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What do you have invested in tools?

Viewing 15 posts - 41 through 55 (of 55 total)
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  • #377448
    r-ice
    Pro
    Durham region, ON

    I wonder what would happen if I asked a guy that works on computers how much his/her tools or worth. Would that count the 20 yeas of buying various parts, tools, upgrading count as well? Or would a framer, electrician, drywall…. , could I expect the same answer? Do you keep your tools , sell off and replace, like everything new….? Not trying to be jerk, ( haven’t heard the word jerk since I was a kid,heard it used not long ago, had to use it). Just so many variables. What tools are you asking about?

    hmm a little different, cars and computers devalue in price as soon as you drive em off the lot. Where tools retain their value a little bit better unless it is a crappy brand.

    #377531
    Doobie
    Moderator

    hmm a little different, cars and computers devalue in price as soon as you drive em off the lot. Where tools retain their value a little bit better unless it is a crappy brand.

    Can’t really compare all those side by side. Ask any of these guys here how they can be buying the same tool that would last you and I many years that they may be replacimg every so many months instead.

    #378102

    That is a good idea to keep the owners manuals and receipts someplace. I think registering them can help in some instances confirm dates and items.

    Orange County, CA

    #380535
    asevereid
    Pro
    Kamloops, BC

    I think I’ve got about 3 grand invested in tools… Give or take a bit… Maybe less.
    I’ve been lucky and scored quite a few deals on some items; either on sale or at garage sales /used ads.

    Lurking Hit and Run poster.

    #380539

    Do you keep records of all tool purchases for the insurance purpose? How would the insurance estimate the replacement value without detailed records? Sounds like I need to start a thorough record..

    #380566
    jponto07
    Moderator
    Bloomington, IN

    Do you keep records of all tool purchases for the insurance purpose? How would the insurance estimate the replacement value without detailed records? Sounds like I need to start a thorough record..

    I have a spreadsheet…and receipts for purchase in the last few years. Prior to that, I never thought it was necessary to hang onto receipts.

    Jon P.
    Timber Carpentry & Construction
    https://www.facebook.com/timbercarpentry/
    Instagram

    #380570
    ChadM
    Moderator
    Rogers, Ohio

    Do you keep records of all tool purchases for the insurance purpose? How would the insurance estimate the replacement value without detailed records? Sounds like I need to start a thorough record..

    I have a spreadsheet…and receipts for purchase in the last few years. Prior to that, I never thought it was necessary to hang onto receipts.

    I have receipts for tools and equipment going back about 10 years. I have a hanging file thst I toss all my tool receipts in.

    Chad

    A Working Pro since 1993

    Member since 12/07/2013

    #380577
    Doobie
    Moderator

    Do you keep records of all tool purchases for the insurance purpose? How would the insurance estimate the replacement value without detailed records? Sounds like I need to start a thorough record..

    I’m really anal on this. I keep two sets of photocopies of receipts. One photocopy with the original receipts that could fade into oblivion on those thermal papers in a fire proof file cabinet in my basement. Another photocopy with the owners manual in a binder for warranty or other reference reasons.

    How long do I keep them? Til I no longer own the tool. And I don’t even need those for tax purposes as I’m just a hobbiest. But I have seen extraordinary situations where providing receipts umpteen years down the road can be necessary.

    Recent example here in Canada. Canadian Tire who sells lifetime warranty on many of their in house branded Mastercraft products for decades has now started since about a year or two ago to require receipts for warranty purposes. I only cringe at needing to replace one of my socket set pieces I bought 30 years ago for which I was not that diligent in keeping receipts as such in my younger days. One of the reasons to not deal with them any longer for new purchases.

    #380586
    EthanB
    Pro
    South Kingstown, RI

    Replacement value for all my stuff would probably be around $12-14k. I probably spent around $9k on what I currently have. If I were really starting from scratch I bet I could bet 95% of what I use in a month for $5-6k.

    #380610

    If I were really starting from scratch I bet I could bet 95% of what I use in a month for $5-6k.

    If I could start over, knowing what I know now, I would be spending my money differently than I did. Some tools looked or sounded good in the reviews but are just sitting around now because I grab something that I like better. I should hold a slightly used tool sale. LOL

    #380620
    EthanB
    Pro
    South Kingstown, RI

    I’ve sold or given away most of the extraneous tools. Some of my kit is used pretty rarely and I wouldn’t replace it unless I needed it for a job but I’m on my second or third generation of most tools.

    Giving away a used tool that I’m not nuts about is an easy way to make an employee happy and give me a good reason for buying the better/newer model I want. That makes the new tool even cheaper.

    #380655
    r-ice
    Pro
    Durham region, ON

    Do you keep records of all tool purchases for the insurance purpose? How would the insurance estimate the replacement value without detailed records? Sounds like I need to start a thorough record..

    I’m really anal on this. I keep two sets of photocopies of receipts. One photocopy with the original receipts that could fade into oblivion on those thermal papers in a fire proof file cabinet in my basement. Another photocopy with the owners manual in a binder for warranty or other reference reasons.

    How long do I keep them? Til I no longer own the tool. And I don’t even need those for tax purposes as I’m just a hobbiest. But I have seen extraordinary situations where providing receipts umpteen years down the road can be necessary.

    Recent example here in Canada. Canadian Tire who sells lifetime warranty on many of their in house branded Mastercraft products for decades has now started since about a year or two ago to require receipts for warranty purposes. I only cringe at needing to replace one of my socket set pieces I bought 30 years ago for which I was not that diligent in keeping receipts as such in my younger days. One of the reasons to not deal with them any longer for new purchases.

    good luck with that one, i encountered a problem with that system when they tell you they no longer produce that system. I think it was a bandsaw that @58chev was looking for a set of wheels for and we couldn’t even get them to figure out where can get get them even if we were to purchase one.

    #380678
    utopia78
    Pro
    Toronto, ON

    I keep all my receipts for bought tools and keep all the shipping documents for tools I get from here for future insurance.

    A Working Pro since 2004

    #380814

    I assume around 7 grand in my rolling tool box on the company site. plus my personal tools at home from my small business must be another 6 grand , if not more.

    #380824
    Doobie
    Moderator

    I should hold a slightly used tool sale. LOL

    I’m long overdue for doing that as well. Gonna have to do that some time to free up some space. Take a hard look at my army and send some to new homes.

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