Prices Have Gone Crazy

[Jim Koepke]

Was looking at one of my regular search notifications (Stanley #4) even though two have been acquired recently. Just looking can be fun.

It can be real strange when something like this pops in:

Empty Boxes for #45.jpg

Makes me wonder how much a full set of special cutters without boxes is worth.

It brings to mind a set of special cutters for the Stanley #55 (about twice as many cutters as the #45 set) listed on ebay many years ago with a Buy It Now price of around $1500. The wife was asleep and it didn't seem wise to wake her to convince her this was something worth buying. When she woke up the next morning the listing was brought up to show her what was wanted. It had already sold in the middle of the night.

jtk

[lawrence munninghoff]

I was looking at a LN #51. It jumped in price from $500 to $600 and now $650.

[Jim Koepke]

I was looking at a LN #51. It jumped in price from $500 to $600 and now $650.

Just one of my reasons for purchasing the Veritas version was the lower price. It is now about $250 lower.

After trying the LN #51 at a tool event the ease with which it cut through end grain convinced me it was better than my Low Angle Jack plane, an LN #62. The shooting planes were still the gleam in some engineers eyes at the time it was purchased.

With a bit of research it was determined the Veritas Shooting Plane has a lower angle of attack. For me this was important since my right shoulder was messed up in a cycling accident.

At the time a left hand version was purchased to take the stress off of my right shoulder and there are no regrets.

The lower the angle of attack the less work needed. Also the better finish left on the end grain.

jtk

[Richard Coers]

I'm having trouble with all these, I can't believe the price posts. Should I just not read them so gnashing of teeth and tears can be shed? I was under the impression that most people on here were near or beyond retirement age. Am I wrong? Don't you older guys remember 14% mortgage interest rates? Other recessions we have lived through? 1970, 1973-75, 1980-82, 1990-91, and 2008-09. In the 1980-82, people were boarding up their houses around here and heading to Florida looking for work. I think we have it pretty darned good yet. At least I can get gas any time of day unlike the hour long lines or no gas available signs of the 73-75 recession. https://www.thebalance.com/the-histo...states-3306011

[Derek Cohen]

I was looking at a LN #51. It jumped in price from $500 to $600 and now $650.

It is $1300 AUD in Australia.

Regards from Perth

Derek

[John Lanciani]

It is $1300 AUD in Australia.

Regards from Perth

Derek

Well the exchange rate is 1.45 today so that gets you to 942.5 AUD. Add shipping (I honestly have no clue, +/- $100??) Someone along the way is making a bit extra for the bother...

[Stephen Rosenthal]

Just one of my reasons for purchasing the Veritas version was the lower price. It is now about $250 lower.
jtk

Almost all my planes are LN, but that’s exactly why I purchased the RH version. At first I was disappointed - I had trouble fine tuning the adjustments, especially the side screws that capture the blade. However, once I figured out the exact seating for the blade and adjusted the screws accordingly, I couldn’t be happier. It cuts beautifully.

[Stew Denton]

I think part of the reason is that an overwhelming percentage of virtually all plane parts that I have looked at are being sold by a single seller. That sellers prices are extremely high, in my opinion, which seems similar to a monopoly situation. Consequently the other sellers see those listings, and list their prices accordingly. I have bought from that seller, and he does a good job of shipping, etc., but in my opinion his prices are way too high.

I suspect that he buys most of the "parts" planes, since he can sell all of the parts, whereas most of us just need one part. Consequently he can outbid most of us. Thus, it is often cheaper to buy the needed part from him even if we think the price is too high.

As a result, the sellers of the complete planes list the planes at much higher prices than they were just a very few years ago.

Again, this is my guess, just a guess on my part, nothing more.

Stew

[Peter Schussheim]

Lie-Nielsen increased their prices significantly over the past year. It's frustrating since they don't make any attempt to inform customers of pending increases or even after an increase goes into effect. Additionally, the percentage increase is all over the place depending on the tool; for example, I believe the large shoulder plane is up 40% from a year ago.

[Jim Koepke]

It isn't often we hear a corporation or merchant informing the public about coming price increases other than in a broad sense.

