Reply With QuoteNever. A watch of the value needed to actually be paid for on credit is an unnecessary item. For some their own car is very much needed for their job and/or life, so a very different ballgame.Originally Posted by Ribena36
Was interested to get an idea of how many people buy watches using credit/credit cards/loans etc.
I read today that over 90% of new car sales are from people using some form of credit. Car purchases are obviously very different from watches but in one sense watches may be better suited as devaluation tends to be immediate and then resale value relatively stable.
That said I personally would never borrow money to purchase a luxury good, rather go without until I can afford.
What do others think? Do you/would you borrow to buy a watch?
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Never. A watch of the value needed to actually be paid for on credit is an unnecessary item. For some their own car is very much needed for their job and/or life, so a very different ballgame.
Never here too, although I wouldn't criticise those who want or need to do different. For me owning a watch bought on credit would be far less satisfying, almost as if I didn't really own it. To some extent at least each watch I own is a reminder of the hard work I put in to earn it.
I agree, never. Save until i have the money then get the watch. I get it that people would though some watches out there cost more then my car and if i was getting one of those watches then my answer might be yes.....only interest free of course.
You can’t argue with 0% interest financing....
Speaking for myself, I always pay cash.
Several times but only ever on interest free credit. I'd rather keep the money in the bank and if an AD wants to pay the interest on a 2-3 years loan, great
Never personally but I know a few who’ve used interest free to their benefit I just hate debt of any sort.
Never had a mortgage?
I haven't but would have no issue doing it on 0% for example.
Cash but if 0% why not if you don’t mind a chunk of money going out each month for a watch you might sell a bit later on.
Haven't but wouldn't mind on 0%. With rolexes yearly price increases. 0% is cheaper than saving up for one!
Yep, money in bank and bought on 0% credit card.
Don’t see issues with that
As above only cash but 0% appeals to many as the cash chunk may be better used elsewhere.
As others have said, only on 0%. I wouldn't pay interest, it would take the enjoyment out of it for me.
One good thing about buying a watch on Credit (0% only mind) is protection it gives you.(section 75)
Buy all big purchases on credit card, interest free credit (then pay off) free insurance, be a mug not to.
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i’m probably the minority but i try to always use credit if possible AsSUMING ofcourse it’s 0% interest. I would never buy a luxury good with interest that is madness but if i’m buying a £10k watch for example and i can get that 0% interest free it makes more sense to do it that way for me as i can keep the rest in the markets such as etfs shares etc.
Certain situations i may even get a cheap loan at say 3% let’s say in the highly unlikely situation where a Rolex AD offers me a black and white ceramic daytona and a Patek worldtimer enamel i may bite the bullet and pay the 3% LOL
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Last edited by kaiserphoenix; 7th January 2018 at 21:54.
This for me as well. When i use this method i usually pay a decent deposit, and pay the rest off over 9-12 months.
I've bought a watch or two on 0% interest free..
Times I've used it, I'd had the money in the bank...but used the 0%
Both times I used I, the watches were on sale anyway, so it was a no brainier.
I'm not wealthy by any means, unlike some on here....Makes sense to me..
I only wish my mortgage was on 0%!
I bought a half price Bell & Ross at 0% finance from Jura 2 years ago.
I would never pay interest to buy anything aside from my house.
Would never borrow money to buy an expensive watch, unless it was at 0% interest AND i knew i could comfortably afford it. Even then, would prefer to buy outright - as some others have said here, it would feel a bit different if it had a loan against it, and there is satisfaction in saving for a watch/goal.
I've bought all my new watches on interest free loans, even if I have the cash. Why wouldn't you? Would never pay interest, so if I can't get 0% I would pay outright and if I can't afford it, I wouldn't buy.
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Bought many an expensive watch outright but must say found buying a Rolex on 0% interest a very satisfying experience. I was on the fence regarding buying this particular model and paying full list, so took the 0% over two years and 6 months down the line Rolex stopped making the watch. Would do it again in a heartbeat. There was a time a few years ago when you could get Rolex watches one way or another 10/20% off but would have to always pay in full, now they seem to be at list price I’d take the 0% all day long. Plus, if I bought a new watch every two years on the finance, after 10 years id have 5 watches in the collection which I probably wouldn’t have noticed paying off every month...
Not the same thing but I try and initially always pay on my credit card - Virgin Atlantic Am Ex for airmiles. Had quite a few Upper class trips over the years all thanks to the card.
Rolex and Patek, no problem as there is little discount to be had so why not keep the cash in the bank?
Just about any other model you will get a decent discount for paying cash, but will not get any discount if you take credit. It makes sense here to pay cash.
For some reason, this is a question which often seems to excite a lot of differing & strong opinions.
Personally, I don't tend to buy on credit, but if I had the disposable cash already saved in the bank (so that I'm not over-reaching), and 0% was available over a short period of a year or so, then why not?
