So, you have decided to take the plunge and invest in a new camera. You’ve been shooting with your old camera for a couple of years or more and it’s served you well. But when you try to trade it in or sell it you find it’s really not worth a great deal. Maybe only a small fraction of what you paid for it. What do you do?
For a start a dealer won’t give you a great deal on an older camera that’s been superseded by a newer model, unless there is some kind of very special trade in deal (even then you may be able to negotiate a better discounted price from the dealer and then sell the old camera separately). I’m assuming you are buying the new one because it’s better than the old one. Dealers don’t want large numbers of older cameras sitting on shelves unless they can afford to carry the risk of them not selling. Some dealers might be willing to try to sell it for you on a commission basis and that might be one way to go. But if you can sell it privately, you’ll typically get a bit more money for it than a trade in.
Whatever you do it’s time to put your business head on, rather than allowing any emotional attachment to a camera (that may well have served you well) to influence your decision making. In a years time it’s likely the old camera will be worth even less.
Ask yourself the following question: Will keeping the camera earn me more additional profit than the money I will get from selling it, even if it is an uncomfortably low price? If the answer is no, then sell it now while it’s still worth something and don’t hang around, get rid of it while you can.
Don’t just hang on to it because you can’t bear to sell it for such a low price. This isn’t a child or loved one, it’s a tool and there is no point in having a tool that’s not going to be used, or might get used once in the next year, cluttering up your office. I’ve often made the mistake of hanging on to a much loved camera to use as a backup or B camera and never actually used it. Instead it’s sat on a shelf for a couple of years gathering dust until it eventually it gets discarded (it might impact your equipment insurance, it still needs to be insured as an insurance company can sometimes refuse to pay out if something happens and you are found to be under insured).
Remember, to be useful a B camera will also typically needs it’s own tripod, batteries and all the other support kit the main camera needs. So hanging on to a second camera may mean having to also hang on to a lot of other kit as well.
But if you are confident it will make you that extra money then keep it.
Another consideration is what could you do with the the money you can get for it? Would it allow you to invest in some new lenses to go with your new camera? Perhaps a better tripod, new lights, stuff you would use day-in day-out rather than once in a blue moon. It’s much better to have you hard earned cash working for you on a regular basis than hanging on to something “just in case”. In those once in a blue moon, just in case scenarios there are places called rental houses. And if the project that needs that once in a blue moon second camera isn’t going to pay to hire one, then why are you providing it? You are running a business not a charity aren’t you? A bit dramatic perhaps and there will always be exceptions to the rule. But that is the way you should be thinking.
If the old camera has been good for you, the emotional attachment often leads to hanging on to a piece of kit that really should be moved on to make way for new tools that will help you grow the business. If you do keep it, instead of it hanging out on a shelf, do consider hiring it out. It’s less damaging to your business if a spare or backup camera gets stolen or damaged on a rental than your main camera, so this could be a toe in the water of a sideline rental business. But do explore you insurance restrictions and limitations, plus consider whether you want strangers turning up at your home or place of business to pick up kit at all sorts of hours.
I’m definitely not saying you have to sell your older camera, just try to take any emotional attachment out of the decision and figure out what’s best for the business.