You can find out how much your old albums are worth with a little education and research. Old records vary greatly in price due to their rarity, condition and the popularity of the artist. The prices paid for rare vinyl tend to constantly go up as the value of common records gradually decreases to almost nothing. All those old albums that have been taking up valuable storage space for years may actually be worth something.
Sort through the collection of old albums. Carefully slide the vinyl out of the cover and sleeve to examine the condition of the record on both sides. Test any scratched records on the turntable so they can be discarded if they skip.
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Search for the old albums by the artist and record title in LP pricing guides and auction sites (see Resources). Find the most recently completed auctions for records in similar condition to the ones you have to get an accurate price estimate.
Average the lowest and highest figures from pricing guides or auctions for records in similar condition to those you own. This median value figure is a reliable way to find the current value of old records in an ever changing market.
Document how you valued the records if you plan to report their value to insurance. The documentation may help you avoid a dispute with the insurance company if the records are lost or stolen.
If you have access to a used record retailer, ask a store employee to give you individual value estimates on each record they are interested in buying. However, any price offered is likely to be less than what the album is actually worth since the store wants to buy low and sell high.