Collecting records proves profitable - MoneySense

Collecting records proves profitable

Finding a rare record in your forgotten collection could net you big bucks.

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Forget stocks — if you want a high rate of return, check your old box of vinyl records. According to The Financial Post, golden oldies could soon become the next quirky investment opportunity.

Collecting LP’s is by no means a get-rich-quick scheme, but it may just be the perfect money making project for a music enthusiast. An overdue spring clean up could bring you a $9,700 bonus — if you happen to have a copy of Billy Nichols’s first album lying around — while a 45rpm single of Lady in Green by The Magnetics could net you more than five grand.

In most cases it’s the item’s rarity that determines how much a record is worth. Scour garage sales, classified ads and estate sales and be prepared to buy in bulk. If you think you’ve bought a gem, search sites like eBay and vinyl record auction site Popsike to find out just how much you rate of return could be.

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