Pianos that also have unique components in them or special finishes and engraving will also hold more value. This is because there is a smaller number of those pianos in production. Limited edition instruments also tend to hold their value or appreciate over time. Depreciation charts generally account for normal wear and tear. Used pianos that have little to no use will also hold more of their value. You mainly see this happen with some of the bigger brands like Steinway, Fazioli, Bosendorfer, and Yamaha.īecause the quality of their pianos is so good, they tend to hold their original value. This means they are not affected by what’s currently happening in the market as much as other pianos. While most pianos depreciate in value, there are some exceptions to that rule.
When it comes to higher quality pianos however, the changes in the market has much less of an effect. Lower quality piano brands tend to be influenced much more by this.Īs a result, used pianos will depreciate much faster. It’s important to remember that the piano market is always rising and falling. This is also an opportunity to certify the condition of the instrument and get it properly appraised. Having the piano inspected can help secure more confidence in the purchase from a piano dealer or on the secondary market. This is seen particularly with pianos that are purchased and rarely used at all. Pianos that are well maintained will sometimes beat the depreciation system. Then there are costs to address tuning, voicing, and other issues that may arise over time. A rebuild of a piano costs thousands of dollars. While all parts of a piano are easily replaceable, sometimes it can be expensive. With parts that may shift over time, wood that may swell or shrink and parts that wear down, the value of the instrument will decrease gradually. It is hard to gauge just how much affect humidity control, playing, and moving has on a piano. Every time a piano is played the wear and tear begins. Outside of protecting sales and the market, pianos depreciate quickly because of how often they are used. Things like supply and demand, limited edition pianos, condition and repairs, mass-produced pianos, and the economy can determine the value of a used piano. There is not a set depreciation schedule to follow, however many of the same factors apply to each.
As the piano approaches the 10th year, the depreciation slows significantly.
From there it faces a steady decline of around 5% per year. Piano Depreciation Schedule 1 Year OldĪs you can see, the piano loses 20% of its value in the first year alone. Pianos that are mass produced generally are not subject to those kinds of favorable results.īelow is an example of what a piano depreciation schedule would look like. If the piano is a popular brand and the market is trending upward, then inflation will actually cause the value of the instrument to rise after depreciating initially. Used pianos are already offered at a discount, and in most cases are worth next to nothing after being purchased from a dealer. The drop in value is substantial, often ranging between 670 – 75% within just 2 – 3 years of the initial purchase. Purchasing a piano is a lot like purchasing a vehicle, it will immediately be worthless the minute ownership is transferred to you.īecause piano dealers need to protect the sale, most pianos immediately lose their value after being purchased. Interested in quality digital pianos for easy learning? You can find them by clicking here#ad Why Do Pianos Depreciate
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