Last November Barack Obama was elected president. Obama’s official platform included a renewal of the 1994 Assault Weapons Ban and he was widely (and accurately) perceived as being anti-gun. His election set off a massive gun-buying spree that saw record numbers of gun purchases. That, in turn, led to empty shelves and inflated prices, not just for guns but for complementary goods such as ammunition.
Now people on The High Road are asking is the panic buying over? I think so. It peaked a month or two ago and now it seems to be going in the opposite direction. The best data I have for that is the Colt 6920, a popular AR-15 model.
Colt 6920 price history
A week before the 2008 election someone was selling thirty Colt 6920 AR-15s on Gunbroker for $1,200 a pop, which was a bit under the usual price. A few weeks after Obama won those same 6920s soared to $1,800 or more. (GunBroker’s auction search only goes back 90 days, but here ‘s an April auction for $1,750.)
Since then I’ve been watching Clyde Armory, which lists Colt prices on its Web site. Over time I’ve seen the sticker drop to below $1,600, then to $1,449, then to $1,349 last week, and to $1,249 today. An identical gun on GunBroker sold for $1,050 a few weeks ago.
The Obama-inspired gun-buying panic is over. Everyone who wants an AR-15 rifle and can afford it has one, at least until another ban looms. (Well, except me, but I’m not all that fired up about buying an AR-15. I bought a lower and some 30 round magazines last fall as insurance against a ban, but I refused to pay those inflated prices for a complete gun.)