Overpaying for what you want

[jtcarm]

To put it in perspective, I bought my 29-2 in the height of the Dirty Harry craze and paid $500 for it. In inflation adjusted dollars, that would now equate to about $1500.

So, keep looking, or write the check?

Yep, I remember a letter published in Jeff Cooper's column in G&A bemoaning having paid $400 for a 29. That was mid-70s. I recall N-frames becoming more common and less-expensive in the early 80s.

I dunno when what I'll call the "commonly available price" went above $400, but it had to be the late 90s.

The average cost of a new car in 1982 was $8200 (I always remember 82 in 82). What is it now? At least 3x, I'm guessing.

 

[MN2944]

Pay what you can live with. I sold a 4" LNIB (unfired outside of factory) 29-2 last month for $1050 shipped . Presentation case, tools.. all the goodies. If that is the gun you are looking for I recommend you keep looking at $1500.00 That $1050 I got was top dollar. If it's an S prefix no dash or -1 or pre 29 then snag it as soon as you can.
I over pay when I want something that is hard to find but not by 30-45%.

Perhaps I confused the issue with my example. I have the 29-2 that I bought in 1979 for $500. I was just saying that equivalent dollars would be $1500, not that I'm buying one at that price.

The model in question is a 19-4 NIB for $1000. Based on what I've read here, I guess I'm thinking most of the used ones go for around $600-$700, so this one may be significantly overpriced. On the other hand, it would make a beautiful pair with my 29-2 of the same age.

Mike

 

[vytoland]

"Overpaying for what you want?"

not now.....not ever

patience is rewarding

 

[feralmerril]

The question would be easier to answer if we all made the same and our needs and exspenses were the same. None of us have the same exact circumstances. Obvisely some here might be bringing in 200K a year and others 20K.
$1,000s to some here would be like $20s and maybe $4,000s to me.
Depends on how bad you want something and if its available. A better question might be is there 10 of these just alike somewhere, all in the same condition and what are they being sold for?

 

[RON K.]

A good question are there at least ten of these for sale at any one time? new in box.I mentioned i just bought a 629 and a mod 29 blue.if i did a cost average i paid $880.00 each. was that too much? naw i wanted them quick.and i bet when i go to the next gun show in phx. i won't find a one for under $1,000.00 asking price.for what you want and willing to pay is the question.so cost average the two out.$1,000 and $500 is $1,500.00 so $750.00 into each right..ha ha. i wonder how many gun guys use that logic when they buy or sell.

if you can afford the $1,000.00 get it. and when you do a few years later you will look back and say i did it and own it.i was at one time into Colt 21 Thompson sub guns went through over 100 plus of them.
and never worried about did i pay too much.i always had more then one buyer and never lost on one.> the cost average thing.<

good luck in whatever you decide. RON K.

 

[Comrad]

Quality is remembered long after price is forgotten. If it's right and what you are looking for write the check. With inflation it's only a very short time before you will look back and say, I should have bought two of them.

 

[Catahoula]

I like what JNewell said below, wise words. A similar view that I have adopted is: If I am going to keep this for the rest of my life (however short or long that turns out to be) and the price is within reason, I do not care if it is the 'best deal' possible on an out of production piece that I want.

Only you can answer that...here's my two dollars, oops, overpaid, two cents.

When I was younger and had maybe a little less money and thought I had a lot of time, I treated this question a little bit as a competitive activity and didn't want to be on the losing side of a buy/sell transaction. These days, I'm aware that all we have is "now," we don't have "tomorrow." Since that's the case, if I want to enjoy something, I ask myself "is it worth the price to ME?" rather than "did I get a good deal that I can brag about on the forums?" (Of course, for some people it is the hunt itself that is enjoyable, not the successful conclusion - which is totally ok - and in that case you'd feel differently about the price.)

