Thread: Are new tools expensive?

Thanks for the file, I've wondered about that from time to time. I have and use a few GrandDad tools.

I can't help but wonder how much technology has changed such things as metal alloys and electric motors.
In such instances, I might get more bang for my buck these days. How do you place a value on simple durability?
I can believe that manufacturing heat-treating ovens, etc are much better than they were. Maybe all that implies is more consistent batch runs, whether they get it right or not. Even a modern blacksmith has a better selection of steels to work with.

Other times, it's a disaster, a real crap shoot.
In my recent experience, a new $50 Stanley spokeshave is no match at all for a new $15 Samona. While the fit and finish of the Samona is downright crude, the performance dictated that I buy a second one (thick & thin work).
I can only conclude that Stanley forgot to harden/temper the blade.

Another way to look at it would be to use the CPI to see what the old price is worth in today's dollars. But you should also take into account the exchange rate at the time, as I'm assuming those are US prices. I expect there's enough complexity in the subject to fill a few doctoral dissertations, at least!

If they are US catalogues, the prices should be pretty good, as catalogues/mail order were a major sales channel in the US.

Consumer Price Index Inflation Calculator

Unfortunately it's a bit more complicated than a direct average wage/price/CPI comparison.

Since tools are non-essential items for hobby woodworkers we should be looking at discretionary income rather than all income - i.e. how much money is left over after paying tax and for essentials.

Since average discretionary income was proportionately much less in the past I suspect that this would cancel out the differences you calculated

One figure I remember was that there has been an ~12% increase in discretionary spending in the last 30 years and I suspect it would be at least the same for the half century before that.

The other interesting figure I found was that in 2103 (EDIT err . . . . 2013?], on average Aussies spend nearly as much on discretionary spending (holidays, entertainment, electronics. dining, gym memberships, pets etc) as they did on rent !
see Australians spend $960 a month on discretionary spending | News.com.au

When I think about the money wasted on some of this junk, especially the senseless turnover on consumer electronics, most likely to just to have the latest and greatest - and then have to listen to all the moaning and whinging about "the high cost of living" it makes my blood boil.

Just taking one item, a Stanley No 7 Jointer, and using the Measuring Worth - Relative Worth Calculators and Data Sets website..

If you want to compare the value of a $7.40 Commodity in 1923 there are four choices. In 2012 the relative:
real price of that commodity is $99.50
real value of that commodity is $206.00
labor value of that commodity is $335.00(using the unskilled wage) or $418.00(using production worker compensation)
income value of that commodity is $497.00


So the answer varies from $99.50 to $497... take your pick... I'm not sure I'd pay $497 for a stanley No7...

Regards
Ray

Originally Posted by RayG

So the answer varies from $99.50 to $497... take your pick... I'm not sure I'd pay $497 for a stanley No7...

No. 7 Jointer Plane $425 USD

Cheers, Vann.

Originally Posted by BobL

When I think about the money wasted on some of this junk, especially the senseless turnover on consumer electronics, most likely to just to have the latest and greatest - and then have to listen to all the moaning and whinging about "the high cost of living" it makes my blood boil.

Yet, despite the cost, it remains popular

Thinking about it some more, maybe charting the price of hand planes against the price of a major commodity component - such as iron - as well as the price of labour could be useful. Then you could see if price changes were more influenced by materials or wages cost, or if there was a big disconnect between them. Anyone got a 100 year time series of plane prices?

Originally Posted by Master Splinter

Anyone got a 100 year time series of plane prices?

Ask Bob ...

Originally Posted by BobL

The other interesting figure I found was that in 2103, on average Aussies spend ...

He's got stats from the future

Paul

Originally Posted by pmcgee

Ask Bob ...
He's got stats from the future

Paul

Drat! my time machine secret has been exposed

Originally Posted by Master Splinter

Thinking about it some more, maybe charting the price of hand planes against the price of a major commodity component - such as iron - as well as the price of labour could be useful. Then you could see if price changes were more influenced by materials or wages cost, or if there was a big disconnect between them. Anyone got a 100 year time series of plane prices?

I am on holidays and that sound like a good idea. I am not sure how to locate the data but it must be available somewhere.

My impression (read unreliable) is that tools are more affordable and better quality than they were 30 years ago. When I first started looking for a thicknesser the main one was from Delta and it was $1000. Now you can get any number for much less than that and my wages have gone up substantially since then. Veritas sell top saws for less than $100. Narex make (and Veritas sell) good quality bevelled chisels for less than the price of a feed of fish and chips. My local markets have old Stanley planes for about $50 most days and with a bit of a clean up and a sharpen they work fine. Modern manufacturing should make it possible to more cheaply produce tools made to tight specifications. The internet makes the whole world one competitive market. I do not think that the table I produced gives an accurate indication of relative prices. I may be wrong but it seems to me that if I search the net and am prepared to wait then I can get really good tools at affordable prices. The good old days are mostly an illusion in my opinion. They were inhabited by the Great Depression and World Wars.