Morning all,
For the past 10 years, at least, i've had an itch for a PO and i've tried to scratch it every way possible without shelling out, what is TO ME, is a ridiculous amount of money to spend on a watch. My car cost me £700 for Gods sake!
Anyway, i'm 40 next year and just this morning i've decided that lifes FAR too short to torture myself like this, so have vowed to get myself a pre owned one before the big day arrives!
Now, as much as i've gone all "live for the now", i still have to be realistic and have to draw the line at £1500. My question is, is this possible or am i being completely unrealistic? I'd appreciate any and all opinions from you lovely knowledgeable people.
Cheers,
Eddie.
Thats what i was afraid of Ste. Procrastination may have definately cost me.
I could go and get one on the drip like a million other people, but that's just not how i do things... i despise debt.
Forget it at £1500, if you find one that cheap there'll be a reason why it's so cheap.
I think the last of the original model used the 2500D version of the movement, with the same co-axial design as the later 8500, but they'll sell at a premium.
Service history is important with these, I`d pay more for a watch with Omega Service history (or an Omega accredited repairer) within the last couple of years. Look for a good bezel too, the inserts can`t be replaced separately.
Probably not what you wanted to hear, but my advice is to buy one of the best available. If you buy cheap you end up playing catch-up and spending money trying to get it right.
You'll get a nice SMP for £1500, a far nicer watch in my opinion, but if you really want a Planet Ocean that's what you should stick with, even if it means finding more money.
Paul
I wouldn't do that. Dealers who have zero rate finance offers often have the costs built into the sales price. Keep an eye out for a good one on SC, and beg borrow and steal when the watch appears. To put a positive spin on things, look at it like this, if you bought a £2k car, in 5 years time it will probably worth its weight in scrap. A PO, on the other hand, should show a little yield on your investment. Man maths, its all you need.
I think you'd really struggle for what you want to pay.
The lowest i'd consider letting one of my 2500's go for would be £1800 - 1900
The 2500's are probably only going to become more expensive to obtain over time as they become more rare (not that they are exactly rare)
All good advice guys and i don't mind a reality check at all.
I may start looking at Seamasters as well then.
I bought a 42mm Planet Ocean , a few weeks ago. It cost a lot more than the price you are looking to pay (granted..I got it from Watchfinder though!)
I also have a 2531,......l I like them both, though they are quite "different" , in my opinion anyway!
Cheapest ones seem to be the 45mm Orange bezel versions with a rubber strap at £1800 upwards.
Fine if that's the one you want but having waited so long you should get the one you want, not the one that's cheap.
If you're that desperate to own one got for it I say ... stretch your budget by another 500 and search for one, they are about in great condition for that money.
I have one and love it, superb watches ... treat yourself, it's a watch for life looked after
I'm wearing my 2201 today, there was a lovely one in SC not too long ago for £2k. Excellent value at that price IMO and you could easily get your money back if you needed too. Find an extra £500 and buy the watch you want - it's a much more sensible thing to do than to spend £1500 on a watch you don't want.
This would be a good buy at £1850. Full set, on bracelet, no orange, and the D movement. Red seal evident on caseback too.
Ever had a mortgage?
Why people get their knickers in a twist over credit for things continually amazes me. Especially if it is interest free and you can manage your money...
And at the risk of sounding blunt, the first gen Planet Ocean retailed for £1,825, if I recall correctly, on it's introduction in 2005! Where are you getting the seemingly arbitrary figure of £1,500 from in 2018?
If you've been wanting one for ten years, I don't reckon much else will satisfy that itch. Take the advice given and stretch to get it. Buy cheap, buy twice and all that...
Just a thought... could you whack down a £1500 deposit and pay off the remaining £500-£750 in ridiculously affordable instalments over a period of time.
If what you really want is a PO, though the SMP is a lovely watch (your budget would get you a 2541.80.00 or a 2531.80.00, the quartz or the chronometer), buying an SMP now means you’ll only end up buying a PO later.
Take it from me - whenever I’ve compromised to get something quickly, I’ve ended up with two watches. If you’ve lusted after the PO for some time, I think there’s a fair chance you’d find the same trouble.
It’s a watch - not a house. Don’t understand those trying to convince the OP to get into debt over it. Fine to save up longer and wait, but it is a luxury, so good call OP.
I had the 8500 PO XL on a bracelet which I sold on here a few years back at around £1850, but the market for these had moved significantly unfortunately. It was a brilliant watch, although a little too large - excellent detailing and accurate to less than 1 spd
Obviously a watch and a house are two very different things but the principle is the same. And ironically the more frivolous "luxury" purchase (the watch) is the one that can be had with 0% interest. But for whatever reason some seem
petrified over using credit because of whatever self-imposed stigma/blockers they put in their mind.
I bought two watches last week on IFC. £16 a month for the one the Mrs wanted and £30 for mine. Both being in full time steady employment it wasn't some cumbersome financial commitment. I could have got paltry discount buying outright but thought why raid my savings? Besides, it never hurts to build a credit rating.
I'm only a young guy but had loads of things on credit, watches, jewellery, sofas ffs(!). Never missed a single payment and have a pretty good credit score as it goes but hey ho. Who wants to be "in debt" every month for such nominal amounts eh?!
If the OP had put away £20 a month for the last 10yrs he'd have £2400 in his Planet Ocean watch fund for a second hand watch. It could have been bought brand new, years ago(!), and worn and enjoyed for all that time, and paid less if the evil credit had been used...
Maybe the OP should expand his mind/get creative before a dream really does pass him by.
A watch is not something I would consider getting into debt for. If I can’t afford it, I don’t buy it. When I started buying watches, I enjoyed some lower value ones, and aimed to buy an Omega when I paid off my student loan. This is exactly what I did, and now I have more money, I buy more expensive watches that I can afford.
