Would you lease to own a Rolex?

[jasonbellevue]

Some of my friends lease their luxury vehicles, just so that they can drive a different model every couple of years BUT I have never heard of a lease to own a luxury watch service.

Would you lease to own a Rolex? Personally, I don't like to lease anything

What are the benefits in leasing a Rolex? If you lease, do you eventually give it back and lease a different model at the end of the lease, or pay off the balance and keep the watch?

Check it out and tell me what you folks think?

http://www.firstwatchleasing.com/FAQ.aspx

[wantonebad]

Depending on risidual and overall cost I'm assuming it's a waste of money, the little reading i did seemed vague on the key details

[JBat]

I wouldn't lease, but I would finance if on a same as cash basis. Most Rollies don't cost enough to warrant something like a lease, IMO. If I want it bad enough, I'll pay cash or save until I have the money.

[wantonebad]

Originally Posted by JBat

I wouldn't lease, but I would finance if on a same as cash basis. Most Rollies don't cost enough to warrant something like a lease, IMO. If I want it bad enough, I'll pay cash or save until I have the money.

Agreed, but if you wanted that Platinum President this would be a way to get it today... I bet they have some takers

[cbrenthus]

^ I financed my GMT interest free same as cash for a ear with 20% down. When I went in for my 2nd to last payment, I did the same deal on the LV, and the way the billing works, my first LV payment won't hit until after I pay the last GMT payment.

However, my AD is getting strickter on their pricing, and I'm considering, when the LV is paid off, not buying another one and then putting the payment money into a savings account every month. Then finding a more negotiable dealer, possibly out of state, to deal with.

As for leasing, I just can't see it being cost effective when If you really want one and have good enough credit to lease, you could finance interest free whether its with a store account or even another credit ard with intro rate or something.

[Welshwatchman]

Let's think about this.

Pay $$$$ a month for 3 or 4 years.

Wave goodbye to watch.

I'd rather have a little bonfire with my cash.

[dienstuhr]

Interesting!

The players sound serious. The principal is Joseph Lam, who formerly owned Timezone.com and recently sold it to Antiquorum, which is also involved in the lease business (somehow, it's not clear).

That said, I wouldn't lease a watch. Too many tricky issues, like what do they take for security for the watch? What if you lose the leased watch or it's stolen? You don't "own" it so presumably it's not covered under your homeowner's policy. I think if you can't afford to buy it outright or finance through credit you shouldn't be buying it.

People who lease nowadays often do so because they can't afford the monthly payment for buying.

$48,000 car - no interest finance - 48 mo. term - $1K/month

$48,000 car - no interest lease - 48 mo. term - residual amount $24,000 - $500/month



Of course at the end of the lease you have nothing...

Cheers

d.

[Art 1]

No.

[JPP]

No

Not as Rolex keep their re-sale value pretty well. It's not like a car where you suffer severe depreciation in price within the first year of ownership.

[2careless]

I suppose leasing only works out if you get tax benefits out of it at your part of the world and a usual proviso is if the goods leased is "work related". I know many real estate agents here do novated lease on luxury euro cars because they can claim high tax deductions as they clock up lots of miles driving clients etc.
Your mileage will vary.

[f16570]

Lease a car cannot be compared to a watch.
If it depreciates lease it, if it appreciates buy it.

[Thomas]

Personally I can't see making payments on a watch, even if it's zero interest for the term. Just as an example if you financed a $5000 Rolex interest free for 12 months, the payment is $416.67 per month. To me, that's a pretty big payment for a watch.

[East Bay Rider]

Buy outright and avoid the bill. If you can't then save until you can.

[f16570]

Originally Posted by Thomas

Personally I can't see making payments on a watch, even if it's zero interest for the term. Just as an example if you financed a $5000 Rolex interest free for 12 months, the payment is $416.67 per month. To me, that's a pretty big payment for a watch.

So how exactly without saving the $416.67 a month did you get the money for the watch?

[StanGMT]

Originally Posted by JPP

No

Not as Rolex keep their re-sale value pretty well. It's not like a car where you suffer severe depreciation in price within the first year of ownership.

Originally Posted by f16570

Lease a car cannot be compared to a watch.
If it depreciates lease it, if it appreciates buy it.

I agree entirely. Also, a watch that you acquire while you're young and that might last you a lifetime (literally) is much more likely to become a treasured possession with a lot of sentimental value - it's best to own it outright.

Stan.

[Letsgodiving]

I wouldn't lease a car and I definitely wouldn't lease a watch.

A friend of mine works as adjuster for an insurance company and had a claim with a guy who totalled his vehicle. Turned out that the wheels and tires were rented for $250 a month. That's $3000 a year for wheels you will never own! Of course, the car was also financed and he was upside down on that as well.

[ratmotortom]

There are probably some that this would work for. I'm sure there are those who finance their watches and make payments. Some may get rid of them before they are paid off and roll the balance into a new purchase. People also do this with cars. In this case, I would say the lease may work. For the person who is going to make payments regardless, the lease might work. It wouldn't be for me though.

I would think the dealer would make out great on a Rolex lease though. The end value would be high and the used watch would be easy to resell or re lease. Interesting idea.

[Spark]

I'd sell my soul to own a 6263 Daytona with black acrylic bezel and Silver dial with Black subdials, but lease it hell no! I would have to give it back

[DS/B MINI S]

Originally Posted by East Bay Rider

Buy outright and avoid the bill. If you can't then save until you can.

Yep, simple as that

[Perdu]

For me leasing a Rolex is like leasing a pair of dentures, but it's an interesting business idea.

[Thomas]

Originally Posted by f16570

So how exactly without saving the $416.67 a month did you get the money for the watch?

maybe someone saved for years to make this particular purchase, or came into a windfall of cash.

[GoldenBear]

I guess it's different from the standard financing that is offered by most companies except you don't have to give it back or come up with a balloon payment.

[SPACE-DWELLER]

I prefer to OWN my belongings (including watches).

[Alcan]

I wouldn't lease for one simple reason. Every watch I've ever bought I plan on keeping until they're willed.

[stevemulholland3]

I think I would

[mldaytona]

I'd rather steal it than lease it.

[Rawhyde]

I don't lease, and I only finance things I absolutely need. Everything else I pay for outright

[bgriz]

Only if I could write it off on my taxes...

[jasonbellevue]

Originally Posted by bgriz

Only if I could write it off on my taxes...

What would it be classified as? Home office expenditure, Mechanical Time Management System?

It's interesting to read everyone's take on leasing, I personally would not lease anything.

[jac67]

I think it's a great idea.

As long as it's a legitimate commercial arrangement, and not a loan-shark type arrangement.

Why not, people do it for 'throw-away items', like TV's, furniture, cars etc. As long as you have the means to pay it off, I don't see the problem.

It may just be a matter of cash flow. See it as "forced savings".


John.