How To Get Over the Psychological Barrier for DD Purchase

[DCGuy1965]

Serious question. As I've mentioned in other threads I've been kicking the tires of getting a DD for a while now. I've worked very hard my whole career, planned well financially thanks to my father's upbringing, gotten through some challenging times, and have wanted to give myself a gift for accomplishing certain goals in life. When I was a teen I never thought I'd be thinking about a purchase like this. In my 20s all; I wanted was to purchase something like this but no way no how was that happening.

I've been on TRF for a long time. I've learned a lot of great things and have gotten a couple of watches from some very fine sellers and for that I'm thankful. Now I want the grail. I've wanted to get a DD for a long time. And now I can. This is not a matter of stretching myself financially or anything to that effect. This is just getting the gumption to go in to the AD and bust out the checkbook. The actual thought of spending 30K+ for a watch just baffles me. I know there are a ton of you who own a DD. Did you all have to grapple with the thought of laying out that kind of cash for it? If so how did you overcome your hesitation? Thanks in advance but I'd really like to know.

[Muxi]

Mine was a gift from my brother when I passed the bar.

[Trouble15]

Originally Posted by Muxi

Mine was a gift from my brother when I passed the bar.

Can I join your family?

[HogwldFLTR]

Originally Posted by Muxi

Mine was a gift from my brother when I passed the bar.

That's a good gift for giving up drinking.

As far as the OP's question; buy one at a good discount or slightly used and it will hold its value. Don't pay MSRP. They are beautiful watches.

FWIW, I've come along way from trying to figure out how to buy my first Rolex to owning a Pt Daytona. I never thought it would be possible.

[peterpl]

I think you just need to stop overthinking it.

I know the idea of dropping $30k on a watch is absolutely absurd to 99% of the population but since your financially secure I don't see the problem? If it doesn't affect your ability to provide food or shelter then there is nothing wrong with rewarding yourself.

To be completely honest I wouldn't have bought my precious metal pieces without my successful investments. I usually reward myself with a new watch after a financially successful transaction or year. I was a bit anxious when I bought my first PM watch but that quickly went away when I started wearing it. :)

For some reason for me I feel much better buying a $30k watch with monies I attained through investments and other monetary windfalls than monies that I would save from say my 9-5 job. Maybe I feel like it was "easier" money or something but yeah thats just me.

[DCGuy1965]

Originally Posted by peterpl

I think you just need to stop overthinking it.

I know the idea of dropping $30k on a watch is absolutely absurd to 99% of the population but since your financially secure I don't see the problem? If it doesn't affect your ability to provide food or shelter then there is nothing wrong with rewarding yourself.

To be completely honest I wouldn't have bought my precious metal pieces without my successful investments. I usually reward myself with a new watch after a financially successful transaction or year. I was a bit anxious when I bought my first PM watch but that quickly went away when I started wearing it. :)

For some reason for me I feel much better buying a $30k watch with monies I attained through investments and other monetary windfalls than monies that I would save from say my 9-5 job. Maybe I feel like it was "easier" money or something but yeah thats just me.

Thanks very much. Very thoughtful way to put it. Yea I was thinking either the watch or the car - an Alfa Romeo Giulia. Cars are too much work as I see it. Have to pay personal property tax, maintenance, gas, etc. And they rapidly drop in value. Most would think I would be out of my mind to buy a DD over the car but in 5-7 years what will each be respectively worth...

[Muxi]

Originally Posted by DCGuy1965

Thanks very much. Very thoughtful way to put it. Yea I was thinking either the watch or the car - an Alfa Romeo Giulia. Cars are too much work as I see it. Have to pay personal property tax, maintenance, gas, etc. And they rapidly drop in value. Most would think I would be out of my mind to buy a DD over the car but in 5-7 years what will each be respectively worth...

If the other option is an Alfa then I suggest you go for the DD. Looking back, although my ultimate love are still cars, if I fixated on watches earlier (which can be just as exciting), I'd had saved quite a bundle.

