How did you finance your Rolex?

[Maxy]

If it is 0% financing for a year or more, I would take it. Makes no sense not to take it, it becomes like monthly payment like mobile phones, cars or whatever.

[hallidc]

Cash is king.

[minute_man]

Strictly cash or wire transfer.
I really don't see the point of getting into debt, in any way, for a luxury item.

[motoikkyu]

Call me irresponsible. I'm a vintage enthusiast and have been one for a while. If a piece I love comes on the market, which isn't often, I will commit to buy. Generally, I am offered interest-free financing by my trusted seller, as long as I specify the period. So, I bring cash in increments to my dealer in whatever period we specified, and at the end, I walk away with the watch. He's happy, he made a sale and knows the money is coming. I'm happy, I got the piece I wanted. Yes, I "went into debt" for the watch, but I since I have some cash coming in, and it's all paid in cash before I take possession, I don't really see too much harm. Gives me something to look forward to, and keeps me from spending my money on distilled spirits and loose wimmen.

[LLFaircloth]

Normally by exchange serial favors.

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[jmrxtr]

part CC. part financed at 0% interest. free money.

[BLACKHORSE 6]

Paid cash. Had our bank wire the funds.

[TK-710]

I would love to find an AD in upstate NY offering 0% interest on 24 months considering I have a checking account earning 3% right now. For the right price I'd take that deal.

[ems12]

I didn't read all 7 pages so forgive me if it's been said.

But most here and well for that matter most smart people will agree that purchasing luxury items on credit (where there is a intrest tacked on to the purchase) is generally a bad idea.

I purchased my DSSD with cash and I did a zero intrest zero finance charge layaway on a Tudor Pelagos.


For Lux items cash is the best option IMO.

[HiloBeMagical]

As of this post there are 189 "I pay cash only" or "I use credit card, paid off monthly" responses and, (except for response 184 which is, in effect, "pay-it-off-in-XXX-days-same-as-cash"), there have been ZERO responses that admit to ever incurring debt to buy a Rolex.

I thought that would be a no brainer. Why would anyone incur debt on an expensive luxury item? Then I saw there were 4,450 people who clicked on the post in a little more than 24 hours.

And 4,260 of them didn't respond. Now you know the sheer volume of "views" means this question hit a LOT of people. The fact that only 5% responded speaks volumes more, to me, than the actual responses do.

Just sayin'... there may be a LOT more debt being incurred on purchases than the responses to the original post would indicate.

Even if half the people who clicked on the post didn't incur debt and didn't bother to respond that still leaves about half of them who didn't respond because they incur debt and don't want to admit it.

It that case, it'd still be close to 50% of everyone who clicked on the post. Damn.

Now, without a scientific survey, I admit my margin of error may be pretty large. But no matter how large my margin of error is, I'm pretty sure that's still a lotta debt.

Like I said... <head-scratch>Damn.</head-scratch>

Hilo

[David cote]

Cash is king ! And we give you buying power


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[themast]

Originally Posted by HiloBeMagical

As of this post there are 189 "I pay cash only" or "I use credit card, paid off monthly" responses, and ZERO responses that admit to ever incurring debt to buy a Rolex.

I thought that would be a no brainer. Why would anyone incur debt on an expensive luxury item? Then I saw there were 4,450 people who clicked on the post in a little more than 24 hours.

And 4,260 of them didn't respond. Now you know the sheer volume of "views" means this question hit a LOT of people. The fact that only 5% responded speaks volumes more, to me, than the actual responses do.

Just sayin'... there may be a LOT more debt being incurred on purchases than the responses to the original post would indicate.

Even if half the people who clicked on the post didn't incur debt and didn't bother to respond that still leaves about half of them who didn't respond because they incur debt and don't want to admit it.

It that case, it'd still be close to 50% of everyone who clicked on the post. Damn.

And, no matter how large my "margin of error" is, I'm pretty sure that's still a lotta debt.

Like I said... <head-scratch>Damn.</head-scratch>

Hilo

I think you are reading too much into it...

