Price Gouging

My particular state has price gouging laws in place for declared “emergencies”. It’s not very well defined but I’m curious if selling a PRO for 10-12,000 over MSRP would fall into the price gouging wheelhouse being they are using COVID as their excuse. Any attorneys out there care to give their opinion?

 

Those laws likely only apply to necessities.

I'm not a lawyer.

 

You’re probably right.

 

Necessities only.

 

Yea, never mind. It looks like certain necessities only. Although it’s BS IMO that they are doing it. But, if people are paying it then it is what it is.

 

Price gouging can only occur if you willingly pay the price being asked.

 

I am not sure what you mean and I don’t think you’re correct. Price gouging happened in TX just a month ago with NG and electric. Nobody willingly paid the prices being asked. But, due to an emergency and limited supply, suppliers gouged the living shit out of people. The same goes for “goods” when their is a shortage during an “disaster or emergency.” It was happening all over certain E Commerce sites at the beginning of COVID for toilet paper and Lysol wipes but that quickly came to an end.
Price gouging laws are in place so this shit doesn’t happen. Whether someone pays the price or not.

 

Price gouging laws never work, but free market supply and demand works every time.

 

Yes. Supply and demand does work. I have no doubt people will line up to buy these trucks at the asked for price.

 

And buying a new truck is hardly like paying for electricity in advance with a credit card to secure the future unknown payments.
People with $200 monthly bills just had the money sucked from the accounts and had agreed in advance that this was OK without ever realizing that they had done so,no one reads the fine print in an agreement except a Lawyer!

The only way to stop the gouging you are talking about is to never buy from those doing it.
And that will sure never happen!

 

No, it’s never going to happen. People are suckers.

 

I haven’t seen any at that price claiming Covid as the reason.
But I’ve seen plenty of Pros over the years marked up as high or higher than that price because of high demand, limited run, low supply, special edition, one-of-a-kind and similar reasons. Just like “local market adjustment” of $22k I saw on a Raptor once. Some one will pay it, or they’ll lower the price.

 

Tell that to the dealers marking up Dodge Demons or Ford GT500s by $50k+

I’m cool with the Pro buyers chasing their perceived exclusivity/rarity

 

I agree. In fairness, I don’t know that they are actually using “Covid” as the excuse as much as they have been saying it’s been harder to manufacture vehicles and keep up with production due to the pandemic. I guess I read between the lines on that one.

 

There's also the microchip issue slowing production of brand new trucks right now, which is causing the spike in pricing even more than demand.

 

Same reason we’re seeing 9mm at $0.70/round. Or primers over $200/1k.

I saw Toyota’s 2020 Tundra sales numbers posted somewhere - it wasn’t down. It was higher than several recent years. I don’t disagree that it feels like ‘21 production numbers are down, but it’s important to realize that demand is at an all time high too. And that is despite that same pandemic and the jobs impact it has had.

 

Good point and well taken. I’m not at all in disagreement with most replies. I woke up thinking about the price gouging law passed around here and was curious more than anything.
Scheels opened up not far from me recently and they had a decent amount of ammo at regular prices. I doubt it lasts long though.

 

*cough* Supra *cough* mark 4 type *cough* hellcat *cough* something like 50k over.

 

Yep. Makes 10 grand seem like a drop in the bucket. Do you think resale will keep up with the money forked over up front?

 

The new ‘vette too.

 

Supply and demand runs the market but manufacturers are taking advantage of a situation here.

 

Well. ammo is a necessity A gun without ammo is a paperweight. Almost pulled the trigger(no pun intended) this morning come across 9mm on palmetto state armory 1000 rounds for 745.00 but i cant spend that $ on something that was 270.00 couple years ago... Thank God I have enough for now...

 

Now if it were toilet paper ...

 

Hellcats?? Nah.. most don't stay on the road long, plus engine replacements are through the roof... my brother works at Dodge and the shopswaps engines out atleast 5 a month..

 

I think it will depend on demand. The automotive sector seems to be in a dangerous financing bubble right now, with 7-8 year loans becoming “normal”.

 

ninjajay when I was growing up we drove 15-20 year old cars to high school. In fact the parking lot was an antique car show compared to what you see the students driving now.

So yeah I think parents will keep forking over the money. The longer the financing the newer the vehicles the 16 year olds will drive.

 

My understanding of the electricity situation is that suppliers were gouging the shit out of suppliers on the wholesale market. A legal practice because that's how the legislature set it up - intending to incentivise electric providers with fat cash to get back online or generate more power when it's needed most. People like me who have fixed rate plans with reputable billing companies were unaffected. Those who chase the wholesale pricing (often with more questionable billing companies) to save a couple cents/kwh are the ones who got the surprise bills.

I'm not sure about nat. gas. We don't have fixed rate plans for that. While my bill was a bit higher (about 20%), I think it's from usage. Bringing the house back up from 40° once, and 60° the last time when it's <30° outside took some energy. We also burned a lot more on the stovetop making coffee / meals trying to help stay warm, and later boiling water for about a week while the treatment plant came back online. I don't think they gouged us on the gas side.

 

buy low, stack deep.... for those current times..

 

I really wanted to get into reloading before all this bs happened, now I regret not doing so...Its going to be like this for a long time....

 

Thats called Capitalism.

Don't like it, buy something else or do without.