First time buyer requires ££ advice

[andycg11]

Jason, i think you are trying to rationalize an irrational decision. Getting a watch should be like falling in love. If you want to date the prom queen and will cost you a limo ride, would you just settle with her friend because she doesn’t need pickup? Get what you really want, pay the price difference (in terms of interest or what not), and walk out proud


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[schoolboy]

Originally Posted by jasonsensation

I think i'm going to wait for the BLNR. Otherwise i'll never really be content. In the meantime whilst waiting for a BLNR, basel is next month, and if a Coke gets released...there will be enough BLNR's to go around

I think this is a great decision

[jasonsensation]

Does anyone think it's worthwhile for me to take the Black GMT on interest free now. Then when i finally get a call offering me a new Batman (That may be months from now) quickly sell the Black Ceramic and buy the Batman. How are Black GMT's holding their value? It seems a bit risky

[jasonsensation]

I guess this is what i was trying to say from the start. Am i playing with fire buying a Black GMT, and flipping it when i finally get the call for a Batman

[matthewbell]

A GMT LN on the grey market is selling for between £5.5 and £6.5k. Even if yours is mint when you flip it and the grey dealer you sell to will list yours at the top end of that range, they're probably only going to offer you around £5k for your watch, meaning a net loss of around £1.2k from RRP. With very few exceptions (such as the Ceramic Daytona) fast-flipping of watches is a one way ticket to losing hundreds (or sometimes thousands) of pounds.

[bp1000]

Just get the watch you want

Some things are worth waiting for

[Devildog]

Originally Posted by jasonsensation

I'm looking for some advice! I have the opportunity to get a Black Ceramic GMT on Interest Free Finance over 2 years, with only a 10% Deposit. Now another ''up'', is also the fact the Authorised Dealer is not keeping the warranty/papers etc.
My overall Goal is to own the much sought after GMT Batman, however it would mean placing a deposit with a different store, and i would need to take out a Personal loan resulting in paying back huge amounts of interest. At what point is it better to buy the black ceramic now, and be content with that instead of getting the Batman and probably end up paying back £1,500 in Interest over 5 years.

I'm struggling to see why youre comparing the dealers 0% interest over 2 years (presumably with a deposit) against a personal loan with interest over 5?

You could take out an RBS (as an example) loan for the full price of the BLNR (£6,550) over 2 years and you are only paying £466 in interest

Pay a 10% deposit and borrow the balance over 2 years on the same deal and you're only paying £419 in interest. Thats only £30 a month more for the BLNR than you'd be paying with the 0% deal and a 10% cash deposit for the all black bezel GMT C.

You're not comparing like with like

[jasonsensation]

I tried to get a RBS Personal Loan and was declined.

Now just because your credit scoring offers you that deal! most other lenders were offering £29 per month over 5 years, which is most cases would mean i would be paying back £1,200 in interest ontop of the BLNR retail price lol. But i've found somewhere offering the black version for interest free over 2 years - i've decided to take the grands worth of interest on the chin and wait for the BLNR.

But as other members have pointed out, and this was my original idea, t's unlikely that i will be able to buy the Black version TODAY, flip it in a few months when i finally get the call for the BLNR, as i'd only get offered roughly £5,000 by watchfinder anyway for the black version

I was expecting more for a 2017 black ceramic GMT

[Devildog]

Originally Posted by jasonsensation

I tried to get a RBS Personal Loan and was declined.

Now just because your credit scoring offers you that deal! most other lenders were offering £29 per month over 5 years, which is most cases would mean i would be paying back £1,200 in interest ontop of the BLNR retail price lol. But i've found somewhere offering the black version for interest free over 2 years - i've decided to take the grands worth of interest on the chin and wait for the BLNR.

But as other members have pointed out, and this was my original idea, t's unlikely that i will be able to buy the Black version TODAY, flip it in a few months when i finally get the call for the BLNR, as i'd only get offered roughly £5,000 by watchfinder anyway for the black version

I was expecting more for a 2017 black ceramic GMT

Mate, whilst I'm the last to say that no one should finance a watch, I have to say that if you are being declined a 2 year loan by a mainstream UK lender becasue your credit score isnt good enough, then perhaps you should be rethinking spending the best part of £7k on a luxury item

[jasonsensation]

I just asked Austin Daniels, imo the next Urban Gentry.

He answered with this for me :D


https://www.youtube.com/watch?v=bYeS...ature=youtu.be

[jasonsensation]

Devildog, i got declined by RBS.

Other high street lenders were fine. Nice smart remark Troll :)

[Devildog]

Originally Posted by jasonsensation

Devildog, i got declined by RBS.

Other high street lenders were fine. Nice smart remark Troll :)

Not trolling at all mate. Just offering some friendly advice.

Up to you to decide whether to take it or not.

Still confused as to why you can't get a two year loan elsewhere and will have to pay ofer £1k in interest.

