eculuke Posted October 15, 2010 Report Share Posted October 15, 2010 OK guys, I figured there are some smart experienced people on this forum. I wanted to run my situation by you. My wife JUST finally gave me the OK to buy a gen Panerai (finance). But the source I wanted to use for financing would only give me 2500. Which is obviously not going to cover it. I do have a jeweler I use regularly for other watches I have bought (breitling,Tag, Rolex) and have $8k available with them. BUT they don't carry panerai. I am not allowed to open a new line of credit. I have been kicking around the idea of buying a new Rolex (1 yr interest free) on my 8k line, never taking it out of the box and turning around and selling it for maybe a small loss. Taking that cash and buying the PAM I want. What do you guys think? Is this crazy? I have wanted a GEN PAM for so long. I am sooooo close. Thanks Luke Quote Link to comment Share on other sites More sharing options...
Cubeistan Posted October 15, 2010 Report Share Posted October 15, 2010 Finance a home don't finance a watch. Buy a watch you can pay cash for ...my 2 cents... OK guys, I figured there are some smart experienced people on this forum. I wanted to run my situation by you. My wife JUST finally gave me the OK to buy a gen Panerai (finance). But the source I wanted to use for financing would only give me 2500. Which is obviously not going to cover it. I do have a jeweler I use regularly for other watches I have bought (breitling,Tag, Rolex) and have $8k available with them. BUT they don't carry panerai. I am not allowed to open a new line of credit. I have been kicking around the idea of buying a new Rolex (1 yr interest free) on my 8k line, never taking it out of the box and turning around and selling it for maybe a small loss. Taking that cash and buying the PAM I want. What do you guys think? Is this crazy? I have wanted a GEN PAM for so long. I am sooooo close. Thanks Luke Quote Link to comment Share on other sites More sharing options...
eculuke Posted October 15, 2010 Author Report Share Posted October 15, 2010 Finance a home don't finance a watch. Buy a watch you can pay cash for ...my 2 cents... Thanks but no thanks, i have successfully financed many watches and payed 1 yr no interest Quote Link to comment Share on other sites More sharing options...
kuli Posted October 15, 2010 Report Share Posted October 15, 2010 OK guys, I figured there are some smart experienced people on this forum. I wanted to run my situation by you. My wife JUST finally gave me the OK to buy a gen Panerai (finance). But the source I wanted to use for financing would only give me 2500. Which is obviously not going to cover it. I do have a jeweler I use regularly for other watches I have bought (breitling,Tag, Rolex) and have $8k available with them. BUT they don't carry panerai. I am not allowed to open a new line of credit. I have been kicking around the idea of buying a new Rolex (1 yr interest free) on my 8k line, never taking it out of the box and turning around and selling it for maybe a small loss. Taking that cash and buying the PAM I want. What do you guys think? Is this crazy? I have wanted a GEN PAM for so long. I am sooooo close. Thanks Luke Yes it is crazy. Quote Link to comment Share on other sites More sharing options...
PeteM Posted October 15, 2010 Report Share Posted October 15, 2010 I am not really sure what your expecting guys here to say? If you want to lose money on a watch intentionally thats your call. The fact you cant get a line of credit elsewhere (if thats the payment method you prefer) would suggest you should keep hold of money and save for it. If your determined to take that route then its up to you mate. If the only source of credit you have doesnt or wont get in a used or new PAM, as you must know the store doesnt need to be an official OP dealer to do so. Then just stick to what you seem to have been doing already with the models you can pick from and hopefully wont intentionally lose money on. Though I must admit even with 0% interest in the first year I cannot see how you cannot lose a fair bit of money given the mark up'ed price you must have to pay for your watches and how that can work out for you under any length of the term? Quote Link to comment Share on other sites More sharing options...
eculuke Posted October 15, 2010 Author Report Share Posted October 15, 2010 I am not really sure what your expecting guys here to say? If you want to lose money on a watch intentionally thats your call. The fact you cant get a line of credit elsewhere (if thats the payment method you prefer) would suggest you should keep hold of money and save for it. If your determined to take that route then its up to you mate. If the only source of credit you have doesnt or wont get in a used or new PAM, as you must know the store doesnt need to be an official OP dealer to do so. Then just stick to what you seem to have been doing already with the models you can pick from and hopefully wont intentionally lose money on. Though I must admit even with 0% interest in the first year I cannot see how you cannot lose a fair bit of money given the mark up'ed price you must have to pay for your watches and how that can work out for you under any length of the term? ok guys nevermind....mods you can delete this topic Quote Link to comment Share on other sites More sharing options...
subbiesrock Posted October 15, 2010 Report Share Posted October 15, 2010 Yes it is crazy. Dude... It's a watch... A little fatherly advice from the fellow board members who are only looking out for your best interests, As much as I like PAMs, there is no luxury item on the planet that I would consider risking my financial security on. There are far more important things in life than blowing such a ridiculous amount of money on a watch. Especially (since you need to borrow the money) you don't have the spare coin sitting around to make this 'spare coin' purchase... Having said that, you're a big boy and you can do whatever you want, we only give you the $0.02 you asked for by posting this most banal of questions on the forum... Quote Link to comment Share on other sites More sharing options...
