Rolex Finance Question (UK)

[Lmbeauleap]

Originally Posted by simonmcc

Don't get me wrong, I've been burnt a couple of times, but you soon learn the game and the best way I find is to pay a little earlier than they ask each month.

I'm sure we've all been burnt to some degree before. It's how you learn from it that determines your future success IMHO. Learn to play these games properly or don't play them. That's all I'm saying. Some people want it both ways.

For example, I can't imagine NOT using a rewards card for most of my purchases, but I haven't payed interest on it in 15 years either. Using it for my watch didn't pay. 3% extra fee for 1.5% cash rewards is a loss. Using it for daycare works (but only because I just can't seem to convince them to charge me less for cash). It's all about the math. Over time it really adds up if you pay attention to the math.

[superdog]

Originally Posted by Reu

BOOMTOWN!!!!

Serious question: Are you under 20? Because you genuinely act like a child.

[Reu]

Serious answer, 'Superdog':

Lighten up, it's just a forum!

Have a laugh... and get a life!!

[superdog]

Originally Posted by Reu

Serious answer, 'Superdog':

Lighten up, it's just a forum!

Have a laugh... and get a life!!

Big sigh. Done talking with you.

All the best.

[Reu]

Big sigh??? WTF?? Get real man! You said you were done with this topic ages ago anyway.

Ta-ta.

[swiss ghost]

Originally Posted by Infernouk

Hey guys

So I am looking into getting a rolex as my first nice watch. I will be planning on buying it 0% finance since I dont want to lay down £5000 in one go.

My questions are: (note these are UK focused since I live in London)

For a new submariner what sort of price am I looking at?

For anyone with finance how much deposit is required for 36month finance and what would the monthlies come out at roughly?

Can anyone recommend the best place to try out? Im thinking goldsmiths at the moment.

Basically I just need to see how much the monthlies are going to be to see how easily it will be to live with, deposit isnt fixed as i could buy outright but I want to draw the payments out as long as possible to provide more monthly money to work with.

Thanks for any help with recommendations and figures for me to work off of!

dont finance a rolex. rolex is a LUXURY item NOT a necessity.

[swiss ghost]

Originally Posted by gwalker

Most on here strongly recommend not financing a watch. I'm one of those. Even if they offer 0% over 36 months you won't be given any discount. I've been in Jewelers that do in house financing and been offered 0% but then I asked about discounts and they offered either the 15%ish discount or the 0%. Financing is never free. If that means saving for 6-12 more months do that. I would say a SubC will be about 140 pounds a month for 36 months at 0%. There are often hidden fees with financing as well. Generally a bad idea for any kind of jewelry. The only things I finance are some of my cars RV house and boat.

x 2 except for the boat. unless your kevin costner in 'waterworld'.

[Ageing Orphan]

I bought my GMT Master II c with 0%. Put a £1000 deposit down and paid it over 3 years. The retail at the time was £4350. Worked out at just over £93 per month which was easily affordable. I don't have it any more but I just bought an Omega with the 8500 with my latest credit card which came with an introductory offer of 15 months interest free for purchases. Seemed rude not to take advantage of it. It has 13 months left to run and I've already paid off £1200. 0% finance is ok in my book and is the only way I'd be able to get a Rolex on my wrist in the future. Go for it.

[Miopyk]

Originally Posted by gimpex

Certainly buy it and enjoy it , but no one else buy you is picking up the tab - its just split into a number of payments , rather than one , but you are still paying for it.

Really!

But the missing element is....... wait for it........ interest. So it's free money. Which means you can put your money elsewhere and keep it working for you.

Miopyk

[Zirotti]

It's apparent in the discrepancy between the thought processes of folks across the pond, that I should have been born in the UK.

0% is 0%. Money even in standard TIPS will appreciate more than 0% overtime. If you can borrow money without having to pay a fee to do so, some of you are saying you won't?

If you had saved up $300k to buy a house, and the bank randomly said "sir, how about you keep that $300k in your pocket over the next 15 years and we will loan you the money without interest", you would still be foolish enough to pay cash?

[gimpex]

Originally Posted by Miopyk

Really!

But the missing element is....... wait for it........ interest. So it's free money. Which means you can put your money elsewhere and keep it working for you.

Miopyk

I think if you read the full thread I was quoting , the comment or insinuation was that someone else was picking up the tab. Put money in bank ( most people get 1% ) , sure you can. Everything else carries a risk.

All I am saying is that you are still paying for the watch , not someone else.

By the way , I support 0% if you are not sacrificing discount.

[Miopyk]

Originally Posted by gimpex

I think if you read the full thread I was quoting , the comment or insinuation was that someone else was picking up the tab. Put money in bank ( most people get 1% ) , sure you can. Everything else carries a risk.

