Inflation Is Driving Secondhand Markets Out Of Control, Here’s Why | Economics Explained

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What do old watches and used cars have in common? (Hint: Inflation)
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12 окт 2021

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Комментарии : 1,7 тыс.

@EconomicsExplained 2 года назад

Special thanks to our amazing Patreon community for making this video possible! We would not be able to make these videos without your support. ❤️ Get early access to new videos! ➡️ www.patreon.com/EconomicsExplained Also! Big thanks to Watchfinder & Co. for letting us use footage from their channel for our vid! ⌚️

@Student0Toucher 2 года назад

America is better

@alicialouisa3579 2 года назад

My aunt has a men's rolex she's tryna sell if u want to buy it haha

@Fallen7Pie 2 года назад

You're Australian. If you want a funny status symbol to celebrate you can buy membership at Rupert Murdoch's country club. The potential upsides are... highly diverse

@harmaanrajmadon7010 2 года назад

Now, if only one of your patrons were to gift you a Rolex! 😂

@AndyWBurns 2 года назад

So... after all that you didn't buy a watch? Not tempted to (once the Rolex AD has stopped laughing) nip down the road for a nice Omega/Grand Seiko/a.n.other?

@CatherineWilson8 6 месяцев назад

One major factor was left out is that we are seeing global inflation. I saw it in the news that most countries are all competing for parts , products food etc. Even nations that managed their rates better are seeing major issues. The glut of money was an issue sure, but the surging demand from nation that re-opened from covid lockdowns played a larger role. Add to this pandemic-related staffing issues and the intentional global oil supply problems and its a nightmare. I known the intention was to explain inflation but that doesn't do justice to the current inflation on a global scale.

@ScottArmstrong12 6 месяцев назад

People are working so hard and there is little or nothing to show for it. everybody is basically working to sort out one bill or the other no savings.

@ritalorrigan 6 месяцев назад

Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire..

@MarkGrimm8 6 месяцев назад

That’s why I always make it a point to speak with a financial advisor before making any investments. Apparently, I’ve been using one since the pandemic, using profits oriented tactics and minimizing risks as a buffer against inevitable downtrends. In addition they have valuable access to insider knowledge and analysis, making failure virtually impossible for them. I’ve made over $1.5million passively investing with Catherine Morrison Evans, my advisor for over three years now.

@suzannehenderson5 6 месяцев назад

@@MarkGrimm8 Such a priceless tip. I just discovered her exceptional resume when I made a google research of her full names online. Base on her online resume, she appears knowledgeable and well accredited I drop her a message and book a call session with her! Thanks so much for the information..

@nekomakhea9440 2 года назад

"Rolex doesn't sell watches, they sell collections" So it's just Pokémon cards or Warhammer 40k minis, but for millionaires?

@jaimebibelot4398 2 года назад

I know you meant that as a joke but you're actually VERY correct

@robertalaverdov8147 2 года назад

It's also jewelry for men.

@Bonanzaking 2 года назад

Even millionaires and billionaires have collecting hobbies. Expensive hobbies which generally provide other people with jobs in the process.

@russelltimmerman3771 2 года назад

@@Bonanzaking Correct. I am a middle class watch enthusiast. I will never own an A Lange and Shone watch but I am glad they exist and I have billionaires to thank for that. Almost all great art comes form the rich who pay for great artists. Government art nearly always sucks.

@dannyt6160 2 года назад

I'm not a millionaire, but I have a couple of Rolex watches in the collection.

@gumerzambrano 2 года назад

The used car market is absolutely insane. Cars with tens of thousands of miles are selling for what they cost new 😂

@cmdr1911 2 года назад

Im considering selling both my cars and rebuying them a few years newer. I get Fiat Chrysler employee discount at 2% under dealer cost. Might be a nice junk of change.

@benbaselet2026 2 года назад

The Seat Mi would have cost me about 15k new from the store in 2019 after subsidies etc. Now they sell for 19k used. Go figure.

@funveeable 2 года назад

That's great! I've been trying to sell my Lexus 2012 with 80k miles for the past few months.

@user-hv6wb5gk8p 2 года назад

Especially luxury items exploding in price despite the pandemic is honestly completely logical. Investment assets like real estate or stocks have risen significantly in value through 2020-2021 so while many in the general population might struggle their actual customers actually have more money to spend. Add an ever-present reminder that you could get sick and die any time, especially if you're already old and you have a bunch of rich people eager to spend it, increasing demand.

@ryanmaris1917 2 года назад

I’ve seen people trying to get $2k USD for cars without working engines, like what?

@diegomontoya8889 2 года назад

Lesson kids: Materialism is an abyss for the soul. You win by not playing the game.

@MrOpticBlade 2 года назад

Everyone plays the game to a degree. Like you owning a device to type this comment.

@SaraiintheSky 2 года назад

I totally agree. Minimalism is contentment

@diegomontoya8889 2 года назад

@@MrOpticBlade Oh, I am not that person, I am just telling folks what the formula is. Like the guy that tells me, "Maybe you should take your own advice." I know the route, but I am not walking on the path. My own worst enemy. And while I am failing, that doesn't detract from the truth. Another example of this would be me cooking. I get lazy and don't follow recipes and take liberties with the recipes, when a perfectly good recipe exists. The odds of my finished product not being as good as the original is greater than zero, when I simply could have replicated the success of the original recipe. It's not hard to do, I just repeatedly don't do it. So, Materialism is still a dark abyss, and one can win by not playing the game. I just repeatedly fail at not playing the game. Or, rather a Christian knows sin is bad for their relationship with God, but even with reconciliation, is still likely to sin again, for we are not perfect. The answer is simple, but hard to follow.

@tylerpeterson4726 2 года назад

@@MrOpticBlade Materialism is not simply owning things. Materialism is valuing and prioritizing acquiring and consuming goods. A person owning a device capable of leaving a comment on RU-vid is not evidence of their materialism.

