Valuing Gun Safe

[CaptClink]

I bought a new gun safe for $3k about 12 to 18 months ago. I am trying to place a value on it. I feel the value is low. It is now used, with a combination lock (so locksmith would have to change combo), is over 1100 lbs. and bolted down to the concrete (these things are a bear to move). The 3k I spent included tax and actually placing the the thing. I can't see anyone really wanting to deal with collecting and selling this safe. What are your thoughts? I have searched the internet and I don't see much for sale not to mention an actual sale value.

[lichteda]

Call it a few $100 dollars and move on. If the trustee questions it, which i really doubt... invite him over to do his own apraisal.

[PushRestart]

I got a big gun safe at a hardware store that was a demo unit for $300 or so and valued it at about $200 for my bk. Safes are simply not that expensive....

[AngelinaCatHub]

I'd worry more about the price of the guns. You must have a bunch of them. The overhead of moving that item devalues it like jewelry. Although I declared a few guns, I never even thought of valuing that little safe I have. My opinion is, it is valueless unless out of your house. What damage would it cost to fix all of what would be destroyed removing that safe? 'Hub

[dspii]

$200........................

[bcohen]

You are supposed to declare the yard sale value of the asset--i.e. what you could expect to get for it TODAY if you had a yard sale or placed an ad on Craigslist. This is not based on the purchase price, or even its replacement cost. I have seen people sell large safes on Craigslist for $100 to $200, and that assumes that it is in working condition and includes the keys or combination.

This is no different than any other item that depriciates rapidly. Suppose you had bought a new computer or new sofa last year. Even though the computer or sofa might have cost hundreds of dollars (or more), and would cost that much to replace, you still wouldn't give a valuation that's anywhere near the purchase price. Have you ever tried to sell one of these things used? I had a yard sale recently, and can tell you from personal experience that my desktop computer which cost $1000+ new in 2005 sold for only $85, my furniture which cost $1000+ in 2008 sold for less than $100, and my clothes which were fairly expensive when new sold for only about $1 per garment.

[rustymich]

Its what someone would give you for it If it cost 3k not that long ago its got to be worth a few hundred dollars easy....