[squrrlz]

Originally Posted by Muxi

If the other option is an Alfa then I suggest you go for the DD. Looking back, although my ultimate love are still cars, if I fixated on watches earlier (which can be just as exciting), I'd had saved quite a bundle.

I couldn’t agree more! If I didn’t love cars and buy some of the cars I had in the past 15 years I would have saved a lot of money. I don’t mind spending that sort of money on a Rolex especially used when I know I am just tying up the funds rather owning a depreciating asset.


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[bigcarbs]

Originally Posted by DCGuy1965

Thanks very much. Very thoughtful way to put it. Yea I was thinking either the watch or the car - an Alfa Romeo Giulia. Cars are too much work as I see it. Have to pay personal property tax, maintenance, gas, etc. And they rapidly drop in value. Most would think I would be out of my mind to buy a DD over the car but in 5-7 years what will each be respectively worth...

As somebody in the auto business I support the decision to go with a DD over a car. I buy cheap cars that get me to work and back safely, every time I try and talk myself into a fun car I look at all the other costs involved and can't make any sense of it. The watches will hold a good amount of their value in comparison

[zengineer]

Originally Posted by bigcarbs

As somebody in the auto business I support the decision to go with a DD over a car. I buy cheap cars that get me to work and back safely, every time I try and talk myself into a fun car I look at all the other costs involved and can't make any sense of it. The watches will hold a good amount of their value in comparison

If someone isn't passionate about cars but they dream about a certain watch, of course get the watch.

Neither is going to make sense financially. They are luxury items (although I struggle a little putting a pretty pedestrian car in that category, but I understand many see it that way) that we buy because we want them. Yes, cars need insurance, taxes, fees, maintenance and gas and generally depreciate in value but no watch is a substitute for a car if you want a car.

I grew up around cars, spent my "library" time in school devouring back issues of hot rod, car and driver, motor trend, and other car magazines. I work in the automotive industry and love taking performance driving classes, going to car shows and museums, watching TV shows about cars and within reason...owning nice cars. I never noticed anyone's watch until I was in my 30's and even then I had no lust for a "nice" watch. Over the years I've come around a little and am comfortable in the under $7,000 ballpark with watches but can't get excited about anything above that. But with cars and motorcycles, I can justify/rationalize with the best of them.

[bigcarbs]

Originally Posted by zengineer

If someone isn't passionate about cars but they dream about a certain watch, of course get the watch.



Neither is going to make sense financially. They are luxury items (although I struggle a little putting a pretty pedestrian car in that category, but I understand many see it that way) that we buy because we want them. Yes, cars need insurance and maintenance and gas and generally depreciate in value but no watch is a substitute for a car if you want a car.

Great point. I have lost 90% of my passion for cars being in the business so that explains my thought process. I like the fact that if I did need to part ways with my goods or flee the country it’s much easier to liquidate or transport watches than cars.

[EDL7]

If you are feeling queezy about the purchase..don't do it...
You should be 100% positive feeling about it..
Sometimes..its just not the right time..
As something else is right around the curve..
That needs to be attended to..

[ltmgeller]

Mine was a retirement gift to myself. I honestly had no interest in it until I tried it on and fell in love. The second I put it on, the feel, the glow... its just so right.

[jps3b]

It seems to me that you have done everything right. My philosophy is that you don’t know what tomorrow brings. Live for today. Tomorrow will care for itself. Like the wise gentleman said before me, if you are financially sound, there shouldn’t be any reason why you can’t reward yourself for a life of hard work, sacrifice, and sound decisions. I think you will have many more enjoyable years with a DD than any car. Also, if you have a son, he can enjoy the watch and remember his father every time he wears it. Good luck and I’m looking forward to the pics

[Kingsking]

Originally Posted by jps3b

It seems to me that you have done everything right. My philosophy is that you don’t know what tomorrow brings. Live for today. Tomorrow will care for itself. Like the wise gentleman said before me, if you are financially sound, there shouldn’t be any reason why you can’t reward yourself for a life of hard work, sacrifice, and sound decisions. I think you will have many more enjoyable years with a DD than any car. Also, if you have a son, he can enjoy the watch and remember his father every time he wears it. Good luck and I’m looking forward to the pics

I agree with this guy, not saying throw total caution to the wind but you have to enjoy and live life. Within the last 22 months both of my parents were diagnosed with cancer and died, my father was 65 and my mother was 64 . Life is too short to spendall your time saving for a day that might never come,enjoy life!

