The Psychology of Overpricing: Do People Ask Too Much on Purpose?

[@AquaPeet]

Thanks for the interesting wire recorder, Uncle Bill! :)

[@fredflintstone8048]

Naturally people try to get more money that the item is really worth, and of course we know that what it's worth is only what someone is willing to pay for it. No more, no less, and that can be very subjective and controlled by current markets based on demand, popularity. They want to walk out with the most cash just as you want to get the item for the least amount of cash. You have done a great job of explaining the nature and cost of doing your business so you have costs you have to cover that the customer not only doesn't know about but most often doesn't care about.

[@hoosierbaddy3052]

People will always try to get more than they truly deserve or payed for. I worked in restaurants. You get to wait on hangry folks that want you to give them as much food as possible for their buck. Tryna add extra meat on something then get all indignant bc we charged extra for it? Hey peeps, we gotta pay for it so, so do you. What a concept for biz eh Customer? I got out of the customer serve-us industry years ago, thankfully. People have a sense of entitlement that’s nauseating to watch in motion, especially in America. The customer most assuredly is NOT right. BUT, they’re always the customer and should be treated as such. So, so happy to be done with the general public. Picked the best possible time to duck outta those type jobs. I prefer working with dogs. Those were fun jobs. People? Nooooooo….

[@UnreasonableArticulo]

You're wrong. He absolutely does not want to get the item for "the least amount of cash." He wants to get the item for 50% of what he'll get back on it. He doesn't try to scam and trick people and pay the least he can, like some of the disreputable pawn shops. He is very fair in what he pays, and will even offer more money if the person wants too little.

[@Carp5586]

Pete, the wire recorder portion was your best buy yet! Absolutely fascinating to think that was recorded pre-WWII!

[@Crosshatch1212]

The humming is a voltage prob ,or a ground problem nothing that hard .

[@ErikHafer]

Not pre ww2 it was made in the 1940's

[@jstape740]

I have continued with o watch Peter videos, bc unlike 95% of creators on youtube...he gives back to the viewers who do nd their time watching his content. Most ppl just expect to gain from ppl, and make decent money, but refuse to give back..and I've always thought that doing so would attract more viewers while making them feel appreciated.

[@airplaneengine]

5:50 filter capacitor hum, easy repair. More involved would be cleaning the mechanism, resurfacing the idler tire, oiling the motor, etc... I'm sure a piece like that would just end up in a display case anyway.

[@armchairgeneralissimo]

Agreed the kind of people who can drop that kind of money on a record player are going to have a something like a Technics or Linn to actually play music from. The super expensive portable record player is going to be a display piece.

[@b.aitken]

You beat me to it!

[@BV-Auto]

For those who didn't catch it. The tape Pete recommended is Uline brand S-445. Cheers

[@brucealmighty7288]

I am sorry for your loss. I am new to the channel but watched several episodes with this gentleman, and he was awesome.

[@steveherr450]

Many years ago I knew 2 guys(brothers) that owned antique stores in neighboring towns. They sold on ebay. What they would do is one brother would list an item at a very high buy it now price and then the other brother in the other town would list the same item at auction starting at a cheaper price. Their theory was that people would see the higher price buy it now and it would get people to bid higher on the auction listing driving up the price. Both brothers are gone now, rip. They were nice guys out and about but business wise they could be very shrewd.

[@VCanisMajorisY]

RIP, But shrewd is very generous 😂

[@joeambly6807]

Did it work? Lol

[@ToppsBaseballRacks]

@@VCanisMajorisY Exactly. Shady is a bit more accurate!

[@Crosshatch1212]

@@ttalkmanit works a treat

[@allaboutroofing2]

Many years ago ebay didn't exist. This sounds like a blend of truth and fiction to be honest.

[@mikeymcd6928]

I love the old toys wish i would have seen this sooner😢. Great videos! Im enjoying watching these every day. My favorite so far are these people trying scams and there faces after u catching just about everything

[@alainbao3762]

That wire recorder is awesome

[@kevinboblitt1869]

My brother just found an AT AT Walker in a thrift store last week. $8 It is missing lots of pieces but I still love it.

