Honest question >> How do people afford very expensive guitars?

[mmn]

If you use your guitar(s) to make a living, they're deductible as a business expense.

 

[bgmacaw]

Credit is the way most people make luxury purchases today, be it guitars, golf clubs or ritzy vacations. If you have a reasonable income and decent credit score you can easily get a card with a $10k limit or so. Keep your score up and you can get this limit extended until you get into serious financial trouble. I have friends who have at least $100k in credit card debt they're servicing.

I have a job that pays good and a decent credit score but I avoid unnecessary debt. To me, any debt that does not provide basic necessities, like housing or transportation, or provides reliable income is unnecessary. That includes guitar gear purchases. So, I stick with cheaper options or building parts guitars.

 

[Roy Clark]

I only have one Epiphone guitar, a Les Paul flame top, think I paid about £500 for it, it is the least expensive guitar in my collection.

I live alone with my dog, house is paid for, never go anywhere or do anything,
don't smoke or drink and live on my state pension.
As long as there is enough money in the bank to pay my bills, anything over is guitar money.
I just let the money mount up in the bank and when there is enough I buy a guitar.

Up to now I have 17 guitars, saving for the next one.

Sorry, I have forgotten how to post pictures.

 

[BGood]

... I will be doing a close comparison to see how different they really are.

We'll be waiting for that report.

 

[offsideref]

I think my Epi G400 was £240 new twenty years ago. I think today I’d only go over the £500 mark if I was being paid to play!

 

[Davis Sharp]

I'm going to go out on a limb and say that people who currently own multiple MIA guitars are either (1) not going to say what they do for a living and how much they earn, or (b) not members of Epi Talk.

 

[Jam Handy]

Once upon a time when I got married later in life (35-ish)(58 now) we had a credit card with a $12,000 balance. We went crazy our first Christmas together and got tons of presents for the kids, I bought a complete P.A. for my solo act, then we got married and put almost the whole wedding on that card. (Our photo guy sent us our pictures in Walmart envelopes, hahaha... a good sign the marriage was not going to go well). (It didn't, been divorced for 17 years this month).

Minimum payments on a $12,000 credit card (which mostly went to interest) were $600/mo.

I got a job doing contract telephone field engineering which took me state to state. We paid off that credit card in 3 months.

 

[Steven Westberg]

I'm a software engineer and single. I make less than you claim you were, but I live frugally and save money. My mortgage is about half of what most people pay for rent on a one bedroom apartment these days, I take care of my car and put about 1/3 of the miles on it/them that most people do. Wealth isn't necessary, planning is.

Oooeee that’s a lot of gear. You could open a music store!!

 

[Steven Westberg]

Once a guitar price goes over $2,000 (to me) that is expensive. I'm just really curious what kind of employment (if you don't mind saying) or how do people afford guitars that are $2,000, $3,000, $4,000 and more?

Let me explain my social situation... in 2016 I was permanently disabled and now I live on SSI social security disability of $783/mo. I do some part-time work-from-home stuff for a music store uploading new products to his web page. Before being disabled I was a contract field engineer for the telephone companies across the US and made (depending on the contract) $60k-$90k annually. Even at that wage with a wife and family I thought these guitars were still out of my price range.

An R9 Gibson Les Paul is $6,500 these days. A Gibson LP Custom is $4,700. USA-made PRS's quickly hit the $3,000-$4,000 mark.

I think some of these guitars are amazingly beautiful and I can understand the pride in ownership for sure. But I'd like to hear from folks (especially) that own 2 or 3 or more of these guitars at these prices... How did you buy them, what do you do for employment, and just plain how can anyone middle class or upper middle class afford guitars like this?

A few guesses on my part...
- Is it as the pun says they are "doctor and lawyer" guitars, only doctors and lawyers can really afford them?
- You have super good credit and you were able to throw one on your VISA or other credit card (or a store credit card)?
- You worked it out on a layaway of some kind? (maybe the store extended the layaway past the regular 90-days?) (I've done this before)
- You inherited wealth or created wealth well and above upper middle class norms?
- You sold a multitude of other guitars and gear (along with some disposable cash) to raise the funds for this one really expensive guitar? (maybe threw in a tax refund, etc... bonus checks from work, etc, etc)

Since I'm on the Epiphone forum with this, I have to say I love my Epiphones and all the guitars I've obtained that were $1,000 or less. I've shopped hard, fanaggled layaways with stores for way longer than 90-days, had some bargains drop in my lap out of the blue when I just so happened to have cash enough in hand. I now have 25 really cool guitars and none of them were more than $1,500. I've played guitar for 45 years and in 2016 when I was disabled I had to sell every guitar, amp, and pedal (and microphone and P.A. gear) just to survive.

