Vintage Handgun Values - up or down?

[Jim NE]

Hi everyone. I haven't posted in a long time. Other than maintenance, I haven't been dealing with my gun collection much lately, but I do have a question concerning it:

I have been looking at values online recently. A lot of completed auctions on gunbroker.

My focus has always primarily been handguns. Don't have many elaborate rifles, and only low end shotguns. I guess my favorite category has been the vintage S&W revolvers. I have an assortment of the iconic S&W's of yesteryear - K frames, J frames with blued finishes, pinned barrels and magna grips. Guns of the 1950's to early 1980's. The preponderance are in '38 Special, but have some other calibers, too, and most are in the 90 - 96% range condition wise - good shape - with a few others lower and higher than that.

It used to be that I would see values on these guns (which I started buying in earnest about 15 years ago) go up in value gradually over time. Just recently, however, I think I've noticed values being either stagnant or coming down. I used to focus on .38 when buying because they were less money, but even though they never brought the money .357's did, I would still see them increase in value until recently. Have any of you noticed values of older once desirable handguns going down, or am I imagining it?

I have a couple of nice old Colt revolver models that also don't seem to be bringing the money online that they once did. Even my two nice Browning Hi Power C Series don't seem to be worth what they were a couple years ago. Is it a revolver thing...a .38 Special thing? Interested to hear what you've seen as far as values. Maybe tactical stuff is in higher demand nowadays and that's where people devote their resources.

 

[.455_Hunter]

A few points...

Take any reference to gun prices during the 2020 or 2021 COVID show out of your analysis.

For what I have seen, there is no general drop in quality used revolver prices, like Model 10s or 36s.

The Browsing HPs may have lost some value since the recent introduction of multiple replicas.

 

[CajunBass]

I think I've seen some downward movement at least at my LGS. I've bought a few classic five screw models, not pristine collector class mind you, just run of the mill guns at what I thought of as lower prices than I remembered from just a few months ago.

 

[zeke]

Have noticed the drop in some classic S&W prices. Imo, the revolver collectors and shooters are starting to "age out". Newcomers to shooting just may not be that interested in revolvers or other of the more common "classics"

 

[jmorris]

...don't seem to be worth what they were a couple years ago

If you want to sell for the highest price, wait until the next panic comes around, you've missed that one. Another will be along shortly though.

 

[tubeshooter]

Just anecdotally from visiting the local shows, prices seem to have peaked since a year or two ago and have ticked down slightly.


That's just mostly from looking at the going rate for the older K-frame .38 specials I have run into.

 

[Jim NE]

Thanks for the replies, folks. I appreciate it. I very much connect with the "aging out" perspective. I bought most of my guns when I was in my 50's, but now that I'm in my '60's, I hardly ever buy guns.

People of my generation and older connect more with revolvers, even if we don't CCW them all that often. Revolvers are part of our cultural memory, more so than with guys in their 30's. The thing is, I also have a few vintage acoustic guitars and automobiles, and while those things are also becoming less popular with younger folks, I don't yet see them decreasing in value. Mostly still increasing.

My guns still seem to be worth more than what I paid for them 10 - 15 years ago, just not the 60-70% more that they were a couple of years ago. It's more like 25-50% more, depending on the specific gun. But then, when you factor in inflation....

.455 Hunter's comment about Covid is a very good point that hadn't occurred to me. It may not just/only be a declining popularity thing.

Based on very minimal recent experience, I also seem to see ammo coming down in price. I bought some 10mm last night for a lot less than what I paid about three years ago.

 

[DeepSouth]

Take any reference to gun prices during the 2020 or 2021 COVID show out of your analysis.

Yep.
From my limited observations the slow and steady upward trend spiked. If you just pull those 2ish years out the equation things don’t seem to have changed much. If you plug them in, then yeah prices are down from then.

Again, this is simply based on my occasional observations.

 

[trackskippy]

From what Ive seen, and just recently, not back during covid, has been the older S&W's and Colt revolvers are still going up and commanding a premium. Its not unusual to see a "nice", plain Jane Model 10 going for $650-750, and 19's close to 1K, if not higher. Same goes for any of the Colt and Browning (Inglis, etc) High Power autos and similar.

