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9 October 2015, 12:04 AM | #1 |
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My Patek Dilemma
I was about to pull the trigger on a Vacheron Overseas.. I'd been also looking at a Deep Sea Rolex.. I love both watches. I love both "brands.." to call them "brands" is a bit underwhelming, for what they are, to me.
I have concluded I should just get a Patek Aquanaut or Nautilus and be done with the searching. I have also looked at my collection.. Jaeger REverso, Rolex Explorer 1, Rolex SubC 2-tone, PAnerai GMT, Vacheron Historique.. I love and adore each piece for what it is, what it represents, but I wish I'd not have bought the Panerai, at times, and wish maybe I'd have foregone other pieces.. My dilemma has been every year or 3.. I buy a nice watch.. what I Should have been doing was buying 1 patek over a 5-year period.. So what I Am going to do is starting saving monthly funds.. diverting into an account, not kidding. I am going to amass enough for a used Patek sports watch.. over time.. it might take 5 years, but I will do it. I welcome thoughts about how you all found the discipline to "afford" a Patek mentally and financially.. it's not even about the money at this point. I could likely afford a new Patek in the 30K range, but I can't do it without losing sanity.. I'd rather have a car or mutual funds at that price. So, the dilemma is.. how do I amass enough for a used Aquanaut in the 15K range.. and I am asking how did you guys/gals justify this expense financially and mentally.. and will my journey "end" at the Aquanaut. I have seen this watch in person and adore it. I don't think it's necessarily worth the money, compared to VAcheron or JLC, but it's the craftmanship behind the Patek name that I would love to own and then pass on one day to another. My rambling post has no point, I guess, but how do people "afford" such pieces or justify them? Even if they've the funds to do so. |
9 October 2015, 12:11 AM | #2 |
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I understand what you are going through and I detail some of your questions in my review
http://www.rolexforums.com/showthread.php?t=305772 Only you can decide if you want to spend the money on a watch. My justification if any is that I am able to get what I want. Good luck.
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9 October 2015, 12:39 AM | #3 |
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You won't be done with searching just by having bought a Patek unfortunately. There is no end to the madness. I would endorse saving for an aquanaut or nautilus though. Both crackers in my book
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9 October 2015, 01:00 AM | #4 |
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The thing is you can't justify purchasing a 20k watch just to tell the time. So I look it at an opportunity loss scenario, where by my watch only decrease in price lets say 5k over time which is quite alright as it is the same with buying a new car and I don't need a new car. However I really want a really nice watch (can't sleep without looking at its pictures). I don't have any intention to sell the watch at all, but the way I see it is that I will only lose 5k if it is sold which is not much really.
My greatest dilemma was when deciding between a 5167 and 5164, the price difference is about 13k. Now in this scenario I go with my heart, looking at why John mayer has it and some other people on the Hodinkee interview. The 5164 was always my fav in terms of the design, but I can't justify the 13k for dual time function. At the end, I still pull the trigger because I tell myself of the same reason above. Hope it helps getting you to the dark side. |
9 October 2015, 01:02 AM | #5 |
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The truth is if you start by spending a few thousand then naturally it takes time to mentally adjust to spending tens of thousands. The trick is to take your time and save for it so you know you really want the watch and that you feel you have "earned" it. One of the main reasons we have joined this forum is because we need a little support and cheerleading in this very expensive hobby. Just make sure all funds spent are always play money.
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9 October 2015, 01:09 AM | #6 |
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I always trade up, always let something go and put some cash. I have a goal of having only 4 pieces, so far so good.
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9 October 2015, 01:13 AM | #7 |
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I save up for each watch and only buy quality. That is probably why I only have 2 watches. But I know I could afford them since I paid cash. I should note that I could have bought a used 911 for the price of the Platona, but I wanted it more than another car. Call me crazy.
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9 October 2015, 01:49 AM | #8 |
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I was in the same situation except I went Rolex and flipped both my watches for it.
- What do you really want? A collection or a nice watch? A nice car? More zeros at the end of your account balance? - If you're OK building up a collection worth a Patek, you're ok with buying a Patek. Only difference is the value is concentrated in a watch over multiple watches and what you're comfortable with. - If you have concerns mentally/financially- not can I afford it but should I spend it on something, set a certain % of your net worth to watches and no more. Want another watch? Then sell off what you have now to keep that target or wait to save up more. - Be ruthless. You have 5 watches. Sell them off to fund the Patek. Are they really that important to you? Are you really going to rotate them and truly enjoy the collection? Or would you be happier with one or two nice watches? Naturally if your wife gave one as a gift or you absolutely cannot part with a piece- you're keeping those. I flipped both my watches- which I still love, but do not miss for my one watch. If you want all 5 plus the Patek, that's fine too. - Think about what else you want and look at everything- and cut out what you don't want. Look at all kinds of watches and make a plan. Don't buy on impulse. Do your research on Patek- will you be happy with the servicing, the design, the looks, do you really like it? Or are you suckered in by their ads? Or the status? I wanted a JLC, a Patek, etc. But they really weren't for me and I admit, at times I tried to make the JLC fit me or convince myself a nautilus was for me. - Don't let the forums or anybody else influence you- this is difficult at times- I admit I got tempted coming here. Was considering buying different watches- from AP to Zenith. You have to buy what you want and what best fits you- if you're happy with a Hello Kitty pink G-shock, you're happy with it. So what if I think it's stupid? Pay no mind to anybody else... unless they are offering to buy you a watch. If somebody thinks my watch is such a big mistake and are that concerned about it that they want to give me a BNIB Patek 5204 to right this terrible wrong... now I'll listen to you and gladly accept the Patek. I'll even take a 5146... - Accept that there is no "grail" watch, especially if you go all in on the Patek- the mere fact that you are here means something else will tempt you in the future- whether it's a Nomos, a YG Rolex, or some new JLC novelty that is yet to come out. Don't pin all your hopes and dreams on the Patek. - Take your time- don't rush into buying/selling anything- if it takes you months to think about getting rid of your VC, then that's what it takes. Naturally there are risks to adding or consolidating the collection. So you have to be honest with yourself- again, what do you want? For some it's the chase or having a nice collection of watches or being a one-watch guy. |
9 October 2015, 02:07 AM | #9 |
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I would say do some sounds financial planning. Do you have sufficient savings and liquidity? Do you have any big purchases coming up (house, car, college tuition for kids)? If you have savings, retirement account, a house, no high interest debt and no upcoming large cash needs then go ahead and splurge on a Patek. The pleasure you get from it is priceless. We really only live once and Pateks are easy to flip for minimal loss if unanticipated needs do come up. If you managed to get a 5167 for $15k...many people would gladly take it off of your hands.
