Tekton Price Increase Notification

[WWheeler]

These charts . Its the really combination wrenches hitting an all time high that I think are particularly out of line. Also to the chart jockeys, wouldn't focus too much on the highs and lows as Amazon pricing is volatile. Look at the average. Tekton went up from $90 to $156 while the Williams looks like it went from around $315 to $365 (not including Zoro coupons).

If you are talking the last two years like dnschmidt was talking about, looking at the Amazon pricing charts you posted looks to me like Tekton went up from $90 to $156 (+ $66) while the Williams looks like it went from around $260 to $365 (+$105).

 

[Madjik Man]

These charts . Its the really combination wrenches hitting an all time high that I think are particularly out of line. Also to the chart jockeys, wouldn't focus too much on the highs and lows as Amazon pricing is volatile. Look at the average. Tekton went up from $90 to $156 while the Williams looks like it went from around $315 to $365 (not including Zoro coupons).

To be fair to Tekton they used to make and sell cheap **** out of China. It was around 2019-2020, I believe, that they repositioned themselves in the market and started using Taiwanese and USA manufacturers. Which of course raises prices. And quality.

 

[jsmeece]

To be fair to Tekton they used to make and sell cheap **** out of China. It was around 2019-2020, I believe, that they repositioned themselves in the market and started using Taiwanese and USA manufacturers. Which of course raises prices. And quality.

I still have several older tools, sockets, and extensions marked MIT before they changed their name to Tekton.

 

[toddmorr]

But that's the point, tekton is basically a Taiwan me too with a great website and what used to be an almost unique
warranty. They're pushing the pricing because they think they can. But at the end of the day they're not Astro or toptul for example.

 

[Madjik Man]

But that's the point, tekton is basically a Taiwan me too with a great website and what used to be an almost unique
warranty. They're pushing the pricing because they think they can. But at the end of the day they're not Astro or toptul for example.

Isn't Astro's hand tools all made in Taiwan?

 

[Madjik Man]

I still have several older tools, sockets, and extensions marked MIT before they changed their name to Tekton.

I have some early Tekton, made in China, stuff that is really low quality compared to what they are selling now.

 

[four.cycle]

^ Their first venture into the market with "MIT" - "Michigan Industrial Tools" - was pretty low-end stuff for sure. Probably why they changed the name of the line when they upgraded to a better product - same as Harbor Freight with their recently-introduced "Icon" brand - trying to position themselves a notch or two above "bottom of the barrel", which is where the market's perception of HF currently resides.

 

[82355]

To each their own but I really don't expect any company to warrant a 15 year old tool.

Seriously???

The vast majority of my Snap On and Cornwell tools are over fifteen years old, and I fully expect them to be warrantied. As they are.

Martin

 

[Farmall450]

These charts . Its the really combination wrenches hitting an all time high that I think are particularly out of line. Also to the chart jockeys, wouldn't focus too much on the highs and lows as Amazon pricing is volatile. Look at the average. Tekton went up from $90 to $156 while the Williams looks like it went from around $315 to $365 (not including Zoro coupons).

Good data comparison. Obviously the GW on sale are the superior buy.

 

[Farmall450]

Seriously???

The vast majority of my Snap On and Cornwell tools are over fifteen years old, and I fully expect them to be warrantied. As they are.

Martin

Seems like a simple concept to me.

 

[tool_scrounge]

I purchased a variety to Tekton tools for work around Oct 2020. I compared the current prices today vs. what I paid 27 months ago. The average price increase was 25%

 

[Odd-job]

If you are talking the last two years like dnschmidt was talking about, looking at the Amazon pricing charts you posted looks to me like Tekton went up from $90 to $156 (+ $66) while the Williams looks like it went from around $260 to $365 (+$105).

70% vs 40%, based on tool scrounge's data points this would be the highest increase on their list

To be fair to Tekton they used to make and sell cheap **** out of China. It was around 2019-2020, I believe, that they repositioned themselves in the market and started using Taiwanese and USA manufacturers. Which of course raises prices. And quality.

Definitely don't mind them going upscale and am willing to pay for their more premium offerings that offer a good value. Their wrenches though have stayed the same, but greatly increased in price well out of line of their other offerings.

Good data comparison. Obviously the GW on sale are the superior buy.

Thanks. This was just a reference point for another Taiwanese made wrench set.