You can't make these kind of extrapolations. People have no obligations to reply to a post.

[Tony64]

Originally Posted by JES77

I would love to find an AD in upstate NY offering 0% interest on 24 months considering I have a checking account earning 3% right now. For the right price I'd take that deal.

[3130by1213]

Originally Posted by HiloBeMagical

As of this post there are 189 "I pay cash only" or "I use credit card, paid off monthly" responses and, (except for response 184 which is, in effect, "pay-it-off-in-XXX-days-same-as-cash"), there have been ZERO responses that admit to ever incurring debt to buy a Rolex.

I thought that would be a no brainer. Why would anyone incur debt on an expensive luxury item? Then I saw there were 4,450 people who clicked on the post in a little more than 24 hours.

And 4,260 of them didn't respond. Now you know the sheer volume of "views" means this question hit a LOT of people. The fact that only 5% responded speaks volumes more, to me, than the actual responses do.

Just sayin'... there may be a LOT more debt being incurred on purchases than the responses to the original post would indicate.

Even if half the people who clicked on the post didn't incur debt and didn't bother to respond that still leaves about half of them who didn't respond because they incur debt and don't want to admit it.

It that case, it'd still be close to 50% of everyone who clicked on the post. Damn.

Now, without a scientific survey, I admit my margin of error may be pretty large. But no matter how large my margin of error is, I'm pretty sure that's still a lotta debt.

Like I said... <head-scratch>Damn.</head-scratch>

Hilo

I didn't reply because I'm still saving up for my first Rolex. Hoping that I can make it happen by next April (after I max out my 2017 IRA contribution).

[HiloBeMagical]

Originally Posted by themast

I think you are reading too much into it...

You can't make these kind of extrapolations. People have no obligations to reply to a post.

Mast,

You very well may be right; I said as much in the edited version of my post which hit the feed after you replied to the original.

I'm still leaning toward "a lot more debt than we think" due to the sheer _number_ of "views". That's a LOT of views, and the only responses are "I don't incur debt".

As statistically worthless as the observation may be, nevertheless it offers a window on human nature.

(Or maybe it's just my nature to draw worthless conclusions from insufficient evidence. It's not like I've never done that before...) ;)

Best,
Hilo

[cadomniel]

I paid for my first 3 rolexes cash by interac email money transfers with trusted sellers on another forum :D
I paid for the fourth on paypal with my credit card. I just sold that one.
I wish I could have paid for all the first 3 on a credit card, it would be enough points for one free ticket out of town :D *well to the next town at least. But thats still a 2hr flight.

[jameson]

Originally Posted by JES77

I would love to find an AD in upstate NY offering 0% interest on 24 months considering I have a checking account earning 3% right now. For the right price I'd take that deal.

go on...

[james1787]

Credit card.. Paid off at the end of the month..

[Pangit]

Use a credit card but pay off in full the next month.

[liuk3]

Originally Posted by HiloBeMagical

As of this post there are 189 "I pay cash only" or "I use credit card, paid off monthly" responses and, (except for response 184 which is, in effect, "pay-it-off-in-XXX-days-same-as-cash"), there have been ZERO responses that admit to ever incurring debt to buy a Rolex.

I thought that would be a no brainer. Why would anyone incur debt on an expensive luxury item? Then I saw there were 4,450 people who clicked on the post in a little more than 24 hours.

And 4,260 of them didn't respond. Now you know the sheer volume of "views" means this question hit a LOT of people. The fact that only 5% responded speaks volumes more, to me, than the actual responses do.

Just sayin'... there may be a LOT more debt being incurred on purchases than the responses to the original post would indicate.

Even if half the people who clicked on the post didn't incur debt and didn't bother to respond that still leaves about half of them who didn't respond because they incur debt and don't want to admit it.

It that case, it'd still be close to 50% of everyone who clicked on the post. Damn.

Now, without a scientific survey, I admit my margin of error may be pretty large. But no matter how large my margin of error is, I'm pretty sure that's still a lotta debt.