@tonyravioli438 2 года назад

@@MrOpticBlade hate society yet participate in society curious

@GillerHeston 11 месяцев назад

Several of the biggest market experts have been voicing their opinions on exactly how awful they think the next downturn would be, and how far equities may have to go, as recession draws closer and inflation continues well above the Fed's 2% objective. I'm trying to build a portfolio of at least $850k by the time I'm 60, therefore I need suggestions on what investments to make.

@joshbarney114 11 месяцев назад

There are many other interesting stocks in many industries that you might follow. You don't have to act on every forecast, so I'll suggest that you work with a financial advisor who can help you choose the best times to purchase and sell the shares or ETFs you want to acquire.

@rogerwheelers4322 11 месяцев назад

As for me, I've been in touch with a financial analyst ever since I started my business. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders.

@FabioOdelega876 11 месяцев назад

@@rogerwheelers4322 Do you mind sharing info on the adviser who assisted you? been saving for pension since age 18 - company scheme. along the way I hit higher tax, so I added to my company pension with a SIPP (tax benefits) I'm 50 now and would love to grow my finance more aggressively, there are a few cars I still wish to drive, a few mega holidays.

@rogerwheelers4322 11 месяцев назад

@@FabioOdelega876 I have ”Colleen Jane Towe” as my investment advisor. She has a solid reputation in her field and is a true genius when it comes to diversified portfolios, which help portfolios be less vulnerable to market downturns. She may be a name you are already familiar with; a Newsweek piece helped me to do so. She's a Google-able person.

@FabioOdelega876 11 месяцев назад

@@rogerwheelers4322 She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.

@apc9714 2 года назад

I hope this process doesn't trickle down to other products. It is basically the most ineffecient way of meeting people needs, overproducing things people will not use

@matiasfpm 2 года назад

I lived this before. Its gonna be worse, m8

@iijokerzace 2 года назад

That's actually a good point, I think we will correct in the future due to what I see is a ton of luxury goods and business booming

@LuisRomeroLopez 2 года назад

Aren't there limitations in any other industries that prevent this trickle down from happening?

@laptv2144 2 года назад

You don’t have to worry because almost all firms are profit maximizing.

@sebastiangibson9671 2 года назад

@Luis Romero

@rodmeyer969 2 года назад

I must confess that this episode was a really good watch

@Erakius323 2 года назад

That joke was awful, I loved it.

@pushslice 2 года назад

Whoah, Time out! don't think for a second that we didn't notice your verbal sleight of...hand.

@MichaelCowann 2 года назад

About *TIME*

@whssy 2 года назад

You really had your finger on the dial with that well-timed joke.

@Erakius323 2 года назад

Personally I just love how synchronised everyone is in the replies. Their comments keep perfect time.

@jeffatturbofish 2 года назад

I work for a used car company that has over 150 lots in 12 different states. Covid checks went out, we would sell all of the cars on the lots. Fill up the lots, another check, empty the lots. Result: used cars had a 45% inflation rate in 8 months.

@eck0hcobra15 2 года назад

Great comment, thanks for the insight 👍

@johnl.7754 2 года назад

Is Kelly Blue Book pricing keeping up with the pricing of used cars? Hearing of these mark ups makes me think about sell my 2003 Boxster. Thanks

@djhowell5273 2 года назад

@@johnl.7754 nah ppl just refuse sale if it's Kelly blue book offer. They want that scam price

@jeffatturbofish 2 года назад

@@johnl.7754 Not really but then again, prices are starting to come down so soon blue book/black book pricing should come back to reality.

@wlee9888 2 года назад

@@jeffatturbofish How are sales volumes these days? Coming down a bit from the frenzy of 2020/2021?

@rayke0627 2 года назад

This video is just one big flex of how he was going to buy a 15k watch

@yay-cat 2 года назад

I was gonna say it was more of a hint. Surely one of the MILLION people who subscribed to a channel about money, do in fact have money themselves and can hook an Aussie up

@Falcodrin 2 года назад

@@yay-cat He's hoping one of his subscribers is an employee at one of these authorized dealers and can put him in the list.

@flipperflapperdapper 2 года назад

Yes and now his "patrons" know where their donations are going. Straight into his conspicuous consumption toilet.

@vu4803 2 года назад

@@flipperflapperdapper I’m subscribing to his patreon just because you’re whining.

@Falcodrin 2 года назад

@@flipperflapperdapper people earning money entertaining you isn't bad. There is a lot of work that goes into video production.

@Dominus_Potatus 2 года назад

The price of 4 years 2nd hand GPU is higher than the launching price even after adjusted by inflation.

@yaziris6 2 года назад

Gotta love Crapto shitcoins

@Elc22 2 года назад

Ex my 5700XT. got it for $420 USD MSRP new, it's going for a used price of $900 USD on eBay right now...

@H33t3Speaks 2 года назад

ChipWar.

@ReasonableRadio 2 года назад

But like the man said, so is the value of my investments, and they don't take up any space in my house.

@HughReadTheThird 2 года назад

Why?

@warmonger2500 2 года назад

I have to agree about dealerships representing brands. I had a terrible experience at a Toyota dealership in my 20s, and now I’m in my forties, I’ve never owed a Toyota. Logically I know Toyota makes excellent cars and trucks, but the dealership experience turned me off so hard, I won’t even consider looking at a new Toyota.

@jooptablet1727 2 года назад

That's why the Tesla model will win. Just order the product for the advertised price and it will be delivered to your door. No psychological games in the finance room, no bs.

@--julian_ 2 года назад

@@jooptablet1727 i hope the other manufacturers start doing this

@desertsoldier41 2 года назад

Toyota neither owns or operates those dealerships. If state laws would not get in the way, Toyota would implement the same direct sale model Tesla does. In Japan you customize your cars either online or through a boutique owned by the manufacturer and have them delivered to your home.

@asdasdjsjsjs4213 2 года назад

Send a complaint to Toyota. They’ll answer and force the dealer to give you an special offer

@BrightResultsMedia 2 года назад

My Lexus LS is pushing 300k and I’d drive it across the country right now without hesitation.

@jamesodell3064 2 года назад

I will stick to my $40 Timex. It keeps great time at a reasonable price. Two sons currently in college who will graduate with no debt. Its one's priorities in life.