Now there are those who have credit card debt and choose to buy a Rolex or Patek...I admire their courage for living dangerously :) |
9 October 2015, 02:13 AM | #10 | |
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9 October 2015, 02:58 AM | #11 |
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as a definition of a Luxury item like a Patek, it means you really DO NOT NEED IT -- you can definitely have cheaper ways to tell you the time.
But, how many things in your life you REALLY NEED ? Most of it is just over the real need ; then, it only is explained because it's part of your life experience the enjoyment of having such special items. You really don't need a Patek to be happy, but you may be very happy having a Patek. best |
9 October 2015, 06:04 AM | #12 |
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Simple answer. Get a Nautilus
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9 October 2015, 06:06 AM | #13 |
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Thanks, everyone. I might trade up to a nautilus or aquanaut.. I think the nautilus, for me, is the better of the two. I have a two tone SubC, with the "newish" blue dial.. I figure that is desired and could easily be traded against a nautilus.. along with others in my collection.. if if sold 1 at a time.
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9 October 2015, 12:39 PM | #14 |
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9 October 2015, 11:20 PM | #15 |
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10 October 2015, 07:54 AM | #16 |
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Justification: You have 5 nice watches, none of them are rare or difficult to obtain. Even the nautilus, while expensive, is not that hard to get if you are willing to pay the price. You aren't losing out by trading up at all, and you get to try a new and interesting watch! Do it!
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11 October 2015, 05:55 AM | #17 | |
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11 October 2015, 06:00 AM | #18 |
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The fact is this.
Many people can't afford a meal. A roof. A room. Millions of people. A watch. One cheap watch is a luxury. So. Reconcile in your mind that you are one of the lucky people on earth and can think about buying a watch that is more than possible for most. It's a first world problem. |
11 October 2015, 06:20 AM | #19 |
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Great post. I do look at watches as commodities. So they can be sold. I try to limit my collection to five watches so if something is coming in then something has to go out. I owned a Patek Aquanaut, but it came and went. I think you are on the right track of saving first, but you may consider the purging aspect as well particularly if it is something that isn't doing it for you anymore.
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11 October 2015, 06:30 AM | #20 | |
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11 October 2015, 06:23 PM | #21 |
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IMHO if you have $1000 to spend $1 is impulsively easy and spending $10 maybe some thoughts, spending $100 require some deep thoughts n judgment... If spending $500 or anything close to $1000 that would drive me insane which requires a life or death situation decision. Just my own humble opinion.
Btw.. The Aquanaut is not the destination for you, that just the beginning of a journey into the world of PP. HAGWE .. jen |
11 October 2015, 10:50 PM | #22 |
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For sure!
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12 October 2015, 01:21 AM | #23 | |||||
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12 October 2015, 01:26 AM | #24 | |
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12 October 2015, 09:27 AM | #25 |
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12 October 2015, 11:27 AM | #26 |
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13 October 2015, 09:43 AM | #27 |
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An interesting thing I find is when I go to visit my fiancee's family in Brazil, they are middle class out there and live in a smaller city - 12hrs+ drive from the big places like Rio & SP, so my watch would still be 3 years salary to someone with an OK job on an average salary around there. However it means nothing to them, they have certainly not heard of Audemars Piguet. The brand value & social prestige of walking around with a PP or whatever on your wrist is totally lost out there, as no-one recognises it.
It is very easy to get caught up in things and end up spending way too much money on something you will later regret and realise you didn't actually want, you just thought you wanted because everyone else seems to think it's a good thing to have. However, if you have the cash available, it is great to be able to enjoy materialistic things that do it for you - there's nothing wrong with that and we are very lucky to be able to make good money and enjoy such things. Just take your time, don't get into that 'must have, must have' mad mode, as that usually leads to bad judgement - though we are all very guilty of it! Just sit with the idea a while and see if you still really want it, if you do then it's not a bad way to spend some money - and remember, it's the depreciation cost, not the purchase cost that counts ;) |
14 October 2015, 02:34 AM | #28 |
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^ Very interesting and some good advice.
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14 October 2015, 11:14 AM | #29 |
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14 October 2015, 11:30 AM | #30 |
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Just do it.. Everything else will work itself out
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