Acquiring a pre-owned watch via layaway...

[doubleinfive]

...anybody here done it?

Sounds like a good deal to me...lock in the price, pay according to a pre-determined schedule and if you change your mind, you get the money you've paid applied to another watch...

[kilyung]

Get it all in writing.

[Keith1]

If you were to go that route, why not look into interest free financing? Even though I have been offered it, never looked into it. You might want to check this out. Wear the watch now instead of when it's paid through layaway.

[One Ping Only]

I have done a deposit and picked up at a later date when cash flow allowed, but never made a series of payments. Just be sure you would get entire credit towards another or a refund with no "restocking fee".

[Lgear080]

Can't afford it... Don't buy it.

Especially when it comes to watches.

These small things should not be financed in any way, shape or form.
I know there may be no interest applied, but it's still a bad idea.

[Floorguy]

X2

[beshannon]

I would never do that, sorry

[southtexas]

I've paid in full; and I've done interest free--why let your money out of your hands earlier than you have to?

[Vivalas]

If you can afford it and you're sensible interest free is a way to go, as you're keeping your money elsewhere and getting interest presumably. Having said that, an AD says it costs them around 8% to do interest free (guess it depends on amount and term), so you could always try and ask for that in discount

If I had lay away or interest free though, I'd choose interest free every time - as long as I was sure of affordability of course

[slomo]

If you have the money outright to pay for the watch why not take advantage of interest free, as long as there's no catch....

[superdog]

Originally Posted by Lgear080

Can't afford it... Don't buy it.

Especially when it comes to watches.

These small things should not be financed in any way, shape or form.
I know there may be no interest applied, but it's still a bad idea.

I Agree as much as anyone can agree with anything.

[superdog]

Originally Posted by southtexas

I've paid in full; and I've done interest free--why let your money out of your hands earlier than you have to?

In theory this makes a ton of sense.

In a practical application, it's natural that this theory is how people over extend themselves and dig themselves a whole.

With enough discipline, I agree that it works. The vast majority of people simply can't do it.

[Keith1]

Originally Posted by Lgear080

Can't afford it... Don't buy it.

Especially when it comes to watches.

These small things should not be financed in any way, shape or form.
I know there may be no interest applied, but it's still a bad idea.

I also agree 100%

[southtexas]

Originally Posted by superdog

In theory this makes a ton of sense.

In a practical application, it's natural that this theory is how people over extend themselves and dig themselves a whole.

With enough discipline, I agree that it works. The vast majority of people simply can't do it.

Agreed 100%

[alubin]

With luxury items, I have always felt that one was better off paying up front with discretionary income than to start essentially investing money in a watch with no interest. The only plus to this is locking in the price before any increase but it would seem as if 0% financing might be a better approach as it removes the time value of money consequences of this type of layaway.

[timely]

Luxury Watches, Sport Cars and Motor Cycles are toys. I do not finance or charge, If I don't have enough money I do not buy. But that is just me.