It's every thrifter's dream to find a $100k Italian vase for $4 at their local Goodwill.
Those deals are rare, of course. Much of the really good merchandise donated doesn't ever make it to the sales floor. Those pieces are sent to a warehouse for auction.
Goodwill scores are often a lot of singles
Even if the home runs that make the national news are rare, some smaller bloop-single deals turn up pretty regularly. The best one I got was a box of Ikea light bulbs. It was marked $10 and I sold it for nearly $100 on eBay.
That was some time ago, though, and it does seem to be harder to find these kinds of deals, mainly because the pricing is closer to retail than it used to be.
Missed Deal #1 due to lack of knowledge
Some time ago, I let a great deal literally slip through my fingers.
I picked up a pretty vase that was marked $2. I put it down, and shopped a bit more.
As I was checking out, the person ahead of me in line was buying the vase. We left the store together, and I told her the vase was neat.
“Do you know what this is?” she asked me.
Well, it turned out to be a piece of Nemadji pottery. This kind of pottery was manufactured in Moose Lake, Minnesota. It was swirl-painted to resemble a Native American style.
The piece I put down was worth quite a bit of money. I didn't know what I was looking at.
Sometime later, I did pick up a smaller one for $1. To buy it new would have cost $30 or $40, and it would probably have gone on eBay for $15-$20 plus shipping.
That time, I didn't miss the deal.
Recently I learned about the phrase BOLO. Be On the LookOut. A newsletter I subscribe to occasionally will publish a list of brands to be on the lookout for at thrift stores, because they resell well on eBay or other places.
Knowledge is power!
Missed Deal #2 due to lack of confidence
Another time I picked up what looked like a guitar pedal board.
I'm not a guitar player, so I had no idea what it even did, but it looked sturdy.
It was marked $0.99. I put it back on the shelf to go outside to check on eBay. This kind of board sold for $40.
When I came back, it was gone. I asked an employee where it went.
“Yeah, they mispriced that one. We took it off the floor.”
So my lack of confidence to buy something for a buck cost me a $40 deal.
Since then I've developed a bit more confidence and pulled the trigger on items I wasn't 100% sure were worth what I was paying. Some will be hits, and some will be misses, but with experience, the hits will make up for the misses.
Snag more thrift store deals
Build up the knowledge so that you know a good deal when you see it.
And, build up the confidence to take a shot based on incomplete information.
Happy hunting!
Thanks for reading!
Hi, I'm John and I encourage entrepreneurship in people, including myself.
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(This post was originally published on May 31st, 2006, and has been updated.)
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