Used Lens Econ 101

[BruceHouston]

Hi All,

I am shopping for a few Canon L-series lenses.  While watching lens prices on eBay I have noticed a fascinating phenomenon.  Used, out-of-warranty Canon lenses are often selling on eBay at or near their USA lens price at B&H.  This strikes me as more than a bit odd, if for no other reason than the fact that it devalues the Canon new-lens warranty to zero.

I think that most of us would agree that Canon quality is very good, but certainly not perfect.  The web abounds with stories of new lenses whose image quality improved dramatically following a trip to Canon Professional Services (CPS).  (Of course we also know that some users mistakenly conclude that their lenses are uncharacteristically unsharp, as exemplified by mwillgo's recent post.  He/she figured out the problem with the Forum's kind assistance.)

So, the question is, what percentage of the new price advertised by an authorized Canon dealer (say B&H website price, which fairly well tracks Adorama, Amazon, etc.), should one pay for a used, out-of-warranty L-series lens in excellent condition purchased over the Internet from a private individual (on eBay, let's say), given the following:

(1) Sensitive optical equipment is being purchased sight-unseen, creating the possibility that its condition as received is different than expected/advertised;

(2) The seller is relatively anonymous, and but for the feedback ratings the equipment may never arrive at all (although eBay has in place some limited protections for this eventuality); and

(3) If insufficient, the differential between the new and used prices may not cover the cost of a repair/adjustment at CPS if required due to sharpness, etc. problems.

Any thoughts?

Thanks,
Bruce

[DarkPenguin]

I don't think there is any hard and fast rule.  Even pricing them can be interesting.  If you price too low people think something is wrong with the lens.  I'm about to put a 70-200f4L up for sale at $450.  I don't know if that is high, low or just right.

[JeffKohn]

Generally speaking, anywhere from 70-90%. I think it will depend somewhat on the "reputation" of that lens. Some lenses have legendary reputations and do quite well on the used market, others might have a reputation for QC issues and therefore be more of a gamble for purchasers who have to wonder if you're selling a dud.

As a seller your best option is probably eBay, it amazes me how many clueless bidders there are on eBay who will end up purchasing used lenses for full retail price or nearly so.