The average price increase was 25%

This data point makes sense. The current 70% increase on the wrench set is definitely an outlier.

Kind of pissed my $65 Amazon warehouse deal score on this wrench set got lost in transit. Don't think I'll ever see that deal again

 

[dchawk81]

But that's the point, tekton is basically a Taiwan me too with a great website and what used to be an almost unique
warranty. They're pushing the pricing because they think they can. But at the end of the day they're not Astro or toptul for example.

Astro is also a Taiwan metoo.

 

[LWB]

I bought a 52" Husky box in 2019? for $398. They're now $650...(CDN prices)

These price increase are are on the low side of "normal" IMO.

 

[toddmorr]

Astro is also a Taiwan metoo.

yes, they are a Taiwan company, but my point was that their offerings are differentiated from the others---Onyx, the ball joint tools, Nano stuff, Goliath, etc...I see a lot more innovation in their stuff than the other Taiwan guys.

 

[m6z]

I bought a 52" Husky box in 2019? for $398. They're now $650...(CDN prices)

These price increase are are on the low side of "normal" IMO.

Yeah, I bought a Homak in 2019 for $1,300 shipped, today it's $2,993!

I did buy during a sale, but still..

I'm quick to jump on a deal these days with inflation being what it is.

 

[dchawk81]

yes, they are a Taiwan company, but my point was that their offerings are differentiated from the others---Onyx, the ball joint tools, Nano stuff, Goliath, etc...I see a lot more innovation in their stuff than the other Taiwan guys.

They're not original.

 

[CHI_Tool&Die]

Yeah, I bought a Homak in 2019 for $1,300 shipped, today it's $2,993!

I did buy during a sale, but still..

I'm quick to jump on a deal these days with inflation being what it is.

Homak has gotten ridiculous. I really like the grip latch style for their drawers but the price increases have been astronomical. Napa's Carlyle is in the same position. Everything they have branded Carlyle has had a massive price increase. It is interesting how so many Taiwan tools have had large price increases. I wonder if there's a mad dash to fill inventory and the Taiwanese companies cannot handle it or if their labor costs have skyrocketed or something else. Taiwan-made tools have definitely seen big price swings though. Meanwhile, my German and Japanese tools have had modest increases. USA-made stuff is also increasingly out of my budget, unfortunately.

 

[Odd-job]

^ suspect the higher interest rates and favorable exchange rates have really kept the Japanese and German tool prices in line or in some cases even a bargain.

 

[dnschmidt]

yes, they are a Taiwan company, but my point was that their offerings are differentiated from the others---Onyx, the ball joint tools, Nano stuff, Goliath, etc...I see a lot more innovation in their stuff than the other Taiwan guys.

That's because all of ASTRO'S designs come out of Chris Pettit's group in California and are then sent to Taiwan where their owner Steve Fisher now permanently lives. If TOPTUL would hire somebody like Chris Pettit to innovate they would crush everybody as their manufacturing is that good. The problem with TOPTUL is that their innovation is that bad.

 

[toddmorr]

Re toptul, that's believable about their manufacturing. I have a set of their long combo wrenches and offset box, the finish quality is amazing on both.

 

[Ton ton]

These charts . Its the really combination wrenches hitting an all time high that I think are particularly out of line. Also to the chart jockeys, wouldn't focus too much on the highs and lows as Amazon pricing is volatile. Look at the average. Tekton went up from $90 to $156 while the Williams looks like it went from around $315 to $365 (not including Zoro coupons).

Thank you for the graphs!

 

[ecotec]

Is Homak owned by Cornwell at this point?

I always see Homak on the Napa “real deals” it is crazy expensive now.

When I was a kid, I think Homak was a lower level of Kennedy.

 

[Farmall450]

Is Homak owned by Cornwell at this point?

I always see Homak on the Napa “real deals” it is crazy expensive now.

When I was a kid, I think Homak was a lower level of Kennedy.

I couldn't believe what it cost in 23 Q1 real deals. Not really a deal

 

[Ton ton]

Carquest also has Homak toolboxes listed in their catalog too.

 

[JWC86]

Something to consider is the purchasing power of the dollar over the last couple years. I’m not saying that’s all of the price increase as it’s not but it certainly is a good part of it in my opinion. And no I’m not talking about the published inflation numbers from .gov as it seems those numbers are perhaps a bit understated.