Prsist Posted October 15, 2010 Report Share Posted October 15, 2010 Yes, crazy. I've bought 1 watch with 12 months interest free only after I sorted my finances and didn't put myself in a bind. Save until it doesnt hurt you financially. Quote Link to comment Share on other sites More sharing options...
eculuke Posted October 15, 2010 Author Report Share Posted October 15, 2010 Yes, crazy. I've bought 1 watch with 12 months interest free only after I sorted my finances and didn't put myself in a bind. Save until it doesnt hurt you financially. Its not hurting me financially....I have two main financing sources I use. One is my jeweler who DOES not sell Panerai. And the other is one I use for other things when I want to stretch a payment out.I have the cash to walk in today and buy it, but I like stretching things out, as it makes life a little easier. Is this such a foreign idea? Its not hurting me financially....I have two main financing sources I use. One is my jeweler who DOES not sell Panerai. And the other is one I use for other things when I want to stretch a payment out.I have the cash to walk in today and buy it, but I like stretching things out, as it makes life a little easier. Is this such a foreign idea? Where is the delete thread button? Quote Link to comment Share on other sites More sharing options...
Prsist Posted October 15, 2010 Report Share Posted October 15, 2010 Its not hurting me financially....I have two main financing sources I use. One is my jeweler who DOES not sell Panerai. And the other is one I use for other things when I want to stretch a payment out.I have the cash to walk in today and buy it, but I like stretching things out, as it makes life a little easier. Is this such a foreign idea? I think it is foreign to most people. I've taking advantage of interest free financing on many things: bed, couch, tv and 1 watch. I wouldnt buy a watch knowing you are gonna flip it for a lose to get what you want. The journey is most of the fun. Quote Link to comment Share on other sites More sharing options...
TeeJay Posted October 16, 2010 Report Share Posted October 16, 2010 On topic, I can see your logic: Use the 8k to get the Rolex, then flip the Rolex, and use that cash for the PAM... Makes sense, and if you can do it, go for it. On the other hand, I would question if the gen purchase is really worth it, given the quality of reps available. Also, with regard the 8K. Credit card, line of credit, it doesn't really matter, but, would you want it if it was called a 'debt card'? Is it really work putting youself 8K into debt, just to have a watch? (when quality reps are available for much cheaper) Entirely up to you, best of luck whichever way you decide to go Quote Link to comment Share on other sites More sharing options...
eculuke Posted October 16, 2010 Author Report Share Posted October 16, 2010 On topic, I can see your logic: Use the 8k to get the Rolex, then flip the Rolex, and use that cash for the PAM... Makes sense, and if you can do it, go for it. On the other hand, I would question if the gen purchase is really worth it, given the quality of reps available. Also, with regard the 8K. Credit card, line of credit, it doesn't really matter, but, would you want it if it was called a 'debt card'? Is it really work putting youself 8K into debt, just to have a watch? (when quality reps are available for much cheaper) Entirely up to you, best of luck whichever way you decide to go Teejay Thanks for your reply! I wasn't plan on using the whole 8k. If I went brand new I wouldn't spend more than 5500-6000. But worse case scenario I could troll eBay for a good deal 3500-4k. I am going to push this weekend to make it happen. I use the reps to trial them to see if I want to invest in the gen. I have had too many pam's reps and know it's time to finally invest. Luke Quote Link to comment Share on other sites More sharing options...
subbiesrock Posted October 16, 2010 Report Share Posted October 16, 2010 Teejay Thanks for your reply! I wasn't plan on using the whole 8k. If I went brand new I wouldn't spend more than 5500-6000. But worse case scenario I could troll eBay for a good deal 3500-4k. I am going to push this weekend to make it happen. I use the reps to trial them to see if I want to invest in the gen. I have had too many pam's reps and know it's time to finally invest. Luke Yoou sound like a pretty cluey guy and sure you'll be fine, we're just giving you some tough love because we care Make sure to put up many, many pics of your new purchase and make us all very jealous! Good luck buddy Quote Link to comment Share on other sites More sharing options...