The other thing I remind myself is to keep things in perspective. Overpaying for a 9mm Shield (which I arguably did last week) isn't like overpaying for a truck or a house. In most cases we're talking $25-50 or a little more, not $2500-5000 or $25000-50000. I don't smoke or buy coffee in stores......it doesn't take too many cartons of cigarettes or stops at Starbucks or DD to come up with what I "overpaid" on the Shield, and in the meantime I have, can shoot it and can enjoy it.

YMMV, of course!

 

[feralmerril]

It always has been hard for me to sell a gun no matter what I got for it. Usualy three days later I am scratching my head wondering what I did with the money and no longer have the gun either! I suppose buying a gun is a lot like that in reverse. When I accumilated most of the guns I have, (say 30-40 years ago), I could cry over the guns I didnt buy because I couldnt get the seller down another $10 or $20s! Some of those guns no doubt went up by a factor of 7 to 10 times! Many times it dont pay to be a cheapskate, and I still am that way!

 

[MikeChandler]

Guilty as charged!

When I see what I want, if it's exactly what I want, it saves me the wasted hours searching or the tensions of bidding. I learned too many times that scratching your head is all the time it takes to have it bought out from under you. However, I do feel 15% overpriced is the limit. After that I start questioning it. This is all only when I have a good feeling on what the price should be.

That being said, rules are made simply to be broken. I was just shopping for a 629-2 Classic ful-lug 6" with unfluted cylinder (not a pre-1980 gun, I know) and found one NIB for $900. I know that's overpriced, but I bit the bullet and bought it. I've seen these guns in great condition for $600 and I know NIB is worth more - but $300 more? Well, I guess it was worth it to me, no regrets.

If you have the money, I say GO FOR IT and GO LARGE.

EDIT: Ya know, I just had to add - with the insane pricing of late, what exactly is over paying?!!??"

 

[Florida Guy]

Whenever I consider buying a firearm, I always keep in mind that I may not like it (for one reason or another), and if I'll be able to sell it for at least what I paid for it.
So far, my patience has paid dividends.
But of course, I'm and old geezer, and have learned patience is a virtue.
So far, my buying method has worked for me.
The hunt is the fun part. Once you buy it, the hunt/excitement of looking is over.
Some folks have little patience, and don't mind over-spending just to get it over with. It's like a game with me to try to find the best deal I can. When you're retired, you have the luxury of taking the time to hunt.

 

[Camster]

Forget "book value".
Forget what others advise as value, as well,it's nothing more than an average of what some deem is the market,and,often as not,guys remembering the old days or something,or guys that need to squeeze a deal as tight as they can.
Forget the investment,appreciation aspect,or resale value-you might never sell,or croak before you know it.Do you buy a tv with resale in mind,or do you just buy it and enjoy?
The item is worth it to you,no one else..or not.If the hunt is important to you,you have the time,or limited resources,plod ahead.Otherwise,buy what you want,enjoy,and forget about the money spent.

 

[Hotshot10]

If it's a model that's no longer in production, I'd say that overpaying wouldn't be a concern, if you have the money.

I passed on a mint 686 no dash with presentation box and grips about a year ago. It was listed at $550, which looked decent at the time, but not a steal. I am still kicking myself for that.

 

[rockyrider]

I usually find what I am looking for and think I can get it for less. I think about it for a while until I talk myself in to buying it. I go back to buy it and it is gone.

I found one of my Holy Grail guns a couple of months ago and it was a couple of hundred below MSRP. I convinced myself I could get it for less and held off. The buying panic started and I called to reserve it until I got there. It was gone. Now they are selling for $500 to $1,000 more than MSRP. I will wait until it comes back under MSRP because it is something I want and not something I need.

I'm not needy, I'm Wanty!

 

[RON K.]

Yeah same thing happened to all the guys who wanted ARr-15's two months ago and waited and now paying double and more. I still get a kick and laugh at that one. too much huh? not soon enough?can wait forever or just too lazy to shop.. many missed the boat on that one.Smiths are fun and great gun's.enjoy while you can.. patience is good. when you are dead it means nothing.and you still end up empty handed.unless they bury you with it. from my Cold Skeleton hand ha ha.. enjoy it all RON K.

