Olympus reconditioned lenses

gpburdell

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You're not selecting a camera from the dropdown of Compatible Proucts are you? That info isn't always correct on the refurb site. Makes a bunch of the M.Zuiko lenses disappear. Though it does seem now that the 60 and 45 have sold out, I couldn't add them to my cart. Fortunately I was able to order a 45 a little while ago and it looks like the order went through.

Thanks, AndyCr - I snagged a 45/1.8 in black to try out. Easy enough to send it back if I don't like it. I'd already ordered a 60mm macro from greentoe.
 

dougjgreen

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The 45mm and 60mm are back - 15 minutes ago all of the Micro 4/3 lenses were gone.
 

gpburdell

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It's impressive they're undercutting KEH a fair bit on the 12-50mm. $199 refurb vs. 10-20% higher used from KEH.
 

kenez

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While the Olympus Outlet doesn't have the 12-40mm right now there are a couple on refurbs on eBay for $685.95 which isn't a bad price considering no sales tax.
 

Jonathan F/2

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You can prob do better on a used one. Plenty of them here or on ebay.
I have a used one en route...but I've been pretty happy with the refurbs I've been getting from Olympus. :wink: Especially when they offer discount codes and it also helps soften payout on sales tax.
 

gpburdell

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You can prob do better on a used one. Plenty of them here or on ebay.
From an individual, sometimes yes. From a vendor like KEH or BHphoto or Cameta, not necessarily.

Also remember that Olympus warranties don't transfer. Technically you have zero warranty on used lenses, refurbs you get a warranty and can buy the extended warranty if you so desire. (KEH etc warranty used stuff themselves)

There's also the 30 day return period for refurbs; nice to have if you're not happy with the lens for some reason (bad copy, not what you thought, etc).
 

dougjgreen

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If you get the right to return an item that is initially not as described, a warranty beyond that is actuarially not worth much - at MOST 5% of the sales price.
 

Wisertime

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Yes, I meant from an individual. Never used KEH, but people seem pleased with them and Cameta. I've never had a warranty issue with anything from Olympus (and I've had lots...lucky I guess). The Refurb warranty is 90days and you have to pay sales tax. I've seen some used go for $150 on here....but yeah, if the cost is close enough, you're better off buying from Olympus and have the warranty and option to return. Depends on the lens and going price...some lenses Olympus sell at a bargain and some they sell way higher than the going rate that are older lenses even.

From an individual, sometimes yes. From a vendor like KEH or BHphoto or Cameta, not necessarily.

Also remember that Olympus warranties don't transfer. Technically you have zero warranty on used lenses, refurbs you get a warranty and can buy the extended warranty if you so desire. (KEH etc warranty used stuff themselves)

There's also the 30 day return period for refurbs; nice to have if you're not happy with the lens for some reason (bad copy, not what you thought, etc).
 

gpburdell

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Depends on the lens and going price...some lenses Olympus sell at a bargain and some they sell way higher than the going rate that are older lenses even.
Bingo. There's no general rule, it depends on various factors. Especially what the value is of having peace of mind of warranty; some care a lot, some care little. Nobody can claim what it's worth for another person. My point on the warranty was to call out that there is no transfer and you're on your own once you're past a couple day inspection period.

Unfortunately, I have to pay sales tax at KEH so they're often a wash relative to other sources.
 

dougjgreen

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Bingo. There's no general rule, it depends on various factors. Especially what the value is of having peace of mind of warranty; some care a lot, some care little. Nobody can claim what it's worth for another person. My point on the warranty was to call out that there is no transfer and you're on your own once you're past a couple day inspection period.

Unfortunately, I have to pay sales tax at KEH so they're often a wash relative to other sources.
I should have specified that I was referring to the specific actuarial value of the warranty - not how much any individual might value the peace of mind it brings. And the actuarial value of the warranty is the cost of repair/replacement multiplied by the probability that the warranty gets used. Which is less than 5% of the purchase price of the item. It's certainly any individual's right to pay a premium for the feeling of security that they desire.
 

gpburdell

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dougjgreen: no worries, good to remind folks that a warranty is nothing more than an insurance policy to pay for repairs. I'll accept 5% as a general number as I'm sure you realize that the actual probabilities of needing the warranty will likely vary based on many factors and I have no better number to suggest. :)

It's interesting how, along similar lines, a like-new used item ought to be valued at substantially close to the new price but isn't. A camera body that's seen a small number of shutter actuations might have served well under 5% of its useful life, yet the used pricing doesn't reflect that. Olympus refurbished E-M1 or KEH used EX+ grade are both around $1040, representing a 20% discount from the $1299 new price at Amazon or BH (which are both $100 off MSRP)

Emotion and perception are clearly factors in equipment valuation. However illogical that may be. :)
 

dougjgreen

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dougjgreen: no worries, good to remind folks that a warranty is nothing more than an insurance policy to pay for repairs. I'll accept 5% as a general number as I'm sure you realize that the actual probabilities of needing the warranty will likely vary based on many factors and I have no better number to suggest. :)

It's interesting how, along similar lines, a like-new used item ought to be valued at substantially close to the new price but isn't. A camera body that's seen a small number of shutter actuations might have served well under 5% of its useful life, yet the used pricing doesn't reflect that. Olympus refurbished E-M1 or KEH used EX+ grade are both around $1040, representing a 20% discount from the $1299 new price at Amazon or BH (which are both $100 off MSRP)

Emotion and perception are clearly factors in equipment valuation. However illogical that may be. :)
Well, with used equipment, you have the combination of no manufacturer's warranty, as well as the consumption of some fraction of the item's useful life, combined again with uncertainty related to the integrity and knowledge of the seller. A vendor like KEH may not have an issue with the last point, but random ebay sellers certainly do.

I just bought a used E-M1 that had some cosmetic damage because it had been dropped, for $750 cash, or $800 with credit card via PayPal (I paid the cash price). But that damage was fully disclosed, and the diagnostics had been run showing the camera was undamaged, and I had the opportunity to physically inspect the camera and test it - because the seller is reasonably local to me - and they also gave me a 3 day right to inspect and return for a refund. Also, the shutter actuations were only around 2600, which is less than 3% of the designed useful life. But even with all that, and the very significant discount, I would not have bought the camera had I not been able to physically inspect it myself and fire off some test pictures.
 

gpburdell

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Well, with used equipment, you have the combination of no manufacturer's warranty, as well as the consumption of some fraction of the item's useful life, combined again with uncertainty related to the integrity and knowledge of the seller. A vendor like KEH may not have an issue with the last point, but random ebay sellers certainly do.
I thought I'd addressed those point in the post you quoted. Perhaps I wasn't clear.

Yes, the unknown-seller / inability to inspect is a definite factor in pushing down the price of used equipment. Oly and KEH (and others like Cameta) have clear policies of allowing easy returns if the item doesn't meet your expectations, so that should be a non-issue there but for the possible cost of return shipping and the time-value of the inspection and potential re-buy.

My point was merely that emotion has a lot to do with pricing and sterile actuarial number crunching, while useful information, is but one part of the overall pricing equation.
 
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