PeteM Posted October 16, 2010 Report Share Posted October 16, 2010 But if you buy using finance from a dealer you will pay full dealer mark up you come to sell that you will lose at least 20% probably more if your impatient. By impatient I mean only waiting a few months. Its the equivilent of buying a brand new car once you drive it off the forecourt you have lost money. You walk out with that watch it will be worth lessimmediately then you try to sell reasonably quickly it will be worth even less than that. Depending on the watch on average I reckon a 5 grand outay will get you 3 grand to spend maybe 3.5 but no more mate.... I can only assume that if you cant get credit from a dealer that does sell PAMs then you shouldnt be using credit. Any dealer can sell a PAM what you mean is your dealer wont make the effort to source one for you.... I guess because he cant get one with enough of a margin to make a good profit like he does on the brands he sells you. If your insistent on taking this route then perhaps looking for a dealer that will do a trade deal with you might lose you less money.... than just selling it and buying again Quote Link to comment Share on other sites More sharing options...
Watchmeister Posted October 16, 2010 Report Share Posted October 16, 2010 Without getting into whether it makes sense to stretch to buy a watch I would be really careful on the idea of buying a new watch you have to resell. If you have to buy a watch to get the one you want than buy a used one at 60% of new because that is the loss you may well be facing. A watch is only new once. You might ask your jeweler to keep his eye out for someone looking to trade in a Panerai for something else. Knowing he has a buyer the Jeweler can than take one in on trade knowing he is reselling to you. In any case my best advice is tread carefully and at all costs stay away from buying new and then having to resell as no longer new. Of course at some level you are asking the wrong crowd. Nine out of ten folks buy used here to save that 30% premium for a new watch. Quote Link to comment Share on other sites More sharing options...
Drulee Posted October 16, 2010 Report Share Posted October 16, 2010 Going into debt should only be considered when purchasing a home or when an emergency arises. Also, most "interest free" loans merely have the interest built into the price. Quote Link to comment Share on other sites More sharing options...
tgchrono2 Posted October 16, 2010 Report Share Posted October 16, 2010 Βuy a rep and baptize it GEN . Don't buy if you cannot pay cash at least 3.500 $ Quote Link to comment Share on other sites More sharing options...
automatico Posted October 16, 2010 Report Share Posted October 16, 2010 Free advice is worth what you pay for it. Two things to consider... If you scrimped and saved for two or three years to save $8000 and had it in your hand...would you blow it on a watch? If the answer is No (or you have doubts)...skip the watch. Something else...if the watch is $8000 today, what will it sell for in a couple months if you have to sell it quick to get some emergency ca$h? "Βuy a rep and baptize it GEN. Don't buy if you cannot pay cash at least 3.500$" Good free advice! Quote Link to comment Share on other sites More sharing options...
Nick2T Posted October 16, 2010 Report Share Posted October 16, 2010 (edited) Going into debt should only be considered when purchasing a home or when an emergency arises. + 1 It is much more fun to save up for a watch, okay it will take some longer waiting untill the day that you walk into an AD and say I want that one! will please you more! We all want something that we can't afford! But don't spend money that you don't (allready) have! Edited October 16, 2010 by Nick2T Quote Link to comment Share on other sites More sharing options...
PeteM Posted October 17, 2010 Report Share Posted October 17, 2010 I think the only time I would consider a credit loan for a watch would be if the watch was at such a price or so rare that it was worth taking out the credit. But I would make sure I could repay it without penalty as soon as possible. The credit available from any store whether interest free or other is as Doc says marked up to offest any potential loss under the credit arrangement by the seller. I genuinely wish you luck in getting a PAM, theres nothing like a gen on your wrist!! except maybe 2!! And I hope it doesnt lose you money however you choose to procure it But I know how much excitement can be created at the thought of a new watch especially a gen just dont let your heart rule your head in your decision, take your time step back give it some thought and research other options.... they might be out there and be more favourable. I know in the UK there are a lot of dealers like WatchfinderUK who will offer credit to buyers or trade watches (as long as you except they will value yours at trade and trade theirs a Market value) I have also seen plenty in Europe who do the same and there is a big chain in the US that do it too, I keep seeing them talked about on BreitlingSource.com. They will send watches wherever you are it can all be done with confidence over the long distance options. Quote Link to comment Share on other sites More sharing options...
TeeJay Posted October 17, 2010 Report Share Posted October 17, 2010 Teejay Thanks for your reply! I wasn't plan on using the whole 8k. If I went brand new I wouldn't spend more than 5500-6000. But worse case scenario I could troll eBay for a good deal 3500-4k. I am going to push this weekend to make it happen. I use the reps to trial them to see if I want to invest in the gen. I have had too many pam's reps and know it's time to finally invest. Luke No worries, always happy to give advice where I can I have to admit, personally, I can't see the point in buying the gen, when the reps're just as good, but to each his own, best of luck with your purchase Quote Link to comment Share on other sites More sharing options...
TwoTone Posted October 17, 2010 Report Share Posted October 17, 2010 Personally I think your nuts to buy new... In today's market there are killer deals out there on used pieces... justmy2centsforwhatitsworth Double T Quote Link to comment Share on other sites More sharing options...
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