Find out what things cost in today's dollars

[cafoose 3,354]

Here is an online calculator to show what things cost in today's dollars compared to what they originally sold for:

https://www.usinflationcalculator.com/

[Achto 27,502]

Here is an interesting fact. 25.5oz of gold could have purchased you a brand new Ford Model T in 1913. 25.5oz of gold will give you $31,700 & some change today, enough money to purchase a brand new car.   

Edited December 18, 2018 by Achto

[953 nut 55,065]

A few decades ago (about 1978) I picked up my neighbor (he was in his eighties) and took him to a car show with me. Though there were five decades separating us we had a lot in common and attending car shows was one of them.

We took in the show and went to an ice cream emporium for a cool refreshing snack. Looking at the price list he commented that when he was a student working part time in a soda fountain a banana split was thirty five cents, now they were three dollars. I asked what year he was working in the soda fountain, he said 1939. Asked what his wages were he said thirty cents an hour. At that time (1978) the minimum wage was two dollars and sixty five cents so I told him the price was the same as it had been when he was a kid;   a bit more than an hour's pay at minimum wage.

[WHNJ701 4,165]

interesting, 

the old man bought a mustang gt in new 73 for around 3k, that formula puts it around 18k.  however a new 2018 mustang gt now is about 40k

Edited December 18, 2018 by jabelman

[953 nut 55,065]

11 minutes ago, jabelman said:

interesting, 

the old man bought a mustang gt in new 73 for around 3k, that formula puts it around 18k.  however a new 2018 mustang gt now is about 40k

I think the majority of that cost increase is because of the NTSB Safety requirements. If Charles Darwin were in charge he wouldn't have allowed this, Natural Selection would require the careless drivers be allowed to parish in auto crashes.         

[wh500special 2,160]

1 hour ago, Achto said:

Here is an interesting fact. 25.5oz of gold could have purchased you a brand new Ford Model T in 1913. 25.5oz of gold will give you $31,700 & some change today, enough money to purchase a brand new car.   

 

Reminds me of my father in law frequently telling how at the end of the civil war and ounce of gold would buy you one men’s suit.  And today it will still buy you one men’s tailored suit. 

 

Two observations from this fact:

 

First,  the relatively constant buying power of an ounce of gold is the reason why it’s not usually the best  investment for actual weath growth.  

 

Second, it shows how cars have gotten cheaper.  $31k today gets you a highly sophisticated, NASA grade, rolling machine with 40000 parts.  In Henry Ford’s time you got something barely more complex than your toaster.  

 

It’s fun to use these calculators and look at how expensive things really were in the good old days.  Look up some Wheel Horse prices and you’ll be amazed they sold as many as they did!  

 

steve 

 

Edit: but wow, mustangs have really gone upmarket!

 

 

Edited December 18, 2018 by wh500special

[peter lena 8,580]

growing up in the Bronx in NYC , I thought I was in fat city ,with 25 cents, candy stores on every corner . soda fountain coke, 5 cents, 5 cent bag of chips, 5 cent candy bar and 10 cents worth of penny candy, all for 25 cents. I regularly scrounged up deposit bottles , 2 cents to keep things going. knackmans drug store, coldest ice slush sodas, guaranteed instant headache on a  hot summer day. that was one of the last " coca cola drug stores in the city ", with sit up fountain and marble every ware. marble floor with the coca cola girl in the marble work , you don't forget. used to pump home heating oil for 12 cents, people were in a panic , because it was going up a penny! we all have stories , glad to be around to tell my grandkids, they love it, I do too. my first car was a 37 gram page , standard sedan, cost me 25 bucks . learned to drive in it, scary stuff , pete