This method can be used when a piano needs extensive, quantifiable repair work. Several other types of valuation are sometimes called for: It’s not appropriate to use this method for an instrument that is relatively new or in good condition. Replacement value is what it would cost to replace the used piano with a brand-new one. This value is often sought when someone has purchased an insurance policy with a rider that guarantees replacement of a lost or damaged piano with a new one instead of paying the fair market value of the used one. ![]() ![]() The problem here, again, is what brand and model of new piano to consider “comparable” if the original brand and model are no longer being made, or are not being made to the same standards. Here it may be helpful to consult the rating chart in the Piano Buyer article “ The New-Piano Market Today.” Choose a brand whose relationship to today’s piano market is similar to that the original brand bore to the piano market of its day. ![]() Whatever brand and model you choose, depending on how high a replacement value you seek, you can use either the manufacturer’s suggested retail price (highest), the approximate street price (lowest), or something in between. These prices, or information on how to estimate them, can be found in each issue of Piano Buyer.
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