@ifuknjk 2 года назад

u hv a i-phone... telling time !!!!!

@desertsoldier41 2 года назад

Nothing wrong with Timex, I have several Omegas and several Timex watches. Timex is stepping it up in the $300-$500 range also. They have some great field watches coming out and they have been going retro with rereleases from the 60's-70's. I wear the Omegas when going somewhere nice, I wear the Timex when I need a watch and don't want to be afraid of getting it damaged and/or stolen.

@johnbee7729 2 года назад

Watched another video on economics today - one that essentially said that debt is an investment so go in to debt big time!! Not my cuppa, I prefer zero debt, but I do realize that there is an alternate reality out there

@EarlSoC 2 года назад

Local man has more common sense than money. Many such cases.

@stainlesssteellemming3885 2 года назад

You pay $40? I found the one liked years ago at Target .. it's $30 on amazon and I usually buy two at a time (every 3 or 4 years). Why two? Due to allergies and wrist size, I need a leather wristband. Getting the local store to replace the wristband is more than $30 (15 dollars for the strap, labor charge, sales tax), so once the leather strap wears out/breaks, it's cheaper to toss the watch. Which, by the way, is why the "right to repair" movement is probably not going to help end users as much as they hope it will.

@ycplum7062 2 года назад

My wife was part of a training program for a large luxury conglomerate. They were desperate for Chinese speaking sales people and my wife speas two dialect of Chinese as well as Spanish. They had homework as part of the training program and she tried to get me to do the homework for her. I didn't, but I did go through some of the materials to guide her with her projects. Mainly asking questions, organizing ideas, providing some background info, and editing. I did make sure she knew the material. Luxury is fundamentally not what you need, but what you want. Much like Art, it purpose is to make you feel good (usually). It may make you feel good while using it (like bedsheets) or feel good by enhancing other's perception of you. In this regard, they broke up the "value" of luxury into three groups: extremely high quality, exclusivity, and life experience. This article mainly focuses on exclusivity. The value is in the feeling you get in having something few other people have.

@BirdTurdMemes 2 года назад

You just copy and pasted an actual article

@veduci22 2 года назад

Conspicuous consumption is basically just throwing money around just because you can and that should supposedly get you a "higher status"... "We live in the society".

@ryanmaris1917 2 года назад

This makes me think of the GPU market even more than the PS5. It’s not uncommon to see the price of a GPU double or triple from its MSRP on the 2nd hand market. There’s even a market of coders who make bots to try and help you buy these products (and even though they would technically sell as many bots as they want they don’t to increase the chance of their clients getting a card).

@Traul1983 2 года назад

That looks more like a classic pump-and-dump than the process of these invitation-only goods: middlemen buy up the whole supply and hoard it to drive up prices, then sell at a profit. Concert tickets were also being attacked before the pandemic.

@codyparker679 2 года назад

I paid 880 usd for a 3060ti. Was the cheapest one I could find at the time. Was 440 msrpthat hurt

@ItsSvetsi 2 года назад

This is due to supply issues, not intrinsic exclusivity of the GPU themselves. Similar outcome, but very different in how we get to the end point of inflated 2nd hand prices.

@sten260 2 года назад

if there is 100 people that want PS5 but only 10 PS5 is available, the price can go up indefinitely until only 10 out 100 people can afford it

@HH-le1vi 2 года назад

Some of the MSRP prices were also calculated before the tarriffs came into effect so most of them unless they were released this year are off by 25%

@quakealive4456 2 года назад

The irony of that PlayStation line and the announcement today of them selling to customers based on their “PlayStation buying history” is unreal. What a prediction!

@aritraroy6592 2 года назад

wait WHAT

@ruffledfeathers8716 2 года назад

Probably to avoid the scalpers getting their hands on them all to push their prices through the roof.

@Beregorn88 2 года назад

I come back just to comment about this...

@benzpinto 2 года назад

it should be based on the number of their playing hours instead of their buying history. as always, everything in society is made to favor the rich and wealthy.

@WildCountryLeather 2 года назад

@@benzpinto this is true because the wealthy have expendable income, and lots of it.

@vignesh0208 Год назад

Moral of the story: Stay away from brands. Focus on utility. (unless you're planning to flip the product for a profit ☺)

@rogeliocazares2661 2 года назад

"Crazy rich people with more money than common sense" 😂

@kenoliver8913 2 года назад

And how crazy are people trying desperately to become a crazy rich person just to show how crazy rich you are by displaying status goods? Call me a fuddy duddy old economist with distinct socialist leanings, but I reckon EE should try using commonsense and do something better to celebrate his 1M subscribers. Oh, and The Theory of the Leisure Class is still a very profitable read.

@lonestarr1490 2 года назад

@John Mateus Nobody should be that rich.

@justsomeguywithoutamustang6436 2 года назад

@@lonestarr1490 don't you want it to be the other way around?

@plumli4947 2 года назад

Who needs common sense when you have money? Losing 10 mil can't hurt them.

@justsomeguywithoutamustang6436 2 года назад

@@plumli4947 funny you mention cos it also works the other way around :)

@jamest5014 2 года назад

lets go, EE have finally uploaded 2 videos in the same month... please say you are returning to your old levels of video production I have missed them so much

@EconomicsExplained 2 года назад

Working on something very special mate! Stay tuned!

@jamest5014 2 года назад

@@EconomicsExplained Great, looking forward to it

@rodrigoizaguirre9578 2 года назад

He's fighting in the Squid Game to win that Rolex man

@Think_Inc 2 года назад

@@EconomicsExplained Glad my predictions of you using shrinkflation didn’t come true.

@woody500z 2 года назад

@@EconomicsExplained He's got to pay for that watch somehow ;)

@George_K. 2 года назад

You didn't talk about inflation other than mentioning people's purchases being driven by the expectation of prices continuously increasing. Am I missing something?

@lightsaber7047 2 года назад

LOL, an economist walks into a Rolex store, gets rejected, goes home and makes a video. Basically what happened here. This is the phase the psychologists call "denial".

@williamlancto3655 2 года назад

Nope. The guy is an inflation doom-monger, it's not a surprise he just throws it into the title.

