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Tool Prices Are Too High

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Forum topic by Rich posted 10-14-2021 06:17 AM 350 views 0 times favorited 16 replies Add to Favorites Watch
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Rich

7451 posts in 1829 days


10-14-2021 06:17 AM

If you’re not currently shopping for a major tool purchase, this may not be something you’ve seen.

Jet increased their retail prices by an average of 20% overnight about a week ago. If you have a catalog with prices from, say August, compare those prices with what you see today.

Thought the previous president’s import tariffs raised the cost of your tools? Just wait.

-- Half of what we read or hear about finishing is right. We just don’t know which half! — Bob Flexner


16 replies so far

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TopamaxSurvivor

22365 posts in 4915 days


#1 posted 10-14-2021 07:51 AM

They gotta maintain CEO bonuses until shipping get back to normal ;-))

-- Bob in WW ~ "some old things are lovely, warm still with life ... of the forgotten men who made them." - D.H. Lawrence

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controlfreak

2876 posts in 841 days


#2 posted 10-14-2021 10:31 AM

I just priced out a project and decided I need to double check my pricing which is constantly being adjusted up over time. The material cost went up over $15,000.00 and much of it I can’t even get. I can say this, most people have no idea what’s coming. As the saying goes, you ain’t seen nothing yet. I am afraid this economy is about to grind to a halt.

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bigblockyeti

7612 posts in 2960 days


#3 posted 10-14-2021 11:43 AM

I’ve been buying an restoring any quality old iron I can get my hands on within 100 miles, it’s not just the prices going up, but the quality that’s been declining also worriies me. Lumber prices fell and are on their way back up but still seem like a relative bargain compared to what most peaked at, $17.55 for a 4×8x7/16 sheet of OSB is better than $54 but still double what I paid in 3/19. Gas has more than doubled since last year and seems to be accelerating. At least four families that I know of just in my neighborhood have sold their house and are renting while waiting out the impending bubble burst. One guy said he’d like to buy his house back then pocket the extra $250K.

I completely agree, you ain’t seen nothing yet!

-- "Lack of effort will result in failure with amazing predictability" - Me

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Lazyman

7943 posts in 2627 days


#4 posted 10-14-2021 12:24 PM

Some of it is that the companies can only absorb the costs of those tariffs for so long and are now passing more of the costs along. The idea of imposing a tariff to support a domestic industry only works when there is still an industry to protect. It was about 20 to 30 years too late.

-- Nathan, TX -- Hire the lazy man. He may not do as much work but that's because he will find a better way.

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bigblockyeti

7612 posts in 2960 days


#5 posted 10-14-2021 01:27 PM



The idea of imposing a tariff to support a domestic industry only works when there is still an industry to protect. It was about 20 to 30 years too late.

- Lazyman

Agreed, now it’s just a money grab.

-- "Lack of effort will result in failure with amazing predictability" - Me

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pottz

20624 posts in 2224 days


#6 posted 10-14-2021 01:51 PM

considering the machines jet makes are almost entirely made of steel a 20% increase aint bad compared to construction hardware.weve been hit with 4 12% increases so far this year.rebar has steadily climbed,nails have doubled.one factor is container costs from china have gone from around 2k to20k or more and are in short supply.i see no end in the near future,yet construction in socal is still booming.we’ll see how much longer this will last ?

-- working with my hands is a joy,it gives me a sense of fulfillment,somthing so many seek and so few find.-SAM MALOOF.

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Rich

7451 posts in 1829 days


#7 posted 10-14-2021 03:32 PM


considering the machines jet makes are almost entirely made of steel a 20% increase aint bad compared to construction hardware.weve been hit with 4 12% increases so far this year.rebar has steadily climbed,nails have doubled.one factor is container costs from china have gone from around 2k to20k or more and are in short supply.i see no end in the near future,yet construction in socal is still booming.we ll see how much longer this will last ?

- pottz

Bingo!!

This isn’t about tariffs. I mentioned them only as an aside to remind folks what many LJs were complaining about a couple of years ago. Tariffs in one form or another have been used since the dawn of civilization to protect domestic interests. The 1983 motorcycle tariff saved Harley Davidson.

