Loss in Resale Value of 5D Mk3

[Wilmark]

Shouldnt Canon be somehow more responsible in this Light Leak issue - even if its not an major issue - they have made it a big enough issue by statements they have issued along with affected serial numbers. New buyers dont seem interested in purchasing any of the 1X or 2X serial models. So we early adopters have been penalized by what something Canon is totally responsible for. If you tried to resell your camera that you bought last month you may have already lost a couple of hundred dollars because of the light leak issue. Apart from setting the price of the new Mk3 out of the reach (esp when compared with the D800) they have now reduced our investment, and dont seem to care.

 

[fotoworx]

The plight of the early adopter.

 

[Loswr]

Canon acknowledged the 'issue' (I'll stop short of calling it a bona fide problem). They offered to fix it, for free. What, you now expect them to refund part of your payment as well? New buyers here probably care a lot more about 'affected' bodies - even then, a significant number of people indicated that they have no intention of send their camera in for the fix.

 

[Wilmark]

I acknowledge that they offered to fix the problem if it exists. But its obvious why one does not want their 'brand new camera' fixed. And they will have to convince any buyers down the road of their reason. But its a cop out by Canon. This is a design flaw, they should have replaced every single affected camera, or given users some kind of rebate for continuing to own a 'defective product'. I have a better word that describes this: "kyosei". (Japanese for F%$# every last cent from your most loyal customers).

 

[Loswr]

Do you have a 5DIII? If so, are you planning to sell it next month? Most people will keep a body for a few years. By then, not many buyers will know or care about it (yes, some will, but it's unlikely to have any impact on selling the camera).

 

[RunAndGun]

If you're buying a camera for it's resale value, you're buying it for the wrong reason.

 

[Wilmark]

Nobody buys, except investors and punters, items for resale. But we always want to know that what we buy has reasonable value in resale. Its one of the reasons we invest in lenses more than we do in bodies. Whether it is a house or a car or other durable goods.

 

[DavidRiesenberg]

Since you mentioned cars, an industry where recalls happen all the time, do you check if the used car you wish to buy was manufactured before a recall date or afterwards? Or do you simply check if the recall was done or not?

 

[unfocused]

But we always want to know that what we buy has reasonable value in resale.

I don't. At least not with most purchases. I've never bought a computer that had any resale value except as a doorstop. Never bought a television that had any resale value (usually dead by the time I replace it). My clothes certainly don't have any resale value...furniture...lawnmower...appliances. Nope. Nope. Nope.

Come to think of it, almost everything I buy has no resale value once I've gotten my use out of it.

a car or other durable goods.

Cars? Try selling a brand new car once you've driven it off the dealers' lot.

If you're buying a camera for it's resale value, you're buying it for the wrong reason.

+100

 

[Jamesy]

I liken the light leak issue to the mirror fix on the 5D classic. When people sell it they ask if it was performed but it does not really impact the resale price. I was an early adopter (picked one up on Mar 22nd) and wish it did not have a '2' serial number but it does and I doubt it will be an issue five years from now. I still have my 40D which is now five and it still gets use so it stands to reason I will have my 5D3 in five years.

 

[distant.star]

.
Would a letter from Fujio Mitarai saying he feels your pain make you feel better?

Corporations care about things like profit, market valuation, return on investment, etc. A reduction in your personal 5D3 "investment" is not likely to make it onto their corporate agenda.

Life is difficult.

Shouldnt Canon be somehow more responsible in this Light Leak issue - even if its not an major issue - they have made it a big enough issue by statements they have issued along with affected serial numbers. New buyers dont seem interested in purchasing any of the 1X or 2X serial models. So we early adopters have been penalized by what something Canon is totally responsible for. If you tried to resell your camera that you bought last month you may have already lost a couple of hundred dollars because of the light leak issue. Apart from setting the price of the new Mk3 out of the reach (esp when compared with the D800) they have now reduced our investment, and dont seem to care.

 

[agierke]

several of canons camera models before the Mrk 3 have the same issue and no fix will be offered to them. those cameras still took great pictures and still perform well on the resale market. this is a huge non issue. mountains out of molehills and such...

its not an issue. relax and go take great pictures with your new camera.

jeez.....

 

[krjc]

This light leak non issue is getting ridiculous! If the light issue bothers you, sell the camera and move on. I plan to use mine until I wear it out. Ok bye everybody think I will go take a few pics now.

