In reality, these antique instruments may be worth relatively little. In extremely good condition, most antique upright pianos are worth $500 or less. This is due to the fact that a piano is a machine. Each of the components has been exposed to wear throughout the duration of the piano's life. These components include the keyboard, hammers, knobs, and rollers. In order for an instrument to be considered antiquesmall quantities are often sold as parts. For example, if only one key is missing from a piano, it would be advisable not to buy it since it would be impossible to play.
Antique harpsichords are more likely to be bought as complete instruments. The action and soundboard of an antique harpsichord are in excellent condition, which means they can be played by anyone who knows how to take care of a violin. Antique harpsichords are also more likely to come with original case pieces. New cases are made today, but old ones will always have advantages over new ones! Harpsichords cost $5,000-10,000 new.
Antique violins are very common and affordable. Even if a violin is not in perfect condition, it can usually be fixed or replaced. Because old materials were commonly used (such as wood) antiquities tend to be more affordable than modern items that use newer materials.
A piano restoration and retuning might easily cost $2,500 or more. In less than perfect condition, an antique upright piano can be worth much more; some reach prices of $10,000 or more.
The price of an antique upright piano will vary depending on its make and model, as well as its condition. Make sure you know what you're buying before you start looking at them. Also consider the location where you plan to display your piano. Some locations are more expensive than others. Finally, ask yourself if you need a new bench. These items can increase the price considerably.
Old upright pianos can make beautiful additions to home museums or galleries. They also make wonderful gifts for people who love music. If you decide to sell your piano, be aware that it will likely not produce a high price because of its age. However, this does not mean you cannot sell it. You may be able to get more money if you clean it up a bit and show it in better condition than it is currently seen online or in stores.
In conclusion, a piano does not have a high scrap value. You could get fortunate if you locate an aficionado who collects vintage pianos or their bits. However, on the general market, finding a good buyer for your old instrument would be difficult.
However, there are other elements to consider when calculating the extent to which the depreciation schedule affects the value of your piano. In general, upright pianos degrade quite fast. Old uprights are practically worthless. However, you may be able to obtain a few hundred bucks from them. If so, then you should use that amount for your calculation.
Here's how: First, figure out how much your piano is worth. Next, multiply that number by 1.5. That'll give you an estimate of what you could get if you sold it for parts only. Last, subtract that number from the original purchase price of your piano. That'll give you the amount you should deduct for depreciation.
For example, let's say your piano is worth $10,000 and it has a five-year life expectancy. Your depreciation rate is therefore 10 percent per year. So every year you should reduce the value of your piano by 10 percent of its current value. After five years, your piano will be worth nothing.
Now, let's say you bought your piano for $10,000 and it takes half its value in reasonable wear and tear during its first year. So you should divide $10,000 by 2, which gives you $50 per month. It also means that you need to spend $50 on your piano each month or it will become obsolete.