@christianjon8064 2 года назад

@@lightsaber7047 yeah other watches aren’t doing this, only Rolex mostly

@REGjr 2 года назад

Amen brother. It’s still technically inflation despite being artificial

@phillydoo781 2 года назад

@@REGjr That's all asset classes right now.

@Zachary-Daiquiri 2 года назад

These businesses are behaving very similarly to monopolies. Intentionally producing fewer goods while simultaneously increasing price. Very strange considering these luxury goods producers are closer to oligopolies.

@jofx4051 2 года назад

I feel that usual good and this luruxy good just have different kind of market and how supply and demand works anyway considering they both have same utility just the differences are in how they are built and priced and how the demand works

@Olivia-W 2 года назад

Oligopolies can be even worse than monopolies. Harder to break up, for one.

@russelltimmerman3771 2 года назад

There is also another reason. If prices rise due to high demand they also must fall as demand falls. No luxury brand wants to be seen lowering prices and thus admitting that there goods are not the ultimate in demand product. In the long run watch demand will fall, people simply have no use for a mechanical watch and the current craze is in fact a fashion/fad. ROLEX is not interested in the next quarters earnings they are interested in the next 50 years..

@mojrimibnharb4584 2 года назад

That's actually the real reason. These companies don't really care about short term gains, but branding value over time.

@dominicrusho 2 года назад

This is absolutely not a fashion or a fad - mechanical watches have already been through the biggest existential crisis possible already when vastly cheaper, more accurate Quartz watches were introduced in the 70s. For a supposedly obsolete product they haven’t just survived since then - they’ve thrived. Nobody buys a mechanical watch simply to tell the time - they are objects of passion, beauty, obsession…a rational purchase they are not!

@TrigramThunder 2 года назад

@@dominicrusho if you think about it, every alternative to a mechanical watch gets a better replacement (watch with hands moved by battery -> digital display watch -> smartwatch -> ??? who knows what next) but the mechanical watch is completely outside of this race and just remains on its own, I can't afford luxury but I do have a ~$300 titanium casing sapphire glass genuine leather strap 14-jewel self-winding mechanical watch and a winder machine, the feeling of knowing that it will work for decades with barely any wear and tear is marvelous

@lonestarr1490 2 года назад

@@dominicrusho Well, I buy mechanical watches because I'm trying to rely as less as possible on batteries. Especially those that cannot be recharged and need to be exchanged. And of those especially those I cannot exchange myself. I hate running out of battery.

@epbrown01 2 года назад

@@lonestarr1490 Eco-Drive?

@sebastiand152 2 года назад

I would have to work much more to buy such stuff. So I decided: my luxury good is time. Spent with my family or on the bike. I do not envy people who want to buy watches for 5 digit figures.

@vinigasparini 2 года назад

This should be a top comment.

@insane_troll 2 года назад

Is it a luxury bike? Did you have to buy a whole lot of bikes from the bike shop that you didn't want just so they would sell it to you?

@sebastiand152 2 года назад

@@insane_troll Not really funny...

@FakeAssHandsomeMcGee_ 2 года назад

Those luxury goods are for people with disposable money. I am not rich and I agree mostly but if I got a position that paid really handsomely, I would buy such things.

@bestbry1 2 года назад

Me neither

@venkate5hgunda 2 года назад

Okay, the subject of this video can be: "Resale Markets are going out of control. Here's why." Inflation is part of it, but that isn't the driving force, right.

@Anonymous______________ 2 года назад

Lack of faith in "the system" creates an artificial increased demand on nearly all goods and services, further increasing the costs... Many folks people the system is on the verge of collapse.

@JSTama 2 года назад

@@Anonymous______________ But it's inflating the cost of luxury items. Since production has gone down, businesses still sell what they produce and people save more because they don't spend so much on stuff they don't need. That creates deflation. I think it might even out a bit. There'll be inflation, but not a catastrophic one as people fear

@JDP-88 2 года назад

You know it’s a problem when flipping watches is getting discussed on a non-watch channel 😂

@stevencooper4422 2 года назад

I mean this guy worships money anyways, however it is presented. As most of the consoomers. Things won't be like this for long

@English2Elvish 2 года назад

NAILED IT.

@mulliganstew72 2 года назад

Real horologists don’t even consider Rolex to be in the top echelon. … I went down the rabbit hole one time lol

@JayandSarah 2 года назад

@@mulliganstew72 most watchmakers are real horologists. Almost all of them will tell you Rolex is one of the best manufactured watches available anywhere in the world.

@Xpurple 2 года назад

I flip watches. This comment is amusing :)

@BigJonkulous 2 года назад

Guys, don't worry - It's transitory, the Fed says so. Just trust them.

@zenogias01 2 года назад

I mean, Fed polocy doesn't have much control over the price.of Rolexes, but sure, buddy.

@BigJonkulous 2 года назад

@@zenogias01 My comment is about inflation, and was made in jest. Though you lack an understanding of humor, at least you make up for it with your solid grasp on economics, pal.

@hexadecimal5236 2 года назад

I have a Masters in Econ and I don't reasonable see how they can stop or even slow money printing without triggering a great depression.

@FlintIronstag23 2 года назад

@@hexadecimal5236 Maybe the world needs a deflationary recession to get the prices of things back in check. They announced a 5.9% COLA today, which is the largest since 1982. I for one think interest rates should be raised to pre-Covid levels ASAP. If the economy can't withstand even those historically low rates, than let the Great Recession Two happen.

@ruigoncalves2 2 года назад

@@FlintIronstag23 I’m not an economist, but I think the world is so interconnected financially that if the US goes down, the (developed) world goes down. And the world’s central bankers are postponing the long term debt cycle recession (or depression) to as much later as possible, or honestly thinking they can actually contain it. What do you guys think?

@KangoV 2 года назад

I made a decision years ago to keep my gaming ~3 years behind the curve along with my GPU. This has saved me a ton of money. I really can see this happening in the GPU market. What with NVideia allegedly keeping back cards to keep prices high (this was leaked today from 5 different sources), I'll be Ok with my older cards.

