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Old 6 July 2008, 03:05 AM   #61
WatchTimes
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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.
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Old 6 July 2008, 03:07 AM   #62
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i got 24 month 0%, i just pay it off in 9 month
Are you in San Diego..??? If so, who does the 24 mo @ 0%....????
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Old 6 July 2008, 03:08 AM   #63
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Quote:
Originally Posted by JYogi View Post
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.
What he just said but instead of a shoebox make that a little safe
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Old 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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Old 6 July 2008, 03:12 AM   #65
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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.

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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Old 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.
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Old 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.
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Old 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?
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Old 7 July 2008, 05:02 AM   #69
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I always wanted to by a car with nickels.
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Old 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.
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Old 7 July 2008, 05:13 AM   #71
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The answers pretty damn clear to me. Cause I wanted it then. Have a problem with that?
No sir, I am walking away from you now, I have nothing in my hands, keep calm and we will all be safe
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Old 7 July 2008, 05:17 AM   #72
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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.

I understood what you meant (I actually read the thread) and agree.
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Old 7 July 2008, 06:22 AM   #73
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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.
I'm not so sure about that. I mean, it seems that way, but, I think that these incentives make it seem "ok" to carry a debt and make humans more apt to spent money than if they pulled out cash and paid 100% at the time of purchase. I even have hesitations about using a credit card even though I pay it off at the end of each month. The credit industry in America is extraordinarily mature with tremendous powers on the human (American) psyche.
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Old 7 July 2008, 07:00 AM   #74
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I'm not so sure about that. I mean, it seems that way, but, I think that these incentives make it seem "ok" to carry a debt and make humans more apt to spent money than if they pulled out cash and paid 100% at the time of purchase. I even have hesitations about using a credit card even though I pay it off at the end of each month. The credit industry in America is extraordinarily mature with tremendous powers on the human (American) psyche.
Some of the innate or learned behavior that is at odds with the basic financial facts. Of course, no one is right or wrong when you assess the subject with all the baggage you bring to a decision.
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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Old 7 July 2008, 07:49 AM   #75
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Quote:
Originally Posted by sfrolex View Post
I'm not so sure about that. I mean, it seems that way, but, I think that these incentives make it seem "ok" to carry a debt and make humans more apt to spent money than if they pulled out cash and paid 100% at the time of purchase. I even have hesitations about using a credit card even though I pay it off at the end of each month. The credit industry in America is extraordinarily mature with tremendous powers on the human (American) psyche.
Its definitely true that people could get carried away with the idea of credit and that could land them in a bad place. On the otherhand the simple mathematics mean that interest free credit (where there is no discount for cash upfront) is a good idea, and that is a fact. I guess each individual has to weigh up their own strength of character, preferences, and financial security and make the choice.

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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Old 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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Old 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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Old 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.
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Old 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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Old 7 July 2008, 01:12 PM   #80
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Quote:
Originally Posted by vegaseddie View Post
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.
Some retailers will drop the price to avoid having to pay a credit card fee. Also they would save them on tax at some retailers. I have been to many places that said "if you pay cash I will save you the sales tax"
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Old 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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