Customer: "Hey, I was wanting to trade my Blastomatic Thunderboomer in on that new Euroshooter 2000. Do y'all take trades?"
Me: "Sure. What do you need to get out of your gun?"
C: "I don't know. As much as I can get, I reckon."
M: "Hey, I have price tags on my stuff. Be fair, give me an idea of what you want."
C: "I really don't know. I think it's worth $450."
M: "Indeed it is, and that's probably what I would sell it for. But I can't buy it from you for what it's worth and then try to sell it for more than it's worth. If I tried that, it would be dark in here, and my staff would be very hungry."
C: "Well, what would you give me for it?"
M: "I could probably allow you about $345 on the trade in. This will allow me to price it at $450 and still have a bit of room to haggle, as customers are wont to do on used firearms."
C: "But I paid $575 for it!"
M: "Indeed. That is the going tariff for a new one, which yours manifestly is not. I can't put a used firearm in the showcase for the same price as a new one."
C: "But you said you could sell it for $450!"
M: "Indeed I can, and so can you. Just not to me. If you wish to sell it to a private individual, I would recommend asking $450; it should move reasonably quickly."
C: "But I don't know anybody who wants to buy it..."
M: "You could put an ad in the Thrifty Nickel, or walk it around the floor at the next gun show."
C: "That sounds like a lot of hassle. Plus, I don't want to sell it to a stranger, or have strangers coming over to my house to look at it. I don't know..."
M: "Does that sound like about $105 worth of hassle?"
C: "I don't... What are you getting at?"
Sigh. It's obvious that "Adam Smith" is just a name in the phonebook to a lot of folks these days...