I think back then people used more common sense and as said bought trains for cash. And the cash used was what became available after all the "real" expenses such as mortgage, groceries, kids clothes, car expenses etc were paid. if a few bucks extra were there, maybe buy some train piece.
I have story about the discounts. There was a small local hardware store chain in the area I grew up in. I heard there were 7 brothers and each one had his own store but they used the same name and probably bought in bulk.
They did discount Lionel stuff even before Christmas, and the one in my town at least always had a huge inventory. My much older brother worked for the local newspaper in plant going through a printers apprenticeship. He got off work one Christmas Eve about 4:30 and had a few bucks and wanted to buy me some train stuff for Christmas - he figured a few passenger cars. So he went over to store after work as they were getting close to closing time on Christmas Eve about 5:00. He said they seemed to have already started a Christmas party and everyone seemed to be in very good spirits, literally. So he was standing front of the big set of shelves about 15 feet long and 12 feet up to the ceiling in the old building. He was looking things over and was impressed by a new Santa Fe Freight Set - top of the line that year. In my research, I think it retailed for $75, The store manager came over and asked him if he wanted that set. My brother said yes, but he didn't have the money for it, he couldn't afford it, He said just wanted to buy a couple passenger cars for his little brother. Well the store manager said, how much money you got kid? My brother said $45. The Manager OK, you can have it for that, and he dug under the counter for the boxes and handed to my brother. He said, you take it down and pack it up. So that is how we got the big santa Fe set. When I grew up I gave it back to my brother and his son still has it.