 

[commygun]

Gotta agree with trackskippy. Nice S&W and Colt revolvers seem to be as expensive as ever. I’ve lucked into a few deals in the last couple of years but it sure doesn’t look like the days of the $600-700 K-frame have passed.

 

[Jimfern]

I did taxes for a widow this past weekend, as I've done since she became a widow, and she told me she's ready to get rid of her husband's guns. Unfortunately for me, but fortunate for her, it looks like the T/C Contender and Colt Woodsman I'd like to buy from her have gone up in value per recent gunbroker prices. She's also got a Browning 22LR takedown in the box and while I didn't see if it was Belgian made, it does also have appeared to have gone up. There's what appears to be a numbers matching Luger in pristine condition, but she said her son, who doesn't shoot, wants it. I don't blame him and suspect it's out of my budget anyway. It will still nice to get a close up look at.

 

[cougar1717]

There's the incentives. Used gun pricing has to take into account new gun pricing. While a new S&W revolver doesn't hold a candle to those of yesteryear in terms of fit and finish, S&W has a surplus of new revolvers that they are incentivizing with a $50-$75 rebate through 4-30-24. Any sort of incentive on gun pricing affects used pricing.

Then there is the ammo. Most people can pick up a box of 50, 9mm cartridges for around $14 at current pricing. It's at least $20+ to pick up the same box of 38 Special. Revolver factory ammo pricing has increased a lot more than typical 9/40/45 ammo.

Finally, there's the demand. I love revolvers, but many more people desire semi-autos today. Current training and handgun drills center around semi-auto handguns. Picking up spent brass at the public gun range is a telling sign of what is popular. At my local range there's tons of 223, 9mm, and 22LR. Then 45acp, 300BO, 40sw, 308win. In this third tier of what is found at my local range is large rifle brass, revolver brass, specialty handgun brass (think 380acp, 32auto, 30 super carry, etc) and specialty rifle brass (brass 7.62x39, 6.5 grendel, etc.) While this analogy isn't perfect, it's a representation of firearm demand. Certain guns are worth more or less based on both cost of manufacture and what someone is willing to pay.

 

[silicosys4]

I think that more "common" guns or guns with niche or lesser collectibility are generally going down, but i think there are more people who are not necessarily gun people but are looking to put money into hard assets. Because of this traditionally collectible guns like the Colt saa's and Winchester lever rifles are going up.
That's my theory.

 

[halfmoonclip]

Dumped a bunch of S&W revos when the auto pistol business got serious, and have, gradually, been picking up some K and J frames. Prices on really good ones are definitely up from a few years ago. I'll qualify that with our local shop being perhaps pricier than some other places.
I'm of an age that I should let some stuff go, but they're paid for...at a minimum, my heirs and assigns will get some money.
Moon

 

[PzGren]

The gun market is not so different from the housing market, values in some areas have been going down, while going up in others. The HK P7M13 prices have stabilized but are still pointing upwards.
Utilitarian classical handguns that are or have been largely available, especially from surplus sources, have fallen below the endemic-panic prices. A 80% S&W Model 10 is a good example for a gun losing a little, while a S&W 27-2 in 98% LNIB with papers and tools will be the target of prospective buyers that have the cash available.

Lower end guns are often bought with credit cards, or through installments, while people that buy a Ratzeburg Korth very often are professionals that make the money in a day or two.

 

[Jonesy814]

I agree with those who said prices peaked about 18 to 24 months ago and have since come down a bit. I was following gunbroker prices on the 3 inch model 625. About 2 years ago they were selling at $1500 and sometimes more. By late 2023 I saw 4, sell for between $1200 and $1300.

 

[I6turbo]

I agree with those who said prices peaked about 18 to 24 months ago and have since come down a bit. I was following gunbroker prices on the 3 inch model 625. About 2 years ago they were selling at $1500 and sometimes more. By late 2023 I saw 4, sell for between $1200 and $1300.