@joyrider6456 Год назад

What you're saying about company's keeping back stock is EXACTLY what i'd thought is happening in the world right now. The consumer market has used Covid as an advantage to gain more profit in the long run.

@dlewis8405 2 года назад

I think a big part of why people would want to go to an authorized dealer for a Rolex would be the certainty of an authentic product. There are some pretty good knockoffs out there. So the person who buys the watch at the dealer would keep meticulous records so they can resale later.

@porkypine602 2 года назад

Sony selling ps5s to customers with a long history to the brand is already a thing. My friend and I both got sent personal links from Sony to buy the PS5 because we have been PlayStation plus subscribers for almost a decade

@orvvro 2 года назад

So you have a PS5? Or did you sell it

@harmleyten4 2 года назад

Wow really?

@richardminnick6797 2 года назад

It only makes sense to market to the folks most likely to purchase your product. I believe that's called, return on investment.

@supermarx 2 года назад

The ps5 has production issues. Ultimately if Sony could sell 7 billion ps5's they do it with a smile on their face.

@orvvro 2 года назад

@@supermarx 7 billion. Ikr

@EnigmaG 2 года назад

Next time when you buy an expensive handbag for your wife, make sure you get one of the classic models instead of the seasonal ones, classics will never go out of date and they usually have significant resell value.

@jakethomas1829 2 года назад

You buy your wife her handbags? What does she buy for you, pants?

@jackalenterprisesofohio 2 года назад

Well, if you do get seasonal one you can't stop becuase the more you have the more they are all worth, I mean would you buy just a seasonal 2019 bag, or a whole seasonal set from 199-2021.

@EnigmaG 2 года назад

@@jackalenterprisesofohio in general classic models have higher demand, hence higher resale value in my opinion

@EnigmaG 2 года назад

@@jakethomas1829 maybe I buy because I can

@jakethomas1829 2 года назад

@@EnigmaG touche', she's a lucky lady!

@LittleOrla 2 года назад

Went to Goodwill last week. Felt like they're trying to become a boutique. Prices crazy. 😦

@marks6663 2 года назад

thrift store chic. I can buy a new T shirt cheaper at Walmart.

@mulliganstew72 2 года назад

No kidding! Did he not realize we could go to Ross stores, marshals or TJ Maxx and buy these items brand new? Not to mention you have to like wear your Shabbos clothing to go shopping there because your feet are going to get dirty from their nasty floors and half of the items that they’re asking crazy prices for missing buttons, ripped, pulling/pilling, etc. That said, I will get deep and find the stuff they forget to overprice and it is my biggest guilty pleasure!

@MobileAura 2 года назад

I remember the good all days the first year Goodwill came out my mom found a $700 14k gold bracelet with gold trinkets for 5 bucks 😂

@PatrickAndFriendsPRO 2 года назад

more like badwill

@user-ee6ng4bb9l 2 года назад

St. Vincent is even worse. I recently moved and was looking for furniture, prices there on broken items where selling for the same price as new.

@cloudpoint0 2 года назад

Life rule: Never wear a watch that’s worth more than your arm.

@PhysicsViolator 2 года назад

Someone migh come with a jigsaw and v:

@herykisnen3402 2 года назад

And your arm is worth ?

@cloudpoint0 2 года назад

@@herykisnen3402 Arms vary in cost between $34,095 and $190,947 according to insurance industry schedules (2020 prices). Depends on whether it is your dominant arm, how much it has been used (age), prior condition, 100% loss or not, pain and suffering incurred during the loss, etc. 😢

@Arseization 2 года назад

@@cloudpoint0 Nice so then I can still wear a Daytona or even a 5990 depending on the insurance!

@nikkiandy1352 2 года назад

So we should never wear a watch then ? Lol

@russiansponge9813 2 года назад

The problem with luxury watch brands is that they cannot support the huge rise in demand over the last years. They themselves lack enough watchmakers (that is the case of Patek Philippe, earlier this year they said that this was the case for them and that it takes 20 years in total - including their own schooling - to be able to make watches for them). Rolex surprisingly came out with a statement about a month ago where they said that they couldn’t meet demand even for lower end watches because of supply chain problems.

@Master_Shredtacular 2 года назад

used/new cars: Skyrocketing in price Houses/apartments: Skyrocketing in price Computer Parts: Skyrocketing in price Agricultural equipment: skyrocketing in price Material Resources( Copper, lumber etc.) Skyrocketing in price Wages: stagnated since the 1970's

@SemiMono 2 года назад

@@snap__shot... That isn't good news. Raise minimum wage... that'll make inflation worse. Put price caps, that'll make shortages worse. Universal basic income, more inflation. The important thing is to increase supply and decrease money liquidity. That means stop giving out free money. More people working means more supply, and money starts to be worth something again. Also if people stop taking income for granted, they'll start to save for bad circumstances again, and stop buying so much stuff they don't need, so people who do need it will actually be able to get it (sir investor doesn't need 150 houses, but other folks do need 1).

@balpreetsingh6834 2 года назад

So, Ford "did not see" John Cena in court

@BroNapartay 2 года назад

John Xina needed that cash to give to his Communist handlers in order to boost his social credit rating.

@misterhat6395 2 года назад

Most Rolex haven’t been depreciating from retail, so even if you buy up other less desirable models you’ll be able to flip them after the AD finally gives you your GMT master 2 or whatever.

@lightsaber7047 2 года назад

This year has been especially good for Rolex (new and vintage)

@English2Elvish 2 года назад

Have you tried? Cause, no, this is not the case. You might see "used" Rolex priced at higher than retail, but that will be at an established and known used-watch seller. If you think you'll recoup the same "profit" (or even break even), you are mistaken.

@mulliganstew72 2 года назад

Same with Chanel handbags.

@JayandSarah 2 года назад

Factually incorrect.

@phillydoo781 2 года назад

@@English2Elvish ok then how come, if you buy 7 calatravas each losing about 2k (or even if we're being quite pessimistic 5k), you can be reasonably sure you'll get a 5167 or 5168 worth about 60-80k in profit.

