Milgauss - To Finance or Not!

[johnbeth]

To the OP, you need to decide what's best for you. Asking in a forum what you should do in a financial matter you will get a variety of answers and some that you will not like.

All the best!

John

[roleyrolz]

I would not finance it but put it on layaway. I am not sure if u have that were u are at, but layaway basically entails paying a down payment, maybe a fourth of the price. After that u and ur AD decide how much u pay a month for how many month. No bank involved no financing. The only caveat would be u can not take it home intilll it's paid of. If ur AD can work out a deal with u like that, then the price stays the same. If they have issues like "what if ur neay paid of then u want to pull out" tell the AD no matter what if u pull out there entitled to 10% of what ever u put down. Get everything in writing and go from there .

[wrxsti]

i would just wait a year and save up, it will mean more to u in the end! just start putting away some cash and before u know it u will have enough.

[travisb]

I don't like the feeling of money being "owed" on it.
That being said, It sounds like you have your priorities in order & your family taken care of so I say go for it!
We need to reward ourselves from time to time. What better way than a new Rolex

[derekloimer]

I would buy the watch and enjoy it. Plenty of people finance new cars which lose half their value in the first 3 years.

[Stonedcl]

I did just finance my Rolex at 0% for 12 months but I did save the money up for it. I put the $5000 into silver bullion at $32 a oz and took the 0% for 12 months. The way I looked at it was that the dollar keeps dropping so by the time a year is up I will pay a lot less then the original $5000. A lot of people on here told me to just pay cash but I thought that a investment with the $5000 on commodities would work better for me then shelling out $5000 on the spot for a rolex. I believe there will be a lot of price increases in the next year with what's going on today and the us market for luxury items shrinking.
Do what you think is right and what you believe would work better for you the watch will not depreciate too much so I believe that in 3-5 months if you decide you made a bad decision and can,t afford the payment then you can always throw it on the for sale section and sell it and pay off your bill..

[Chad C.]

I think you should look into finding 0% interest at an AD. We have an AD in town that offers 0% for two years. (I haven't taken advantage of that because I plan on paying cash for my next watch and I can get a better deal here from a trusted seller). However, if you can find that deal put down a good bit of cash and then just stay on track to get it paid off in the next two years.

Could be a good compromise.

[Stonedcl]

Originally Posted by derekloimer

I would buy the watch and enjoy it. Plenty of people finance new cars which lose half their value in the first 3 years.

Yes cars do Lose 1/2 there value in 3 years but the rolex will lose maybe 20% of it's value in 3 years and if there are a few price increases then you might even be able to sell the rolex for what you paid for it before price increases.
Take a ss daytona in 2005 the price was right under $7000 for the 116520
And the same exact model is over $10'000 now so do you think you can sell a 2005 daytona for $8500-$9000 today if you put it on the for sale section.. Or a sub date that was $4500 in 2005 and now is $6000 I am pretty sure you can sell it for what you paid $4500 right now for it.. So yes financing a car is not very smart but a rolex is a different story..
You lease cars (you lease anything that depreciates and finance anything the appreciates)

I used to think leasing cars was a waste of money but my first car I bought was a 2001 Acura cl type-s that cost $30,000 brand new in march 2000 and I held on to it for 10 years and in that ten years I spent over $50,000 when I took the payments the interest and all the money I put into the car so it cost and when I sold it at 150,000 miles I got $2500 for it after a dealer only wanted to give me $1000 so it cost me about $5000 a year to drive it..
I leased a infiniti G37x that had a msrp of over $40,000 ($10,ooo more then my Acura) and it is costing me $385 with only taxes and fees down $2500 for 39 months and 15 k miles.. So this car is costing me $5,389 a year to drive it and it was 10k more car.. So iF I leased for the beginning 2001 I would have been on my 4th new car and spent the same money out of pocket then I did for driving a 10 year old car..

[rolexsweep]

Originally Posted by watch watcher

If the wife says it's OK...then it IS OK...

that is all that needs to be said!

[superpippo]

as said above, you only live once.
if you think you can make it, and your wife said it's ok....what's stopping you ?! personally I get many toys with finance, as long as it's under control I would see no problem. I'd rather go for a loan then waiting four years to save up some money. Anyway when you have a family/house as soon as you have a lump of money you always find something more important to spend it on like taxes!!!

[KingJames]

Different from what others have said...I WOULD finance a watch, provided I am paying no interest.