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Henry Ford's ideological approach to Model T design was one of getting it right and then keeping it the same; he believed the Model T was all the car a person would, or could, ever need. As other companies offered comfort and styling advantages, at competitive prices, the Model T lost market share and became barely profitable. [71]
A Ford Model T. By 1916, the Ford Motor Company had accumulated a surplus of $60 million. The price of the Model T, Ford's mainstay product, had been successively cut over the years while the wages of the workers had dramatically, and quite publicly, increased. The company's president and majority stockholder, Henry Ford, sought to end special ...
The rear axle of the TT has a worm drive [1] and crown wheel, unlike the Model T's crown wheel and pinion. The worm is located at the end of the drive shaft and above the crown wheel. The wheelbase of the Model TT is 125 inches (3,175 mm), compared to 100 inches (2,540 mm) for the Model T.
Ford declared that Model T demand was "wide and ever-growing," but in actuality production peaked in 1923 and declined every year thereafter. A 1912 Model T advertisement.
[29] [34] The savings from mass production methods allowed the price of the Model T to decline from $780 in 1910 to $360 in 1916. In 1924 2 million T-Fords were produced and retailed $290 each.($5,156 in 2023 dollars [61]) [62]
However, in 1916, the use of credit expanded due to the competition among car dealers to match the low price of Ford's Model T. Medium priced car dealers allowed for their customers to pay in several payments over time for their cars. Soon the purchase of cars became credit-based in all countries.
Although Henry Ford was against replacing the Model T, now 16 years old, Chevrolet was mounting a bold new challenge as GM's entry-level division in the company's price ladder. Ford also resisted the increasingly popular idea of payment plans for cars. With Model T sales starting to slide, Ford was forced to relent and approve work on a ...
Because of the combined resources, the Owen Magnetic increased its range of offerings for 1916 model year adding a Holbrook bodied sports tourer for $6,000, equivalent to $168,000 in 2023. Production continued through 1918, with prices ranging from $3,000 to $5,000 (equivalent to $140,000 in 2023), when Baker shifted its focus to war goods ...