Snap-On Tools reported last week that their profits for the 2nd quarter are up 21 percent. Big deal, right? Believe me, I'm not trying to hand out investment advice. I have no idea how their stock will perform, nor do I hold any. But I do find it interesting that they seem to be selling more tools. Do-it-yourselfers rarely buy Snap-On tools because of their higher cost. If you want professional grade, you have to pay to play, and most how mechanics don't abuse their tools enough to worry too much about it. I will say this: My biggest Snap-On rolling box has seen more than 2o years of hard use and is still tough as nails and smooth as butter. But I digress. I only mention Snap-On's profits because the recent report seems to bolster many people's theory that drivers are holding onto their used cars longer and paying to have repairs done rather than diving in for a new car. If you fit into this category, you can save some serious cheddar by doing some of your repairs, or at least your maintenance, all by yourself. Get to it!
If you're interested, you can read a report on Snap-On's earnings along with some analysis at The Motley Fool.
Snap on tools and products are nice and all but for a guy like me I can not go out and buy all their tools that I need cause they get pretty pricey.
Great observation. The primary ‘rule of thumb’ for any investor buying individual stocks is to find companies you like whose business is sound and who have an expanding marketplace for their products.
It’s hard to go wrong buying stock in a company whose products you use and admire.
I am growing tired of cheap tools not getting the job done and I think many can share my sentiments. I Have a rolling tool box which is about five years old from a company called “Snap-In”. The wheels are tool small to support the load and now I need to replace it. I believe that one spends more money in the end if one decides to purchase discount equipment, especially if you have a used car which requires regular maintenance and repair.
At present I have a mixture of brands including many from the big-3 but, I must say that buying lower cost tools doesn’t necessarily mean you can’t get good quality.
There are several different brands of tools and tool boxes ( I DON’T mean Craftsman boxes.) that work just as well as Snap-on, Matco and MAC but are much more affordable than the 3 big name brands. You just have to shop around and find them. A knowledgeable person can or should be able to tell by the look and feel of a tool if it is of good quality or not. S&K & Crescent are 2 good examples and as far as tool boxes go there are very good ones available at most Farm & Home supply stores that can be bought for a song compared to a Snap-On box. I know because I have owned and used both.