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Value of a Jet 1024?

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  • Value of a Jet 1024?

    There is a steel supply/surplus yard in my area that has been a Jet dealer since way back when Jet first started selling machinery. They have a Jet 1024 lathe that is brand new, still in it's crate that has been sitting in the back of his warehouse for probably 20+ years. He said I could have it for $1750.

    If I can confirm it is has no damage or major rust issues, is that a reasonable price or is it too high.

  • #2
    Kind of high since you can get a Grizzly 10x22 for a little over $1000 and get free shipping and parts are available.

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    • #3
      I had a Select 10x24 (the same basic lathe as the Jet, possibly from the same factory in Taiwan) that I bought new in the early 1980s and I think that cost me close to $1800 then. The 1024 is a much more substantial lathe than the current 7x/9x/10x lathes that I've seen, more the size of the modern 12" lathes. It also did inch and metric threads, had a back gear, and seemed like a light industrial tool (like a Southbend lathe was in its day) than an inexpensive hobbyist lathe like the current small ones.

      I had my 1024 for 20 some years before selling it to a friend as his first lathe.

      It would be worth seeing it if comes with a tooling package - steady and follower rests, chucks, etc. That can add up to a fair amount of money.

      cheers,
      Michael

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      • #4
        Sounds high to me also - move up to the $2000-2500 range and you get into the 12x36 lathes, which are way more lathe than that. In fact if you poke around a bit and scrounge up one of HF's 20% coupons, you can get their 12x36 for about that same 1750 price...
        If everything seems to be going well, you have obviously overlooked something........

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        • #5
          From what I have read, the Jet 1024 was a Taiwan built machine and it was a little more solid than the newer Chinese machines.

          I do not have enough bench space for a 36 inch model.

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          • #6
            I would guess that it's a really good time to be a buyer of a lathe.
            Lot's of shops closing down, forced selling, potential buyers not able
            to get credit. Might be bad for one's karma to be a vulture, but I would
            be looking for a really good deal at this time. I'm seeing some guys
            getting incredible buys on used mechanical equipment. Cash is king.

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            • #7
              Originally posted by Divtruk
              From what I have read, the Jet 1024 was a Taiwan built machine and it was a little more solid than the newer Chinese machines.

              I do not have enough bench space for a 36 inch model.
              From what I've seen, those Jet 1024's were not bad at all. Why don't you check it out and you'll know in an instant the quality. If it's solid, I don't think that's a bad price at all.

              I saw this on the internet...

              www.bondcar.com/lathe/Jet_1024_1236_Manual.pdf


              Edit: I can't get that link to work as posted. I guess you'll have to type the whole thing in you browser.
              Last edited by Mike Burdick; 12-08-2009, 04:50 PM.

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              • #8
                I had a jet 1024 for many years, just upgraded a couple years ago. Jet stopped supplying parts and even information for the machine just a few years after I got it. That turned me sour on jet in a hurry. The machine wasn't bad but liked to chatter.

                So, its a obsolete machine with no support or parts available (from jet)

                I feel the price is far too high under the conditions.

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                • #9
                  I have a Jet1024, Taiwan made in 1980, if I recall correctly. It is a decent machine, I like mine. I would agree that it seems to be a more solid machine that the current 9" and 10" hobby grade stuff coming from HF, Griz and the like these days. It is a decent compromise if you don't have the space for a larger machine. That said, the cautions the other guys mentioned about no support from Jet, etc., are all good advice.

                  And as gets mentioned in near every "machine value" post, the going price is pretty variable depending upon where you are and what the supply and demand dynamics are for your area.

                  I think his asking price is a bit high in my opinion, given the lack of available support. The "new in the box" aspect may add some appeal. At least you know it was not abused (mine had been, at least a bit).
                  Last edited by alanganes; 12-08-2009, 06:34 PM.

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                  • #10
                    That's a little more than I paid for my used Jet 1024 in the late '80s, and mine came with a nice cabinet, all the accessories, a bunch of tooling, and some nice measuring equipment. A knowledgable friend who knew I was in the market picked it up at an estate sale. I still feel like I got an excellent deal.

                    Mine's been a solid machine that does good work, and I've had only a few minor problems with it.

                    That said, I'd have to agree with Alanganes about the asking price being too high.

                    Roger
                    Last edited by winchman; 12-08-2009, 06:35 PM.
                    Any products mentioned in my posts have been endorsed by their manufacturer.

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                    • #11
                      I bought my Jet 12 x 24 back in the mid 70's, I think it cost about 2K then. I've been very happy with it. Who's too known if they came from the same factory as mine, but if it did I think you'd be happy with it. As far as parts go I've been lucky enough not to need any, I think the price their asking is high, I think 1K would be a lot more reasonable.

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                      • #12
                        He said I could have it for $1750.
                        Hey, if it looks good offer the guy $1200 or $1500 cash money. Things are not selling these days and not many people with cash money. Buyers market right now.

                        Outback
                        So much to learn, so little time

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                        • #13
                          The NOS aspect of something sitting in a box for 20 years can have a downside as well. I would expect the oil to have dried out in spots and I would take the spindle out and clean it before running. I have seen old lathes that have sat for some time and the spindles started to corrode in spots, and have a build-up of dried oil crud. (I'm wondering if this lathe has roller bearings though).

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                          • #14
                            I guess its safe to say that he hasn't got his price for twenty years now, so why would you change that? I think $1,200 is fair, but that assumes that there is no corrosion damage to ways and bearings etc.

                            Greg

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