Are pianos a good investment? Do they depreciate or appreciate?

Pianos are, unequivocally, a great investment. However, the return on the investment is the joy of making music, having a hobby that will give pleasure for a lifetime, and other advantages of ownership. From a financial perspective (excluding instruments with special historical or artistic value), pianos are a depreciating asset. They depreciate quickly for the first few years and then slowly thereafter. They may eventually appear to appreciate in value, but the appreciation is entirely due to inflation. Unless you are a serious collector or dealer who trades in pianos with special historical or artistic value, buying pianos and holding them for the long term is not a good way to make money. See the sidebar “Appreciate or Depreciate?”, about buying a piano as an investment, in this article.

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