SubmarinerFan Posted January 16, 2014 Report Share Posted January 16, 2014 Wondering how you folks purchased your Thompson. Colt's can go for over 30k. While I can spend 30k I don't want to spend that kind of cash on a gun, I'd rather put it a car, home updates, or even the stock market. There is something about spending over 30k on a gun that irks me. How did you folks manage to do it? Investment money? Savings? Spare Cash? Home Equity? Link to comment Share on other sites More sharing options...
Sig Posted January 16, 2014 Report Share Posted January 16, 2014 A big check from savings and yes it was a huge mental challenge. Link to comment Share on other sites More sharing options...
The1930sRust Posted January 16, 2014 Report Share Posted January 16, 2014 After firing the local Sheriffs 1928 Lend Lease, I had to have one. While walking through a local shop some weeks later, I spied an FBI case and drum sitting behind the counter. It was a from West Hurley in transfer to the dealer from a Dentist. Safe Queen. I got a signature loan for $7200 (!) and about eight months later it was mine. That was back on 2000. Of course, being a Westie, I put about another three grand into it making it nice and purty. My second, about a year back, was with some investment cash I had in a mutual fund doing NOTHING. (Left over from a life insurance policy from my deceased wife, but that's another story...) 15.5K cash to a private collector in Louisiana. Mi Savage that one. Only way I'll ever buy another is to sell both and get a Colt. Doubt that will happen. I have willed both of them to two members of my immediate family on the pretense they never sell them. Rust... Link to comment Share on other sites More sharing options...
bug Posted January 17, 2014 Report Share Posted January 17, 2014 Wondering how you folks purchased your Thompson. Colt's can go for over 30k. While I can spend 30k I don't want to spend that kind of cash on a gun, I'd rather put it a car, home updates, or even the stock market. There is something about spending over 30k on a gun that irks me. How did you folks manage to do it? Investment money? Savings? Spare Cash? Home Equity? You don't sound ready. It was more of a "Gulp" for me. I had trouble justifying the cost to myself but I really wanted them. I would have been happy if they had stayed at what I paid for them but I was pleasantly surprised on that note. Go in with the thought that you can recover your money if need be. No guarantee of course but comforting... Link to comment Share on other sites More sharing options...
bill luongo Posted January 17, 2014 Report Share Posted January 17, 2014 Became a class 3 dealer around 1983 bought four 1921 AC's that were from Raway State Prison for $ 8000 sold three of them and kept the worst one for myself "free". When I get time I will post pics and documentation. Link to comment Share on other sites More sharing options...
ineverlistentoFM Posted January 17, 2014 Report Share Posted January 17, 2014 I wanted one since eighth grade and being from NJ, i thought it was illegal everywhere to own them. I had lived in virginia since 2002, but never looked into it. In 2012, I bought two. Money, I had saved from selling a few classic cars and roth IRA (which back then was doing nothing-wish I left it in since the stock market is up to 16000, but the gun was an investment, too). My Colt guns were in the range you are looking. One seller was a PA Class-III, reputable, and another was a person who was in the hobby for 40 years. I felt comfortable giving them checks of that size. Some scams out there, be careful and be sure all the internal parts are original if the price is in the 30-40k range. you can get a shooter Colt for 25k 26k 27K, but it will have issues like missing original parts, reblue, pitting, replaced barrel, buldged barrel. In my opinion, id rather have a nice original with missing all original internal parts then have an original with original parts that has been rebarrelled and reblued since you can't undo that and make it original again. Finally, don't pay more than 20k for one that has pitts or rust "stains" discoloration--investors usually want pretty guns and they will get the highest numbers, but all specimens have gone up since 1921...that's the advice I'd tell myself when I flew blind into this 1.5 years ago when thankfully, it took 6-7 months to get my hands on it after transfer. ~IneverlistentoFM ps, don't put money in a "new" car and expect not to "loose" money. buy a done-up nice looking classic car for the right price and wait a while and sell that... Link to comment Share on other sites More sharing options...
