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6 July 2008, 03:05 AM | #61 |
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Sorry I think the best payment plan is a shoebox in the closet.
If you do not have more than enough money in the bank to cover the cost of the watch you shouldn't be buying it. Now I understand plenty of people easily have the cash but due to 0% and being able to earn elsewhere on the money fiance the watch and pay it in full before the year is up. Thats fine but as I said if you don't have the cash a watch should not be bought on terms. Fix your credit, pay off old debts if you have them and save some cash then buy the watch free and clear you will feel MUCH better. |
6 July 2008, 03:07 AM | #62 |
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6 July 2008, 03:08 AM | #63 | |
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6 July 2008, 03:11 AM | #64 |
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I have no bills, and no debts. My financial situation is...perfect. I'm feeling pretty good in my decision. :) But I thank you all for the great advice. As I said, not a fan of credit myself, but in this situation this is something I want, and it's not a problem.
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6 July 2008, 03:12 AM | #65 | |
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Good to know that Confident you will make the righ choice and enjoy it. Only you know best and the choice is yours. |
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6 July 2008, 04:03 AM | #66 |
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I dive into similar arguments in auto sites when the lease vs purchase debate arises.
It's really the same thing as what we're talking about in an important sense. While you can assess financial alternatives dispassionately and then opt for the less expensive course of action, the issue is much more complex. We all carry "baggage" on how one should walk through life. Parents instill values, and risk acceptance level differ. Certainly borrowing to procure luxury items seems inherently wrong for many people and these "feelings" must be weighed with the financial facts. If you abhor making a payment, you may act against your best financial interests and that's okay and understandable. |
6 July 2008, 04:38 AM | #67 |
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I am with bo and joe,cash is king-credit is the beast.
buy only what you can pay for in cash. |
7 July 2008, 04:49 AM | #68 |
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I say, if you want something enough, do whatever it takes to have it. People have asked me why I financed the remainder of our recent acquisition of a Jeep when I could've bought it outright in another 8 months.
The answers pretty damn clear to me. Cause I wanted it then. Have a problem with that? |
7 July 2008, 05:02 AM | #69 |
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I always wanted to by a car with nickels.
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7 July 2008, 05:12 AM | #70 |
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Hi,
Really this whole point is about discount. If there was ANY discount for cash it would be obvious to buy it that way,however if there is NO discount available it seems crazy to me to save up (and endure price increases) than to take the interest free credit and have the item immediately. Regards Mike. |
7 July 2008, 05:13 AM | #71 |
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7 July 2008, 05:17 AM | #72 | |
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I understood what you meant (I actually read the thread) and agree. |
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7 July 2008, 06:22 AM | #73 | |
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7 July 2008, 07:00 AM | #74 | |
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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 | #75 | |
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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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7 July 2008, 08:04 AM | #76 |
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Cash is king, unless of course you stumble upon a GV Milguass and your a bit short!
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7 July 2008, 08:10 AM | #77 |
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All, not to be an advocate on the debt side....
Ben Bridge (I think a U.S. only chain) is offering 12 months interst free - 30% down - minimum $50.00 per month. Happened to see it on their website. Although they don't say on their site that they offer Rolex - they do. http://www.benbridge.com/bb_store/ca...-p-1-c-43.html
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7 July 2008, 08:16 AM | #78 |
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Hi,
In the UK cash is definately not King. I am buying a GMT II tomorrow for cash.....list price NO discount Regards Mike. |
7 July 2008, 08:42 AM | #79 |
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In my experience in the banking/finance business, cash or credit, the price is usually the same. Either way after the sale, the retailer gets their money. It always cracks me up when friends say I will pay cash and get a better deal. In fact a retailer may make more money on a finance transaction, depending on the agreement with the finance company. At least for me when I say "cash is king" it means I am not taking out credit or taking on more debt.
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"There are only two types of people in this world, those who like Neil Diamond and those who don't". Bob Wiley 16030A, 16013, 116520 |
7 July 2008, 01:12 PM | #80 | |
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7 July 2008, 02:02 PM | #81 |
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I would stick to Payments
On a House or a car..2600 pounds is about 62k dollars a year.
I would save for the watch and pay cash. I thought living in the U.K. was one of the most expensive places in the world to live? |
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