 

[Smithhound]

Twenty five years ago I shelled out $350 for a 4" Model 25-5, I thought that was too much, and it was at the time. Fifteen years ago I spent $450 on a 3" Model 24-3 NIB, that hurt, it was too much at the time. But I wanted both of them badly and new that chances don't come around often to own the things you want, life and time don't stand still and wait for you to jump aboard.
Two weeks ago I bought a similar Model 24-3, near NIB and paid $1K for it. Is that too much? To some, yes, to me, yes. But now I have a 24-3 I can shoot without detracting from the value of the NIB model I still have.
Is this foolish? To some, yes, to me, no.
Ten years ago I bought a 4" Model 24-3 and paid $900, high at the time, but it too was NIB, and remains that way. I was happy to get it to round out the 3", 4" and 6 1/2" set, all NIB.
Look at it this way, there were 3,600 and some K32 Masterpieces made before '74. Right now they are going for around $3K or better. I can't see them coming down soon.
There were only 5,000 Model 24 -3 3" made , I have two now, one that will grow in value and one I can enjoy, so to me that money was worth it.
There were only 2,625 4" model 24-3's made, I still own one NIB.
What will those guns, especially the NIB model's be worth in another 10 to 20 years? I think a bit more.
And yes there are still examples of those that someone lucks into for considerably less, but you can't count on luck like that, it's great when it happens but doesn't come along often. At least not often enough for most of us.
Life is short, enjoy it while you can. If you have the money to spend and if it doesn't negatively affect other aspects of your life get the things you wan't. Someday you won't be able to, so enjoy what you can afford.
RD

 

[BJoe]

Time is on your side. I have NEVER seen a QUALITY firearm that didn't go up in price over time. Buy it, enjoy it, and watch it appreciate.

 

[pumpgun]

are you going to take the couple hundred bucks and lock it in a safe and take it out and admire it and enjoy it for what it was designed for? when discussing guns will you say how much you enjoy that couple hundred? i'm a frugal guy when it comes to most things. i don't blow money on booze, drugs, gambling, fancy cars or toys. but if i see a gun i want and i can afford it, its mine. if you buy smart, you'll rarely lose money in the long run. might not make a bunch, but shouldn't lose it. finding one for a bargain is great but life is short. i have some guns in my mind that i would pay more than they're worth to most people if i found them. others i want i am waiting for the right price.

 

[corgiS&W]

Very interesting thread. I've been watching a Colt Border Patrol for several weeks now. Owner wants $700. Probably too much, but I'm 73 and surely not getting younger. My 66, 67, and 686 are wonderful, but it might also be wonderful to own an old Colt. What think you all?

 

[Grimjaws]

I say buy it but ask the right questions

I recently traded for a smith and wesson revolver no lock K frame blue .357 with 4" barrel. This exact model was my first gun over 25 years ago with target stocks and trigger and sights. I sold it and that was the only gun I ever regretted selling but have never told my wife - I used the funds to buy the engagement ring!

I traded an early S&W 9mm in great shape plus cash to get the gun. The gun showed up in great shape but it has pushoff - meaning I can cock the hammer and push it down with just my thumb and not pulling the trigger. Am I upset? Somewhat. Did I now feel like I overpaid? Nope, I will get it send back to Smith and Wesson, get it repaired and be shot extensively (provided I can get ammo).

The nostalgia and feeling of being in my early 20s again plus the excitement of shooting it and actually seeing the sights (couldn't see the stainless front sight on my 9mm to save my life) plus not having to bend down and pick up brass makes it a win.

You only live once and get the items you want. These old revolvers are getting harder and harder to find and I want something I can pass on to my boys.

 

[rwsmith]

If you want

If you want it and can afford it, buy it. I would be compelled to bid/haggle.