No, this is far more complex and insidious. As Yeti said, You ain’t seen nothin’ yet.

On the upside, that Jet/Rikon/Laguna band saw you bought two years ago is probably worth more today than you paid for it.

-- Half of what we read or hear about finishing is right. We just don’t know which half! — Bob Flexner

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bigblockyeti

7612 posts in 2960 days


#8 posted 10-14-2021 05:05 PM

On the upside, that Jet/Rikon/Laguna band saw you bought two years ago is probably worth more today than you paid for it.

- Rich

We want, not need, an addition minivan to replace an aging sedan. Kia was fire saling Sedona’s for under $27K for a brand new one back in May, they went quickly and we missed out. Today if I had bought one of those and put an ambitious 10K miles on it, it would be worth between $32K & $34K as a private sale, Honda’s and Toyota’s are worth more than MSRP that are 2 years old and over 30K miles.

I knew this was a problem with trucks but I never expected minivans to be a hot commodity.

-- "Lack of effort will result in failure with amazing predictability" - Me

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SMP

4816 posts in 1145 days


#9 posted 10-14-2021 05:21 PM

I honestly don’t quite understand our economy anyways, it seems like all smoke and mirrors. We don’t make anything.

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TopamaxSurvivor

22365 posts in 4915 days


#10 posted 10-14-2021 08:31 PM

Ross Perot warned about this but we were sold out to corporate greed. If you look at the Tytler Cycle everything is on schedule. History repeats itself ;-((

-- Bob in WW ~ "some old things are lovely, warm still with life ... of the forgotten men who made them." - D.H. Lawrence

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pottz

20624 posts in 2224 days


#11 posted 10-14-2021 08:36 PM

bought a new ford truck last january right before everything started shutting down.ive looked at the used market and i can get more for it now than when i bought it new.for once i was ahead of the game.

-- working with my hands is a joy,it gives me a sense of fulfillment,somthing so many seek and so few find.-SAM MALOOF.

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controlfreak

2876 posts in 841 days


#12 posted 10-14-2021 09:12 PM



I honestly don’t quite understand our economy anyways, it seems like all smoke and mirrors. We don’t make anything.

- SMP


I don’t think a lot of economists understand it either but like a blind squirrel they can find a nut once in awhile.

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SMP

4816 posts in 1145 days


#13 posted 10-14-2021 09:33 PM


I honestly don’t quite understand our economy anyways, it seems like all smoke and mirrors. We don’t make anything.

- SMP

I don t think a lot of economists understand it either but like a blind squirrel they can find a nut once in awhile.

- controlfreak

To me it seems like the only people making GOOD money are those gambling on the stock market or selling real estate. But the people buying these million dollar homes near me, i have no idea how they afford their mortgage payments. The average price of a home where i live is like $860k, but most within a couple miles are 1 million +. The average salary doesn’t support these numbers.

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TopamaxSurvivor

22365 posts in 4915 days


#14 posted 10-14-2021 09:43 PM


To me it seems like the only people making GOOD money are those gambling on the stock market or selling real estate. But the people buying these million dollar homes near me, i have no idea how they afford their mortgage payments. The average price of a home where i live is like $860k, but most within a couple miles are 1 million +. The average salary doesn’t support these numbers.

- SMP


Same here. Low interest rates and lots of high-tech buyers feed the market here. I have to wonder how many homes are bought by foreign investors (Chinese wondering what to do with our trade imbalance dollars.) I read a few years ago British Columbia put restrictions on foreign buyers in Vancouver. I get “cash offers” several times a week some weeks. They all want to pay half price as is to flip it and double their money.

-- Bob in WW ~ "some old things are lovely, warm still with life ... of the forgotten men who made them." - D.H. Lawrence

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TopamaxSurvivor

22365 posts in 4915 days


#15 posted 10-14-2021 11:22 PM

“Prices Are Continuing to Surge: Here’s What’s Becoming the Most Expensive

-- Bob in WW ~ "some old things are lovely, warm still with life ... of the forgotten men who made them." - D.H. Lawrence

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