Huge Minelab Price Increase - And Gold Monster To Come With One Coil?

[dig4gold]

18 hours ago, phrunt said:

Well, it works, but would you be as happy with it if you paid the new pricing and it only came with one coil for that price?

That depends if I knew about the old price was & what I got for that price compared to what this new price & offering is going to be. Ignorance is bliss. If you didn't know, then you didn't know. Most things go up in price as time & inflation move forward. Probably costing Minelab more to make, market & release their detectors these days. Bit like going to the super market & knowing it costs you more almost every time you go there. But you still buy, or don't & go hungry.

As to the Nox 800 compared to the GM, it really was a bang for the buck detector. Still is but you have to buy the 6" coil as an extra. Even with the standard 11" coil it still hit pretty small gold. With the release of the 900 I don't suppose they are still making the 800 but just selling off what they have left in stock.

D4G   

[dig4gold]

10 hours ago, Steve Herschbach said:

Well, to cut to the chase they are charging a solid $1000 more for a GPX 6000. The price increase is more than most metal detectors sell for. They can’t squeeze a profit out of $7999, one of the highest prices ever charged for a consumer metal detector? It costs $1000 more to ship them? The chips cost $1000 more? Labor costs in Malaysia went up an aggregate $1000 more per machine in Malaysia? Just call me one of the doubters for any anyone trying to rationalize a price increase like that as anything other than a money grab, gouging gold prospectors to subsidize the sale of machines like the X-Terra Pro and X-Terra Voyager at extra low prices.

Yes, mining the miners. Or maybe they are recouping costs of all the failed coils replaced under warranty & the EMI issue & possibly shaft cam locks. The 6000 certainly had its issues. With its release back in April 2021 there are still 4 months of warranty to go on the first release models & likely many more months/years on later purchases.

D4G 

[Erik Oostra]

On 12/1/2023 at 1:13 AM, Steve Herschbach said:

Final note - no Equinox 600/800 on the list. Just no price increase for them, or getting discontinued what with the new 700 and 900 models now out?

I'm hoping that they'll be discontinued and that this will mean cheap 600/800s on the second-hand market.. Sort of what happened with the WM08s, I've recently bought one for $50..

I think Minelab's price increases just boil down to simple greed.. I also think the blowback will be enormous.. Unless potential buyers act now (this month/year) they'll not only be less inclined to buy their coveted detector next year, they're also less likely to upgrade to 'better' models and stick with what they've got..  

I think that being seen as money-hungry greedy bastards will lead prospective buyers to reconsider other brands.. In other words, Minelab will lose brand loyalty.. And for those stuck with a 'not as good' detector will try to squeeze a bit more performance out of it, maybe by splurging on another coil instead of another detector.. 

Whatever the case, it'll be interesting to see how this all plays out in terms of profits.. Will the shareholders be pleased or scream blue murder at the end of the financial year? I'm betting they won't have much to grin about..   

Edit: just read in Phrunt's post that the Nox 800 will also become more expensive, the Nox 600 stays the same price.. I guess this means they'll continue to make them?  

[araratgold]

21 hours ago, Valens Legacy said:

I believe that the veterans have deserved it as they have fought to save us all from all the evil in this world.

That's great for you guys in the US.

Here in OZ, we get NO military discount from Minelab, which is a bloody OZ company ! Talk about getting "shafted" ! 😠

[phrunt]

50 minutes ago, araratgold said:

That's great for you guys in the US.

Here in OZ, we get NO military discount from Minelab, which is a bloody OZ company ! Talk about getting "shafted" ! 😠

Imagine the uproar if a US company was giving veterans discount to Australians, but not Americans 🙂

It is a real kick in the boulders.    I don't know why they do that, I guess the mighty dollar always comes first and foremost.

Anyway, it's looking like the price hikes might possibly be world-wide, they're getting them in Canada.

 

[Valens Legacy]

1 hour ago, araratgold said:

That's great for you guys in the US.

Here in OZ, we get NO military discount from Minelab, which is a bloody OZ company ! Talk about getting "shafted" ! 😠

I'm sorry about that as I did not know that, it is unfair to you and Minelab should correct that asap.

During WW11 so many of your family members fought and died for their freedom just as ours did.

[fi4451]

Price hikes are frustrating to the consumer...but let's face it...a couple years of 7 to 10 percent inflation- this is bound to happen.  There could be a little greed mixed into the equation, but I believe it's more a product of inflation.  Whether it is cars or food, basically everything is getting more expensive.  Obviously I'd love to see the gpx 6000 selling at 4,000 dollars but how could I really expect that in this economy?  There is a new bar that has been set....it's higher for almost everything.  This was bound to happen...I don't like...but I get it.

[phrunt]

inflation is exasperated by businesses profiteering off it, using it as an excuse to put up prices far beyond their cost increases, and it's worse in some countries than others, Minelab fortunately for them sell a bulk of their products to countries outside of Africa with high inflation while producing their products in a country with low inflation.    This isn't an inflationary rise in pricing, it's opportunistic. 

[dig4gold]

Be interesting to see how these price rises pan out for Minelab with gold getting harder to find by the day & gold found getting smaller & way smaller in weight.

D4G

[Lynk]

The company is welcome to try increasing price on old tech in a weak market. Either the market accepts the increases or it doesn't.  Codan's sales will bear it out. 

Its 2023 segment margins were weak, but that's not a surprise. Codan had the post covid demand boost and its margins followed. 

For the three years pre-2020 margins were an average of 39%.  Simple math says the company needs a 12% increase in revenue with no change in cost to have a 39% margin again. 

The pricing strategy does not make sense to me, but if it doesn't work they will quickly be running "specials" to get buyers but keep us anchored to a higher MSRP.