Generally though, I'd only be motivated to do so if I couldn't swing a discount for an outright cash purchase (e.g. a popular Rolex model), and I felt I could achieve a better investment return on the full amount in the meantime, or if I just preferred the safety-net/flexibility of having the lump-sum cash in the bank in case of a family emergency (because I've never had a credit card).
Like most- probably. Doesn’t mean that he/we dont hate having one.
Bought two Rolexes on interest-free credit. Could have found the money but spreading it out over four years at a time worked out just fine for me.
I'd have done it again with a BLNR or SD4000 were they not so expensive now (plus I'm a bit fed up with new Rolexes and would buy Grand Seiko now). In 2008 I bought a GMT2C for £3,600. I don't think I could get a new one for that anymore.
"A man of little significance"
As long as there is no problem with the repayments I don't see the problem with buying a watch on 0%.
I bought my first Rolex on 0%. I’ve previously bought an SMP300M and a Ploprof1200M on 0% and a v good discount. I am currently paying off another SMP on 0% that I bought at a good discount too.
I see absolutely no problem whatsoever in buying on credit, preferably 0%. Especially for items where the RRP would have risen before I would have saved the money at the same/equivalent repayment amounts.
It's just a matter of time...
I’ve bought on 0% and don’t see an issue. As others have said by the time you have the money some watches will have already gone up. Even if you have the whole money you can just dump it in an ISA and pay off the 0%. Once interest is higher than 0% however no way, not for me.
Says a lot about the average income of folk on here that most people on this thread don't seem to pay for credit for anything except a house. I suspect we're a bit different from the average, there will be millions of people paying interest on credit cards this month and couldn't manage any other way. I suppose the demographics are inevitable for a hobby that essentially requires a reasonable amount of disposable income.
I bought a Submariner years ago on finance, but wouldn't do it now. With my latest purchase I was about £650 short after selling some watches in order to consolidate, so I lent myself the money. Should only take two to three months to pay it back.
No , never had a mortgage either and don't buy my cars on finance or lease but I do buy and sell a lot of stuff so funds are always up and down like a yo yo
Have used 0% over 2 years once. Was going to buy outright, but with no discount available I took the view that it was better to keep my funds and use 0% finance.
Completely agree with this. Important to be strategic.
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Never but if offered 0% interest I might consider it
I am guessing the millions of people paying interest on credit cards are not the same as those spending £1000+ on watches.
i certainly would not borrow money on finance, to spend on such luxuries.
Martyn
I don’t get why anyone would pay with cash when 0% is available on pretty much anything. Just makes more sense to buy a luxury item out of income not wealth.
If you’ve never had a mortgage and don’t buy cars on credit You possibly wouldn’t qualify for credit on a watch anyway. Credit Reference Agencies will think you’re a bad risk
You are Jimp and I claim my cat food !
I've used interest free offers from ADs in the past, and most recently interest free credit card. Set up a direct debit to pay the card off each month. It feels like spending on a hobby each month.
Never used credit to buy a watch but never spent more than £3k on a watch. I fully agree with others - I wouldn’t dream of buying a luxury product on credit unless interest free was available, in which case I would consider it. What I hadn’t realised until reading this thread was the extent to which interest free credit does seem to be available for Rolex etc. I might have to take advantage in 2018 as thinking about a couple of Rolex as part of my broader investment portfolio.
I used interest free credit cards to partly fund my going a bit mad on watches last year. So to date it has not cost me any interest, and I have been able to buy a couple of sought after watches the day that I was contacted by the AD.
I do have some prudence however and would never get into CC debt that I could not cover from savings.
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Never,
Can't justify it to myself. If I am going to buy a bauble of any kind either for myself or somebody else I pay cash. If I don't have the cash I don't buy it.
That or they're just more financially responsible.
would never pay any interest, maybe consider 0% but would still rather not.
Just bought one with a credit card, for the insurance provided as much as anything else. The money is in the bank, the card is 0%, so it will be paid off within a couple of months. I only use the credit card for large purchases, and usually pay them off the same month. The only negative about my Virgin card is that it won't let you have a positive balance, otherwise I would put the money into it before I bought the item.
insurance / interest free does make sense
People frequently argue against "0% interest" (usually arguing you could get a discount if paying cash).
I bought one watch on interest free credit ,because it wasn't a watch I 'needed' (is any watch a 'necessity'?), just something I fancied to cheer myself up a bit, so I decided to spread the load.
I didn't miss £100 a month, but I didn't want to part with all the cash up front - Same principle I applied to leasing a car, rather than buying one.
Credit's fine if you control it, it's when it gets out of control it's a problem...
Must be that - We're all on minimum wage, but pretty careful
M
Last edited by snowman; 8th January 2018 at 13:06.
dont have a cat!
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