MG08 Posted January 17, 2014 Report Share Posted January 17, 2014 Bought my first one for $3k in 1985, second for $10K in 2004, and an M1A1 for $7k a couple years ago. I always use Stuff like incentive bonus or other "free" money, as I consider them an investment in their own right. Link to comment Share on other sites More sharing options...
OCM Posted January 17, 2014 Report Share Posted January 17, 2014 a) Rob banks, police stations and pick them up when breaking out of jail marry a rich woman ( guy ) c) Spend you life scratching off lottery tickets d) Buy a Thompson instead of a home or wife e) Do a second mortgage on your home or wife f) Get a time machine and go back when they were affordable g) work your butt off and make a lot of cabbage h) Trade your first born male child for a 1921 AC I) dream your life away . Link to comment Share on other sites More sharing options...
Chief762 Posted January 17, 2014 Report Share Posted January 17, 2014 What you spend depends on if you want an investment just to look at, or a shooter. Hit up my 401k for a 14K loan to buy my West Hurley 28 last July. I've been interested in Thompsons since Sgt Saunders carried one in Combat!. I had an M1A1 in Vietnam, and in the late 70's got to handle and shoot the NH State Police's 1928 Navy Colts. It was a leap to spend the money, and the wife freaked a little, but it's worth it. Now I'm trying to decide what kind of 9mm submachine gun to buy. Good luck! Chief762 Link to comment Share on other sites More sharing options...
Kilroy Posted January 17, 2014 Report Share Posted January 17, 2014 g) work your butt off and make a lot of cabbage That was my key... I was up to working three jobs at one point. Down to 1.5 now. Link to comment Share on other sites More sharing options...
buzz Posted January 17, 2014 Report Share Posted January 17, 2014 (edited) OP, it seems to me that you would be far more happy with a less expensive gun than a collector grade Colt Thompson. Even a mint Colt M16A1, which is beginning to be seen as a bona-fide collector item, would be more like $24K right now. A new in the box UZI would be like $14K To answer your question, I bought my Thompson by saving up, penny pinching. Edited September 13, 2015 by buzz Link to comment Share on other sites More sharing options...
Sandman1957 Posted January 17, 2014 Report Share Posted January 17, 2014 I bought my first Thompson in 1986. A West Hurley at 1.2K. They have not gone down in value since. I did far better buying that Thompson than all my mutual funds. When I turned 55 I cashed out a bunch of underperforming mutual funds and bought a Colt 1921A. In 7 years, when the Colt is 100 years old and roaring 20 movies are all the rave, I expect an extra zenith to its net worth. At that point, I'll likely be downsizing and since NFA in general has not gone down in value, EVER, I do not feel like I am taking a huge risk. When you sell them, there are no annual fees, CEOs milking your account etc. Besides no-one has ever visited me and asked to see my mutual fund statements. No one has invited me to any gathering of mutual fund admirers. But everyone wants to see my Thompson whether it is the West Hurley or Colt, 99.9 percent don't know the difference. If you want one, buy what you can afford. When you sell it, you will not lose money. The quality of the people you meet and the circles you will become used to are a very good circle of folks. Not many nuckleheads in the Thompson admirers club. Ways I have seen them purchased: underperforming mutual funds. Home equity loans. selling other items to generate cash. The only thing I will warn you. You will not loose money on the Thompson. However, like a boat, what is consumes is costly. Merle makes a great 22 kit that is a must. Now if we can just find 22s again. Good luck. Hardest part is the year long "time out box" courtesy of BATFE. Recommend meeting with anyone on this forum who may live near you to see what they have etc. Seeing one, shooting one will let you know if you need to own one, or just see one on occassion. In 10 years new cars will not be a fraction of what they cost to drive off the lot. In 10 years your TSMG will be worth more than you paid for it. At the end of the day, it is a luxury and not a requirement. Let us know what you get:) Link to comment Share on other sites More sharing options...
mnshooter Posted January 17, 2014 Report Share Posted January 17, 2014 My only vehicle is a 12 year old Ford pickup. It's worth less every year.I'm going to use it this weekend to drive to the range and shoot Thompsons. Link to comment Share on other sites More sharing options...
snipershot1944 Posted January 17, 2014 Report Share Posted January 17, 2014 Interesting story. The first Colt 21 cost me $20k with accessories. I told my wife I was going to buy it and was going to pay for it using the home equity line and would pay it back from selling my US military collection. The second Colt was $30k with accessories and again was paid for using the equity line and was repaid from the sale of my German military collection and British sniper rifles. Link to comment Share on other sites More sharing options...