There are a few guns that I've watched regularly enough over the past 10 years or so to have a very good feel for what they'll bring (and I've bought several examples). I would agree that what you've see with the Model 625 applies to most of the ones I watch -- they were definitely bringing a little more in the 2021/2022 timeframe.

Speaking of S&Ws, I've seen a few 586s lately that made me think they've gone up since 2021. I bought one essentially identical to this one https://www.gunbroker.com/item/1037542383 in 2018. I got a good deal at $675, but not a huge steal. My spreadsheet tells me that I pegged the value of my gun at $875 in 2021. Now that one at the link just brought $1,340 with box, tool and paperwork, which would add some significant value, but I wouldn't think it'd add $450+. I've seen others selling strong lately too, stronger than I recall them being a couple years ago.

IMO, the no-dash and low-dash L frame are high quality guns and have been a bargain at the relatively low prices they brought up until just the past three years or so. They're still not overpriced for the quality that they are, IMO.

 

[Ed]

I bought an unfixed Security 6 from 1976 last year in the box for $575. The prior owner had left his receipt in the box from 2021. He had paid $1000. So they are down. Covid purchase...

 

[Jonesy814]

There are a few guns that I've watched regularly enough over the past 10 years or so to have a very good feel for what they'll bring (and I've bought several examples). I would agree that what you've see with the Model 625 applies to most of the ones I watch -- they were definitely bringing a little more in the 2021/2022 timeframe.

Speaking of S&Ws, I've seen a few 586s lately that made me think they've gone up since 2021. I bought one essentially identical to this one https://www.gunbroker.com/item/1037542383 in 2018. I got a good deal at $675, but not a huge steal. My spreadsheet tells me that I pegged the value of my gun at $875 in 2021. Now that one at the link just brought $1,340 with box, tool and paperwork, which would add some significant value, but I wouldn't think it'd add $450+. I've seen others selling strong lately too, stronger than I recall them being a couple years ago.

IMO, the no-dash and low-dash L frame are high quality guns and have been a bargain at the relatively low prices they brought up until just the past three years or so. They're still not overpriced for the quality that they are, IMO.

Around here you could find no lock 686’s for between $500 and $600 from 2014 until 2019. Now they are $1000 guns. I bought a no dash , 4 inch 686 in 2014 for $600. Would probably not have paid that but it came with 94 rounds of 357 ammo and 50 of 38 special. No box or anything, just the gun. In 2019 I paid $600 for a 6 inch no dash 686. For most of 2019 gun sales were in a slump. I got a new J frame for $338 that year. I also got a 3 inch 686-6 for $475 that year. In between there somewhere I picked up a 2.5”, 686 for $525.

 

[BLACKHAWKNJ]

I paid for 2 S&W Model 10s, a 10-No Dash-$400, a 10-5 $425, both near mint-here in NJ. The gunshop where the 10-No Dash said little interest in revolvers in his area.
Out of fashion at present.

 

[James K2020]

Ruger SP-101's sure have gone up in value. Feel fortunate a bought a near NIB one for $400 about 4 years ago. Not anymore.

 

[Gary W. Strange]

I have watched prices on revolvers and pistols for years. Prices go up on them every year. I have found there are certain times of the year are good times to buy. Right after Christmas to about the middle of February is the prime buyers time. One can usually get a good deal on the auction sights. The last few year, I have saved to buy during this time. I have bought some very nice handguns during this time. I believe it is because people are recovering from Christmas and there is not a lot of extra money floating around.

 

[Hookeye]

Prices high in my neck of the woods.

Folks are being tight with the money though.

Seems like most draw the line at 1K, no matter what it is.

 

[Hookeye]

Id like a 629-3 four or six inch.
Those fetch $1500 around here.
That may indeed be what the market is, but I won't pay it.
Orig Pythons were high but down a little last couple yrs

 

[Howland937]

.The thing is, I also have a few vintage acoustic guitars and automobiles

More of a specialized market and usually quite a bit pricier "entry fee".
I'm not seeing much of a drop in collector quality Smith or Colt...shooter grade, maybe. If yours are high condition, they'll still bring premium prices.