Milgauss - To Finance or Not!

[Darlinboy]

My advice would be don't finance. Dream and save for a while! It'll be much sweeter when it comes, and it will come if you really want it.

[ansharma]

I wouldn't finance a watch - even if you got it you might feel guilty every time you look at it and until it is fully paid off, you may never actually feel like it's yours.

[Sarajevo]

I think you should hold off; borrowing money and taking on another monthly payment over a period of years is very risky, especially for a non-essential item. I am not sure how things are in NZ, but here in the UK, the country has been laid low by people borrowing to buy things they could not afford.

[britincali]

I got into the whole "screw it put it on the card" thing about 6 years ago, my credit was awesome and I was making good money, well things turned.... All of a sudden my 10 k balances at 0% ran out and I was now paying 8-11.9%.

Took me 3 job swaps and 8 months to pay everything off, now all I owe is 80k on my house.


The only things that should be financed are houses, cars and the occasional emergency credit card use.

Ive been saving for the last 2 months for a white EXPII that im gonna get from one of the trusted sellers on here, im over halfway there and I only stashed money that we will not miss or need.

I am soooooo tempted to just pull the cash from my line of credit and have it now tho lol. But Ive been there done that and I am never going to put that stress on my shoulders ever again.

[nauticajoe]

Don't do it. Just save up for it. You never know when you'll be needing the money later on.

[stockae92]

I would do it. I am comfortable enough to finance a depreciate asset (aka. my car). might as a well do the same to my watch (which in this case will not depreciate as much as my car in the long run)

and as long as i know my financial situation will allow the extra cash to go into the "watch payment" and putting that watch on the insurance policy.

i think the key is to spend wisely. have fun and enjoy the watch.

[unitas12]

Originally Posted by JAGERVEGAS

CASH IS KING, save up and pay cash, that would make you feel like a million bucks if you paid cash !

Couldn't have felt better myself. Funny how Rolex made me feel the 10k was a deal for my daytona. I bought my used TT gmt-c for 7400 so about 25% off. I have seen nice milguass go for 4500 in nice condition.

[dannyboy123]

BooHoo.

Lets hope the urge passes.

[chicfarmer1]

Financing a watch is a bad plan, I think. It ultimately adds to the cost of the thing, and it encumbers you for a nonessential.

How would you feel if your wife asked you if it's okay to finance an Hermes Birkin right now of the same price tag? Would that seem reasonable to you? The answer to that should be the answer to whether you should go forward to finance a Rolex.

[Jannal]

Originally Posted by cedargrove

From a pure financial standpoint, there is an argument that financing a Rolex can save you money instead of waiting until you save up enough, considering how prices keep increasing. This is based on the premise that you are guaranteed to eventually buy the watch.

Personally I need to feel financially comfortable with any purchase I make. The way you have described your situation leads me to believe you are not entirely comfortable with this decision.

[Ebruner]

If you cant buy it with cash, don't buy it. Patience is a virtue, but even more so doing without things you cannot afford is wise man.

-Eddie

[xblk33360]

Originally Posted by salem65

If you can't pay for it three times over with cash, then you cannot afford it.

i actually somehow agree with this also, unless... you're still young and single and have a decent paying job...

[dannyboy123]

Well done guys, you've talked me out of it, for now..........

Time to get the bike collection onto ebay to generate some $$$!

[threemonkeys]

Personally I would consider making the purchase. However (big however) I would only do it with the understanding that I would be obsessed with paying it off asap. That would mean no additional purchases, dining out, etc.

[skyedog]

Originally Posted by brownbear

Personally, I would not finance a watch.

+1

[sig-x]

I wouldn't go in debt over a watch. If you don't have the spare money in the bank don't buy.

[Explorador]

Greetings from Switzerland.

I don`t know how old you are, but place yourself in the future, let`s say 80 years old, and you look backwards at today. What do you think you would regret more: having listened to the voice of the heart and in spite of debt and loan and numbers in your head having grabbed your "precious", or having listened to reason and deprived yourself from wearing YOUR favorite rolex during YOUR lifetime?

Only you can answer that for yourself.

My situation is somewhat similar, and this is what I did:

at the age of 6 I dreamt of a watch, MY watch, it just didn`t exist yet. Thought omega was going to produce it. Waited for 40 years. By chance, I discovered THE watch 1 day in the web: it was the Explorer ii BD 3185/3186, the only material wish that has prevailed through all my life. Now it`s in extinction. The 216570 is on approach. The current exii BD is driving me so crazy!!! The new exii is more for the "boy" in me.

My long haired general knows about this.