[@DizzyDsvids2Please]

Nice one thrift stores rock

[@Sidicas]

5:28 Bad filter capacitors leaking AC ripple into the audio output.

[@tedwatson1743]

I used to run estate sales, and we would always price items a little higher than we thought fair value was--because customers almost always tried to negotiate you down. So we price a bit higher and then have flexability to lower a bit and still get what we want. This also allows us to drop the price on an item to make the customer happy even if they don't ask for a lower price. A happy customer will be a repeat customer.

[@ArthurJS123]

The humming is a very simple fix. The filter capacitors need replacement. It’s really not that hard, and for what it is, I would not ding the asking price that much because of it. All vintage electronics need to have them replaced.

[@walkingnyc1]

1500 was solid offer!

[@thisshouldbeentertaining3386]

Shoot if that guy with the wire recorder was my father or grandfather. I wouldn't have sold the wire recorder for $10,000. Instead I would've went online and bought a new spool and had him record something new. That way I'd have something truly unique and special to remember him.

[@dustyc324]

guy said his grandfather wasn't a very good guy. 😂

[@jonahg4311]

R u stupid? He literally said his grandfather was a bad dude. Who tf are you?

[@JeffreyRJones]

Wire recorders are widely used in aircraft black box data recorders - because they are more durable, and fire-resistant, in the event of a crash.

[@Carp5586]

In modern aircraft? I would think a solid state digital recorder would take the place of a recorder with moving parts.

[@JeffreyRJones]

@@Carp5586 Yes, not much used today. I should have said "were used", not "are used."

[@lilkidduhsavage6673]

Keep up the amazing work and can't wait to see another amazing video

[@frankjones5283]

I have a Webster Chicago wire recorder Model 228-1 with the original case and microphone that plays and records. I have 8 good "Silvertone" spools of wire and a couple spools with tangled wire ..that was the big problem ..that thin wire would get tangled too easy. I see various models online 80,180,228 and 288 ...probably many more models out there.

[@seanconlon2408]

Heritage Auctions sold a better looking Beatles record player in working condition last November for $3K. Their auction archives are a great resource, and it doesn't cost anything to access.

[@kingsportcal]

I have a Uline tape dispenser. I use it at work. Uline is the best and so are you Pete.

[@tammyhorner5856]

I have missed seeing your videos yu are true person and yu know when something real and fake love your animals too god bless yu and cant wait to see more of yu.❤️

[@markhewitt4307]

I collect star wars stuff. I seen an AtAt go for $150 at a flea market that had a pristine box. It's still worth something though. The Rancor, my brother still has his without a box. Prices are all over the place but with the box, I'd say you could get 50-80 easy

[@thabudmaster]

$150 seems cheap to me, but i live outside of the US. I would imagine they go for double that around here

[@reggievangleason9511]

👍Like the wire recorder. Back in 1960’s, my Dad had a ww2 army surplus wire recorder. Wish I had it now, but it must have been left behind in a move, or sold in moving sale. We dd not have money, and made no sense to keep it around.

[@J-man1017]

Wow ur way undervaluing that at-at and rancor ikk buy em right now for those prices with the box that rancor here in tacoma at a cpl places that have one want 80 for one with no box

[@fredflintstone8048]

The customer with the record player should have paid to have it repaired before bringing it in. Sound like the filtering capacitors are bad which would be quite normal.

[@monmixer]

The volume potentiometer needs replaced or there is diode that needs replaced. Can't say for sure though. Could be a capacitor or the transformer and those can be found if you know how to trouble shoot and know what you need.

[@cheeseburgerwalrus499]

I wish the shipping for a wire recorder/player wasn't so expensive because I've always wanted one. Such an interesting piece of technology that never really took off. I kind of nerd out over those vintage media formats, but I can never find anything like that locally, and ordering online you pay over $50 to have it shipped just hoping it arrives still working.

[@michaelcharach]

I was surprised he only offered 60 bucks.. I was thinking he could get $200 easy for it…

[@AsTheWheelsTurn]

yes I like that kind of stuff too!

