Ruger Forum banner

1 - 17 of 17 Posts

·
Registered
Joined
·
83 Posts
Discussion Starter · #1 · (Edited)
I will soon have the opportunity to purchase a lightly used LCR model 5401. It belonged to my cousin who passed away recently, and his widow has offered to sell it to me. I've considered getting one of these anyway but this one would have a little special sentimental value. I want to offer her a fair market price. New ones sell for $430 - $450 locally. I have searched for used ones online and the prices are all over the place ($350 - $600+). Anyone have some real world pricing advice?
 

·
Registered
Joined
·
83 Posts
Discussion Starter · #3 ·
She's family and just lost her husband your cousin, give her as much as you can like $450 at least.
Yes, she is indeed family. Her husband and I were very close. She and I both didn't know what price to place on it without some research. I certainly want to give her what it's worth. She isn't selling it because she needs the money. She's selling it because they had so much stuff.
 

·
Registered
Joined
·
1,825 Posts
I'd give her $400. New guns are right around that price without transfer fees/taxes. You'd save a little and she would get a very fair price.
 

·
Registered
Joined
·
330 Posts
I'm probably out of order here but guns are passed between family rather than sold. As mentioned she needs not the money.
 

·
Registered
Joined
·
1,377 Posts
I sold an LCR with CT grips plus a Hogue Tamer grip and XS sight to a friend last year for $475, if that helps.
 

·
Banned
Joined
·
650 Posts
I could have bought an 357mag LCRx in decent condition from a local deputy for $375. I have no use for the gun but I did enjoy shooting it.
 

·
Ausmerican.
Joined
·
42,767 Posts
I'm probably out of order here but guns are passed between family rather than sold. As mentioned she needs not the money.
My thoughts as well.
But, it is hers to sell and yours to buy.....
 

·
Registered
Joined
·
3,128 Posts
I just this week sold a 38+p LCR for $350. I'm offering my LCR22 for $375. In general, I figure 80% of new cost is tops for a used firearm.
 

·
Banned
Joined
·
3,167 Posts
She's family and just lost her husband your cousin, give her as much as you can like $450 at least.
Family and widowed or not, it doesn't make a used revolver worth as much as a new one.

Considering local price of $430-450 - assuming that's not the price at inflated stores with known high prices - then $375 should buy it, assuming it's like new. There's no sense buying used within $30 of new price, unless you're just giving her a gift. Someone else's name on the title knocks at least $50 off of the resale value.

I don't necessarily buy into the "free for family" deal. When folks have a lot of stuff to get rid of after someone passes, it's not a free-for-all grab for family to steal thousands of dollars worth of items, especially laterally within a family tree (descendants discluded).
 

·
Banned
Joined
·
650 Posts
Here is a Model 5401 for $400. If Buds is selling the gun for $400 I can find it for less. I would offer her $325 for the used gun. You can buy a new S&W J frame for $335. If the gun has no sentimental value to you I would get a new gun. Let her take the gun to a gun shop to sell it. I bet she will be very flexible when she comes back.

Ruger 5401 LCR 5RD 38SP +P 1.87" $390.00 SHIPS FREE
 

·
Registered
Joined
·
26 Posts
Ultimately it comes down to what you both feel is right. Both parties should walk away feeling that it was a fair deal and no one was trying to take advantage of one another. Especially in family deals. Here I can find new ones about $410. Most dealers are a little higher. Mail order is lower with no tax. I vote about $350 for a lightly used model especially with no additional taxes or fees. Remember keep everyone happy in the family.
 

·
Registered
Joined
·
83 Posts
Discussion Starter · #15 · (Edited)
I'm probably out of order here but guns are passed between family rather than sold. As mentioned she needs not the money.
Mark, you're not out of order at all. If a cousin's widow offered me a free revolver, I would certainly accept it. But I would never expect that or ask for it. I have a good friend that is an attorney specializing in estate matters. The best advice he gave me years ago is to treat all financial transactions between family members in a business like fashion. Proper appraisals, receipts, etc. That way, no one feels like they got taken advantage of after the fact.
 

·
Registered
Joined
·
83 Posts
Discussion Starter · #16 ·
Ultimately it comes down to what you both feel is right. Both parties should walk away feeling that it was a fair deal and no one was trying to take advantage of one another. Especially in family deals. Here I can find new ones about $410. Most dealers are a little higher. Mail order is lower with no tax. I vote about $350 for a lightly used model especially with no additional taxes or fees. Remember keep everyone happy in the family.
Very good advice. Thank you.
 

·
Registered
Joined
·
10 Posts
Mark, you're not of order at all. If a cousin's widow offered me a free revolver, I would certainly accept it. But I would never expect that or ask for it. I have a good friend that is an attorney specializing in estate matters. The best advice he gave me years ago is to treat all financial transactions between family members in a business like fashion. Proper appraisals, receipts, etc. That way, no one feels like they got taken advantage of after the fact.
This...been there, done that, both sides. It can lead to hard feelings from someone in the family if not done properly.
 
1 - 17 of 17 Posts
Top