Starting in late 2017 I started buying guitars, pedals and amps again. With very little and next to no money. The first ones I bought were all Squire Strats, Epi LP Special II's and the such I found at pawn shops for $60-70. I took 12 instruments to a store all at one go and got $1,200 worth of cash and gear. From that I started building much better quality items and started finding ridiculously awesome deals on guitars worth hundreds more.

I have since bought a Fender American Elite HSS Strat for $675 used and in mint condition with all the case candy... at a pawn shop across the street (New they are in the $1,900-ish range). At another poawn shop just across the Florida/Georgia border I scored a Fender MIM Classic Player Baja Tele in mint condition for $300 (new they are $825). A guy sold me a gorgeous mint Epiphone Nighthawk Custom Reissue for $200. I have an Epiphone Johnny A model I bought new on layaway from the store I work for with an employee discount. I have a gorgeous Gibson LP Traditional Pro II I got from the same store for $1,475, probably my most expensive guitar. The list goes on, 25 beauties like this but still I find many new guitars are just out of reach as far as price goes.

So, how did you do it? How did you possibly come up with the USA PRS money, or the R9 funds, or anything over $2,000 per item, and then how did you buy several guitars over that price?

Thanks for replying. I'd rather this not turn into a flame war against all companies with expensive guitars. I honestly would like folks to share their stories on how they acquired these types of more expensive guitars.

Thanks.

Jam

I buy some, but I also unabashedly ask for them. If someone with money says, “what do you want for your birthday?”

I tell them. A Les Paul Custom Studio, or what ever. I have received several expensive guitars that way.
I also buy real good copies and then mod then into exactly what I want.

 

[Steven Westberg]

Schaller TP-6 / Gibson PTTP-040
mostly used on the Lucille

That thing is beautiful...

 

[Steven Westberg]

I live in California, and I wonder how people can afford a new house here, paying a minimum of 500k for a 3 bedroom 1300 sqft home. I did pick up a Gibson Custom for just under 5k a few years ago, and the hype is real, it is a very nice guitar for sure. But... it is just a guitar like any other after a while of having it now for a couple of years. I just picked up the new Epiphone Les Paul Custom Joe Bonamassa BB, and it is a really nice guitar with an ebony fretboard, where my Gibson Custom has richlite. Anyway, I just picked up the Epiphone Custom and after I get it setup the way I like it, I will be doing a close comparison to see how different they really are. I changed the strings and oiled the fretboard last night, now hopefully today I can finish the setup to get her right for me and have a little bit of time with her to really give her good go at it with my TH30.

For houses In California, you have to wait for a market crash. I got my $700,000 house for $285,000 on a market crash.

 

[IGRocker]

I’m sure it’s been mentioned, but a lot of it is just smart budgeting. I don’t spend much on music equipment anymore, but I do on “fun” vehicles, and combined, my wife and I make between $50-55k combined so I wouldn’t say we make much. We paid off all debts (except mortgage) and live on less than we make, budgeting every two weeks for household bills, rainy day fund, retirement, etc. It basically gives you permission to spend when you know where everything is going.

Not sure if that helps, but that’s how I do it

 

[Simon Croft]

I have a Gibson ES335 Rusty Anderson model that will probably set you back about £4,000 in the UK today. Here's how I funded it.

My wife suggested that as I hadn't plugged in the two vintage tube/valve ex-BBC monitors for more than 25 years, and we were in the process of moving, they should go to the dump. I understood the sentiment, but said I'd put them on eBay as an auction. When I received an immediate offer of £50, I sensed they were worth more and turned it down.

What I didn't know was the serious following these amps have in the Far East, and the lengths collectors will go to secure these rare and prestigious items. My jaw almost hit the floor when the amps went past £1,000. When the auction finally closed on a bid close to £4,000 from a gentleman in China, I started to worry I was being set up. No, all went as planned, and I found myself several thousand pounds better off.

I could have spent the money on carpets for the new house, but I decided my windfall was going on the guitar I'd always wanted but could only dream of owning: a 1958 spec 335 in natural blonde. (My tired old hands get cramp if I play a 60s profile neck for even 30 minutes.)

A dealer was auctioning the Rusty Anderson on eBay at an SP of £2,750. I told him I'd give him exactly £2,750 that very day if he'd agree it was mine. He did.

That was five years ago, and I've never regretted buying the guitar. I just wish I had another two amps, because I'd love to buy an ES175, or a Gibson Byrdland...

 

[Roy Clark]

I have a Gibson ES335

View attachment 13008View attachment 13009

That's the next one i'm saving for.

 

[Imerkat]

These are Excellent the questions I thought to myself too but honestly I lost more money on cheap guitars than on 2k+ guitars. In fact I’m mostly on the plus to break even when turning over a Gibson.

Getting to the point about how much I make to the cost of what my wife refers to as my “man toys”: When I die they can sell it for more/less what I paid for it. Can’t say that about my favorite Epiphone alleykat. There is nothing intrinsic about the dollar but there is something intrinsic about handcrafted art.