[@alexandermatthews145]

Pete the gifts for your 🐈 and your 🦜 II absolutely Love it ! !

[@xchuckd]

I'm addicted to your show..your so fun to watch..I'm going to come visit you hopefully 1 day..awesome

[@johnnymac1580]

When you were talking about “5” I thought you were talking about $500. And I thought that was way too much ⚡️

[@scottmattern482]

I think people tend to underestimate the cost of doing business and the percentage of mark-up needed to be a profitable company. When i worked in a service industry, i found myself explaining to customers regularly that i cant buy at wholesale the product they want at the price they find on the internet - i would have to lose money to sell them product x for $x.xx.

[@march24-lp4pv]

You mean like the idiot leftists that think an entry level McDonald's job should pay for a house and cars and cats and Pitbulls?

[@hoosierbaddy3052]

I learned both those concepts in restaurant work and retail. I’d have to routinely tell folks that they must pay an additional charge for extra meat. WTH?! We gotta pay for it Man. If you want extra veg, no prob. However, a high ticket food item like meat and cheese must be payed for. I’ve never been happier to get out of the customer serve-us industry. I did learn HOW to deal with people in a non combative way. I had to learn lots of sanity saving maneuvering mentally to do it. But, ultimately, end of day, the little aggravating daily crap ain’t important. Let it go. And greet tomorrow as if you’ve never met.

[@Shiver2025]

The beatles turntable has sold on reverb for 5.208.96 euros :)

[@Sweetguy1821]

Ones in poor condition I've seen sell for 2500

[@EdDanaGuitar]

Those BEATLE record players are worth about "Give me $5 and I'll throw it away for you."

[@hankl8823]

I saw the wire recorder as a prop in the 1951 movie The Thing From Another World. Really cool equipment. It's in the scene near the beginning when Kenneth Toby is in the secretaries office. PS, you could wire a small speaker to the microphone receptacle. it should work afterall intercomes work that way.

[@alexandermatthews145]

Pete that turntable I absolutely Love it ! ! I wish U would've bought it because I absolutely Love it ! !

[@johnnyzippo7109]

Lol ! I remember being the little brother fifth wheel at older brothers friends house . Older brothers friend had that Star Wars walker toy , they filled it full of black cats strip , long one , poured gasoline on it and lit it off with a fireplace long match ! Geeze , it always felt and seemed sooo wrong.

[@ashevillecomics637]

My cats love to sleep on my audio gear as well, very warm. One of them though drools in his sleep so I cannot allow him up there. They are both shop cats, we have a Marantz receiver going to Klipsch speakers

[@vancegodin4149]

looking for the freddy vid... i'm sure i'll enjoy it on some level. kudos to you Pete for giving the man some exposure! very cool.

[@ToddSaw]

Someone brought one of those Beatles record players to Antiques Roadshow, it was appraised at $2500 based on recent auctions.

[@robertclark9]

The turntable is a crapshoot without disassembling it to begin with. Does it have all the original parts? Long ago they would quit, and the local TV and radio store would fix them with a hodgepodge of different parts. I’d have to get inside it before I even considered buying it.

[@speakrealwords]

Piotr: "What have I done to myself with this postcard idea"!?? 😂

[@hairynews1973]

Answers on a post card, to......

[@thomashuber1279]

great video!! would love an update on that slot machine. those early recording devices are super cool!!

[@ttomc1964]

cool wire recorder, i remember my grand parents had one of them, it had a cover for the top.of it :)

[@GinjaNinja77]

From one Deadhead to another, dig your channel and love your style, brother! 💀🌹⚡️✌️

[@xRevoEmaGx]

Beatles record player could possibly a ground if it's coming from the speaker. Nice to see the kid attempting to take care of the record player also. Most younger folks dont think and toss it around devaluing it more

[@steelcityreseller8170]

I picked up a Webster Chicago wire recorder once to resell. They're really cool and I have no idea how it works. One problem though...old technology. They weigh a LOT. Tough to ship. Thought about keeping it myself but you know the saying...don't get high on your own supply. 😄

[@alexandermatthews145]

Pete those Star Wars items sounds like U Love it ! ! I know I absolutely Love it ! !

