Quoted: Cause it's "newer" and "better" and "fancier"
I'll stick with the M7. the M9 is a rambo POS
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I know jack about bayonets but a guy I know who is into knives said the M7s weren't that great, but I think he means the ones that were in use when he was in the military, which was probably the french and indian war
I would guess part of the reason is that there is new machinery, tooling or something like that that had to be purchased or built to make the M9s. This new investment in equipment needs to be paid off so the price is higher. The original equipment for the M7 must have been paid off decades ago so you can still make money on them with a lower price.
I would assume demand is part of that too, it is the new bayonet so people who are into that will want the new one. My impression from talking with the knife making company was that they're current sales are limted by their ability to make knives and they could sell more if they could create more.