It could cause panic buying. Down line retailers might even try and buy as much as possible at the lower price to cash in on the increase.

On the other hand, market watchers often see and share indicators of pricing trends.

One of the people on a TV program I used to watch often said, "the time to buy is when you see it." It might not be available later.

My main problem with that has not having the money at the time it was seen.

Hopefully we are at the end of a major world wide economic disruption and things will settle. Unfortunately we cannot see the future and things could be bumpy for a while longer.

jtk

[Stephen Rosenthal]

Lie-Nielsen increased their prices significantly over the past year. It's frustrating since they don't make any attempt to inform customers of pending increases or even after an increase goes into effect. Additionally, the percentage increase is all over the place depending on the tool; for example, I believe the large shoulder plane is up 40% from a year ago.

I have been a loyal customer of Lie Nielsen for more than 20 years and I can vouch for the fact that they didn’t increase prices for many of those years. They virtually shutdown for almost a year during Covid, selling only what they had remaining in stock. Their supplies of raw materials were severely affected with a corresponding increase in their cost once they were again available. They have discontinued certain tools that were evidently not selling to the point of profitability and increased the prices on others to correspond with the current cost to produce them. I don’t begrudge the price increases one bit. I’m just glad they survived the Covid economic crisis; sadly the same cannot be said for some other manufacturers of high quality tools.

[Phil Gaudio]

I have been a loyal customer of Lie Nielsen for more than 20 years and I can vouch for the fact that they didn’t increase prices for many of those years. They virtually shutdown for almost a year during Covid, selling only what they had remaining in stock. Their supplies of raw materials were severely affected with a corresponding increase in their cost once they were again available. They have discontinued certain tools that were evidently not selling to the point of profitability and increased the prices on others to correspond with the current cost to produce them. I don’t begrudge the price increases one bit. I’m just glad they survived the Covid economic crisis; sadly the same cannot be said for some other manufacturers of high quality tools.

Hear, Hear!

[Patrick McCarthy]

I have been a loyal customer of Lie Nielsen for more than 20 years and I can vouch for the fact that they didn’t increase prices for many of those years. They virtually shutdown for almost a year during Covid, selling only what they had remaining in stock. Their supplies of raw materials were severely affected with a corresponding increase in their cost once they were again available. They have discontinued certain tools that were evidently not selling to the point of profitability and increased the prices on others to correspond with the current cost to produce them. I don’t begrudge the price increases one bit. I’m just glad they survived the Covid economic crisis; sadly the same cannot be said for some other manufacturers of high quality tools.

Got to agree.

[Aaron Rosenthal]

Stephen, I can understand the issue; it isn’t just lie-Nielsen with crazy rationalizations.
But there’s ways to look at the problem.
For example, I live within 8 km of my local Lee Valley store. Normally I order tools from there.
I’m waiting on a custom #4 body. Everything else is in stock. When I called customer service, part of the discussion was that because of the crazy supply chain systems, pre-existing orders will not see a price increase at delivery.
That leads me to believe that hikes are coming.
My recall is that Lee Valley regularly adjusts prices but then Canadian materials are much more influenced by currency fluctuations.
The problem I see, is that it’s inevitable that prices will rise. Have to. We, as so many “age experienced” people often “remember when”. The effect can be a mental earthquake.
I sold off 3 hand planes to afford the Custom #4. I got almost full purchase price for them, and I don’t feel I ripped off any buyers.
Many years ago, here in this site, people were complaining about the increasing cost of tools, and especially during Covid-19.
Thing will settle down soon, but rationalizing production and increasing new tool costs are going to be with us for a long time.

[Keegan Shields]

I’m already starting to see people dumping their COVID woodworking tool purchases. Couple that with consumers pulling back on discretionary spending and all those COVID delayed large tool orders finally being delivered and I think we will see used prices in larger tools come down rapidly in the next 12 months. Maybe even a used tool glut.

Not sure what will happen to the hand tool market but probably something similar. Keep in mind that national unemployment is below pre-COVID levels, so it’s possible that we won’t see as steep of a decline in demand as expected in a normal recession.