@geminiblue6677 2 года назад

So much like the loot chest concept. Buy a whole pack of common, uncommon and a chance to get a few rare ones.

@justin_5631 2 года назад

EE: "With more money than common sense." also EE: wants to buy a $13,000 watch.

@phillydoo781 2 года назад

My guy, if he can buy it at retail he can triple his investment. Where will you find those returns without soul-crushing risk-induced anxiety.

@dandare1001 2 года назад

@Justin Yes, he showed his true vanity, there.

@adialogue1998 2 года назад

@@phillydoo781 Someone didn't watch the video

@Jme--- 2 года назад

A lot of people think they should always be buying and selling something. That’s a mistake. 99% of successful investing is waiting, learning and getting extremely lucky with the market.

@emilyfranklin8190 2 года назад

If you are not conversant with the markets, I'd advise you get some kind advice or assistance from a financial consultant or Investment coach. That’s the most ideal way to jump into the market these days because these whales don't care if you get hurt.

@Jme--- 2 года назад

@@emilyfranklin8190 There is a famous character Samantha Leigh Wentland. She has been making a fortune for a select few for years now. Lately, such services have appeared that allow copying the results of experts. This person demonstrates how to copy her automatically using such a service. We gotta try while the mark.

@marksway7292 2 года назад

@@Jme--- interesting.. please can you share her reach details

@Jme--- 2 года назад

@@marksway7292 She is well known for what she does, when you search her name on your browser, her web site is like the first thing that pops up. On there you can shoot her a mail or text.

@JayandSarah 2 года назад

You were doing well with your statement until you said "and getting extremely lucky". Successful investing is not gambling. There is not luck involved.

@MiraLambo 2 года назад

Found this channel a few weeks ago. Every single video is just amazing, well done!

@Orecatmeatprocessors 2 года назад

Most of us poor people buy $45.00 Timex watches. We still know what the real-time is and we save money we can use to buy Top Ramen. Also, I go to second-hand stores and buy nice-looking shoes and clothes. I look pretty good and the money I saved helped my kids have good healthcare, food, and clothing. That's what I call smart!!

@starcaptainyork 2 года назад

So the "End use" of the product is as a status symbol. So that you can wear this watch and other rich people will know you're one of them and can be trusted. basically it's like an upper-class decoder ring.

@lightsaber7047 2 года назад

Exactly.

@orvvro 2 года назад

I don't think a whole lot of rich people are knowledgable about luxury items though. Especially the world's richest... Or do you think Mark Zuckerberg knows about different Rolex models? Well at least he probably knows who owns them

@sigerian1085 2 года назад

@@orvvro of course he knows about the rolex models. You are drunk

@orvvro 2 года назад

@@sigerian1085 source: trust me bro.

@BatCountryAdventures 2 года назад

@@orvvro The point is EVERYONE knows about Rolex. That's why they ALL have a premium! You can get ANY model from a Rolex AD and enjoy similar mark up in price. EE just used the Panda is an example because it's the most extreme. And yes, Rolex is a call-card.

@vinex19 2 года назад

The type of Daytona you buy is critical for value, make sure to get de model pre 2003 when the two chronograph dials are aligned with the numbers 3 and 9. Just in case you decide to treat yourself.

@stewester 2 года назад

I believe you're referring to the 16520 Zenith Daytona, which is actually pre-2000. Agree with the sentiment though.

@capmidnite 2 года назад

Or you can be real lucky and get the on Paul Newman owned.

@capmidnite 2 года назад

One time one of the actual winners of the Daytona race, Jim Normon, took his Rolex Daytona (all winners get a Rolex Daytona) to a Tampa dealer to get a link taken out. The dealer told him his watch was fake (it wasn't), even though the watch had been presented to Normon by the President of Rolex.

@bobsykes 2 года назад

I love this. No one ever talks about this very odd but obviously visible market pricing effect.

@SkLLzDaTkLLs 2 года назад

One of my favorite videos you've made. Thanks.

@genkikiwi8240 2 года назад

Great video, thanks! I learned something today - you're a smart (and very utilitarian sensible) guy.

@illusive-mike 2 года назад

I'm getting strong lootbox/booster pack vibes here. "Get 10 commons bundled with the 1 rare you actually want! The commons will collect dust, but you want that rare, right?" Edit: also, as a gamer I feel the need to clarify the PS5 exclusivity situation. It's still slimy, but actually different from this phenomenon. For video games systems, the games themselves actually have primary utility, while consoles serve to facilitate them. The bulk of the money is made in software not by an anti-consumer contrivance, but because the games are the thing people actually want. The reason the order got flipped this time (games first, then consoles) is that Sony wanted to make more money from a console experiencing an unexpected shortage, so they prioritized getting them to the more avid spenders who would be expected to buy more games for them. But if they could just stock more consoles, then that wouldn't drop the sale of games the way an expansion of "exclusive" stock would drop the sale of "lesser" luxury goods.

@feryth 2 года назад

The rich man's booster packs

@lightsaber7047 2 года назад

Except the commons are still Rolexes

@illusive-mike 2 года назад

@@lightsaber7047 Do you mean that in the sense of "that's a huge waste on the commons" (which it is) or in the sense of "they're still Rolex, so they're valuable" (which they aren't, because you will only ever show off one of them)?

@glacialimpala 2 года назад

I mean gamers and rich people are people, we still have our irrational behaviors and logical fallacies. That's why it's not useless to learn about one since it applies to others, if you can switch things around in your mind

@adityachk2002 2 года назад

Always had such questions, thanks a lot!

@generalgrievous6689 2 года назад

I love this channel so much, I literally had this in a lecture a week ago.

@thrasherx9319 2 года назад

You almost gave the most salient point at the end: hard luxury assets are the surest refuge from hyperinflation. Whatever the dollar or the shekel is worth 10 years from now, there will likely be people with plenty of them that want a Daytona. A side note is that the retail prices of these things has also grown at a phenomenal rate over the last few years (e.g. Datejust, RTX 3080). I strongly suspect that a certain watch RU-vidr will likely hook you up with a Panda for the right collaboration. I won't mention the name of the channel since that might conflict with your guidelines but you can find him easily enough if you look. Thanks for the great content. You deserve all the success (and Daytonas) that your work has brought you.

