When is the right time to buy?

[airickq]

Hi guys,

I've been lurking on these forums for quite some time now, ever since I got my first big paycheck, I have dreamed about eventually splurging on a Rolex. I have a six-figure salary, but I am debating whether or not I am financially qualified to own such a beautiful and expensive timepiece.

I just wanted to gauge what type of salaries Rolex owners have, and when (financially) they purchased their first masterpiece. I know it's a really personal question, but if anyone is open to sharing it would be greatly appreciated!

Thanks!

[Andad]

In Oz it was from the good old USA when the RoA was 1.06.

Now...not so good.

I suppose we could try selling them all back when it hits 0.65.

Welcome to the Forum.

6 Figures eh!

Same as me but I'm at the top end....$9999.99.PA

[Old Expat Beast]

Rolex owners have all kinds of salaries, from CEOs to sales clerks. Just buy when you can do so without it affecting your basic financial needs, or those of your family.

[DCheeta]

You're financially qualified when all of your other necessary expenses are covered and your savings are healthy. Regardless of yearly salary, anyone can have a right time and a wrong time to buy a Rolex.

[x zombie]

The Rolex spectrum varies from a few thousand to forget your children's college fund. I bought my first Rolex (Explorer I) when I was a Captain in the Army making a tad bit over $90k (Base Salary, Housing Allowance, etc.). I'm now making 6 figures with moderate expenses and bills, and purchased a Deepsea late last year.

In reality, it matters more on how well you manage your money than how much you make. To spend 10K on a watch is ridiculous and a waste in the eyes of some of my friends, but these are the same people who spend 6k twice a year on a cruise with lots of alcohol. In the end I still have my Rolex and they have little more liver damage with nice pictures of the ocean.

[Im Lauf der Zeit]

When you can spend that money on a Rolex and not have to think about it, worry about it or regret it ever.

[rmfnla]

Originally Posted by Im Lauf der Zeit

When you can spend that money on a Rolex and not have to think about it, worry about it or regret it ever.

Except some people will agonize over it regardless of their financial status...

[joli160]

I "sacrifice" holidays and buying a new car for my watches. Whatever you prefer to spent your money on I suppose.

[kegan]

If you know what you want the time to buy is now

[locutus49]

Exactly what all my real estate agents have told us

Originally Posted by kegan

If you know what you want the time to buy is now

[roklee]

Do the math...then buy or not.

[WhatTheDeuce]

I make...






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[T. Ferguson]

The right time to buy a Rolex is just before the next price increase.

I bought my first Rolex quite a few years ago, not wealthy by any means but middle class with a good job and a career. I was single, no children, and all my expenses were within reason. Essentially I was living below my means.

I remember when was just getting started in my profession I was making $12K/year (yep, a long time ago, lol), but I had a nice one bedroom apartment by myself in a good area. Drove a decent but sensible car. Another guy in my department just getting started like me lived with his brother and two other guys in a two bedroom place in a crappy area so he could afford to drive a Ferrari. Not the choice I would have made obviously, but we each make our choices on how to spend our money.

It was something I really wanted. Didn't want the fancy car, or big house and mortgage etc. Just really wanted a Rolex. So when the day came I felt comfortable that I could afford one, I bought it paying cash and never looked back.

When I look back on it, I've made out pretty good with my financial choices through life. Hope my crony from back in those days did too.

[airickq]

Originally Posted by T. Ferguson

The right time to buy a Rolex is just before the next price increase.

I bought my first Rolex quite a few years ago, not wealthy by any means but middle class with a good job and a career. I was single, no children, and all my expenses were within reason. Essentially I was living below my means.

I remember when was just getting started in my profession I was making $12K/year (yep, a long time ago, lol), but I had a nice one bedroom apartment by myself in a good area. Drove a decent but sensible car. Another guy in my department just getting started like me lived with his brother and two other guys in a two bedroom place in a crappy area so he could afford to drive a Ferrari. Not the choice I would have made obviously, but we each make our choices on how to spend our money.

It was something I really wanted. Didn't want the fancy car, or big house and mortgage etc. Just really wanted a Rolex. So when I felt comfortable that I could afford one I bought it paying cash, and never looked back.

thanks a ton. really appreciate this

[GolfPunk]

Sorry but it's a watch, most people could afford a Rolex if they wanted one badly enough via interest free credit etc, IMO this post is a tad pretentious

[ratty]

[QUOTE=GolfPunk;5337538]Sorry but it's a watch, most people could afford a Rolex if they wanted one badly enough via interest free credit etc, IMO this post is a tad pretentious[/QUOTE]

I have to agree with this.

Buy one when you want one!

If you have a "six-figure salary", unless you are working to two decimal places, what are you worried about!

[Explorador]

As Adam says, you find all kinds of salaries here.

Its the personal scale of values. If your will to get one particular watch is strong enough, You will be immune to other constant temptations (like the new 5k iMac, a new 4k tv, etc), and Save patiently month after month without hesitation or doubt.
In other words, its not the amount of money you make every month, its your serious will to save for it month after month, no matter how long it takes.