Uncle Dudley Posted January 17, 2014 Report Share Posted January 17, 2014 I have a small older house and a couple old vehicles (no car payment and small house payment). We refinanced our house last January (had a home equity on 1 Thompson) and saved between 65 and 70,000 dollars in interest and payments, including the balance of the home equity, which payed for my whole gun collection. Used some cash from a life insurance policy to buy the first TSMG, and the credit union gave me a signature note on my MP40. My banker said it was a better risk than a camper or a boat (and easier to store). It boils down to what you want. I looked at a new Ford pick-up on the lot for $87,500---I don't think so!!! How many MG's would that buy? U D Link to comment Share on other sites More sharing options...
audetnelson1 Posted January 17, 2014 Report Share Posted January 17, 2014 Bought my First Thompson in last december. Since i live in Canada my M1A1 is a Dewatt, only way to own a tommy gun in canada.It is a Savage circa 1943 M1A1. I paid 2200$ for it.I always love the look of the tommy gun especially the 28 model. Now i am on the quest for find a 1928 with the vertical grip and the drum mag... but verry hard to find in canada !Nice story everyone Link to comment Share on other sites More sharing options...
Dolphinvet Posted January 17, 2014 Report Share Posted January 17, 2014 (edited) a) Rob banks, police stations and pick them up when breaking out of jail marry a rich woman ( guy )c) Spend you life scratching off lottery ticketsd) Buy a Thompson instead of a home or wifee) Do a second mortgage on your home or wifef) Get a time machine and go back when they were affordableg) work your butt off and make a lot of cabbageh) Trade your first born male child for a 1921 ACI) dream your life away . I purchased my Colt 21AC via plan B. I purchased my AOC M1 Thompson via plan G, and soon a 28 as well via plan G. Plan C didn't work. Neither did plan I. Plan H also was a bust due to the fact I have a daughter and not a son. I just started buying Thompson's this last year, but have a decent collection of other machine guns, NFA stuff, and so-called normal gun collection too. I own a veterinary emergency clinic. They can do well properly managed. Now I'm trying to decide what kind of 9mm submachine gun to buy. Good luck!Chief762 Chief, if you REALLY enjoy cleaning a gun for a good hour after shooting and have lots of money, get an MP5. If you're more like me and will clean a sub-gun "every now and then" after shooting it, get an SWD M11/9. You can customize them to the hilt and they are great fun to shoot. Mine is so modified it looks nothing like the original, and it won't jam if you don't clean it every so often, which is more than I can say for an MP5. Plus they are a lot cheaper to purchase than most sub-guns out there. Here's a couple of "before and after" pictures of mine. It's a fun gun. http://i1080.photobucket.com/albums/j331/Dolphinvet/M119mmleftstock1.jpghttp://i1080.photobucket.com/albums/j331/Dolphinvet/M119mmLageleft2.jpg Edited January 17, 2014 by Dolphinvet Link to comment Share on other sites More sharing options...
dalbert Posted January 17, 2014 Report Share Posted January 17, 2014 I wrote a check for $1200 plus tax in 1988, and waited 60 days for the paperwork to come through from ATF. Those were the days... This was for a NIB WH M1. David Albertdalbert@sturmgewehr.com Link to comment Share on other sites More sharing options...
OCM Posted January 17, 2014 Report Share Posted January 17, 2014 This is some "cudda" stories. When attending the University of Nebraska, back in the late 1960s, there was an old bone- yard that had a Dewat Thompson hanging on the wall, 150 bucks. Ton of money for a college kid, almost talkedmyself into getting it, but didn't. No paperwork, you just bought it. You could buy a XK 150 Jag for 700 then. Almost did that too. Decided to eat instead. Link to comment Share on other sites More sharing options...
