such sets available on the market. This limited supply combined with the high demand results in the value increasing.
Do LEGOs Lose Value Over Time?
Most consumer goods we buy depreciate over time. However, LEGOs are among the few exceptions.
According to a study by the Higher School of Economics in Russia, LEGOs are at par with other investment alternatives in terms of return.
In fact, LEGOs are sometimes an even more attractive investment. It’s hard to imagine a plastic brick toy being a good investment, but it is.
After surveying the average selling price of a sealed set in the resale market from 1987 to 2015, experts found that LEGO resale yields an average return of 11%. This figure is higher than that of traditional investment instruments like gold.
That said, a LEGO set loses a large chunk of its value once opened. Also, incomplete sets have little to no value.
Things to Consider When Selling LEGOs
If you’re considering getting into LEGO resale, there are a few things you should keep in mind, namely:
Scale of Operation
When reselling LEGOs, you can go one of two routes. The first is to treat it as a side hustle and resell small quantities for some extra income.
Alternatively, you can buy LEGO sets in bulk, focusing on ones that are known to have high resale value. When executed right, this business model has serious potential to be a major money-maker.
Where to Resell
Another aspect you should consider is where you’ll resell LEGO sets. Your main two options are online platforms and physical stores.
Online platforms are more convenient and involve a lower cost. Additionally, they allow you to reach a larger customer base and give you flexibility for growth. In the upcoming section, we’ll outline some of the best online platforms for LEGO resale.
In contrast, opening a physical store allows you to give your customers a more personal touch. Additionally, seeing the product before buying it eases customers’ doubts about product authenticity.
Which LEGOs to Resell
You should choose the LEGO sets you’ll resell carefully. You should only resell LEGO sets that have high resale value to ensure a good profit margin.
The sets mentioned earlier in this guide are a great place to start.
Where to Resell LEGOs
Here are some of the most suitable online platforms for LEGO resale:
eBay
eBay is one of the largest e-commerce platforms in the world. People use it to sell all kinds of products, including LEGO sets.
Thanks to the platform’s high usership, reselling on eBay can help reach your target customers on it very effectively.
What Makes This Option Great?
Many LEGO resellers choose eBay because it charges generally lower fees than other e-commerce platforms, such as Amazon.
- Fees/Commission: Up to 13.25% of the sale price, plus $0.30 per order
Payment Methods: PayPal, Google Pay, Apple Pay, credit/debit card
Facebook Marketplace
Just like eBay, Facebook Marketplace is used by millions every day. This gives your product listings excellent exposure.
What Makes This Option Great?
Facebook Marketplace charges sellers minimal fees, and sometimes no fees at all. This means you get to keep more money from every sale you make.
However, when selling on Facebook Marketplace, it’s important to be patient and ready to bargain with a potential buyer.
- Fees/Commission: 5% selling fee per shipment
Payment Methods: Credit/debit card, PayPal
Craigslist
Another option to consider is Craigslist. This classified ads platform allows you to list your LEGO sets for free.
It also targets local LEGO enthusiasts and allows you to reach them effectively
What Makes This Option Great?
A lot of sellers prefer Craigslist due to its convenience and ease of use. The lack of a learning curve means you can create an account on the platform and start selling immediately.
- Fees/Commission: No listing fees and no commission
Payment Methods: Cash and check
What You’ll Need to Resell LEGOs
Before you start making big bucks reselling LEGOs, you’ll need to have the following essentials:
- A Platform to Resell On: You should have a clear idea of the channel you’ll resell your LEGOs through. If you’re looking for an online platform, any of the three mentioned above is a great choice.
- A Valid Debit/Credit Card: Most online platforms will pay you out through your PayPal account. Therefore, you’ll need to have a valid debit or credit card linked to that account to access your funds.
- LEGO Sets in High Demand: You’ll also need to have LEGO sets that are highly sought after. Reselling such sets will give you the highest profit margin.
How to Resell LEGOs: Step-By-Step Instructions
When starting any type of business, you may feel overwhelmed at first because of the many affairs you need to get in order. However, the initial stages will feel much less daunting if you have a clear vision of your objective and the steps you should take to reach it.
Here are the things you should do to get your LEGO resale hustle firing on all cylinders:
1. Choose Your Resale Platform
Your first order of business is to settle on a channel through which you’ll sell your LEGO sets.
You have many options, and they can be classified into online platforms and physical stores. If you decide to resell LEGOs online, eBay, Facebook Marketplace, and Craigslist are all great options.
To decide which is best for you, compare their fees/commissions and the payment methods they support.
2. List the LEGOs You’re Offering
Once you choose your resale platform, it’s time to list the LEGO sets you’re offering for sale. Each platform has different steps to do this. The procedure is quicker and less costly on some platforms compared to others.
When you list your products, it’s important to supplement the listing with high-quality photos and a detailed product description. Provide your potential customers with the exact specifications and model of the LEGO set.
3. Settle on Your Price and Payment Methods
When you’ve finalized your product listing, you should decide on the price you’ll sell at. Make this decision based on the market price of a given LEGO set.
You should also consider how big a profit margin selling at this price will give you.
4. Spread the Word About Your Listings
Finally, you should aim to let potential buyers know what you’re offering for sale.
You can market your listings through sponsored posts on highly-used social media platforms like Facebook and Instagram.
Alternatively, you can strategically place sponsored ads on blogs and websites with content related to LEGOs.
Can You Make Money Flipping LEGOs?
The answer is a resounding yes. Flipping LEGOs can make you a lot of money if you know what you’re doing. Read on to learn more about the LEGO resale business.
What Is a LEGO Resale Business?
A LEGO resale business involves buying LEGO sets, but not for personal use. The objective is to obtain rare sets likely to have high resale value and then sell them at the highest possible price. By doing so, you get much more than what you paid for the product.
The LEGO industry is a diverse one. There are lots of niches you can cater to by reselling a type of LEGO set that appeals to them.
Is Reselling LEGOs a Good Way to Make Money?
LEGOs are among the many great things to flip. The reason is that LEGO sets are always in high demand, and people don’t mind buying them used. So, LEGO products tend to gain value over time and have excellent resale potential.
Frequently Asked Questions
Here are a couple of questions people often have about reselling LEGOs:
Does Anybody Buy Used LEGOs?
While the LEGO sets that sell for the highest prices tend to be unopened ones, used LEGO sets can also earn lots of money. Of course, this is under the condition that it’s a complete set and in good condition.
If that’s the case you’ll find many LEGO fans willing to buy.
Does LEGO Have Good Resale Value?
LEGO sets generally have excellent resale value. Exactly how much that value is depends on whether the set is in mint condition or opened.
It also depends on how rare the LEGO set is. LEGO sets that are no longer in production tend to fetch higher prices.
Having the original box is also important to maintaining your LEGO item’s value.
Similar Tutorials to Check Out
- Resell Watches: Do you have a passion for timepieces and want to capitalize on it financially? If so, getting into watch resale is a great choice!
- Resell Home Decor: People are always looking to buy decor to enhance their home’s aesthetic. Be the one to provide what they need!
- Resell PS4s: Despite the PS5’s release, PS4s are still in high demand. Reselling these consoles is an excellent income booster!
Wrapping Up
Whether you’re reselling your LEGO collection to supplement your income or reselling LEGOs as a full-time job, your earning potential is very high.
The reason is that LEGOs tend to maintain their value very well over time, which gives them high resale value.
Your chances of running a successful LEGO resale business will definitely rise if you heed the advice and tips we explained in this guide.
Don’t forget to share this insightful guide with your family and friends. Also, if you have any questions or concerns, feel free to leave us a comment below.