 

[david3921]

I purchased a variety to Tekton tools for work around Oct 2020. I compared the current prices today vs. what I paid 27 months ago. The average price increase was 25%

Unless I'm missing something, your math is off. Your first line shows a $24 to $24 is a 100% increase. It's 0. Your formula is off in your spreadsheet.

Edit - Your conclusion is correct (25% increase) but your sheet is a bit wonky. I guess to look at individual changes we are supposed to take the '1' off the percentage.

 

[tool_scrounge]

Unless I'm missing something, your math is off. Your first line shows a $24 to $24 is a 100% increase. It's 0. Your formula is off in your spreadsheet.

Edit - Your conclusion is correct (25% increase) but your sheet is a bit wonky. I guess to look at individual changes we are supposed to take the '1' off the percentage.

The labeling is wrong in my spreadsheet. i should not have said “difference, which would require subtracting 100% (I.e. 1) from the number as you stated.

 

[david3921]

The labeling is wrong in my spreadsheet. i should not have said “difference, which would require subtracting 100% (I.e. 1) from the number as you stated.

NP. I was able to figure it out...and thanks for posting the sheet.

 

[four.cycle]

ayayayaaa!

you have your math backwards.

if an item that sold for $1.00 increases in price to $1.50, that is a net 33.3% increase in price.

if you buy an item for $1.00 and you SELL it for $1.50, you've made a net 33.3% profit margin.

if you BUY an item for $1.00 and you want to DOUBLE your money, you multiply your buying price by 2.0 ($1.00 x 2 = $2.00)

if you buy an item for $1.00 and you sell it for $2.00, you've made a net 50% profit margin.

 

[drtyler]

if an item that sold for $1.00 increases in price to $1.50, that is a net 33.3% increase in price.

I don’t know, I think this would be a 50% price increase.

 

[DerekV]

(New# - Old#) / Old# = %difference

That’s how I’ve always remembered it, anyways

 

[four.cycle]

NO.
I think this is the reason so many small business start-ups go broke so fast - they're not computing their profit margins correctly.

NO.
If you have an item that sold for $1.00 increase in price to $1.50, that is a net 33.3% price increase.

This is the way math is done in buying and selling.

Divide the smaller number by the larger number. Subtract the difference. There's your margin:

e.g., $1.00 ÷ $1.50 = .666666666

I did this for a living.

 

[drtyler]

(New# - Old#) / Old# = %difference

That’s how I’ve always remembered it, anyways

Bingo, sorry @four.cycle .

And there are plenty of us that do this for a living, myself included.

 

[Sal Bandini]

NO.
I think this is the reason so many small business start-ups go broke so fast - they're not computing their profit margins correctly.

NO.
If you have an item that sold for $1.00 increase in price to $1.50, that is a net 33.3% price increase.

This is the way math is done in buying and selling.

Divide the smaller number by the larger number. Subtract the difference. There's your margin:

e.g., $1.00 ÷ $1.50 = .666666666

I did this for a living.

You are confusing profit margin with markup. They are not the same. Price increase from $1 to $1.50 is 50% increase, not 33.3% increase.

 

[four.cycle]

I've posted the correct methods above. See post #110
Thanks!

 

[Sal Bandini]

I've posted the correct methods above. See post #110
Thanks!

Oh really?

Profit Margin vs. Markup: What's the Difference?

Profit margin and markup are two accounting terms that use the same inputs and analyze the same transaction but they point to different information.

www.investopedia.com

So if you bought a wrench for $1 and I bought the same model for $1.50, how much more percent did I pay?

 

[four.cycle]

okay... sure fine okay.
I did it all wrong for over half a century.
sure fine okay.

 

[david3921]

Oh really?

Profit Margin vs. Markup: What's the Difference?

Profit margin and markup are two accounting terms that use the same inputs and analyze the same transaction but they point to different information.

www.investopedia.com

So if you bought a wrench for $1 and I bought the same model for $1.50, how much more percent did I pay?

50%. The key word here is 'more'. Let's use words. One dollar and fifty cents (your price), minus one dollar (my price) is fifty cents. So your price is fifty cents MORE than my price. Fifty cents is one half of one dollar (my price). one half, expressed as a percentage is 50%. Just as DerekV posted.

 

[david3921]

Getting back to the thread, I'm wondering if Tekton will actually lower prices in the future (when things get better?) and send out an announcement like Grizzly did.