Guest asad Posted April 4, 2008 Report Share Posted April 4, 2008 It sounds to me like you cannot afford the watch....even though you might have the money to buy it.... There is a few things you need to consider in order to determine if you can actually afford the watch.... 1. Credit card debt.... If you have any credit card debt this needs to be taken care of before you can even ponder the idea of spending $10K on a watch.... 2. Other forms of debt.... Must be taken care of also.... 3. Savings.... You must have a minimum of $100,000 saved up in order to justify spending $10K on a watch....(Some would say $150,000 +)....otherwise you are wasting away your hard earned money that should go into savings or retirement.... 4. Investments..... If you do not have some kind of retirement fund or other investment opportunities set up for yourself then you are definitely wasting your money buying a $10K watch.... More than likely you know all of this....but if you dont....this is the kind of stuff that needs to be considered when determining if you can afford it or not.... NS Funny, I am a Financial advisor at Merril Lynch, So I know very well what you are talking about. I don't have any debt at all. I dont have a mortgage or rent to pay as I already own my house. Money is not the issue in simpler terms. But justifying paying 10 grand for a watch is rather out of the world for me as that is how much my car is worth. Quote Link to comment Share on other sites More sharing options...
Nightstroker Posted April 4, 2008 Report Share Posted April 4, 2008 You should buy the watch....it is a symbol of success....obviously you deserve it.....treat yourself to something nice and in years to come you will be happy with it.....maybe you can negotiate the price down a little....he might be willing to to that.... NS Quote Link to comment Share on other sites More sharing options...
Watchmeister Posted April 4, 2008 Report Share Posted April 4, 2008 If you are having any second thoughts at all don't do it. Second hand Daytonas are readily available any time you want it. The key piece of information you are omitting though (and I suspect on purpose) is how much it currently is. And you are in financial services so you know as well as anyone. This is going to be a tough year and so I suspect other opportunities will abound. Prices in the second hand market for watches are (IMHO) already starting to come down reflecting the realities of life. Four automatic PAM's I follow just sold below $5k. Having said that, unless the dealer is demanding $13k or more there is probably very little downside. But I don't buy them being a good investment. I do view them as being a safe one which in fairness is rare for a watch. There are too many of them irrespective of the demand. These are fabulous watches but not limited editions. In general I am a big believer in buying in the secondary market. My principal reasons are the watches typically cost less and I am paying a premium for a pristeen watch when new and yet it isn't going to remain that way if I wear it. Quote Link to comment Share on other sites More sharing options...
Dizzy Posted April 4, 2008 Report Share Posted April 4, 2008 Funny, I am a Financial advisor at Merril Lynch, So I know very well what you are talking about. I don't have any debt at all. I dont have a mortgage or rent to pay as I already own my house. Money is not the issue in simpler terms. But justifying paying 10 grand for a watch is rather out of the world for me as that is how much my car is worth. Investing in the right timepieces can be a VERY good investment even in the short term dizz Quote Link to comment Share on other sites More sharing options...
Guest asad Posted April 4, 2008 Report Share Posted April 4, 2008 In 1978, out of college, I wanted a sub, but couldn't afford it. So I bought a Tudor sub for $475. Still keep the beater.... now worth over $2k. In 1986, the itch for a 6263 hit. I bought one for $1875. For a steel watch! The AD offered me an 18k one with the chronometer movement for $5,500, which was over my limit. The 6263 is worth $25k or more.... With the markets in turmoil buy the Daytona. Look at it. Wear it. Put it away. In 10 years you will likely do MUCH better than in real estate or your average stock. The watch is really worth $10k. Not because of the materials, but because of the DEMAND. And the waitlist is not getting shorter. Thanks for the information on your experiences and success in investment time pieces. Though I have to disagree with you on the part about the list not getting shorter, As they sales manager at the store openly stated that the SS Daytona no longer will be a limited production piece, I trust him as I have dealth with him over many years and he wont say some thing that is not true. Mixture of 2 reps (low profile case (with modded CGs) & movement from my 1st generation 116520 rep, dial & rotor from Joshua's 2001 116520 rep) with the addition of gen crown/tube, hands & pushers. How much do you think the cost doing all this be? Buy it and flip it. Does your dealer have a return policy? Buy it, don't wear it, make sure you get everything, packaging, hang tags, shipping carton, get it all. If you can return it, what have you got to lose? Offer it up on eBay, craigslist, whatever. You have an opportunity... take it. It sounds like easy money to me. The markup on the Daytona is proven. I got the call for a Milgauss, mind you it wasn't the green sapphire, but still had the chance to pick one up. I talked it over with the wife, there was zero sales history in the grey market, wasn't sure of a quick flip, and the wife didn't want me laying down that much cash with a new baby on the way. So I passed. Hind-sight is 20/20 and I could have made a very easy profit. We all know the demand of the Daytona, it seems like no brainer to me. I don't think you can lose. Just don't wear it, don't even try it on if you buy it. Thanks for you suggestion though I think it would be too much trouble to get it then find out that I don't like it, to sell it, even though I might make a few hundred $ in doing soo. You should buy the watch....it is a symbol of success....obviously you deserve it.....treat yourself to something nice and in years to come you will be happy with it.....maybe you can negotiate the price down a little....he might be willing to to that.... NS Thanks for you kind words, I already asked him since I am a loyal cutomer why dont you give me the old price on it and he went to ask his manager with a simple "They can't do that" If you are having any second thoughts at all don't do it. Second hand Daytonas are readily available any time you want it. The key piece of information you are omitting though (and I suspect on purpose) is how much it currently is. And you are in financial services so you know as well as anyone. This is going to be a tough year and so I suspect other opportunities will abound. Prices in the second hand market for watches are (IMHO) already starting to come down reflecting the realities of life. Four automatic PAM's I follow just sold below $5k. Having said that, unless the dealer is demanding $13k or more there is probably very little downside. But I don't buy them being a good investment. I do view them as being a safe one which in fairness is rare for a watch. There are too many of them irrespective of the demand. These are fabulous watches but not limited editions. In general I am a big believer in buying in the secondary market. My principal reasons are the watches typically cost less and I am paying a premium for a pristeen watch when new and yet it isn't going to remain that way if I wear it. Thanks, and so have I bought most of my watches from the secondary market, and 100% agree with you that the price of it in the secondary market will soon be taking a hit. Investing in the right timepieces can be a VERY good investment even in the short term dizz I understand though I don't believe this watch will hold up to its over the years demand as dealers are openly saying that this is going to be the first year they will fulfilling all demand on SS daytonas. Quote Link to comment Share on other sites More sharing options...
Guest asad Posted April 4, 2008 Report Share Posted April 4, 2008 So just an update guys, I have slept over it and have decided not to get it. thank you all for all your kind suggestions. P.S: now the hunt begins for another grail watch. Quote Link to comment Share on other sites More sharing options...
Watchmeister Posted April 4, 2008 Report Share Posted April 4, 2008 IMHO, I would keep looking but think long and hard before buying a new gen. Prices are definitely coming down in this neck of the woods. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.