Sig Posted January 17, 2014 Report Share Posted January 17, 2014 Wondering how you folks purchased your Thompson. Colt's can go for over 30k. While I can spend 30k I don't want to spend that kind of cash on a gun, I'd rather put it a car, home updates, or even the stock market. There is something about spending over 30k on a gun that irks me. How did you folks manage to do it? Investment money? Savings? Spare Cash? Home Equity? You don't sound ready. It was more of a "Gulp" for me. I had trouble justifying the cost to myself but I really wanted them. I would have been happy if they had stayed at what I paid for them but I was pleasantly surprised on that note. Go in with the thought that you can recover your money if need be. No guarantee of course but comforting...I was looking at this post and my eye caught the word "Justify". Kinda like those who fly planes, no way to really justify the expense. For me both flying and Thompsons are fun and while I could never do a true cost benefit analysis for either,I am willing to pony up $ to enjoy them. Link to comment Share on other sites More sharing options...
SecondAmend Posted January 17, 2014 Report Share Posted January 17, 2014 Modest lifestyle, so saved up the cash. After the state where I live opened up all transferrable MGs to individuals (was C&R only), I bought an Uzi and sold the Thompson. I buy guns to shoot (hunt as well as sport), not collect, and the Uzi is much more 'shooter friendly' than a Thompson in full auto. I do still have a 27A1 semi Thompson carbine that I shoot. If I ever decide to buy a Thompson SMG again, which I doubt, I'll use cash. Link to comment Share on other sites More sharing options...
Dolphinvet Posted January 17, 2014 Report Share Posted January 17, 2014 This is some "cudda" stories. When attending the University of Nebraska, back in the late 1960s, there was an old bone- yard that had a Dewat Thompson hanging on the wall, 150 bucks. Ton of money for a college kid, almost talkedmyself into getting it, but didn't. No paperwork, you just bought it. You could buy a XK 150 Jag for 700 then. Almost did that too. Decided to eat instead. Reminds me of when I turned down purchasing an original Shelby GT350 Mustang for 13,000 back in the late '70's. Just look at what they are worth now. Lots of "could of" moments here, we all had and missed. Link to comment Share on other sites More sharing options...
Lancer Posted January 17, 2014 Report Share Posted January 17, 2014 Well....this seems to be a pretty hot topic....everybody has there own story so I may as well add mine. I always lusted for a Thompson but never thought I'd have an opportunity to own one. Although when I was younger, money was a big obstacle, I never thought I'd be able to get the CLEO sign-off. That began to change when the local City Prosecutor moved in next door to me. Over the years, we became very good friends. As some point I mentioned my desire to have a Thompson. After explaining the NFA process to him, he said he would give the sheriff a call and feel him out on it. A week latter I was shopping for my Thompson. LOL At that point in my life (I was in my late 40's), money was less of an issue. I keep an emergency fund.....I decreed the situation an emergency (LOL) and scratched out a check. I do have to admit, writing the check was painful but my only regret is not spending the extra 5k for the Colt the seller also had. Link to comment Share on other sites More sharing options...
timkel Posted January 17, 2014 Report Share Posted January 17, 2014 A Thompson is a purchase of a lifetime. Like anything, get the $$ somehow. You will find a way. Link to comment Share on other sites More sharing options...
Tman Posted January 17, 2014 Report Share Posted January 17, 2014 Got mine in an auction. An auctioneer friend was selling off an estate and the guy had a MAC10, a WH 28 and a silencer for the MAC. He asked me for advice on how to run the auction on the NFA items. I told him I would but he had to let me bid on it via mail as the auction was an inperson sale only. Well, a $4000 bid on the Westy won the day. A little extra money went to PK for his magic a year or so later. My Uzi, MP40, Stg44 and Handy Gun also came out of estates. Link to comment Share on other sites More sharing options...
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