Picking out the best piano model shouldn’t be a quick decision. Keep in mind that high-quality pianos can last over 80 years if maintained well, but can also become trash when treated inadequately. Therefore, you should look for a respectable dealer to avoid undesired surprises.
If you don’t know much about this instrument, you should consult an expert before shopping. That way, you can save money for unexpected repairs in the future. Also, be careful when you find an unrealistically cheap instrument because it probably has an issue with a broken mechanism. So, let’s see how much does a grand piano cost on average.
Factors That Affect Piano Prices
- Concert grand – With a typical length of 7 to 10 feet (2.1 – 3 m), this piano is the largest and most expensive. In most cases, the new model’s price ranges from $130,000 to $200,000, depending on the brand.
- Parlor grand – This middle ground piano comes in the size of 6 to 7 feet (1.8 – 2.1 m), and its average price is up to $95,000.
- Baby grand – Every grand piano with size from 5 to 6 feet (1.5 – 1.8 m) is considered a baby grand. It comes in the average price range from $22,000 to $122,000, depending on the manufacturer.
All of them offer pianos in a variety of prices so that everyone can find something according to the budget available. However, be prepared that their products are not cheap at all.
Grand piano prices
|Concert grand piano||Baby grand piano|
|Mason & Hamlin||$139,000||
On the other hand, brands such as Baldwin, Young Chang, and Nordiska offer quite cheap instruments. Keep in mind that their pianos are good, but not the best regarding the used material, building process, overall look, and sound quality.
Current piano market
As always, the current state of the market will affect the piano prices. While the instrument popularity and demand rise, you can expect higher rates. So, picking out the right moment for shopping is crucial. For example, 31,073 pianos were sold in the US in 2019, including the 9,655 grand ones, which is much less than in 2005.
Keep in mind that leading brands like Steinway form prices on the way the newer models affect the value of the older ones. That means you can find the older piano that cost approximately 45% to 48% less than the brand-new model. The tricky part is that the earlier models’ prices increase with higher rates of the new ones.
Nowadays, many brands offer entry-level grand pianos with limited features. That makes some of them more affordable.
Piano size is one of the primary parameters for determining the cost. The production of larger models is more demanding, and more materials are necessary, including longer strings and more massive hammers and cast-iron plates. Therefore, the price is always higher.
On average, the 63 inches (1.6 m) long Yamaha grand piano will cost about $35,000. On the other hand, you should pay approximately $58,000 for the 79 inches (2 m) long piano of the same brand.
The wood veneers used for making the piano exterior will affect the overall price significantly. Be prepared that models made of mahogany and walnut with exotic finishes are more expensive than polished or satin ebony.
Materials and parts
To get one grand piano, the manufacturer needs to use a combination of metal, felts, hardwood, and softwood. The overall price will depend on their quality and quantity, as well.
It is necessary to find adequate hardwood, such as mahogany, ebony, spruce, and maple in specific forests. Since it needs to be a certain age and quality, the selection process is particularly tiring and lengthy. Plus, the harvesting, air-dried process, and transportation are highly expensive.
Other parts, including the wool felts or leather for hammers, keytops finish, and cast-iron plates, are also quite costly. For example, the set of metal piano strings will cost at least $600, while the standard set of three pedals made of brass or chrome cost approximately $100 to $200.
If you add the finish price, including polished ebony, satin, polyester, solid wood, transparent glass, engraved materials, and even jewels, you understand why the piano has to be expensive.
Age and condition
The age and condition of the piano will affect the overall price significantly. That means you need to pay more for the new model or the one that is excellently maintained.
When you find a used, poorly maintained piano, the price won’t be high since you will need to spend much money to repair it. For example, you can pay $5,000 for the piano in poor condition, but you should calculate at least $15,000 for repair expenses.
On the other hand, some excellent used models will cost nearly as much as a new one since the rule ‘older is cheaper’ doesn’t apply to pianos, especially top brands. For example, the price of a complete rebuilt 1902 Steinway will reach up to $50,000.
It is quite impressive if you know that you can find a newer piano of the same model for $46,000. Keep in mind that professional rebuilding makes the old piano a brand-new model compared to the used, younger one. Therefore, always ask for a full repairing history.
Believe it or not, the way you finance your piano will affect its final costs. Since a piano loan mostly runs at 6.99%, you need to add interest in the final price.
For instance, the piano paid $180,000 will cost almost $335,000 if you take a loan for 20 years. On the other hand, you can save money when purchasing the instrument from a private seller without warranties, but after the professional inspection.
Once you buy the grand piano, you always need to add the additional costs to the final price:
Hiring piano movers
|$150 to $500|
|Tuning twice a year||
at least $100 upon arrival
$20 for a basic stool
$50 to $70 for an adjustable bench
You should also keep in mind the costs of piano lessons, books, sheet music, downloading piano music, as well as future repairs and replacement of broken parts.