Debt is debt no matter how you look at it and myself and many others just don't like it hanging round them. I personally just don't like the idea of having something that I've yet to pay for. Call me old school or small minded or whatever, but I just don't like it and that's it. If it's something that I really need... Like a house. I can't avoid it but given the choice I'd rather avoid it.
Last edited by MFB Scotland; 6th May 2018 at 21:14.
I’ve used interest free credit before, the longer period the better IMO. Here’s an interesting angle to think about.
Firstly, I can afford to buy outright, but would rather keep cash available to use for other stuff, including investing...
I’ve used ifc before and instead use the cash to make an equivalent pension contribution. I get Free credit and assuming higher rate tax relief, the equivalent of a 40% discount.
That way, I get nice watches and I’m saving for the future. Win, win, plus it’s a way of justifying frivolous expenditure on luxury items to myself.
Nothing wrong with using ifc in sensible ways imo.
The concept of debt avoidance stems from a time when HP agreements (catalogues etc) were very expensive. Anybody spending cash when interest free option is available is being financially naive. That cash could be working for you. It's a very misplaced idea that avoiding debt is prudent.
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We seem to have gone off topic and debating using existing cash for other purposes whilst using IFC to pay for a watch - this approach certainly has its merits, however the advice being offered was to use finance (not necessarily interest free), to obtain a luxury item for which cash was not available - this is a different argument, and one I don’t agree with for a purchase of this sort.
Long time lurker, first time poster. I had a similar issue a while ago.
I think you can plausibly find a pre 85XX, ETA based PO for around £1500 (maybe a bit more) on ebay, but these come with solid casebacks and this means that you are taking a bigger punt on authenticity. It is one of the most popular watches as well, so the risk of fakes is much higher. I would invest in either paying a lot more (2.5k at least) for a newer display backed version with the new movements or paying a few hundred pounds more to buy from a more reputable/reliable source.
I ended up buying something else for this exact reason!
I don’t get why anyone would spend time wanting to convince someone else to take on debt they don’t want when there’s no commission in it.
The lad doesn’t want to get into debt for a watch. I don’t understand what I’m missing that makes that in any way a complicated matter?
I find it difficult to believe that true 'interest free credit' can exist. Money costs money, and if a retailer can offer interest-free credit he can give a discount instead. Nobody lends money for free.
I've heard all the arguments in favour, but at the end of the day you get nothing for free. Debt is best avoided unless it's a mortgage for a house.
I spent my 20s in debt, I learned the hard way.
Paul
This was generally once the case and still occasionally is but retailers were then offered commission to sell debt, yes even IF, and so they actually prefer a finance sale to a cash one.
Finance companies then have clients they can market to in future and, of course, they hope clients default so they can charge ridiculous penalties or charge exorbitant interest.
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Some make it sound like an IFC arrangement is a gateway to bankruptcy, destitution and the poor house and for some that maybe true.
For others it’s a sensible way to own something while making funds work elsewhere or allow a perchase of something earlier than purely saving for it giving ownership earlier and beating price rises.
Obviously if you are uncomfortable with being in debt or can’t trust yourself with debt this isn’t for you, personally with a significant deposit available I can’t really see any harm in it .
Interest free credit is fairly ubiquitous nowadays and isn't as scary as it sounds (but you should still stay away unless you know 100% what you are getting into).
Lenders like generating credit because it isn't really money but can act like money - and even without interest they can make a lot of money this way.
Very simply put, credit isn't money but a promise to repay which can be traded like money. It can be used like money because the issuer promises to pay instead if the borrower defaults on payment. Because credit is secured based on your likelihood / ability repay (judged by your credit worthiness - which is itself judged by your credit history / salary etc.) banks can afford to lend a lot more credit than they have in cash (this is oversimplifying it a bit but that's fundamentally how it works). Under the current system most banks have about 1:10 capital to credit ratio. This means that every £1 they can issue £10 in credit - which borrowers repay in "real" money. As long as the borrower is likely to be able to repay the whole sum, lenders make a lot of money even if they don't get any interest on top. Again, oversimplifying a bit, but credit issued by big banks and lenders is pretty much ubiquitous with "real" money and can be spent like real money - which is why you can use credit cards like a debit card or cash in most shops without incurring interest (unless you pay late!).
HOWEVER: borrowing affects your credit history. If you are unable to repay or pay late for any reason, this will affect your credit history and can become a hindrance to more important undertakings, such as securing a mortgage, that are dependant on your credit rating. Late payments can and usually do also come with stringent penalties. If you buy something on credit you have to make sure that you can and do take your obligations seriously.
Daft as this may sound I think the tighter the budget then in some ways the wise thing is to stretch further and get a collectible vintage (or the usual suspects) and view it as money sat in a watch to be enjoyed rather then earning buttons in the bank. You can convert it back to cash fairly quickly.
That or get turning through the night
You have a point there to be fair Dave.
I might just push the boat RIGHT out if the right one comes along. As you say, it can always be turned into money again if needs be.
I believe that to be true. However when I bought my PO at around 2006 I thought orange was the quintessential colour for the PO, like in the Micheal Phelps advertisements. It was what set it apart from mainstream black divers and still does. I did not expect the black to outrun the orange in value, and I don't really care, but find it strange and a bit of a pity at the same time.
Oddly, it was the Orange that initially attracted me to this model, but as time went on the black appealed to me more and more.
So, boat well and truly pushed out.
2009 watch, full set and couldn't as for better condition.
This is a surreal moment for me, my first proper big boys watch!
Took Daves advice. Its money on my wrist rather than in the bank.
Lovely. Congrats. Suits you v well.
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IMHO you’ve made the right choice, looks good.
Congratulations you can’t go wrong with a P.O. ,great watches
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