Depreciation sob stories...

[Tudor66]

I am curious who has the highest depreciation story/nightmare...

I'll start, 24 years ago I purchased a TagHeuer professional 1000 stainless steel watch, I paid $1,000 dollars, today it's worth $500 dollars- on a good day...

Had I purchased a $2,000 rolex submariner- it would have a $5,000 value today--- ouch.

[MortgageGuy]

$500 over 20 years... thats nothing! I purchased a NIB Sub (18k) @ 30 off from my AD and NO TAX... decided less than a week later that it wasnt for me and lost 3k still

[Tudor66]

Ok, that actually does make me feel like my story isn't that bad- keep it coming...

[britincali]

Watches are nothing compared to high dollar cars.

We took in a lexus ls460 on trade a year or so ago, we gave the guy 38k which was 12,000 back of kelly blue book wholesale which was at the time around 50k (they are 100k new), after 2 months book had dropped to 36k and we were stuck with it.

A 2 year old car that went from 100k to being worth around 30k......

[drtooth73]

Originally Posted by britincali

Watches are nothing compared to high dollar cars.

We took in a lexus ls460 on trade a year or so ago, we gave the guy 38k which was 12,000 back of kelly blue book wholesale which was at the time around 50k (they are 100k new), after 2 months book had dropped to 36k and we were stuck with it.

A 2 year old car that went from 100k to being worth around 30k......

If you still have it, let me know

[gwalker]

Not a watch bin in 09 paid $115k for my fiancé's SL. It's now worth $70k maybe. But luxury items aren't investments. They are meant to be enjoyed. It almost bothers me when people complain about depreciation. If you want to see a return on your $$$ actually buy something that's considered an investment.

[The Joker]

Originally Posted by gwalker

Not a watch bin in 09 paid $115k for my fiancé's SL. It's now worth $70k maybe. But luxury items aren't investments. They are meant to be enjoyed. It almost bothers me when people complain about depreciation. If you want to see a return on your $$$ actually buy something that's considered an investment.

Yeah like a sub

[britincali]

Originally Posted by drtooth73

If you still have it, let me know

Sold it for $32 + fees, was a beautiful car too with only 35,000 miles I almost bought it. Ive never driven anything as plush.

[britincali]

Originally Posted by gwalker

Not a watch bin in 09 paid $115k for my fiancé's SL. It's now worth $70k maybe. But luxury items aren't investments. They are meant to be enjoyed. It almost bothers me when people complain about depreciation. If you want to see a return on your $$$ actually buy something that's considered an investment.

100% true when buying new.

Thats why I have been in the car business for 10+ years and have never owned a new vehicle, I take full advantage of the wonderful depreciation

My truck was $42 k new and I got it for $22k at two years old, the vette is 50+k new and I got it with 30,000 miles and 6 years old for $21,000. But I ALWAYS buy the best warranty available at time of purchase.

[gwozhog]

Considering 60 percent of all marriages end in divorce I would say that is a bad investment for alot of people. It usually ends up more than a high end luxury car or watch. If watches and cars are you only mistakes in life then I say we are way ahead of the game.

[DCgator]

Originally Posted by gwozhog

Considering 60 percent of all marriages end in divorce I would say that is a bad investment for alot of people. It usually ends up more than a high end luxury car or watch. If watches and cars are you only mistakes in life then I say we are way ahead of the game.

Amen.

[RKan]

Originally Posted by britincali

100% true when buying new.

Thats why I have been in the car business for 10+ years and have never owned a new vehicle, I take full advantage of the wonderful depreciation

My truck was $42 k new and I got it for $22k at two years old, the vette is 50+k new and I got it with 30,000 miles and 6 years old for $21,000. But I ALWAYS buy the best warranty available at time of purchase.

So in terms of autos, you never would recommend buying new? How about leasing?

Personally, I've only purchased certified preowned and have never leased, but just curious . . .

[Mrdi]

Bought a Daytona in 1975.
It was stolen in 1979.
It is currently worth $ _ _ _ _ _
OUCH!!

[Tunacan26]

My only one is bought my wife a new Yachtmaster, she wore it once and didn't like it. I bought it new from an AD at 25% off retail, right before a price hike. No tax also. I still lost about 300 bucks on the stupid thing.

[Auragentum]

Originally Posted by gwozhog

Considering 60 percent of all marriages end in divorce I would say that is a bad investment for alot of people. It usually ends up more than a high end luxury car or watch. If watches and cars are you only mistakes in life then I say we are way ahead of the game.

True, but that's where prenups come in handy

[moviefreak]

So here is an idea... There should be a leasing option when you get married..

[Megalobyte]

Tag grand carerra, a few years back, list was 4200, paid 3200 in the caribbean from an AD, sold it for what I could get, which turned out to be $1800! It was in mint cond with a year of factory warranty left too. Never again, well, never again a Tag, or buying new from an AD, unless the AD is a generous discounter.

