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26 May 2008, 01:58 AM | #1 |
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Payment plans for Rolex watches?
By the title alone, you might deduce that I'm cheap, and or cannot afford a Rolex. The latter is true, but only to an extent. I make a fine wage at £2.6k a month, but this doesn't enable me to buy a Rolex for quite some time.
Does anyone know of any UK retailers that will sell me a Rolex on some kind of a payment plan? I'd be looking to pay it off in a matter of 3, or 4 months - additionally, and if so, what would you recommend within the £2-3k range? Thank you, and yes, I am mildly embarrassed to be asking. ;) Saving would be the best option, of course, but at 22 years of age I don't have enough self-control with my money...yet. I'm working on it. |
26 May 2008, 02:03 AM | #2 |
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Most ADs will offer 9-12 months interest free credit with a 20% deposit.
I would recommend the 14060m COSC at £2790. This watch (with the wind blowing in the right direction) may hold its money better than most, if not all Rolex sports watches (bar the Milgauss GV, of course).
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26 May 2008, 02:07 AM | #3 | |
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In theory this is a good thing, but I've heard the opposite. So you're saying I could pay off my Rolex over the course of up to 12 months? That's extremely doable. |
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26 May 2008, 02:20 AM | #4 |
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Several American ADs offer the same type of plan.
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26 May 2008, 02:20 AM | #5 |
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Man.....Wish I was on your wage.....I could buy 3 a year forever Unless the wife found out
I would agree.The best way for you to go is interest free credit for 12 months..... I would take a look in your local authorised dealer and see what you like the look of before deciding what you want.Alot of members will tell you to try many watches on and pick the one that smiles back at you.This is excellent advice and you would do well to follow it. Let us know how you get on and post some pics too Jim |
26 May 2008, 02:56 AM | #6 | |
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When I got my SubLV I had the money sitting ready to go, but they wouldnt offer me any discount off for cash. They did offer me the option to pay 20% up front and pay the rest off over 24 months interest free. On the LV that equates to roughly £110 per month. Much friendlier on the cashflow, and if you have the money sitting waiting then the interest accrued acts as your discount. This was from Watches of Switzerland by the way, and no, there were no credit checks that I can recall. Cash is taken out by direct debit on the date of your choice every month. This also makes the jump from say a Sub ND at £2,790 to say an LV at £3,290 more palatable, because it only adds ~£20 a month, which is nothing in the grand scheme of things. Another benefit is that this will make a small contribution to beginning your credit history. |
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26 May 2008, 03:01 AM | #7 |
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Thanks for the replies, guys, you've gotten me very excited! Just to clarify, AD = Authorized Dealer?
I saw a bunch of Rolex stores shopping in Oxford St./Regent Street, London - would these be the places to go? Thanks again. |
26 May 2008, 03:05 AM | #8 |
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The only jeweler I KNOW offers this is Watches of Switzerland, but thats because they are the only guys I have used. Others will be able to advise about other jewelers. Yes, the ones around Oxford Street et al. will generally be AD's. There is a Watches of Switzerland pretty much opposite Selfridges by the way.
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26 May 2008, 04:57 AM | #9 | |
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Is there like an official Rolex catalogue I could get? I'd like to have a look at the whole line, and consider my options. Thanks once again everyone for the help. |
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26 May 2008, 06:02 AM | #10 |
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Hi, Ok My answer
I have just purchased my Sub date on 24 months interest free at Mappin & Webb, of course I have the option of paying up early. The Oxford Street Branch of Watches of Switzerland were very helpful the other week I went in. Remember, Goldsmiths, Mappin and Webb and Watches of switzerland are all part of the same group and use Hitachi finance. Regarding the credit issue, Hitachi will do a means test if the credit file has no info or not sufficient for any reason. IMO within your budget I would suggest the Sub non date at £2790 I think or go the little extra and get the Sub Date for £3090
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26 May 2008, 03:03 AM | #11 |
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i got 24 month 0%, i just pay it off in 9 month
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6 July 2008, 03:07 AM | #12 |
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26 May 2008, 03:23 AM | #13 |
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If you can use their money without paying interest it's a perfect plan. Free money is good money. lol!