[jps3b]

Originally Posted by Kingsking

I agree with this guy, not saying throw total caution to the wind but you have to enjoy and live life. Within the last 22 months both of my parents were diagnosed with cancer and died, my father was 65 and my mother was 64 . Life is too short to spendall your time saving for a day that might never come,enjoy life!

Really sorry to hear about your parents. Hopefully they are together in the presence of God...

[Kingsking]

Originally Posted by jps3b

Really sorry to hear about your parents. Hopefully they are together in the presence of God...

Thanks for the thoughts

[coralfarmer84]

You can talk yourself into or out of anything in life. If you want it bad enough, buy it. I have/had similiar thoughts before but your not really losing 30k plus when you buy it, your only tying up the money until you decide you want to sell, then if you bought right your not going to lose a whole lot. Enjoy the experience, its what you worked so hard for in the first place

[mjr24]

Originally Posted by coralfarmer84

You can talk yourself into or out of anything in life. If you want it bad enough, buy it. I have/had similiar thoughts before but your not really losing 30k plus when you buy it, your only tying up the money until you decide you want to sell, then if you bought right your not going to lose a whole lot. Enjoy the experience, its what you worked so hard for in the first place

Yep, this.....
If you are buying pre-owned and have let someone else take the depreciation hit....it's not really much different in reality than taking that money and putting it into, say, a non-interest bearing savings account. With most Rolexs...you will be able to get the money in a subsequent sale and you really won't be out anything.

Totally different than a car....where you really are dealing with a depreciating asset that will need maintenance, etc.....even if you buy used, the car won't be worth the same value in a year.

Now again....a $30k Rolex is different than, say, a $30k Hublot...where you certainly will take a large hit....even if you buy pre-owned and then sell it in a couple years.

[pickettt]

In terms of rewarding myself, I find solace in knowing that I CAN make such purchases.....I don’t actually need to do it.

[LazySumday]

Well, I did not buy a new one, mine was used. Even so, it cost me quite a bit of dough. To be honest, the watch just spoke to me. Sounds stupid I know, but when I saw it I had to purchase it. Take comfort in the fact that it will retain it’s value (at least used ones).




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[lenfried29]

Originally Posted by DCGuy1965

Serious question. As I've mentioned in other threads I've been kicking the tires of getting a DD for a while now. I've worked very hard my whole career, planned well financially thanks to my father's upbringing, gotten through some challenging times, and have wanted to give myself a gift for accomplishing certain goals in life. When I was a teen I never thought I'd be thinking about a purchase like this. In my 20s all; I wanted was to purchase something like this but no way no how was that happening.

I've been on TRF for a long time. I've learned a lot of great things and have gotten a couple of watches from some very fine sellers and for that I'm thankful. Now I want the grail. I've wanted to get a DD for a long time. And now I can. This is not a matter of stretching myself financially or anything to that effect. This is just getting the gumption to go in to the AD and bust out the checkbook. The actual thought of spending 30K+ for a watch just baffles me. I know there are a ton of you who own a DD. Did you all have to grapple with the thought of laying out that kind of cash for it? If so how did you overcome your hesitation? Thanks in advance but I'd really like to know.

Enjoy the life, it has an expiration date. If it makes you happy go for it.

[Chiboy]

I can better understand the difficulty in buying your 5th or 10th nice watch. If you are going to own one great watch, and enjoy it (virtually) every day, it likely won't feel too expensive to you if you get a kick out of it every time you strap it on. Justifying the 5th $30k watch? I think that's tougher, although many, many here don't have that "issue."

I've had my Daytona almost two years and get a kick out of putting it on every day. Was it worth it? F&%k yeah! To me it was. I have never had a single moment of regret or question. But I tend to not go into things lightly or quickly. I wait for what I want and am seldom disappointed. If it's definitely what you want, and you can afford it (which it sounds like you certainly can), do you think you'll enjoy it every day? If so, it's easy to "justify." IMO

[Drive]

Jump in with both feet and enjoy every minute of the jump. I make quick decisions on everything though, so what do I know.