[@csoprych]

Black boxes, or flight data recorders use to record on a looping wire spool.

[@chasebigbee4338]

I hope ppl don't think you low ball people. I'm an eBay seller, I sell on ebay full time to support my family. And after fees, shipping and taxes I wouldn't be willing to offer as much as he does. These are things most people don't think about but if you sell something for 100 and you paid 50 for it when it's all said and done you might make 10 profit.

[@lorikodama8212]

I don't blame you for not making a deal on that $5000 player. Even if you bought it for $1500, that money would probably be tied up for a while...definitely a long haul item.

[@patthewoodboy]

and its got serious issues

[@GenXPertChannel]

@@patthewoodboy If by serious you mean "simple" then yes... vintage electronics are so simple and cheap to fix it's ridiculous.

[@UnreasonableArticulo]

I'm not a huge Star Wars nerd even, but "Rancor the monster" was still pretty funny.

[@taylorboy8124]

Them boxes are very thin they all seem to be rough that I have seen as well very nice star wars stuff always fun to see the older toys.

[@alexandermatthews145]

Pete the postcards I absolutely Love it ! !

[@kennethdetwiler7050]

I met the old man and everyone from Pawn Stars( Silver And Gold) when I was about 16 my Dad can't see out of one of his eyes but it's his real Ol' Man try to sell my dad a glass eye that had a dollar sign in it and we all had to laugh they were fun to be around when they were normal. Second time we try to go in there they asked if we had a ticket to get into the store and we've laughed and walked away. We literally used to hang out there everyday. You're certainly right it's Hollywood have BS

[@BixRivers.]

Hi Pete, how often do people come in with gold and silver? Especially now that gold is at record high? I sell gold online so I wish the prices would stay lower for now 🙂

[@strchild3]

Pawnshops typically offer well below spot on metals so it generally doesn't make sense to bring them in.

[@BixRivers.]

@@strchild3 he’s not actually a pawn shop and many people don’t know the real value of test they have

[@strchild3]

@@BixRivers. I still can't see him taking on the risk without having a way to test each coin or bar

[@92908777]

I haven't read all 133 comments nor watched the video completely but the title is referencing the well explored concept of "perceived value". It's very real.

[@Enoch_Owl]

I guess technically it is psychological but I would say yes it is just common sense that people will ask for more in hopes that you will knock them down to a price that they want/really think the item is worth.

[@minipyrokamden2324]

Sweet I seen our post card and cozy money I sent for my mom

[@dupagepicker]

Rich people have feelings too! Perceived value is a thing!

[@biggens509]

I always wondered, say you have 2 ebay accounts and you use one to list an item and the other to bid on an item or buyitnow, just to make it look like a certain item actually sold for a decent price.... and since every single pawn shop or second hand store uses the v sold items filter to price everything that walks in their doors, would it work in your favor to make fraudulent sold item auctions ţo set the price for whatever you wanted to sell at the pawn shop?

[@untitled.1969]

that wire recorder was sooo cool i wish i was local :(

[@jirijarsky]

Please, could you clean the green lamp from the dust, thank you...

[@harveybailey3735]

I just saw one of those Beatles record player on ebay $74.99 plus shipping

[@rubenflores2843]

Love the show need new videos say hi to ur pets too

[@BenevolentDrums]

sometimes those record players just need to be grounded.. seen a lot of hum disappear when they're grounded . that might not be the case with that old one.

[@HondaFit4Adventure]

Agreed. Most likely a loose connection on the potentiometer. Aka the volume knob.

[@tonybaran1860]

Hi uncle Bill . Haha love this video mate 👌

[@Chell562]

Hows it going i been watching yr videos for a while now an this 1 has me curious about how much my daughters dads star wars collection is worth.. ill see if i can get it all on video so ill be in touch will i do

[@johannadam8134]

there are lots of reasons to ask more than its worth. sometimes they dont know the value and it creates a fomo type thing where if they sell for too low they missed out. somtimes its a negotiation tactic where they ask too high so the buyer will give a higher offer than if they under priced it. In this situation beatles record seller wanted all the money and tried to sucker ch to buy it. The seller didnt want to do all the leg work in selling it, taking all the risk on ebay, paying fees and waiting a few years for it to sell.

