Have a passion for fashion? It may pay off.
Investing in classic and highly sought after designer pieces can be pricey. However, if you ever go to sell your designer handbags, you may actually end up with a high return on investment.
According to consignment website Tradesy, the designer handbags with the highest resale retention value are Goyard, Chanel, Hermès, Louis Vuitton, and 3.1 Phillip Lim. All of these designers average 70 percent and above resale retention value.
The secret is choosing the right designer handbag. Some trends arrive and die, but the key is to pick a timeless handbag. Here are three designer handbags with a high return on investment.
Dior Saddle Bag
The Dior saddle bag is one of the most iconic and recognizable bags. It’s unique shape debuted in the late ‘90s and was the “it” bag of the decade.
According to Harper’s Bazaar, the saddle bag made a huge return to the fashion scene around 2018. Celebrities such as supermodel Bella Hadid have been seen toting the popular bag around, making it forever classic.
If you decide to sell your Dior saddle bag, you can expect to earn anywhere from $1500 to $3000, depending on the condition of the bag.
Louis Vuitton Neverfull
The Neverfull is one of the most popular Louis Vuitton bags, and for good reason. It is large and spacious and covered in the iconic Louis Vuitton print, making it both functional and stylish.
Neverfulls boast a fairly simple design, so they require less maintenance than designer bags with intricate details. A Louis Vuitton Neverfull MM sells new for around $1400. You can find second-hand Neverfull MM’s for around $1100.
Chanel Classic Flap
Perhaps no handbag is iconic as the Chanel classic flap shoulder bag. These bags never go out of style, and their classic design appeals to nearly everyone.
A new Chanel bag will cost you $5,800, but you can expect to earn $4,000 to $5,000 from resale, making it a wise investment choice.
How to Make Money Selling Your Designer Handbags
Once you’re ready to part with your handbag, take these steps to ensure you get the highest return on your investment.
Find what your bag is worth
When you’re ready to consign, you’ll want to get a good idea of what your bag is worth.
One easy way to do this is to check the consignment website TheRealReal. There, you can input the type and condition of your handbag. It will estimate a resale price for you, so you don’t have to guess.
Keep your bag in mint condition
The condition of your bag will drastically affect the money you will earn. The best way to ensure your bag is in mint condition is to care for it before you decide to sell it.
Keep your purse in the dust bag it came with. Make sure to stuff it when not in use so it doesn’t get creased. Of course, follow proper cleaning procedures and don’t use any harsh chemicals.
Consign with a reputable retailer
Once you’re ready to consign, make sure you do it with a reputable source. You can work with websites such as Tradesy, TheRealReal, or even eBay to sell your handbag. If a site requires photos, make sure you take them in good light. Be accurate in your description of the handbag, and be honest about any tears, damage, or scratches.
Rachel Slifka is a freelance writer and human resources professional. She is passionate about helping fellow millennials find success with their finances and careers. Read more by checking out her website at RachelSlifka.com.