Hang On to Snap-on

Dear Dr. Per Cap: 

I recently inherited a cabinet full of Snap-on tools from my late uncle who was an auto mechanic.  I don’t work on cars, but a friend told me they are top of the line and worth a lot of money.  Should I sell them or hang on to them as an investment?

Signed,

New Tool Owner

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Dear New Tool Owner,

Unless you really need the money or lack storage space, I’d be wary of selling your uncle’s tools.  Snap-on is indeed the premier brand of professional grade hand tools.  I work on cars myself, strictly as a weekend warrior, and can attest that Snap-On gear is highly prized for its quality and precision.

Hold a well-balanced Snap-on ratchet or a shiny set of chrome sockets and you’ll feel how solid and well-engineered they are.  I’ve heard some gearheads go so far as to describe them as works of art.

They’re also crazy expensive.  I have a few Snap-on pieces in my tool chest, but unless you’re making a living fixing cars, it’s hard to justify the extra cost for the average backyard mechanic.  Whether it’s an offset box wrench, a Torx screwdriver, or a set of pry bars, Snap-on hand tools are easily five times the price of DIY tool brands you’ll find at your local hardware or home improvement store.  Moreover, Snap-on tool cabinets, even banged up and rusted, are worth a pretty penny too.

Of course, offsetting those sky-high prices is the fact that Snap-on tools hold their value much better than other brands and fetch a nice premium on the resale market.  Run a quick Ebay search for used Snap-on tools and you’ll find listings with asking prices as high as 80% of brand-new prices. To help put this all into perspective, even a pretty basic Snap-On tool collection is worth a solid five figures.

Are Snap-on tools an investment like a house, land, or a stock portfolio that can appreciate in value over time?  Probably not, but think of them like family heirlooms you’ll find in many Native homes – hand crafted turquoise or beaded jewelry, vintage hand-coiled pottery, and original paintings.  Family treasures that can be passed from one generation to the next.

Understand that holding onto them will take up space, so you’ll need extra room in a garage that’s secure because thieves know the value of Snap-on tools too.  Note also that just because you don’t work on cars doesn’t mean someone in your family won’t take up the skill at a later date.  My dad died when I was young and my mom sold most of his tools shortly thereafter.  Granted they weren’t Snap-on but when I was old enough to start wrenching, I sure regretted having to buy a bunch of tools I knew he’d already acquired.

Another idea is to consider learning a few auto repair skills and using the tools yourself.  Whether it’s a hobby or trade, working on cars is an extremely valuable and rewarding skill, and a set of high-quality hand tools only makes it that much more enjoyable.