Few factors to consider when evaluating retro games
Before going to check if you don't have a game that worth its weight in gold, buried for years in your closet, it would be important to know the key factors to consider during your evaluation.
- Game Condition : The physical condition of a game's exterior and interior can vary its value. It's therefore necessary to check for any damage or malfunctions.
- Game State : In the collectors' community, there are 3 states for retro games: loose game or cartridge/disc only, complete game with manual and original box or sealed game. Of course, a game from the 90s complete or still with the original packaging will be harder to find these days.
- Game Platform : Back then and even now, some games are released on multiple consoles. Be aware that the same game may have a different value on these different platforms.
- Iteration or Version : It's not uncommon to find several versions of the same game and, due to the rarity of some of them, two variants do not necessarily have the same market value. You should therefore learn about the different variants available: NES cartridge with 5 screws, "not for resale" version, collector's edition or special edition, "Player's Choice" or "Greatest Hits" version, first release edition or first day edition.
- Game Authenticity : Unfortunately, there are reproductions and knockoffs of Nintendo and SEGA games; these are worth considerably less than an original copy and often of poor quality.
- Game Rarity : Just because a game is rare or hard to find doesn't necessarily mean it's worth more. It's one of many factors. Rarity often comes from the fact that the initial sales were low, the game was offered in very limited quantities, the company stopped production or sales suddenly or there were simply not many left on the current market.
- Seller's Notoriety : In marketing, a seller's reputation can convince most people to buy despite a higher price than market value. This is called “added value” and it's shaped by several aspects: trust, convenience, warranty, cleaning, refurbishment, after-sales service and others. Keep in mind that the more a business has a good reputation, the less your purchase involves risk!
- Sale Location : For several reasons, the locality of the sale can affect the market price… Due to shipping and import costs, some people prefer to buy locally and we don't have this sales data. In addition, it's common that some items for sale online are not available to ship to Canada.
- Restriction and Zoning : Most older home consoles have a locking mechanism depending on your geographic region (NTSC-U/C, NTSC-J, and PAL). Keep in mind that the same game does not necessarily have the same market value on these 3 formats. We then consider these 3 formats as 3 different markets and the North American market (NTSC-U/C), because of several factors, tends to have a better value per game.
The law of supply and demand in the gaming industry
In economics and business, the concept of supply and demand to determine a market price is not new. This simple concept is perfectly applicable to the field of retro and collectible video games. Whether for games, accessories or consoles, the higher the demand (number of buyers) and/or the lower the supply (number of sellers), the more the market value of an item increases. Of course, the theory on the subject is more complex, but what you have to keep in mind is that the price changes over time according to the number of buyers and sellers in a free and competitive market.
What are the best tools to estimate the value of your video games?
Since I started collecting, most people use www.pricecharting.com to assess the value of their collection of used games and consoles. This tool is very effective for quick evaluation and to give a good idea of the value of your video games from all generations. Their "robot" traces the last successful sales on Ebay and their own "marketplace" to calculate the average price obtained in the latest months.
Unfortunately, we cannot blindly rely on the market values indicated by www.pricecharting.com as their tool has its limits. Indeed, the algorithm of their evaluation tool does not take into account several factors listed above, such as condition, authenticity, locality of sale and others... This problem means that the majority of rare games will be generally priced lower! Why ? Here's a simple example to understand: let's say I'm looking for the value of a game that only had two sales in the last month and one of the two items is not in good condition or even worse, is a reproduction; the algorithm will take the data from the two sales to make an average; obviously, this average will not necessarily reflect the good market value of an authentic game in perfect condition!
In my humble opinion, the one and only way to properly assess the value of a game or console is to do an advanced search on www.ebay.ca to compare your item with others of similar condition; making sure to check "Sold Items" and "North America" in the options. This way, you can easily average the sales of the last few months for an item in similar condition sold in the same geographic region. Be carefull with the values of shipping costs; they are sometimes nil or exaggerated; you must take this into account and avoid to include these fees (an average of $20 in Canada) when calculating the value of your video games…
What's the point of knowing the value of vintage games?
Whether it's to make some pocket money by selling your childhood treasures or to acquire a new piece for your collection of retro games, you don't want to be fooled like a newbie on the resale value of an item.
Once you know how to estimate the market value of your video games, you can more easily decide on a good price for selling your used items or buying some nice collectibles. Keep in mind all of the factors listed above, since they are likely to strongly influence the market value and will be good bargaining assets. Finally, make adjustments to the values you have in mind depending on your patience in acquiring a game or finding the right buyer.
Remember that if you want to sell, trade or buy used video games, I am always here to help you and offer you a service that meets your expectations!
Last word
The sentimental value of a treasured piece is unfortunately not a factor to be taken into account to determine its value on the market; on the other hand, it's obvious that it comes into account for certain sellers who are emotionally attached to their collection.