Which model do you like, by the way?

[Jake B]

This is my opinion.

When purchase and ownership will not affect ANY other part of your life, be it family life, vacations, food, education etc.... then it's time to have luxury items like a Rolex. I don't think that having a WATCH should put you out in any way or be detrimental to your way of living or well-being, mentally or financially.

Basically, if you need to be thinking twice or second guessing as to whether you can afford it, then you can't.

[Singslinger]

If you like and have the money, you buy. It's as simple as that.

[Chewbacca]

Originally Posted by Jake B

This is my opinion.

When purchase and ownership will not affect ANY other part of your life, be it family life, vacations, food, education etc.... then it's time to have luxury items like a Rolex. I don't think that having a WATCH should put you out in any way or be detrimental to your way of living or well-being, mentally or financially.

Basically, if you need to be thinking twice or second guessing as to whether you can afford it, then you can't.

above, oh, and also adopt a pet.

[superdog]

Originally Posted by Jake B

This is my opinion.

When purchase and ownership will not affect ANY other part of your life, be it family life, vacations, food, education etc.... then it's time to have luxury items like a Rolex. I don't think that having a WATCH should put you out in any way or be detrimental to your way of living or well-being, mentally or financially.

Basically, if you need to be thinking twice or second guessing as to whether you can afford it, then you can't.

agree with this: completely.......

my first big watch purchase, after many smaller ones, was a Rolex DJ2. I put it on credit. I did not enjoy the purchase or watch as it messed with me mentally.

at this point, i only buy when it is "disposable" money.

save up, get yourself a savings account and call it the "watch fund". when you have enough to buy yourself 150% of the watch, then go for it. you will have a fun time of it as there will be no worries. and even after the purchase your fund will still be healthy.

[Headshrinker]

Originally Posted by Jake B

This is my opinion.

When purchase and ownership will not affect ANY other part of your life, be it family life, vacations, food, education etc.... then it's time to have luxury items like a Rolex. I don't think that having a WATCH should put you out in any way or be detrimental to your way of living or well-being, mentally or financially.

Basically, if you need to be thinking twice or second guessing as to whether you can afford it, then you can't.

Jake B you nailed it! There is nothing else to add...

[Urosfan]

As long as you can pay your bills take care of your family thats when you should buy

[Muzz]

What ever amount you can afford to loose IMO should be your budget. Makes it simple.

[Roll the Lex]

Depends.

There's a huge difference in price ranges for different models and whether you buy used or new. It's one thing to get a used SS Rolex for $5,000 and a Platinum Daytona for $75,000. What model are you looking at?

The other thing is what's your net worth like? Congrats on the 6 figure salary and all your success. But are you living paycheck to paycheck? In debt $50K with Visa? Or do you have some cash stashed away? For me, I'd focus on my wealth before worrying about a Rolex.

I personally make the value of my watches a percentage of net worth. So if I hit that limit and I want another watch, well I gotta work on myself before I work on what's on my wrist. No point in having a net worth of $100,000 if you've got a $75,000 watch on the wrist in my opinion.

And finally it's one thing to pause and think about buying a Rolex because it's the first time you've spent that much on a watch and a whole different matter if you are worried about your finances. If you're worried about your finances, now's not the time to buy. Just start socking away money and spend some time at TRF soaking up all the knowledge and great pics and in time you'll have some cash ready to enjoy a Rolex.

The other thing you have to realize is that when it comes time to service a Rolex, you're not looking at a $20 bill at the mall watch kiosk. It's going to be several hundred to a thousand dollars depending on where you get it serviced and what it needs. Then there is also the issue of insuring your watch, which is another cost. Always look at the running costs luxury watches- if not you may be in for a rude surprise a few years down the road.

[Rashid.bk]

When the bills are payed to include wife bribery money and the future is bright, only then can I contact David, Oscar or Walter.

The best time is now, life is short.

[Racerdj]

As long as your family, church and business are taken care of, it might br time. And in my opinion, when you have cash ready. Unlike my first time.

[up2nogood]

For me, it's buy when you won't notice the funds missing.

Failing that, follow the engagement ring rule - 3 months salary.

Sadly for our local dealers, I usually buy on holiday. I wouldn't if they understood the concept of negotiating........ Added bonus is the VAT refund.

[Ken B]

In todays world low 6 figures tends to be the new middle class. Like others have said: Bills paid, got some left over stashed away?. Then save up and get your watch. Do Not buy with a credit card unless you pay off right away and are gaining points or cash back.
Same rule applies to any luxury goods purchase IMHO.
Also do some research, you may find that other watch brands ring your bell. Rolexs are nice but so are many other brands.
Ask your self, what would you rather have, a watch or vaction? Newer car, or watch... and so on...Pay the house off earlier or a watch...

[AK797]

It should only be about disposable income, not total income. If after everything else has been taken care of then I think you can spend what you like. I know it is a lot of money to spend on just a watch so it may help you psychologically to buy one if you sacrifice or part sacrifice another luxury you were going to buy instead.

Or ignore all the above advice and the correct TRF answer is of course... yesterday!