 

[dsiegel5151]

By the time I sold my 10D it was worth $150. I gave it to a friend for free. I don't even know what my 20D is worth, but I just put it in my bag for S. Dakota next week, so I guess it doesn't matter. I could probably get about $350 for my 40D these days (it's pretty beat up), but it's still also in my bag, so I guess it doesn't really matter either. My 5Dc probably sells for under $1000 dollars now (also still in my bag). Now...add these numbers up and subtract from their value when purchased new. If you are planning on making money or limiting losses from your original purchase of a camera that you ACTUALLY PLAN ON USING, you are in the wrong business. Unless you have the money, or a new camera will make you MORE money, there is really no reason to upgrade every cycle like Canon would like you to do.

Shoot it till it dies!

Mating skinks a few months ago with 5Dc

 

[agierke]

^ love that post because of its fundamental point.

all these cameras are very capable in the hands of a CAPABLE photographer. i still use my 5Dc as a backup (though i admit some of its features drive me nuts compared to the 5D2). i can still get great shots out of it and because of that it is still in my bag as well.

i imagine once i get my 5D3, i will still keep the 5Dc as an emergency backup. as far as i know the 5Dc is getting anywhere from 500.00 to 700.00 on the used market. there is still greater value to me as in insurance camera than to sell it and pocket the cash.

 

[Positron]

Even though I can understand the sentiment of wanting an item you buy to maintain its resale value well, the idea of "selling it next month" voids any such argument.

I get a literal churning feeling in my stomach every time I see someone list a "brand new in box" item that has been removed from the box for pictures. unfocused's point about driving a car off the lot hits the nail on the head. Once you've opened the box, as a seller you should expect, and as a buyer you should probably demand, that the value decreases by about 15-20% immediately. It is at that very moment and no later that the item is "used", and resale value has everything to do with rate of depreciation, and almost nothing to do with its value after being removed from the packaging. The only, only thing for which that is not true is real estate, which is etymologically exactly why it has "real" directly in the name.

When a 5D1 is for sale, it's extremely common to hear potential buyers ask if it's had the mirror fix done. If the answer is yes, they are happy to buy it. NOBODY says "oh, it had the mirror fix, so it was a defective unit, and therefore I won't buy it".

A more extreme example is when people post MacBook Pros for sale on Craigslist, and the post says something like "2009 MBP 15", perfect condition, just needs a new LCD and hard drive and it will be good to go. $750". It sounds like a joke to any reasonable person, which is probably why I see the same posting still up a month later.

I know this was an incredibly roundabout way to say it, but buy the camera you want for yourself, use it well, and when you're ready to sell it, consider what you get for it a bonus. You'll be a lot happier than if you consider whatever you fail to recoup a loss.

 

[Richard8971]

Cameras, cars, computers... whatever. Anytime you buy a NEW product as soon as it is released, expect product fixes, recalls and updates. The 5D2 went through changes as well... The fact that Canon is willing to fix it solves the issue. That does not make your fixed 1 series 5D3 worth less than a "current" model.

D

 

[smithy]

Before I purchased the 5D Mark III, I considered purchasing a second hand 1D Mark III. These had an autofocus issue which Canon fixed early on with a mirror adjustment/replacement. In the second hand market, the question would always be asked "has the AF been fixed". The answer was usually "yes" and the potential buyers were 100% satisfied. The 5D Mark III should be no different.

The difference is that the AF problem on the 1D actually had an impact on sports photography - one of the most common uses for this body. The 'light leak' issue on the 5D requires such unique shooting circumstances that most people wouldn't encounter the issue under 99.9% of situations.

 

[V8Beast]

The 'light leak' issue on the 5D requires such unique shooting circumstances that most people wouldn't encounter the issue under 99.9% of situations.

Speak for yourself. I enjoy pushing the creative boundaries of lens-cap-on photography every day. You should try it sometime. Interestingly, although the metering does change on my 5D3 with the lens cap and LCD backlight on, I don't notice any visible change in image exposure with my lens-cap-on shots. Do you think it's because of the 5D3's pathetic dynamic range?

 

[squarebox]

I have a better word that describes this: "kyosei". (Japanese for F%$# every last cent from your most loyal customers).

I don't know if you have noticed this, but product in Japan is being price-gouged because of oligopolies, monopolies, and the sheer stupid amount of middle men leading to Japanese products(not just cameras) to being cheaper in the states than in Japan. Japanese companies are totally screwing people over on product prices is par for the course.