Compare to my Sub C. Bought bnib from a forum seller 6 months ago for 6900, I expect after the next price increase to $8500, used C's will sell for at least what I paid new only 6 months ago, any increases after that are appreciation, which I, er, appreciate. :)

Seems to me, you buy a Rolex SS Sub a bit below list, you just can't go wrong.

[blackmsport]

$500 in 20 years is nothing

Buy a laptop / mobile phone
and you will feel depreciation

.

[kareemthedream33]

When I was 11 my dad let me pick out his next car for him. He likes the high end luxury sedans.

I chose a brand new Mercedes S500 with AMG sport package, designo paint/interior, and basically every available option including power rear seats.
MSRP was over $130,000 CDN.

He traded it in in 2007 and they gave him $28,000.

Now THAT is how you lose money!

[mitcht]

Originally Posted by blackmsport

$500 in 20 years is nothing

Buy a laptop / mobile phone
and you will feel depreciation

.

This!

[slcbbrown]

I got out of college in 74 and my father gave a rootbeer w/o strap, which I bought at the PX for about $220. My father actually picked out a Sub w/bracelet but I got it changed to the GMT. Either watch was $440 on the open market. No depreciation story with this watch.

However, a couple years later, my best friend graduated, finally, and his parents bought him the absolute most cutting edge watch any of us had ever seen. It was a digital with LED window over an LCD window, so you could tell the time day or night. The watch cost $400+. I was happy with my GMT but was sure I had seen the future. This is the depreciation story. How'd you like to swap your vintage Rolex for that thing, now?

[GL08]

Originally Posted by kareemthedream33

When I was 11 my dad let me pick out his next car for him. He likes the high end luxury sedans.

I chose a brand new Mercedes S500 with AMG sport package, designo paint/interior, and basically every available option including power rear seats.
MSRP was over $130,000 CDN.

He traded it in in 2007 and they gave him $28,000.

Now THAT is how you lose money!

what year did he buy the car?

[brkanand]

Originally Posted by Mrdi

Bought a Daytona in 1975.
It was stolen in 1979.
It is currently worth $ _ _ _ _ _
OUCH!!

Sheer bad luck friend. My sympathies!

[Megalobyte]

Go buy a Richard Mille for about 100k, wear it a week, and let us know what happens when you flip it.

The thing is, if you're a seasoned wheeler/dealer when you buy watches, even the ones that do depreciate fast and hard, are still not a problem if you buy them right in the first place, ie not anywhere near retail.

Example. The 50 Fathoms Chrono, lists around 18k, it's a great watch, I may get one some day, but, I have seen lnib examples with remaining factory warranty going for as little as $7500! And the watch is maybe 3 months old, mint with paperwork/warranty. If there's anybody ignorant enough to pay 18k for one, well, then yes, they'll experience a very un-Rolex like depreciation, but if you buy it for $7500, I doubt you'll lose much if anything.

[Stonedcl]

That's why you lease cars.. I pay $380 a month for a $40,000 fully loaded maxima and I only gave them $800 at signing for 15k miles.. Cost me less the $5000 a year to drive a car that cost $40k.. You lease new cars buy pre-owned cars..

[kareemthedream33]

Originally Posted by GL08

what year did he buy the car?

I believe in 2001.

[sherwin]

Depreciation is bound to happen on pretty much anything we buy (of course there are few exceptions!).

Which is why despite my love for all watches, I have limited myself to the rolex range, as it is one of the few watches that i can wear and love, and if the time calls for me to sell, i can still get some decent money for it.

[harry in montreal]

Stonedcl, or if you borrow 15k from the bank, and then buy a used camry. It will cost you 3 years lease pmts and will be solid for ten yrs. Just sayin

[sherwin]

Originally Posted by harry in montreal

Stonedcl, or if you borrow 15k from the bank, and then buy a used camry. It will cost you 3 years lease pmts and will be solid for ten yrs. Just sayin

a camry is about as boring as plain sponge cake. (i know, i drive one almost daily )

but those cars are built to last... having said that, lately, the HVAC has been giving me some headaches. courtesy of the electric climate control. ripped the dash to bits to get the to back and now all sorted.

[gwalker]

Originally Posted by britincali

100% true when buying new.

Thats why I have been in the car business for 10+ years and have never owned a new vehicle, I take full advantage of the wonderful depreciation

My truck was $42 k new and I got it for $22k at two years old, the vette is 50+k new and I got it with 30,000 miles and 6 years old for $21,000. But I ALWAYS buy the best warranty available at time of purchase.

I understand what you are saying but I always buy new. I like being the first owner. A few grand isn't that big of a deal for me and just like walking out of the AD with a new watch I get the same thrill driving a new car off the lot. I'll take care of my $$$ in other areas so I can continue buying new cars and Rolexes. IMO new items are the best.