[@mpcjunkie72]

the hum is either a capacitor or needs ground - more than likely capacitor. A good tech can rebuild it and charge around $300 I'm thinking.

[@w8biatvrepeater638]

The audio amplifier is out. It could be a single tube, or a filter capacitor

[@brianlund3125]

Two weeks from today I will be sending you a post card from Door County. As I will be up there the 18th and 19th

[@checardona1151]

I went to a toy store that sells buy trade but insane I asked the worker how much he buys for funko pops he said three dollars a piece regardless of condition but I noticed when I looked at the stores funko Pop and they were selling them for high really high prices Really taking advantage of people

[@hugoh7302]

That wire recorder was cool.

[@theestateshoppebythreer2094]

Can I ask what type of camera you use? It seems like everything I try to use overheats. I would really appreciate some advise. Thank you Pete, been watching since you started! Love the videos

[@philc8575]

Cockpit recorders for aircraft use wire recorders because the wire is much more durable than magnetic tape incase of a crash. It also can wirhstand high temperatures incase of fire.

[@kennethdetwiler7050]

You guys drink a lot of water that's good. I tell by the caps. Me too..God Bless!

[@JustinTyme33]

Kid should have sold the record player for $1,750. Peter would have bought it. I think.

[@acs5928]

The $5k for that record player is way over even excellent condition. his condition is poor with a hum...$1k maybe. Maybe he should get it professionally repaired then sell it without obvious issues.

[@mazdarx8x]

Love your videos. I've been told offer half of what people ask for and then work from that, do you find that common in your shop too?

[@customedge1]

Hello Pete, I got a bag of rusty nails. How about a gazzilion dollars for them???

[@Arthur-hg7ny]

11:02 “he wasn’t the best guy, so….” I love the honesty!! My grandfather was a dick,too. Sell it.

[@CaptFwiffo]

I see my postcard #55.....Hope you enjoy it!!

[@kerpal321]

hi Pete, how much would you pay for a 1993 poster of Jonathan Taylor Thomas with lots of stains all over the chest area

[@gates1980]

Free

[@steerpike50]

One of those Beatles record players sold for $12,000 IN 2013

[@anthurion1]

I ALWAYS ask way more, I KNOW the pawn dealer will ALWAYS try ripping you off, so always start at outrageous prices.

[@folsomhodl2495]

Why not do a scrolling video of all the postcards on the wall at end of each episode.

[@jameslund221]

A new jet wood lathe is over $1000 dollars at Home Depot.

[@erickbooster1]

Steve deifinitely seemed tired or exhausted in this video. Wait.. Did he pass away on May 04 would this video be out the next day? WE NEED ANSWERS

[@joshpark1116]

luckily you didn't buy that record player even at $1500, not functioning properly and no box or instructions brings down the value by a lot. I'd guess it would sell at auction between $1-$1.5k

[@Sans_Solo_]

The Beatles record player needs the capacitors replaced - that's the humming sound. 5K asking price is ridiculous....would not pay anywhere near that number

[@AsTheWheelsTurn]

that wire recorder is something I would love to own. is that still up for sale?

[@mraycgz]

That rancor is awesome

[@3goodtimes3]

Cool video. The last one was cool

[@marksmith-ew7ir]

Cool wire recorder

[@jeffflowers5489]

5:40 probably needs a capacitor replaced. All capacitors dry out in time and lose their functionality.

[@Beautifultruthofficial]

Rancor can fetch up to £200 The ATAT boxed can fetch £300

[@farmerboybill]

“This was your grandfather’s?” “Yeah” “Probably has some sentimental value, you know….” “He wasn’t the best guy” Ouch.

[@biffboffo]

I suspect the capacitors in that Beatles record player have dried out over the last 60 years.

[@Aerondighteternal]

It doesn’t matter what the product is I mean it could be a brand new Corvette, MSRP $100,000 and I could ask $20,000 for it and everyone would be messaging me asking if they could pay $1300 and deliver it to their house