2 days ago I told her: "I will not take a loan to buy the watch now. I will go the hard way and save untill I can afford it. Than I buy it at Rolex Zürich, wear it one year, keep on saving, and since we are not married and have no kids, after 1 year I give it to you as my legacy. Then I buy the new exii (for the inner boy everyone has) AND reserve myself the right to grab later the 3186."

The result:

Since she knows what it means to me, it was the deepest declaration of love to her.
Now, not only she backs me up in paying bills, she is urgently seeking a way to help me get it.

I`m far away from having my "precious" yet, but found finally some peace of mind.

Also, in the future I"ll have the best allied for further luxury timepieces.


Good that you talked to her!!!

Thumbs up for your "precious".

Greetings from Marcelo.

[dbphotos]

You finance a house if you have to, you don't finance luxuries.

With a young family I'm never going to have 7 grand lying around. We're not particularly disciplined savers, spare cash tends to go on stuff for the house, weekend breaks etc so I can't see a Rolex saving fund working out either - it'd get turned into the family holiday fund, new kitchen fund etc.

Based on your own words, you cannot afford to buy a new watch. Enjoy what you have and when your kids have grown up and out of the house, look at your financial situation then.

You asked...

[MortgageGuy]

Originally Posted by dannyboy123

The only debt we carry is our mortgage. We have considerable equity in our home, I'd say we owe roughly $185k on a place worth $800k, so we're well into the mortage. Aside from that, our other debts are very small, probably a grand h/p on a tv.

We've never been savers. We tend to finace bigger items like refurbishments, TV's, Cars over 2-5 yrs. Never having much hanging out there at one time. Actually most folk I know fall into this camp. Oddly we know quite a few affluent folk and they all spend what they earn.

I guess my logic was a bit in line with one of the comments above i.e. jump in now firstly while a rarer peice is still available and secondly jump before I'm totally priced out of the game.

We also don't travel overseas much, so the extra 15% I get off buying duty free isn't always going to be an option. It's an odd loophole. I can buy at local high street AD and collect from the airport duty free shop on way back from an overseas trip! Legal, but for how much longer I wonder?

Don't supose anyone wants a Colnago do they????

Well there is a VERY easy answer here... You need a CASH OUT MORTGAGE REFINANCE... You can take out a something like 200k and use it all for Rolex watches Just kidding, I am a Mortgage Banker as you can see from my screen name so I thought a bit of humor would be fun

I personally would not finance the watch, I would wait till the timing is right. IMO if you have to ask the question you know the answer

[dannyboy123]

Sadly I concur with the sensible synopsis given by most. Goddamit, I was hoping 90% would say it's a cracking deal don't miss it and it's only a coupla hundy bux a month..........

I really am going to have to cull the bike collection. Mind you that's like trying to cull a decent Rolex collection - who goes and who stays!!!

[SCD]

Put a new dishwasher, hot water heater, car repair or unexpected first and last on credit if you need to. Don't choose debt.

[horseco]

I financed my first BNIB GMT Pepsi, in 1994, I never regretted it...

[StarSovereign]

Normally, I would say no to financing a watch as well. BUT... 4% over 5 to 6 years is a pretty good deal. The fact that prices will go up in about a week, if the reports are true, and since you can't get the watch out of your head, I say go for it! You only live once!

[Ed Rooney]

Debt. Bad.

For me that would be like wearing an ogre on my wrist. It would give me no pleasure at all.

[toph]

i see a lot of non constructive post here.

Yours is a bit of a Dilemma in my opinion. I am not keen on financing luxury items and never have.
On the other hand, If you often do things this way and will not over stretch yourself go for it. I.E you find it much easier to save once you have bought it;)
Finally you will bet getting 30% so that is so rare especially on a rolex steel model never mind the GV milgauss.

[turboevo2]

Overall you have more asset than a liability. I say go for it regardless you are financing it. But be discipline into paying your card fast! Your wife said yes so that should be a GO! Congrats in advance!

[applebook]

Finance only a car, house, wedding (?), major house repair.

[SC11]

As I've got older I've moved away from using finance for anything other the home and cars.

But if you know and can handle your finance well and still have spare funds should anything out of the blue happen, and if you are the type who prefers to run certain items via finance.

Then go for it !

Look at it this way with 30% off and on a 4% deal given the way Rolex hold well in the market place worse case you can flip it and walk away !

That's my 2p worth.

Sam

[EE33]

Check if they do 'Lay by', say $100 a week and it'll be yours in a year and a bit.

[Roja]

Do you love it enough to get rid of your first Rolex?