Anyone who pays $1,130.00 for a 1/4" ratchet and socket set needs to have their head examined. And don't forget, that tool set usually winds up costing far more than that. Because a large percentage of Snap-On tool sets are financed through Snap-On, by way of payroll deductions.
A bit like the way the government sells US Savings Bonds, but with reverse interest....
A LOT of reverse interest. That is completely insane. The difference is Snap-On charges street juice loan rates. And remember, 63% of Americans cannot afford a $500.00 emergency expense today.
Many of these guys have to finance, because the bulk of the guys that buy them are young, and just starting out in their field, (mechanics).
Most have a ton of other living expenses to go along with it. Cars, home mortgages, wife, kids, various other credit card debt. The whole 9 yards. They are for the most part, cash poor.
By the time they pay down the ridiculous loan rates Snap-On charges, it ends up being way higher than the purchase price. In some cases like below, almost
double. And as far as Snap-On "holding their value"?.... They better!
It's not news that Americans are terrible at saving. We talk about it year after year after year. New to the 2016 conversation, though, is the fact that just 37% of Americans could pay for a $500 emergency using money from a savings account. The other two-thirds would have to resort to cutting...
www.forbes.com