You could borrow BLNR retail money from John Lewis (another example) over 2 years and pay just £240 interest. Thats hardly more than the LN over 2 years on 0%

Something doesn't quite add up here

[DoctorA]

Never take a loan on a luxury item! Not worth it
But what you can afford now or wait until you can afford what you want

[samson66]

I won't comment on the money issue - that's for you to decide

What I will suggest is get the watch you want and don't settle for something else. If you do, you'll be second guessing yourself forever and you'll eventually flip it right back for the one your really wanted all along.

Good luck!

[DavidUK]

Originally Posted by jasonsensation

Devildog, i got declined by RBS.

Other high street lenders were fine. Nice smart remark Troll :)

Who? QuickQuid at 1234.00% interest?

Sorry, couldn't resist. I think Devildog's point was there are some good interest rates out there, but I guess you have to pay more due to your poor credit rating?

I read the first few pages thinking "what not pay 0%, it makes sense" and also "why not pay interest, you could be dead tomorrow" but the last few posts make me too think you should reconsider. Not which watch to buy. That should be the one which really sings to you. No, reconsider buying one at all if your credit score says you shouldn't.

As for saving to buy luxury items... if I'd saved to buy my luxury home rather than take a mortgage 26 years ago I'd be looking at my savings account wondering where the other £337,000 is coming from.

OK so property always makes money and Rolexes don't, but the days of saving to buy things are over. Many get into serious financial trouble buying on credit but who is to blame? The lenders? The government (certainly they are for QuickQuid and the like)? Or is it the impatient borrower? In most cases I'd guess the borrower is hard up and gets into a vicious circle.

Let's hope the OP's bouncing does the trick. Think it over carefully and if you're sure you can afford it (and have insurance for sickness, critical illness, accident and unemployment) go for it!

[hannism]

Originally Posted by jasonsensation

I guess this is what i was trying to say from the start. Am i playing with fire buying a Black GMT, and flipping it when i finally get the call for a Batman

Financially, the better deal is on the black bezel GMT.

If you get the black bezel, you’ll more than likely lose money on it, if you want to trade up to a Batman or a Coke (if it gets released).

But, I’ll end up holding onto my Batman, even if a Coke is released.

I’d say that you should probably wait for the Batman. I’d recommend you start saving now.

It might be a while before a Batman shows up. If you’ve saved your money, the more you can put on deposit.

Good luck.


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[nmb]

A different way of looking at things.
You buy the watch you don't really want,yes you don't pay interest but you loose a grand when you flip for a BLNR.
You buy the BLNR and pay interest yes,but the watch will,by current trends be possibly worth more than list if you ever sold or flipped it.
In the long run,going either route the BLNR would end up costing you the same as the black model holds no premium to speak of.

[jimcarver]

Buy the watch you want, but my personal opinion is if you are just owning one Rolex then classic black is better, but then I am not a big fan of the BLNR.

Now I know you are going to call me a troll for saying this (although for the record having a different opinion to you doesn't make someone a troll). Buy the Rolex when you can afford it, if you can afford £250 a month in payments then you can save that for a the BLNR and have it within 2.5 years, if you can stretch to 300 you will have it in 2 years. Don't get me wrong I have nothing against buying on 0% credit but only if you have the cash readily available.

This thread has been an eye opener for me, don't get me wrong I love my Rolex's but if it meant spending even 10% of my net worth on one I wouldn't do it, never mind take a loan for one. On the other hand you can always sell if needs be, they depreciate far less than cars, so what do I know.

[mountainjogger]

Originally Posted by DLRIDES

You asked for “advice” on a PUBLIC forum, but when said advice does not provide you affirmation, the individuals are “trolls” and deserving of physical attack.







Ever consider a Hublot ?

x2!!!

[Rolex fan 61]

Obtain a new zero percent interest credit card, I believe Santander offer a 2 year 0 percent interest card.

[Galibier]

Why buy the black GMT if you want the BLNR?

You’ll lose money trading the GMT and/or expose yourself to some risk selling privately. Then you’ll need to take out a loan to buy the BLNR. That’s a double hit.

What if something goes wrong with your new home in that time? We had an issue with our house last month which cost £1000 to fix.

I wouldn’t want to pay interest when buying a watch or expose myself to a financial risk. Say you take a loan out for your dream watch. A week later your boiler needs replacing. What would you do?

I’d join a BLNR awaiting list if that was my dream watch and use that time to save up as much as possible. It’s a sellers market out there unfortunately. I spoke to an AD and they said they’re not offering 0%. Why would they when it costs them money on a watch they can sell multiple times over for MSRP.

[AK797]

Originally Posted by jasonsensation

Devildog, i got declined by RBS.

Other high street lenders were fine. Nice smart remark Troll :)

That was not a troll remark at all, if you even get declined by a bank then you should NOT be buying a luxury watch on credit, it's not rocket science, wake the hell up!

[MJK737]

I’ve seen this film, it doesn’t end well. I give it about a week. Standby...

PS. I wont rise to the bait I see coming. No offense fellow forum members but I gotta call it when I see it.