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Given the price difference, you could buy a new high end digital keyboard every 10 years and still be below the cost of a middling acoustic instrument after 50

by sulam 4y ago

Given the price difference, you could buy a new high end digital keyboard every 10 years and still be below the cost of a middling acoustic instrument after 50 years. You can’t justify acoustic economically unless you make your income from the piano. Aesthetically acoustic is the clear winner, but you’d better have your pocketbook well stocked. Personally I prefer electronic because I’m not a trained pianist and I appreciate the versatility of something like a Korg Kronos over the undeniable physicality of a concert grand. And I splurged a bit on my audio setup so I can still get some good body resonance going when I don’t mind potentially annoying the neighbors.

djtango 4y ago
Hmm quick glance the Kronos is around 2600 GBP. A good monitor set up is maybe 1000 GBP. At 2% inflation, a series of 5 purchases (one every 10 years) totals to 27815 GBP On Yamaha today, that will get you a 6'1" C3X. I don't have great knowledge of the market for second hand midrange Yamaha grands but if it's well looked after (which as discussed costs money) the value of the piano will not be zero. A spot check on gumtree[0] suggests that a well maintained 30-year old 6'1" Yamaha C3 is worth 50% of today's C3X. I'd be more confident that a well looked after Steinway B would command a decent price - especially if you picked up a decent 5-10 year old to avoid the premium associated with newness then sold it a few decades later. So for me, I don't agree that the economics of buying a grand piano are as clear cut as your post makes out but I agree that periodic upgrading of a DP is definitely viable and gives you more flexibility. I used to be really fascinated by antique pianos (Bechstein and Steinway) and I was really impressed how gradual their value decline was, but also how nice they can sound. A well looked after 1900s Bechstein sounds so beautiful. [0] https://www.gumtree.com/p/pianos/yamaha-c3-conservatory-grand-piano-free-delivery-belfast-pianos/1441152353 https://www.gumtree.com/p/pianos/yamaha-c3-conservatory-gran... Given that it is allegedly from a conservatory I'm willing to give the benefit of the doubt that the piano will be well used but also well maintained.
- sulam 4y ago
  Consider also the time value of money. If you buy the acoustic you are out all of that money immediately. If not, you can invest it and at least beat inflation. That’s assuming you have the lump sum in hand of course, you may not, and be forced to buy on credit, which will in turn drive a different economic analysis. I’m pretty comfortable in my belief here. Certainly the immediate winner is the DP, and you may not stick with it long enough, or even live long enough, to win the long term bet you are making here. Back to my original point — I’m not saying the acoustic isn’t worth it, simply that you should not analyze it from a purely economic point of view, because it is a losing argument from that perspective.
  - djtango 4y ago
    Fair enough. I agree that there is definitely more to just the economics of owning a piano. Times have changed but I do quite like the idea of passing down a piano too. I also can accept your reasoning and definitely agree re. time value of money (and the value of optionality) but I was surprised actually see the numbers play out the way they did. As for me, the much bigger problem is finding a place big enough to house a bloody grand piano!

by sulam 4y ago

djtango 4y ago

Hmm quick glance the Kronos is around 2600 GBP. A good monitor set up is maybe 1000 GBP. At 2% inflation, a series of 5 purchases (one every 10 years) totals to 27815 GBP On Yamaha today, that will get you a 6'1" C3X. I don't have great knowledge of the market for second hand midrange Yamaha grands but if it's well looked after (which as discussed costs money) the value of the piano will not be zero. A spot check on gumtree[0] suggests that a well maintained 30-year old 6'1" Yamaha C3 is worth 50% of today's C3X. I'd be more confident that a well looked after Steinway B would command a decent price - especially if you picked up a decent 5-10 year old to avoid the premium associated with newness then sold it a few decades later. So for me, I don't agree that the economics of buying a grand piano are as clear cut as your post makes out but I agree that periodic upgrading of a DP is definitely viable and gives you more flexibility. I used to be really fascinated by antique pianos (Bechstein and Steinway) and I was really impressed how gradual their value decline was, but also how nice they can sound. A well looked after 1900s Bechstein sounds so beautiful. [0] https://www.gumtree.com/p/pianos/yamaha-c3-conservatory-grand-piano-free-delivery-belfast-pianos/1441152353 https://www.gumtree.com/p/pianos/yamaha-c3-conservatory-gran... Given that it is allegedly from a conservatory I'm willing to give the benefit of the doubt that the piano will be well used but also well maintained.

sulam 4y ago
Consider also the time value of money. If you buy the acoustic you are out all of that money immediately. If not, you can invest it and at least beat inflation. That’s assuming you have the lump sum in hand of course, you may not, and be forced to buy on credit, which will in turn drive a different economic analysis. I’m pretty comfortable in my belief here. Certainly the immediate winner is the DP, and you may not stick with it long enough, or even live long enough, to win the long term bet you are making here. Back to my original point — I’m not saying the acoustic isn’t worth it, simply that you should not analyze it from a purely economic point of view, because it is a losing argument from that perspective.
- djtango 4y ago
  Fair enough. I agree that there is definitely more to just the economics of owning a piano. Times have changed but I do quite like the idea of passing down a piano too. I also can accept your reasoning and definitely agree re. time value of money (and the value of optionality) but I was surprised actually see the numbers play out the way they did. As for me, the much bigger problem is finding a place big enough to house a bloody grand piano!