Picked up a Domino 700

[Handplanesandmore]

Better than paying full price, Fred, and I'm sure you'll like it, but it's still over priced by at least 2X IMHO.  

John

While I agree $1350 vs $1800 (new) was not the best kind of second hand deal, I don't think $700 ($1350/2) is the usual asking or settled price in the resale market (if that is what you meant by 2x overpriced). It is festool, not Bosch or Makita. If $1800 was the price tag for new, I would look for a settled price between $1000 and $1200.

Simon

[Huxleywood]

While I agree $1350 vs $1800 (new) was not the best kind of second hand deal, I don't think $700 ($1350/2) is the usual asking or settled price in the resale market (if that is what you meant by 2x overpriced). It is festool, not Bosch or Makita. If $1800 was the price tag for new, I would look for a settled price between $1000 and $1200.

Simon

I believe he was suggesting that they are overpriced 2x new.  Of course, he was conflating value to price.  The price is correct if Festool is selling the number that fits their business model, given the fact, both the 500 and 700 have both seen some of the annual price increases Festool does not think they are overpriced by 2x within their business model.  There is a point to maximize profits without diluting the brand and that is certainly what Festool is shooting for, I imagine they are fairly close.  

Value is a more individual and purely subjective idea. My mother would find zero value in a Domino outside what she could rade it for (money/good or services) where a professional that saves X amount of time per week using one (or more) might see the value as multiple times it price.  You would not expect someone with a pecuniary interest in an alternative product to not see much value in one.  

One will be very lucky to buy the 700 (in essentially new condition) with both assortments for 1-1.2K, to get it that low the seller would have to be unaware of the resell prices for this tool.   The resell value Festool holds is remarkable and another testament to the fact it is not overpriced but again value is a completely different equation.

[Handplanesandmore]

I believe he was suggesting that they are overpriced 2x new. 

but again value is a completely different equation.

Neither would I agree with the suggestion that prices set by Festool for the DF700 (or for that matter for any of its tools) are overblown 2 times. It is like saying a BMW is five times overpriced because a KIA does the same people moving job.

As for buying second hand Festool tools, don't forget that a lightly used machine could have been bought five years ago and the current retail price could be much higher than the price paid for the used machine due to Festool annual price increases. I sold my CT26 for almost the same price I paid for it even though it was "discounted" by almost 30% from the prevailing retail price, thanks to Festool's "wonderful" annual price increase routines.

Some people also wonder why people would pay that much money for a Kapex...and most of them are also the people who have never really used a Kapex.

Simon

[Juss1]

Got both Domino's through CL as well. Love using both but the 500 gets way more use. More to do with the projects I do I'm sure. Btw, there are adapters that make the 700 work with smaller bits made for the 500 except for the 4mm ( I think).

[fredhargis]

   

As for buying second hand Festool tools, don't forget that a lightly used machine could have been bought five years ago and the current retail price could be much higher than the price paid for the used machine due to Festool annual price increases. I sold my CT26 for almost the same price I paid for it even though it was "discounted" by almost 30% from the prevailing retail price, thanks to Festool's "wonderful" annual price increase routines.


Simon

That's very true, but the Festool products I've seen there is a date on the machine label with the date of Manufacturer. On this one you can see the 4/17 date in the pic. I don't see that affects whether the machine is a value....but that's just me.

[Handplanesandmore]

That's very true, but the Festool products I've seen there is a date on the machine label with the date of Manufacturer. On this one you can see the 4/17 date in the pic. I don't see that affects whether the machine is a value....but that's just me.

What matters is how you value your purchase. As long as the price you paid is good to you, that is the market price, and on one else can judge otherwise.

My point is in reply to another member about second-hand Festool prices. In general, a potential buyer should not look at an asking price based on its prevailing retail price which is inflated year after year. If one thinks a 15% off is a good second hand deal based on its retail price, one should counteroffer with a 25% off and one may still get the machine.

I have sold several Festool machines I bought new and I must say after the resale, it was cheaper for me to own than to rent.

Simon

[fredhargis]

What matters is how you value your purchase. As long as the price you paid is good to you, that is the market price, and on one else can judge otherwise.

So true, and that's often overlooked by many.

[Huxleywood]

I have sold several Festool machines I bought new and I must say after the resale, it was cheaper for me to own than to rent.

Simon

It is interesting that there are a few things that one can buy, use and sell for near or more than what they paid.  They are primarily premium products with premium prices and many of them see routine retail price increases.  It is interesting that Lie-Nielsen and Festool are among them.  It is even more interesting that most of the other goods accomplish at least part of the incredible resell value via limited production at least compared to demand.  Stainless Rolex and Patek Phillippe watches, Chanel and Hermes handbags, Porsche GT cars and Ferrari Mid-rear V8s.  It fascinates me that these tools, despite not being limited in production and designed for very mundane tasks, share resell attributes similar to Veblen goods.  Obviously, a big part of the Festool equation is no company has ever sold such a complete hand power tool ecosystem in the US nor have they made it so easy to obtain an extensive full line of accessories at the local level.  When you provide a product that meets or exceeds expectations along with generally extremely good service and support I suppose it logically follows that that product will support a very strong secondary market.

[Bob10]

It is interesting that there are a few things that one can buy, use and sell for near or more than what they paid.  They are primarily premium products with premium prices and many of them see routine retail price increases.  It is interesting that Lie-Nielsen and Festool are among them.  It is even more interesting that most of the other goods accomplish at least part of the incredible resell value via limited production at least compared to demand.  Stainless Rolex and Patek Phillippe watches, Chanel and Hermes handbags, Porsche GT cars and Ferrari Mid-rear V8s.  It fascinates me that these tools, despite not being limited in production and designed for very mundane tasks, share resell attributes similar to Veblen goods.  Obviously, a big part of the Festool equation is no company has ever sold such a complete hand power tool ecosystem in the US nor have they made it so easy to obtain an extensive full line of accessories at the local level.  When you provide a product that meets or exceeds expectations along with generally extremely good service and support I suppose it logically follows that that product will support a very strong secondary market.

I have found it possible on Used Milwaukee products.  Right angle drill, band saw, Hole Hawg, and Sawzall.  I have ones that I keep handy and when needing another for a jobsite that will be long term buy used, use and resell often at a profit.  It's like a catch and release deal

[alanealane]

Buy them from Amazon Germany for almost 1/2 the  cost.

Wouldn't that be a 220 volt 50hz motor for european use?

Congrats on the purchase by the way!