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Thread: Pricing older equipment

  1. #1
    Join Date
    Dec 2006
    Floydada, Tx

    Pricing older equipment

    Just wondering for those of you with older equipment. How do you figure replacement cost on the tools. With the modern tool market you can anything from cheap imports to high end tools. I am working on getting insurance on my tools since I have moved to west Texas I am working on the replacement value of some of the older stuff for my new policy. Mostly trying to figure out for my ts and jointer. Any ideas.

  2. #2
    Join Date
    Jun 2008
    GTA Ontario Canada
    Al what you gotta do is insure for the price of new ones. If your model tool is no longer available you typically pick an item of similar spec to what you have.

    Consult a good broker they should be able to advise you.

    Sent from my MB860 using Tapatalk 2

  3. #3
    Join Date
    Dec 2006
    Floydada, Tx
    Thanks Rob, I will call a few in the am. My saw is a Walker Turner 10" cabinet saw from the mid 40's. Just wasnt sure what to compare it to as far as modern brands.

  4. #4
    Join Date
    May 2007
    Kansas City, Missouri
    I'd agree with Rob, you're insuring yourself from loss of income and replacement of the tools that create that income. I'd compare it against newer tools of same horsepower and throughput. Your history of business should also help serve as proof of your throughput. Also any receipts for purchases and maintenance to show the machines are in "like new" condition will help justify any claims you have to replace them with new machines. Just because a machine is old, does not mean that it can't out perform newer machines too, just harder to justify if you don't have some backup documentation.

    To a small child, the perfect granddad is unafraid of big dogs and fierce storms but absolutely terrified of the word “boo.” – Robert Brault

  5. #5
    Join Date
    Nov 2006
    Keep some detailed pics and records of what you have. You'd need to buy a pretty nice saw to replace the old school manufacturing quality.
    Got Wood?

  6. #6
    Join Date
    Dec 2007
    Tellico Plains, Tennessee
    You definitely want to make sure you have "replacement" value insurance on any tool... I had an occasion some years back when my house was burglarized and didn't realize I didn't have replacement value insurance... the insurance company depreciated my things and I got about 20% of the amount I needed to replace everything... I agree with Rob and Darren on that issue... an old tool in good condition will do as good a job and sometimes better than some of the newer ones... and the age of the tool doesn't make it any less valuable to you.
    Tellico Plains, TN
    My parents taught me to respect my elders, but it's getting harder and harder to find any.
    If you go looking for trouble, it will usually find you.

  7. #7
    Join Date
    Nov 2006
    Mountain Home, Arkansas
    As others have said, value at new price for similar equipment. Insurance adjusters need a starting place. And, keep in mind, they can be negotiated with. If the undervalue something in your opinion tell them just that. The adjusters real job is to keep their company out of court and the company name out of the newspapers with negative reports. You may not end up with full new value but often you can get more than their original offer. Which reminds me, I need to inventory my shop. Especially the small stuff, it can add up to big bucks.
    "Folks is funny critters."

    Think for yourselves and let others enjoy the privilege to do so, too. ~Voltaire

  8. #8
    Join Date
    Mar 2010
    Decatur, Alabama
    If you have trouble getting them to agree on your value of your machines, compare them to some heavier tools like a new Oliver instead of the more consumer marketed tools.

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