Like I said... <head-scratch>Damn.</head-scratch>

Hilo

Yeah, that was the point I was trying to make earlier. The thread is going to be skewed towards people who pay cash. Who is going to admit that they are paying for their Rolex using a credit card which charges 19% interest (or whatever they are charging these days. I honestly don't even know what the APR is on my cards.)? LOL.

[scombs263]

On my rolexs and panerai, cash! But I would be open to financing my next one depending on cost and terms. I'm itching for a new BLNR.

[dualcarb]

I used my credit card and collected points for it. I will transfer the funds back to my credit card when I get home. At the end of the month, I will owe the banks nothing, and the banks will owe me bonus points. I use my cards where I can if the merchant does charge me 2% for using my card. Unless using cash gets me significant savings. Then cash it is...

[Kevan]

My first was bought when credit cards would give 0% for 6 months and 0% no fee on balance transfers. So I paid very little off for about 2 years with no charges. It became quite a challenge to find the deal.

Then came the two years interest free from the dealer, without the offer of no discount for cash I used that.

More recently it has had to be credit card for the rewards and pay it off within the billing period. No deals at all on Daytona, SDC, Blue/Black!

My how the market has changed in 15 years.

PS Just remembered being caught short on a Cellini (white gold, diamond shoulders, platinum face and a pink skin strap!) in UAE and used cash plus two separate credit cards to pay as I didn't have sufficient credit on one single card. Why oh why didn't I talk her out of that watch?

[NeoAnderson]

Choose 0% for 24 mnths

[DarkHorse]

Whatever is going to achieve the lowest price for me. Usually that means cash, however if the merchant makes no distinction between cash or credit card and the price is the same (as happened in Tokyo last month), I will always put it on my credit card so that I can get the points (which I sell for cash later anyway). I think if you have the chance to get points and it doesn't cost you any extra, why wouldn't you? I pay my card off in full every month, because the moment you are paying 20% interest on purchases it kind of kills the benefit...

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[HL65]

Originally Posted by JES77

I would love to find an AD in upstate NY offering 0% interest on 24 months considering I have a checking account earning 3% right now. For the right price I'd take that deal.

You have a checking account yielding almost 40 bp's over the 30 year treasury? Please do tell us more...A checking account equal to what banks are lending out and charging for 15 year mortgages.

Sorry but impossible...

[Smartyjones18]

Always cash

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[TK-710]

Originally Posted by Jameson

Go on...

Originally Posted by HL65

Sorry but impossible...

First if there is any confusion I'm NOT talking APR I'm talking APY as most banking accounts refer to:credit cards and many loans are the other way around. I figured that much was obvious but maybe I need to clarify. There is a local bank in upstate NY offering 3% APY on up to $25,000. You can have more than $25,000 but it doesn't earn the 3%APY. You can only have one account per family. Must be a NY resident. Must have a monthly $250 direct deposit. Must sign up for e-statements. And you must have 10 point of sale transactions from the check card with no minimum purchase. I buy a small gas station coffee with it. Of course if you make only 9 you lose the high interest and it converts to a normal checking account but it's been working so far and it's the best rate around. I called BS when my wife signed us up also. They have offered this account for over two years there is nothing new here. If you're from the local area you've heard of as its on the radio non-stop now.

Therefore if I was offered 0% for 24 months on a Rolex instead of paying cash I would take the financing and I'd leave the cash in my checking account and pay it off at the end of two years. If all other parts of the deal were equal this is just an example of how financing over cash could be advantageous.

If you're from NY and you're interested. Read all about it:

http://lmgtfy.com/?q=adirondack+bank...erest+checking

[GeraldJ19]

Originally Posted by the_Hunter

Normally pay with my credit card, and then pay it off when I get my bill. I like the points and purchase protection.

Same for me. Amex is great for this reason.

[brettpaul]

I use my AmEx charge card to get the points then pay in full at the end of the month...plus they have great purchase protection if needed.