@richardarriaga6271 2 года назад

Not if you have to pay lots of money to buy the luxury asset in demand and retailers restrict resale. Remember, you have to buy a bunch of low-demand products to get the high-demand one. And you can't flip products instantly like John Cena found out. Better off just spending it on an investment with high rate of return. If you horde money, you cause deflation, which means the money supply contracts until only the ultra-rich survive and none of us are Bezos, Musk, or Putin.

@ChocolateMilkCultLeader 2 года назад

Amy plans to respond to Money and Macro? Love both your videos and debates always helps people like me (noobs) learn

@someguy398 2 года назад

EE could easily be my favorite RU-vid channel. The content is so interesting! Please keep making videos!

@jasperwilliam7496 2 года назад

يعد الافتقار إلى الانضباط في التداول هو السبب الرئيسي لخسائر التداول خلال اليوم ، ويُقدر أن ما يقرب من 80-85٪ من المتداولين خلال اليوم ينتهي بهم الأمر بخسارة أموالهم في سوق الأسهم ، كما أن المعاناة من الخسارة هي أيضًا جزء من اللعبة ولكن هذا لا يعني أنه يجب عليك الاستسلام .

@levibedrero3596 2 года назад

من الواضح أن التداول في الأسهم متقلب للغاية ومحفوف بالمخاطر للتداول وهذا هو السبب في أن معظم المستثمرين يتداولون مع وسيط محترف.

@jameslucasbull3880 2 года назад

@@levibedrero3596 كنت أتطلع إلى استثمار جزء من مدخراتي في سوق الأسهم فقط لا أعرف كيف أبدأ. لست على وشك أن أخسر مدخراتي هاها

@cathinafreeman7464 2 года назад

@@jameslucasbull3880 الاستثمار مع خبير في هذا المجال هو الأفضل ، فقد كان كسب ما لا يقل عن 19500 دولار كل أسبوعين تجربة غيرت حياتي بفضل الوسيط الذي أتعامل معه. تعلمت بالطريقة الصعبة

@adrewspears7366 2 года назад

مع الوضع الاقتصادي الآن ، يجب على الإنسان أن يستثمر حقًا في بعض العملات الرقمية. لقد كانت مربحة للغاية

@ucheebuka8688 2 года назад

لقد كنت أبحث في كل هذا أثناء البحث عن أصل رقمي للاستثمار فيه ووجدت أن الأسهم هي الأكثر ربحًا منهم جميعًا ، وأنا بالتأكيد أرتد عليها

@lesliecas2695 2 года назад

Now I know how to pronounce all the names of these "elite" companies - at least in Australianese.

@taterkaze9428 2 года назад

Meanwhile, eBay has thousands of used shoes, belts, shirts, coats, and other apparel for sale. The top 10% worries about Rolex availability. Everyone else has to worry about necessities. I stopped wearing watches when cell phones started telling time.

@Sabadiver 2 года назад

Same here, wearing a watch these days is ridiculous

@ElAndresRodriguez 2 года назад

@@Sabadiver Not really if you're a busier person or can't have a smartphone on you at all times. Also it's just convenient tilting your wrist to see the time.

@doo71 2 года назад

Us top 10% aren't worried about people like you

@masskiller9206 2 года назад

my watch battery is solar powered. my phone battery practically dies twice every day. not the same.

@djocharablaikan8601 2 года назад

Actually i started to wesr watches again because i try to limit my time on the phone and i dobt take it with me at all.

@connorbingel7134 2 года назад

Proof that ur doing a great job is that I’m studying your style of presenting and transitions between segments to improve my own presentations for Engineering academy. Love ya mate

@buttermashpotatoes4617 2 года назад

this video is so eye opening, thanks.

@Jerry-tg2lj 2 года назад

love all the watchmaker and co clips you used 😂 as well as your knowledge of cars, watches and cars seem to run in simar circles

@wendygonzalez1704 2 года назад

“Having less stuff is the key to Happiness “. #truefacts

@RobotronSage 2 года назад

Inflation isn't just driving secondhand markets out of control they're driving cost of basic survival and living out of control

@davianoinglesias5030 2 года назад

Wooow this was so informative, as an Economics graduate I never had this persective. This video has opened a whole new way of understanding luxury goods, I'm doing more research into this especially now that PS5 has become an exclusive luxury good

@unboxingmontblanc4956 2 года назад

When you spend money like this, you become the brand's patron. You get previews, early access, and can give feedback on designs.

@nathanngumi8467 2 года назад

Very interesting... Good to learn that luxury goods have their own economics!

@devondeswardt6239 2 года назад

Excellent explanation!

@fourwheeltrader 2 года назад

Great video!

@LinuxGalore 2 года назад

You can make a decent living buying/selling limited supply products, a great example are cars or paintings. You just need to be very familiar with your subject and always keep an eye on production numbers.

@lightsaber7047 2 года назад

After watching this and going through the comments, I must say... and I've been following a long time, from zero to hero, that LOL this is how everyone reacts when they get to this point. Congrats

@hsy831 2 года назад

Thanks, i learned something!

@alm9707 2 года назад

Great video! Making complete sense of this ecosystem of luxury goods！

@ahren7741 2 года назад

Yep, definitely a rolex

@ifuknjk 2 года назад

when u retire after 60 years u get a sekio

@sukaenacornelius9285 2 года назад

Imagine being so rich that you have to ditch basic math skills to show off how rich you are.

@ifuknjk 2 года назад

really rich people wear a cisco g-shock costing us$34.00...they don't need to tell everybody how rich they r wearing a daytona n carrying a prada wallet.

@zenogias01 2 года назад

There's a point where you're so rich you literally can't spend money fast enough to impact your cash flow. This video is talking about those people, basically.

@zenogias01 2 года назад

@@ifuknjk Nah, they just buy overprices t-shirts that cost $500 each while looking like something you can buy in the Gap (lookin' at you, Zuckerberg).

