Why Buy Used Pianos?
Cost Savings
The most obvious benefit to buying a used piano is the reduced cost that saves you lots of money. A new Yamaha U1 Piano costs around $8,500 while a used one can cost from $3500 onwards.
Compared to a new piano, which will start to depreciate up to more than half of its selling price after buying, a used piano depreciates much slower if you take good care of it. This way, your loss is minimal if you need to sell the piano at some point.
The following table shows the depreciation of new pianos with years:
| Age (years) | Percent of New Value |
|---|---|
| 1 | 85% |
| 5 | 75% |
| 10 | 65% |
| 15 | 55% |
| 20 | 45% |
| 25 | 35% |
| 30 | 30% |
| <35 | 25% |
With some shops offering buyback schemes of up to 65% return within a few years, thanks to the stable market price, this makes buying a used piano even more attractive and cost-saving than a new one.
Durability & Quality
A good piano can last for a lifetime even with basic maintenance and care. Even with Singapore’s hot and humid climate, a Yamaha or Kawai Piano can survive for decades in such a climate.
With the demand for new pianos declining, many piano manufacturers and brands in Europe have either gone under or were saved by foreign investors.
Places such as China & Indonesia even have computer-aided manufacturing which made it possible to build, at low-cost, a basic piano to cater to cost-conscious buyers.
However, such cheap pianos have lost the unmistakable piano sound from the original brands that come from centuries of craftsmanship and an awareness of quality, further increasing the demand for high-quality used pianos.
New Pianos
Of course, there certainly are benefits to new pianos. A manufacturer’s warranty is given, and shopping will be much easier since the piano have no previous history.
Yamaha Manufacturer Warranty
Over the years, there is a wide variety of styles and types of new pianos equipped with the latest technology to suit your needs. This also means they are made with more durable materials which lead to low maintenance costs.
Bottom Line
Buying a used piano will require more time and research to make a good purchase. In the end, you’ll pay a fraction of what a new piano costs and be able to resell it at a minimal loss.
On the other hand, buying a new piano will give you almost no trouble will a guaranteed manufacturer warranty, tuning and repairs. However, you will have to bear the depreciation loss if you resell it within a few years.