[Bigsoftee]

When I purchased mine it was one of two childhood ambitions. One was to get my first Rolex by the age of 16, which I did through paper rounds, buying and selling sweets from local Mars factory, raking bunkers and caddying when 15. I managed to reach that goal. The other was I was mesmerised while bunking off school at Windsor horse racing, and saw (think it was Victor Chandler) wearing the president. I was spell bound by it and set my second grail which was to just own one. I realised that dream a year or so ago, and yes I thought same as you and struggled with the cost, but then the desire and ambition to achieve and be able to buy it made it the best purchase ever. I never regret it every time I wear her, still the memories flood back to that cold November afternoon at Windsor racing as a wide eyed 10 year old, “learning the trade” while bunking off school. Go for it!

[shaunylw]

Originally Posted by Bigsoftee

When I purchased mine it was one of two childhood ambitions. One was to get my first Rolex by the age of 16, which I did through paper rounds, buying and selling sweets from local Mars factory, raking bunkers and caddying when 15. I managed to reach that goal. The other was I was mesmerised while bunking off school at Windsor horse racing, and saw (think it was Victor Chandler) wearing the president. I was spell bound by it and set my second grail which was to just own one. I realised that dream a year or so ago, and yes I thought same as you and struggled with the cost, but then the desire and ambition to achieve and be able to buy it made it the best purchase ever. I never regret it every time I wear her, still the memories flood back to that cold November afternoon at Windsor racing as a wide eyed 10 year old, “learning the trade” while bunking off school. Go for it!

Still have the first watch? That’s a cool story!




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[Bigsoftee]

[QUOTE=shaunylw;9063300]Still have the first watch? That’s a cool story

I do, DJ TT, so very sentimental to me and will be the watch I hand down to my son. I still remember going into Watches if Switzerland in my school uniform, 2160 pounds she cost. The feeling when I first wore it was a real “wow” moment. Memories :)

[No SUBctitute]

Originally Posted by DCGuy1965

Serious question. As I've mentioned in other threads I've been kicking the tires of getting a DD for a while now. I've worked very hard my whole career, planned well financially thanks to my father's upbringing, gotten through some challenging times, and have wanted to give myself a gift for accomplishing certain goals in life. When I was a teen I never thought I'd be thinking about a purchase like this. In my 20s all; I wanted was to purchase something like this but no way no how was that happening.

I've been on TRF for a long time. I've learned a lot of great things and have gotten a couple of watches from some very fine sellers and for that I'm thankful. Now I want the grail. I've wanted to get a DD for a long time. And now I can. This is not a matter of stretching myself financially or anything to that effect. This is just getting the gumption to go in to the AD and bust out the checkbook. The actual thought of spending 30K+ for a watch just baffles me. I know there are a ton of you who own a DD. Did you all have to grapple with the thought of laying out that kind of cash for it? If so how did you overcome your hesitation? Thanks in advance but I'd really like to know.

You are thinking about it wrongly. You are not really SPENDING the money.

How much cash do you have in savings? Think about the money you put into a DD as still part of your cash reserves, but its just in Rolex metal instead of cash or precious metal. If you buy for a good price, Rolex has a pretty good track record of holding its value. Its a little riskier than cash. MAYBE a similar risk to gold. Gold lost 30% of its value after 2011, so its not completely safe.

[yoniman]

The best time to buy (anything) is when you can.

And as already said, to have a good time you should have a good watch.

Good luck and show us the photos.

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[tjbender]

As many others have said, you’re really only tying the money up. Make sure you get at least 20% off and buy out if state to a paid taxes. No shortage of ADs with what you’re looking for. When it comes to rationalizing, I’m going to go out on a whim and say you’re probably driving a nice car? Well that is a far worse investment. While there isn’t going to be the same upside in a DD as there will likely be with other models, the depreciation will be minimal, again pending you go gray or ensure you’re getting a good discount.