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26 May 2008, 06:20 AM | #14 |
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Last time I will get on my credit soapbox. Call me crazy, but I never use credit. I don't care if the offer is interest free. Nothing is free. My suggestion is to only pay cash at time of purchase. It you ain't got the cash you cannot afford free credit. Now I sound like your grand-dad. Well hell son, I am old enough to be your grand-dad. Good luck as it is your decision to make.
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26 May 2008, 06:26 AM | #15 | |
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In addition, even if you had the money, wouldn't the interest free credit be the best option, given the interest you could earn on that money in a savings account? The view that "if you don't have the cash, you can't afford it" is flawed, in that I can afford it, just not within an immediate timeframe. Paying slowly and not immediately is still paying. |
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26 May 2008, 06:30 AM | #16 | |
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7 July 2008, 06:22 AM | #17 | |
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7 July 2008, 07:00 AM | #18 | |
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Personally, even when I have the cash, I put it into an account and set up auto payments against it. So I paid cash in my mind and I'm "earning" the time value of money instead of giving it away. |
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7 July 2008, 07:49 AM | #19 | |
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I just want to make it clear that I am not advocating borrowing to spend money that you don't have. I am advocating delaying and spreading out payment of money that you already possess, where there is no scope for discount for a cash puchase. Two very different things. One instance where I would borrow for this kind of purchase is in the face of an imminent price-rise, as long as I was close to having enough money. If I was buying a £3k watch, and had saved up £2,500 - then found out that next month the price was going to go up to £3,500, I would absolutely borrow/finance/whatever the extra £500 to miss the price rise. You would have to be a fooking muppet to mess your payments up so badly that you ended up worse off than if you had saved and taken the price increase hit, and in that case, well, in the words of Gordon Gekko - a fool and his money are lucky enough to get together in the first place!
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6 July 2008, 02:35 AM | #20 | |
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Cost of money is the cost of money. IF you can't get a discount and interest free is the only "discount" available, I see no reason not to take it. I did that with a US AD that didn't finance it, GE Financial did. At a 27% interest rate accrued from day one you can be sure I was never late, etc. Actually, after 8 months I just paid it off just to end the hassle of sending additional payments. |
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6 July 2008, 02:56 AM | #21 | ||
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I'm not a fan of credit, hence why I've never taken any, for anything before. |
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26 May 2008, 06:29 AM | #22 | |
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I can pay cash, but I took the 24 month interest free option. I had the cash but the 0% made more astute finanacial sense. It only becomes a debt when you cannot pay it.
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26 May 2008, 09:53 AM | #23 | |
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____________________________________________ Rolex Blue TT Submariner Rolex SS Submariner Breitling Emergency Mission **They are just watches, wear 'em.** ____________________________________________ |
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6 July 2008, 12:53 AM | #24 | |
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Sage advice
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6 July 2008, 01:18 AM | #25 |
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Great decision on a great watch..
The GMT is a classic and very, very versatile...
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26 May 2008, 06:38 AM | #26 |
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I'm real happy to learn of the payment plan. I have over £1,000 disposable income a month - there are only so many clothes you can buy! I'll probably wind up paying £500 a month, and pay it off in no time.
The official Rolex site doesn't give any pricing details - I'd love to see what's available for my budget - does anyone have a good link? Thanks! |
26 May 2008, 06:50 AM | #27 |
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The WoS plan restricts you to 24 monthly payments, but you can pay it off in full at any time, so just filter the extra money into a savings account until you have enough to end the agreement.
Someone posted an official pricelist recently - have a search. |
26 May 2008, 06:57 AM | #28 | |
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With £1000 a month available to you I see no reason why you could'nt do this. But remember to PICK YOUR OWN WATCH. A lot of forum members,including myself,are sports watch orientated.....Buy the one that YOU like best after all you will have it along time and look at it everyday. |
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26 May 2008, 06:54 AM | #29 |
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Here you go - from Mike - http://www.bsodmike.com/rolex-uk-price-list-march-2008/
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26 May 2008, 07:00 AM | #30 |
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Being a young guy you will probably be more attracted to the chunky ones like the Sub, the new GMT or the SeaDweller. If you really want something your mates wont have how about putting your name down for the new SeaDweller DeepSea? Not out till roughly Sept, and £4,750, but gives you a while to save up eh!?!
Photos here... http://www.rolexforums.com/showthrea...highlight=deep Fear the 20% up-front payment though!!!! |
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