Looking for thoughts on this payment schedule

[pol3259]

So I have money saved up for either a GMT II 2 tone or DSSD...just have to pick which one. But before the price increase I started looking at a 2nd watch. My Panerai AD told me something interesting. If I purchase a Panerai (looking at the 514) at full retail, they can finance interest free for 20 months. Or....they can provide 10% off with interest free financing for 10 months. Looking at the forums, a used 514 typically comes in around $6k USD. I don't know how long it will take our dollar to rebound. Right now, to buy a $6k watch in the US would cost around $7.4 CDN...ouch. Might as well buy new. Any thoughts?

[tkerrmd]

Well pretty good deal. My AD on a Rolex will go 36 months interest free no discount

[Srhdad]

OMG...really? Guys...there's no such thing as interest free. Re-read the OP. They'll finance for 20 months if you pay full retail. Get it? Do yourself a favor...don't finance a watch. Any watch. My opinion only, of course.

[watchwatcher]

I'm not one to finance a luxury item, much less a watch...sorry.

[Daytonaman799]

In cash we trust...

I just won't finance a watch out of principal.

[Brian Page]

Originally Posted by Daytonaman799

In cash we trust...

I just won't finance a watch out of principal.

This - hate financing anything, hate that I have a mortgage.

[Solo118]

Originally Posted by watchwatcher

I'm not one to finance a luxury item, much less a watch...sorry.

Some people just like to take advantage of the 0% interest (free money lending), or maybe obtain points on their credit card etc.

Personally I would not finance a watch either, but to each their own.

[salem65]

Originally Posted by Srhdad

OMG...really? Guys...there's no such thing as interest free. Re-read the OP. They'll finance for 20 months if you pay full retail. Get it? Do yourself a favor...don't finance a watch. Any watch. My opinion only, of course.

+1 my opinion too

[Wllnv19]

I financed a watch...I had the money but chose the interest free financing, so what as long as you meet your financial obligations whose to say what one should or shouldn't do with their money..

[kamalrae]

Sounds like Brinkhaus. The financing is through TDFS and they can put it on the interest free plan for 10 months but should be able to do better than 10%... Just read the fine print as the rate jumps significantly after the interest free period.

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[fullcourt]

Originally Posted by Srhdad

OMG...really? Guys...there's no such thing as interest free. Re-read the OP. They'll finance for 20 months if you pay full retail. Get it? Do yourself a favor...don't finance a watch. Any watch. My opinion only, of course.

^^^^this, plus who pays full boat retail?

if you want a pam 514 buy from a trusted seller or shoot me a pm and i can turn you on to some peeps.

hagd

[Poly]

As others have said- I have a fundamental issue with financing a toy. I would never do it. I've put them on my credit card to get points, then paid off next statement.
That's just me - I'm sure if I got comfortable with doing it, I'd end up having the equivalent of two mortgages. That would not be good!

[pol3259]

There's always differing opinions on these things. Sure, I could save up for a year or so and buy one outright thus not "financing" an expensive watch...but if I can make 10 equal non-interest payments and pay it off, I get to enjoy it that much sooner. No need to continue comments...I get the gist of the flavour of the opinions. Thanks!

[ems12]

I have a DSSD in the oven at my local AD.

Interest free for 10 months. I plan to have it in 2.

I locked it away before the price increase.

Any kind of layaway that is intrest free is a good deal. Just don't get sucked into getting credit for luxury items.

[mike]

Honestly, we have a Panerai forum.

[drakulie]

Originally Posted by Wllnv19

I financed a watch...I had the money but chose the interest free financing, so what as long as you meet your financial obligations whose to say what one should or shouldn't do with their money..

I did the same. Had the cash but went with 36 month interest free.

As for those saying to not pay full retail and instead buy from a " trusted" seller, I'll say buying from the AD paid off for me. After a few weeks of wearing my Watch, I wasn't happy with the performance and they exchanged it for a brand new watch. I doubt any trusted seller will do the same.

My point is, to each their own.

[brandrea]

I'd try to find the best deal and pay for it with cash. "Free" and "financing" don't go hand in hand. Jmo

[ems12]

Well layaway is not credit.

When you tac interest onto the retail price of the item then it's credit.

I agree I would never finance a luxury item.

[salem65]

Originally Posted by drakulie

I did the same. Had the cash but went with 36 month interest free.

Worked in your case because you had the cash to buy it outright when you chose to finance. It doesn't sound like the OP has the cash to actually pay for it. He is taking a larger risk with his financial health. Sure he enjoys it sooner, but if something goes wrong in his life and he cannot pay it off in 10months...
Too much risk for just a watch

[B. Doggy]

No such thing as a free lunch. You can PM me if you want. I've taught classes on credit, though you live in Canada, so not sure the same statistical measurements would transfer over. In all, pay cash and get a good discount if you want the best deal.