@ReasonableRadio 2 года назад

@@zenogias01 That's not always true though. Rich people are often unnecessarily competitive types, and they get jealous of other rich people. They might have a ton of money and yet spend more than they can truly afford on these collections

@zenogias01 2 года назад

@@ReasonableRadio Yeah, I forgot the addendum: . . .as long as they manage their money halfway decently (a.k.a. have decent accountants and listen to them).

@fabiobravo329 2 года назад

The lidl shoes realy do prove a lot of your points

@WilliamBarker 2 года назад

Awesome vid! ♠

@mulliganstew72 2 года назад

How timely. eBay just sent me a notification that my discontinued favorite eyeliner of all time was on selling for $58.99. We’re talking about an eyeliner pencil!

@tonyiommisg 2 года назад

Most action figures I buy, I have to pre-order wayyy in advance (I'm talking mostly high-end 1/12 scale) and they basically are worth more than I pay for them the day they release or a month after (even if I've opened them a lot of the time). I've been able to almost have a self sustaining ecosystem of selling the older ones for way more than I paid later down the road to pay for the newer ones.

@Leptospirosi 2 года назад

Very well done!

@MrBizaaro 2 года назад

Just yesterday my hands started to shake ..thank god for an upload !

@alialhasani4647 2 года назад

Hey there Economics Explained: We could use a detailed episode about Supply Chain catastrophe.

@philoslother4602 2 года назад

0:55 there's a problem. 12k-15k isn't the 1/4th salary of an American. The median wage according to BLS (all workers included) is 34,000 USD :)

@LiveType 2 года назад

Hmm, you seem to be correct. That's a 2018 stat but seems to hold up. It's about $35-36k right now. Seems I was also incorrect as I was also under the impression that median wages were around the $50k mark. Median household wages are closer to $70k but that's not individual. Average wages, however in the 50-60k range. Those CEOs and whatnot are pumping the numbers up! What's depressing is that median wages haven't budged even a little in 50 years in the US if inflation is taken into account.

@Mara-om3je 2 года назад

@@LiveType wow! This is worse than I thought Sheesh

@Snook_ 2 года назад

@@LiveType THis is super missleading. AMerican salaries are massively reliant on tips in many industries. THey are not poor.

@philoslother4602 2 года назад

@@LiveType I know that, it's also depressing in Europe ;) I am from France and our median wage is 1800 Euros per month (according to our biggest statistics collecting agency) and the average is 2300 euros per month, but our gap between the median and the average is not as high as it in the US. Also, while our salaries are low and our GDP per capita is almost 50% of that of the US, life is more comfortable for the poor and the lower middle class because of the income distribution (GINI) and our health system, education system and the minimum wage. In the US, it seems that you will have a lot more money in net terms but then you will spend it on student loans and healthcare. When I used to live in the US, we had a big problem with this, my mom had to pay a huge sum for her child delivery and hopefully, my dad worked at a big tech company so he had GOOD-quality insurance that covered 100% of the injuries. Also, correct me but I have read that the BLS says that the AVERAGE household wages are 65000 USD? I don't know how median can be higher

@philoslother4602 2 года назад

@@Snook_ Workers who earn at least $30 in tips must be paid at least 2.13 USD per hour and if their monthly income at the end is less than 7.25% per hour, they must be paid the difference. Average tipping rate in the US is around 17%-20%, please do the maths

@glenngilbert7390 2 года назад

Thank you!

@algernonwolfwhistle6351 2 года назад

Excellent. Thanks

@everynewdaysk 2 года назад

Love your videos I thought this would have more to do with inventory and tight supply which is driving inflation though

@hotmodelinbikini 2 года назад

These items are mostly used in private auctions to dodge taxed when transferring money internationally.

@s3112423 2 года назад

Good to see EE is a watch guy as well. Even quoting reference number of Rolex like Nico Leonard.

@brandonrottman9533 2 года назад

The auto dealership analogy to watches works well, however almost every single Rolex is above retail price on the secondary market. If you were able to buy any Rolex from an AD, you almost immediately have profit

@Artak091 2 года назад

Australian economics man, can you do a video on lock downs impact on economy? Like Australia is particularly aggressive.

@m136dalie 2 года назад

Only Melbourne and Sydney really, the rest of Australia basically has no lockdowns at all. The problem is you can't travel freely within the country so families are seperated with no ways to reunite. Soon it will be easier to travel from Sydney to London than Sydney to Perth.

@FakeAssHandsomeMcGee_ 2 года назад

It is crazy there.

@Chris-be3pi 2 года назад

Perfect market for a pusher or middleman. I imagine it’s going on at some scale now with the shortages

@AlexEMF 2 года назад

I'm a new subscriber and this is the very first video I watched. It's economics explained, but to me it felt like economics confused because I had a little bit of a hard time understanding the content of the video. I hope it's not the case with other videos. I love economics. I watch pretty much all channels that talk about deep economics and planning to create my own in 2022. Update, I re-watched the video, and I see what made me confused. It's the title. I clicked on the video expecting to watch something about the supply chain shortage, but it's about the exclusive products that some companies offer.

@odellkeyes6218 2 года назад

very nice video thank you

@_Abjuranax_ 2 года назад

That Bugatti is owned by a Hollywood Shoe Store, and yes those shoes are expensive.

@terryschmitt8050 2 года назад

This is surprisingly similar to a more main stream market of Magic: The Gathering or other collector's items.

@estebanzhang9139 2 года назад

I hope you get your watch soon 🥳 Congratulations on 1 million subscribers.

@floso1916 2 года назад

thank you for your time! Your videos absolutely rock (and you know it ;) ) cheers btw is apple affected by these things as well? Their products keep their price (value) relatively well

@angusmurray6578 2 года назад

Get yourself a Casio 91-W like a real economist. Oh wait, those watches even re inflated and I can't but them in bulk on eBay for $1 each. 😌

@supermarx 2 года назад

Why were you bulk buying them for $1 each in the first place?

@nona1271 2 года назад

Same reason art becomes valuable shortly after the artist dies: It's a great way to launder money without letting anyone who isn't "in on it" get a piece of the action.