All I am saying is that you are still paying for the watch , not someone else.

By the way , I support 0% if you are not sacrificing discount.

Fair enough.

Over here discounts, especially on popular models can be hard to come by. Since there are virtually no downsides to the way 0% is offered over here we might have a more positive view of it than our cousins over the pond.

For example, and these should always be confirmed before signing on the dotted line, there are usually no penalties for settling early and it will nearly always have a positive impact on your credit history (providing you keep up the payments).

My most recent purchase was a pre-owned Monaco in March which I got on 3 years interest free and it's costing me less than £40 ($60) a month which is in the grand scheme of things not a lot of money these days.

The point is I would have bought it with or without 0% as it was the model I'd been looking for and in excellent condition. But as it was on offer I decided on 0% simply because I'd rather keep my money in my pocket.

Miopyk

[Zed Homme]

I've always financed the things I need and paid cash for the things I want. To each his own though. One of the conveniences of paying cash is as soon as the transaction is done, you dont have to think about it anymore. I'd hate to keep track of a payment for 36 months for some watch I bought. That being said I always use a CC for the airline miles, but I pay the balance before it is due.

[witch watch]

Originally Posted by Ageing Orphan

I bought my GMT Master II c with 0%. Put a £1000 deposit down and paid it over 3 years. The retail at the time was £4350. Worked out at just over £93 per month which was easily affordable. I don't have it any more but I just bought an Omega with the 8500 with my latest credit card which came with an introductory offer of 15 months interest free for purchases. Seemed rude not to take advantage of it. It has 13 months left to run and I've already paid off £1200. 0% finance is ok in my book and is the only way I'd be able to get a Rolex on my wrist in the future. Go for it.

A friend of mine did the very same and it worked out for him just fine as he 'paid' full price on the day but with two price increases since it means in effect he has had around a 23% discount not to mention he invested the money he would have spent on the day in an ISA and made £1000 return.

Ok so this is not a given but you got to admit he did very well from that decision

[HORNBLOWER]

Life is short, if you can afford it and its what you want, go for it.

[cremator]

£5320 no discount 20% dep £1064 over 3 yrs £118 per month where you looking to buy from

[tinger]

Here's my unsolicited 2 cents..

With the money rate next to zero.. get it over with and pay for the merchandise upfront (if one has the funds).

Finance @ 0% if you're getting a reasonable 'guaranteed' return...ie. 10% LOL

[simonmcc]

Mappin and web offer 10% deposit and up to 36 months 0% finance.

[cremator]

mappin and webb is 20% used to be 10

[P2725TMB]

Originally Posted by gwalker

I was really unaware discounts in the UK were that hard. In that case you would be dumb not to take the 0% IMO. I know I would. Some people say debt free is great but the financing does build credit so you get Better rates in the future, you keep the majority of the cash in your possession, and pay the same. Huge win IMO.

I personally agree, at 0% why not take it - its almost illogical not to. The only rider is that (and I'm unfamiliar with the details) if you miss even a single payment I believe there's a hefty percentage penalty. So if one does go the 0% route its imperative you have an automotated system of paying each month to avoid forgetting and have funds available, otherwise you will be stung.

[simonmcc]

Originally Posted by cremator

mappin and webb is 20% used to be 10

They need to up date their website then.
http://www.mappinandwebb.com/informa...m_campaign=IFC

[cremator]

yes they do as they dont use that finnace company anymore they use barclay card i am on to it straight away

[simonmcc]

Originally Posted by cremator

yes they do as they dont use that finnace company anymore they use barclay card i am on to it straight away

How long has this been the case?

[Zirotti]

If you're a responsible person, 0% is an amazing thing. Fortunately for those that are, there are lots of people who are not. :)

[cremator]

not sure but think it as only been with in the last month or so

[simonmcc]

Originally Posted by cremator

not sure but think it as only been with in the last month or so

Not a bad thing 10% seems too low.

[cremator]

yes it was just waiting for a phone call back and i will update

[aquanaut]

i bought my sub c lv last year and decided to take 0% over 12 months. i could have paid for it straight out. I paid about 3 monthly then just paid it off. its nobodies business how u want to pay for your rolex. do what u want. Also helps with credit reports as well..if u don't miss any payments!

[cremator]

its the way to buy even if you got the cash to pay for it

[Reu]

Originally Posted by killerbunny

Nice observation..

"Killer Bunny"???? I don't need to say any more really, do I.

It's evident here that there is a pattern on this thread. Most UK residents would take the 0%, whereas the US crowd would prefer to pay cash.

Bizarre, based on the fact that the guys on the other side of the pond were quite keen on credit until late 2007. Just a thought...