I’m a fan of the Kalamazoo era Epiphones; the Coronet from Japan is the most beautiful guitar I own. I don’t think of it as a tool for a worker but me as a steward of the instrument.

 

[nmoc strat]

I now have 25 really cool guitars and none of them were more than $1,500.

Well, I live in Portugal, my financial situation is a bit diferent than most Of you, I make 800€ / Monthly. Of course, I cannot buy a 5000€ guitar, or even a 1000€ guitar every now an then. However, I dont think you have to be extremely wealthy to afford those expensive gear, most Of the Times is just a question Of priorities.

You see, Dont get me wrong, I'm not criticising you, but if, instead Of having 25 "affordable" guitars, you choose to buy just a few, maybe 5 or 6 more expensive guitars, you could, without having to be very wealthy.

I, for instante, nowadays, have 4 guitars, I had more, but, have sold a few, trade other, and bougth some others, end up with 4 really great, for me, at least , guitars, I like to use, a Gibson Les Paul Standard Gold Top, a FR HSS MIM Strat, a more or less custom built partscaster, with pieces from my first Squier, Warmoth and other more expensive parts, and a Martin Acoustic.

But what I'm saying is, with all the Cash I've spent on gear, I could have a few Of those very expensive gear (5000$ guitars) If I wanted, it all came to options.

 

[Simon Croft]

That's the next one i'm saving for.

Well, I hope you don't have to wait too long, because there are some lovely 335s out there.

Something I'd like to throw in the mix: a high quality guitar can last you a lifetime, and end up worth a fortune compared to the money you originally paid.

Here's a link to an epic trip of the Canadian Rockies by rail. https://www.canadianaffair.com/holi...idays/rail-holidays/grand-rail-circle-holiday While I'd love to take my wife on that vacation, prices start at 'only' £4,915 a head. There goes £10k in less than two weeks! At the end, you've probably got some great memories, a drive full of pictures, and a few pieces of native art you'll give to people who don't actually want them.

Suddenly, that Custom Shop Lester doesn't seem such bad value. As other have said, you can also lose silly amounts of money not so long after you drive a new car off the dealer's lot. These things are relative.

 

[BGood]

These are Excellent the questions I thought to myself too but honestly I lost more money on cheap guitars than on 2k+ guitars.

I never lost a penny on any sub $500 guitars I've bought and sold. The only one I could eventually lose money on, is the Epi 2020 LP Special I bought new. But it's not going anywhere.

I could go upscale and do the same I did for all the gear in this photo (nice Vox and Traynor amps are not showning here).

​

Not long ago (2013) after a ±30 year break, I started playing guitar again but didn't have the means to get great gear. and didn't really know what I wanted/needed. So I went on the hunt. I learned as I went. I'm good at jumping on deals and am not effraid to fix things. Let's say that by buying low and selling just below used market prices (faster sales), I ended up with all this for a total investement of about $1000.

Example: This 2012 Tribute Plus bought at $200, sold at $550.

​

I've grown to be knowledgeable in Epiphone gear, so I stay in that range and feel comfortable wheeling and dealing.

 

[Imerkat]

I never lost a penny on any sub $500 guitars I've bought and sold.

Why sub $500? I bought a ES-390 in two years ago:
https://picclick.com/2015-Gibson-ES-390-Small-Hollowbody-Electric-Guitar-w-Case-112875676898.html
Sold it recently:

https://reverb.com/item/14471016-gibson-es-390-2015-vintage-burst


Flipping guitars is one thing, but my point is that you’re are not losing money just because it cost 2k.

 

[dasherf17]

When I've re-started my 'guitar journey' around 12 years ago I had to save up a few months to get my
first 'good' guitar, an €piphone Lucille, back then they were around €800 new.
Basicly I've saved up all I could, mostly from doing side-jobs, cause I had to feed a wife and two girls as a sole earner.
Back then I thought I had to buy new - that has changed for the most part.
I try to fill up my war-chest and scan the market, if there is something that gets my interest i try to get it at a good price.
This worked very well, so I've sold some guitars/amps for a profit.
The most expensive guitar I've bought was a new FGN Masterfield for € 1700.-
now they sell for ~ €2000.-
The most expensive one, the FGN Virtuoso usually sells for €4-5000.- when new - I've spent € 1700.-
The most expensive amp I've bought is a Mesa Express 5:25+ Combo,
they sold around €1700-2200.- when new - I got mine for less than €800.- like new condition,
only footswitch was missing.

So my way to get those 'expensive' items is: save up and be patient.....
never bought a guitar/amp on credit

That IS the nice part about this hobby...they only go up in price for the most part. I bought my Bi-Centennial Firebird with full size humbuckers in 1984-5 for $400. Now, in spite of a sunburst makeover, I'm sure it would go for at least $1000 (maybe more?).