How did you finance your Rolex?

[NeedRolexNow]

I've saved up some money. If I wait until I save enough to pay cash it will take another 2 years of saving. I want yellow gold and I like the Yachtmaster and Day Date with a presidential gold band. I'd like to own both but for now I'll be happy to own one.

What's the right time to finance? 20% of purchase price saved?

It's a massive itch waiting.

[cangelosijeff]

I wouldn't finance personally.

[Jason71]

I only buy when I have the cash. All Rolex watches I've bought I've paid cash. I guess I might consider financing for 6 months same as cash if I had to do so. (As long as it was 0% and no fees)

[looking to buy]

Cash only. Otherwise it just gets a lot more expensive with finance charges. I personally think that a luxury item such as this should not be financed. Just my two cents.

[asmfa5]

I wouldn't finance either. But if you must buy now to satisfy the urge make sure to insure the watch, because if anything happens to it like theft you don't want to get stuck making payments on something not in your possession.

[Evad3]

I wouldn't finance. But if it's 0% and you desperately want one now (strong name to post content correlation) , go for it.

[~JJ]

2 years of paying on a watch is a long time and I think you will grow to resent the piece over time. Wait until your ready, so you can enjoy!

[AK797]

I would wait till you have all the cash as this is a luxury purchase, but if you really can't wait that long then have at least 50% first.

[scarlet knight]

I don't believe in borrowing money. It's good for the lender. If you want to buy these unnecessary baubles, you have to pay the piper.

[KY5-0]

I would not finance it. These are luxury items that initially depreciate(yes Rolex holds their value better but none the less depreciate at first.) I have found that the discount will be there cash or finance. There is a chance though, you could talk to the trusted sellers on this here, tell them what you want, and have to spend. There may be a chance you could get both pre-loved for a fraction of the new cost. Just my 2 cents.

[Jhquek]

just saw a 50 months installment plan when passing an AD the other day.
man that's a long time to finance a time piece.

[RazorD]

I wouldn't finance either. Unless it was a brief gap you were trying to bridge (i.e. pending bonus or proceeds of something you were selling, etc)

[calj_whyte]

Is there a discount for paying cash?

If you had the money but chose to paid over x months, could you invest the balance and accumulate more in interest than the discount offered by the AD for paying cash? (probably not with todays interest rates)

Sorry thats the accountant in me... personally, cash every time.

[Jake B]

Originally Posted by calj_whyte

Is there a discount for paying cash?

If you had the money but chose to paid over x months, could you invest the balance and accumulate more in interest than the discount offered by the AD for paying cash? (probably not with todays interest rates)

Sorry thats the accountant in me... personally, cash every time.

In Hong Kong, particularly at used or grey dealers then yes there's usually a substantial discount for handing over a wad.

[Thatguy]

Cash only for a watch.


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[dstacy]

No arguments, no questions...you don't finance toys; period.
You pay cash or you wait.

[Les Paul]

Originally Posted by dstacy

No arguments, no questions...you don't finance toys; period.
You pay cash or you wait.

+ 1

While it meant waiting a little longer than I would have liked.

[superdog]

Originally Posted by dstacy

No arguments, no questions...you don't finance toys; period.
You pay cash or you wait.

Agree with this 100%, and then some.

Never ever finance luxury items. Ever.

That's my opinion. Quite a few others think differently.

But having debt, for something you don't need is insanity. 0% finance or not. Debt is debt. IMHO.

[thewatchguy93]

Originally Posted by superdog

Agree with this 100%, and then some.

Never ever finance luxury items. Ever.

That's my opinion. Quite a few others think differently.

But having debt, for something you don't need is insanity. 0% finance or not. Debt is debt. IMHO.

Boom..

[Tokyo Time]

Originally Posted by superdog

Agree with this 100%, and then some.

Never ever finance luxury items. Ever.

That's my opinion. Quite a few others think differently.

But having debt, for something you don't need is insanity. 0% finance or not. Debt is debt. IMHO.

Spot on. I have friends that claim some card debt is healthy and helps increase future credit. I violently disagree.

[Roger1079]

Originally Posted by Tokyo Time

Spot on. I have friends that claim some card debt is healthy and helps increase future credit. I violently disagree.

For people with well established credit of at least 700, there is zero benefit to carrying a balance. All that matters to the credit bureaus at that point is on time payments and having no revolving accounts utilizing more than 50% of the total available balance. I know I am oversimplifying it, but that is the majority of it.

Carrying a balance on a revolving account will only be of benefit to someone with bad credit or newly established credit.

You are correct in your thinking sir.

[Jake B]

I took the cash out of my pocket, counted it carefully & then handed it to the kind lady behind the counter.

[sunnyd]

If it's 0% financing (which a lot of Rolex boutiques are offering), then I'd do it. I would invest the cash I didn't spend up front and put it into the market to earn > 0% return.

[SUPERDOC]

Originally Posted by sunnyd

If it's 0% financing (which a lot of Rolex boutiques are offering), then I'd do it. I would invest the cash I didn't spend up front and put it into the market to earn > 0% return.

I've considered that...but how much extra Cash do you really earn?

with the online banking it may be easier...but at the time I played with this idea, the effort involved in doing all of that wasn't worth my time...
and if I just left the cash in my 'High' interest savings...it would be hard pressed to go untouched...

I agree with everyone else here....an unnecessary Luxury good is not something you Finance....

Its something you buy in celebration of having earned/saved the money...

It's "a Crown for every Achievement"....not "a Crown for every credit line"

[Mfrankel2]

Originally Posted by sunnyd

If it's 0% financing (which a lot of Rolex boutiques are offering), then I'd do it. I would invest the cash I didn't spend up front and put it into the market to earn > 0% return.

Nothing's "free" or 0% Someone's paying the finance fees and in this case it'would be the AD out of their profit margin. When you buy for cash, you can either negotiate a better price from the AD or even better, buy from a trusted seller for quite a bit less (as they are not "paying" for the cost of your 0% financing)

[bbressler]

Why don't you get a stainless steel model, save a couple more years, then flip the SS + cash for gold? Finance necessities, pay cash for luxuries.

[jerseyb]

If it's something you want and can afford it buy it. Many people finance boats and Motorcycles which can be considered "luxury" items.

[Kingpimpin]

I paid cash. My brother financed at 0% one year, no fees. He has the cash, sitting in a savings account that autodrafts, so he made like $2.

He also got a discount on the purchase price by negotiating a "cash price" vs credit card price, then asked them if they'd finance the deal. It saved a couple hundred. We did visit the store a couple times and wasted a couple hours looking at watches and haggling, but it was a fun experience.

[Ritch99]

Definitely would not finance a luxury item. That's why they are called a "luxury" item. They are not a necessity, they are a luxury. I would wait or sell other toys if you need it that bad. Then with cash in hand buy from the forum, many good sellers in here. And the prices are unbeatable. Just saying...

[tecknik10]

If you have to finance a watch you cant afford it.