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Old 26 May 2008, 01:58 AM   #1
skeen
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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.
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Old 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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Old 26 May 2008, 02:07 AM   #3
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Most ADs will offer 9-12 months interest free credit with a 20% deposit.
Oh, that's great news. Do they do any kind of credit checks or anything though? I ask only because I have a credit issue, in that I've never had any. Ever. I don't even own a credit card, and I've never had any debt.

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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Old 26 May 2008, 02:20 AM   #4
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Several American ADs offer the same type of plan.
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Old 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


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Old 26 May 2008, 02:56 AM   #6
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Originally Posted by skeen View Post
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.
Skeen,

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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Old 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.
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Old 26 May 2008, 03:03 AM   #8
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i got 24 month 0%, i just pay it off in 9 month
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Old 26 May 2008, 03:05 AM   #9
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Originally Posted by skeen View Post
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.
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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Old 26 May 2008, 03:23 AM   #10
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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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Old 26 May 2008, 04:57 AM   #11
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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.
Thanks, I'll go in there. Payday has never seemed so far away! I have a real nice Seiko Premier on the way anyway, so that should hold me off for a bit.

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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Old 26 May 2008, 06:02 AM   #12
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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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Old 26 May 2008, 06:20 AM   #13
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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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Old 26 May 2008, 06:26 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.
That's an interesting viewpoint, but could you elaborate further? You say nothing is free - are you therefore implying that the interest free credit isn't real? I'm sure many would attest that it is.

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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Old 26 May 2008, 06:29 AM   #15
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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.
Bit harsh Bubba, not everyone can afford to lay out the cash as is.
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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Old 26 May 2008, 06:30 AM   #16
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That's an interesting viewpoint, but could you elaborate further? You say nothing is free - are you therefore implying that the interest free credit isn't real? I'm sure many would attest that it is.

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.
100% correct. If you are getting no benefit from paying 100% cash up front, and you don't end up paying more for having that money in your account for 24 more months, then its a no-brainer. If you don't have 100% of the cash before buying, well thats a grey area, and one that is for each individual to decide, based on their income, and other financial commitments.
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Old 26 May 2008, 06:38 AM   #17
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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!
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Old 26 May 2008, 06:50 AM   #18
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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.
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Old 26 May 2008, 06:54 AM   #19
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Here you go - from Mike - http://www.bsodmike.com/rolex-uk-price-list-march-2008/
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Old 26 May 2008, 06:57 AM   #20
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Quote:
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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!
Your best bet is to pop into your local AD to pick up a current sales list and catalogue.This will give a price on most models available and also get you in the door of the AD to strike up a conversation....On reflection with your disposable monthly income at £1000 my advice would be to open a building society account and put £500 in it each month until you reach your target.
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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Old 26 May 2008, 07:00 AM   #21
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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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Old 26 May 2008, 07:11 AM   #22
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I'm old-fashioned...

I buy a Rolex when I have the funds. Not before.
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Old 26 May 2008, 07:58 AM   #23
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Thanks guys, you've really helped me to make a more informed decision.

Gotta give it a few weeks anyway, so I'll be sticking around here, and hopefully I'll see something I really like.
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Old 26 May 2008, 08:03 AM   #24
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I'm old-fashioned...

I buy a Rolex when I have the funds. Not before.
Hard to disagree with that!!
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Old 26 May 2008, 08:11 AM   #25
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In principal I have to agree with both Bo and Steve 100%.
In reality I have failed miserably.
I'm both impulsive and impatient.
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Old 26 May 2008, 08:22 AM   #26
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He's going to be gutted if he waits a couple of months till he has every last penny in place and then gets hit with the rumoured price increase though isn't he...

Imagine rocking up at the AD with £3,290 in hand for an LV, proud as punch because he's saved it all up and is ready to spend. AD says "That'll be £3,500 please sir."

DOH!!!
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Old 26 May 2008, 08:29 AM   #27
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Wow, there are price increases? Could you elaborate on that please? Thanks. :) (Not that I'll have to worry, I suppose - far too impatient to wait.)
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Old 26 May 2008, 08:33 AM   #28
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There was a price increase earlier this year, can't remember when. There are rumours of an additional one. A number of AD's, including one I have spoken to have said that they are of the opinion that this may happen. There is nothing official and hence no information as to what the likely percentage increase will be, so can't help out any more than that Im afraid.

See here...http://www.rolexforums.com/showthrea...light=increase
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Old 26 May 2008, 09:06 AM   #29
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Wow, there are price increases? Could you elaborate on that please? Thanks. :) (Not that I'll have to worry, I suppose - far too impatient to wait.)
The number 1 reason I purchased an LV only 2 months after the Yacht-Master was to avoid future price increases.

If I could make 10% or more in a bank on my savings, I would have waited. Rolexes are going up far faster than the US inflation rate or my annual pay increases.

Here is a chart from www.minus4plus6.com

http://www.minus4plus6.com/PriceEvolution.htm
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Old 26 May 2008, 09:53 AM   #30
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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.
I don't understand how some people can't grasp the concept 0% interest. The price is the same and you pay 1/24th each month for 2 years. I had the cash to buy mine outright but chose this option. The rest of my $$$ is in the money fund earning interest. It is pretty simple and a great way to efficiently use your money.
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