What to do with my guns, Sell or keep/ plan for the future

[*chris*]

Meet with a financial advisor. A gun collection is the same as any other asset, stocks, precious metals, cash in the bank, etc. How much interest are you paying on your debt? I have a 30 year mortgage at 3.25% and wish I go further into debt at that interest rate. How fast can you pay off your debt without selling your collection? Do you own your own home? You can refinance or take out a home equity loan and pay off your high interest debt.

If you are asking the question, I think you already know your answer. Just beware, if you get out of debt, make sure you stay out of debt!

Good luck,
Chris

 

[1919FAN]

I don't know your age or own your own home. But a reverse mortgage can be a financial life saver in some situations.

 

[snubnose]

I have stuff I would sell in a heartbeat if I needed the cash


As long as I have enough to defend myself, family, and home, the rest is surplus.

exactly, if the collectible market is down now what might it be like in a few months should the unthinkable happen?

The great Hillary scare surely must have provided the vast majority of those who were going to purchase with what they wanted, certainly there is a market left but it has to be small and it has to be made up of those who will not pay huge dollars for unusual pieces but rather for serviceable arms at reasonable cost.

Have been looking for a Smith 940 for years, saw one recently and passed-bought some ammo instead.

 

[MGnoob]

The trick is to sell without being forced to... so you get as much as possible...
You also make money when you buy stuff rather than sell.... when I first started buying guns I made some bad choices... but it wasn’t really for investment at that point.

I’ve been kicking around selling some guns.... it’s a hard pill to swallow knowing that once I start I’ll sell more than I want too.... but at the same time how many identical firearms do you need?
Probably 90% of my collection has never been fired.... that’s not a reason to sell them.

My advice would be not to sell anything....I never said it was good advice.

 

[AHM]

I have a 30 year mortgage at 3.25% and wish I go further into debt at that interest rate. How fast can you pay off your debt without selling your collection? Do you own your own home? You can refinance or take out a home equity loan and pay off your high interest debt.

If you are asking the question, I think you already know your answer. Just beware, if you get out of debt, make sure you stay out of debt!

Move unsecured credit card debt onto a lien on your house they said.
It'll be fun they said.

 

[snubnose]

I lost the link to this but wish to throw out the thoughts-in a good economy it is said that one -might- get 75% of the appraised or book value for a gun-
if you want to make $100,000 by buying and selling guns start off with $200,000.

Don't have any knowledge, nor do I have any collectibles but am curious as to whether or not the statements can be defended.

 

[snubnose]

How Millennials Are Changing the Gun Industry

 

[ThePreBanMan]

Debt sucks. But the reality is that if you have to borrow to buy, then you probably can't afford. I would look at not only selling guns, but the car you have in your avatar too. Whatever it takes to get out from under it. Else it will ruin your life and deprive you of a means to retire.

 

[AHM]

How Millennials Are Changing the Gun Industry

Interesting, especially...

Gore is also counting on the fact that he and other gun-store owners who have a shooting range associated with their stores have an advantage over those gun shops that don’t. “No matter where Millennials buy their firearms and accessories, they will still need a place to shoot,” he said. “Looking to the future, if I owned a brick-and-mortar gun shop that only sold firearms and didn’t have a range, I’d be looking for an exit strategy.”​

If I was Riley's, I'd be thinking about replacing that building capping the north side of the rear parking lot with a modest "try before you buy" range that terminated at the east hillside. Not even a hifalutin' destination recreation range - just a lane or two for sales and service. You don't need a 200' tall hill as a range backstop, but it sure would stop the boolits, and their in-town competitors don't have that natural resource...