Packard Forum Index » V-8 (1955-56)

I just had a thought. For what I paid to have my 55 Caribbean reuphostered and a new top, I could have bought two brand new Caribbeans in 1955.

About right, based on my experience with my 56.

But if you look at it another way, in most of 55 minimum wage was 75 cents & average salary was about $4500. That new upholstery and top would have probably cost $500 or so. Not quite 2 Model T's, but it evens out.

If the fortune tellers are wrong again and we haven't fallen into the ocean by 2075, think about what someone trying to put upholstery and a top on a 2010 model will say--(if there's gas and any are worth putting money into, that is).

Adjusted for inflation here are the numbers:

In 1955, a Caribbean costs $5,932, which is $47,000 in todays money.

A $500 upholstery job in '55 would be the same as spending $3961 in todays money. Obviously the cost of an actual upholstery job today outpaces that of simple inflation as calculated above.

You've got me thinking back to the late 50s and early 60s. 1958 thru 61 I worked as a lab technician in a small chemical company - did everything, washed glassware, loaded trucks, unloaded trucks, did bottling and labeling. Gross was $55 a week, take home was $45.51 (why do we remember things like that?). 1962 I went back to the same place with a BS in Chemistry and started at $140 a week. And ALWAYS had money left over at the end of the week to put into Savings Bonds. Most expensive weekly expenditure after room and board was beer!

I started working for the Hudson's Bay Company as a clerk-in training in 1963. Salary was $175 per month for roughly a 50 hour work week (88 cents per hour). Room and board in the company house was $50 a month. My how times have changed!
P.S. As I tell my grandson "When I was your age I walked to school 3 miles one way in 3 feet of snow and uphill both ways."

A family story about my father. In 1946 my parents were living in a small house rented to them by an exceedingly nice elderly lady who lived next door.
When my mother told my dad that the landlady was going to have to raise their rent to $30 per month, he hit the roof (no pun intended) He said: "That's it, we're going to start looking to BUY a house. I'm not going to pay a dollar a day for rent to NOBODY".
The house they found cost them $7,500; which included the adjoining lot.

Inflation is not a $/time issue as much as it varies with quality of service/products and general economic trend.

The upholstery job for the 55 or 56 Carib at the depths of the depression ca. 1932-34 would have been about $100.00 complete with master level skilled upholsterer. And there would probably be 5 or 6 such masters standing in line for the job. NOT to mention done in leather, aligator or any other material of such a high quality that does not exist today.

Inflation relative to a dollar/time ratio produces exceedingly low inflation analysis. One has to consider quantity/quality and skill availalability as well as process methods. Such quantity/quality and skill factors that are perhaps simply not available today or would require a massive efort + $$$ + time to obtain or restore.

Jim L. writes:
"In 1946 .. a small house rented... a dollar a day for rent ...
The house they found cost them $7,500; which included the adjoining lot.

Yes. My grandfather was quite a gambler. In 1930 he won $7K playing poker over a 3 day weekend. His father in law begged him to buy a NEW house that was over in a small town. PRice was $1200.00 (Twelve Hundred).

So only 16 years generated a massive inflation due to WWII.

On the other hand:

Dollar a day rent in 1946 IS rather high compared to about $600/month today. That's $20/day today at least for this area.

Quite frankly, i don;t understand why ANYONE would rent OUT a house for $20/day today. I sure couldn't be bothered with anyone for a lousy $20/day.

Look at the price of TV's, refrigerators, and various other appliances. Relative to the 1950-1970 time frame those items are relatively CHEAP today assuming one has enuf savvy not to buy the top of the line gimmicks.

It is nearly impossible to make any PREwar analysis vs POSTwar. Like trying to compare Mars to some other galaxy.

Note, that it took from ca.1937 thru 1960 (about 25 years) for the DJIA to recover to pre 1929 levels of 900.

Quote:

Mars is a planet in a Solar System, while a Galaxy is a collection of millions of stars and their respective solar systems.


See thats was easy.