Hello All,

After many months of research and lust I am looking to pull the trigger on a Speedy Pro Moon.

Tourneau has a 30-month 0% interest financing for full retail. Does anyone know of any AD/sellers they offer a similar financing option that I can take advantage of as less than full retail price?

Many thanks!

 

100% agree with @dsio on that @mhc1234

I get the allure of getting to have the shiny thing now... but it's not the same as working for it, and then getting it as a reward for hard work done.

Also, bear in mind that you can often make good savings by paying upfront and buying a legitimate new watch from the grey market, or a very gently used one from a member here.

 

I was considering putting the Tudor GMT on financing from a UK AD, but remember the sales staff sell jewellery; they have no clue about financial contracts. I wanted to know about early-repayment clauses, and after several minutes between a handful of staff and looking in drawers and on the computer for an actual contract, the answer I got started with “I think...”.
Plus you never know how your circumstances will change in the future. I’m remortgaging soon also, so would extra monthly outgoings affect the “affordability” aspect of those checks? In the end I just figured it’s easier to just buy it outright, but of course I was in a position to do that, and obviously not everyone is.

 

Exactly as the previous fine gentleman said, don’t finance a watch. The zero percent option you are paying a higher price than you would normally. Save the dollars or euros so you pay for it outright

 

Except from my car and mortgage, I’ve always saved and bought rather than financed. I think it’s satisfying focussing savings towards something you really want.

 

I purchased my first luxury watch about 15 years ago on 0% finance from Goldsmiths. That was before I knew you could walk into an AD and negotiate on prices which is something I do now when I pay in full.

Have you thought about a 0% credit card to put the purchase on which will enable you to pay it off sooner if you choose?

The way watch prices increase year on year by waiting and saving and then negotiating a discount you might actually be paying more for the watch than financing it at 0% now at full RRP

I don't advocate getting into debt so whatever option you choose make sure that it is within your means to repay it.

 

One way to look at it is the price discount offered by Tourneau implied by the 0% interest amortizing loan over 30 months. If you assume Tourneau can get a 4%-financing over 30 months, then the actual discount offered to you is 4.9%. That's better than buying at a boutique, but still that's not a lot. I would rather try to negotiate a discount and get a 3rd party financing.

 

Personally I agree with the save up and use cash crowd.

 

My fathers favourite saying.

"Finance nothing but a house"

Remember when I started a apprenticeship at 15 and I wanted to borrow $20 to buy a alarm clock as I had to get up at 3:50 ( apprentice butcher ) and my dad said he will wake me up until pay day.
When he past away I heard from family that he had to run up the end of the street to see the time as he,s father passed away when he was 12 and he had to leave school to work as the family was so poor.
Was him that got me into watches as he was a stickler for the time and being on time.

 

Assuming you can afford to buy it outright I think the 30 month 0% interest is great. It’s a free loan from Tourneau. That being said I wouldn’t use it on a Speedy Pro. You can save ~32% by buying it a TS. The only time I’d take advantage of an offer like that s for a watch that I a significant discount on from an AD or a TS.

 

Me too. There's little support here for buy-now-pay-forever.
Three years feels like a long time to be paying for a watch: which of us hasn't flipped a watch inside three years?

 

It is great to wake up and see so many wonderful replies and insight. A true reflection of this passionate community!

I will heed your advice and buy with cash through an AD or TS in the Omega community.

Thank you everyone!

 

You can apply for credit through PayPal. They offer no interest if paid in 6 months and sometimes no interest over 24 months (run often as a promotion). You can theoretically use this to buy a watch from somebody on this forum or another and get a good deal with some flex to pay it off.

People will hate on PayPal but you’ll find no shortage of sellers willing to accept it.

 

I never knew financing was possible. Interesting........

I need to step away from this thread before I get any more ideas.

 

Good man.

As a career banker and loan officer the best advice I can give is to avoid a loan.

 

I think if you're financing something to spread the payment out or (as is usually the case with me, whether it's for her or me) hide it from the spouse, and you could otherwise afford it, it's fine...and 0% can prevent you from depleting or knocking down savings...but agree with what others have said that a.) 0% usually means you're paying full or higher-than-otherwise price, and 2.) differentiating your 'wants' and 'needs' until you're financially in a position to pay for something outright is the better option.

Personally I'd allocate all you feel you can towards retirement and paying down whatever debt you have, and if you want to save a little on the side to put towards something for yourself to enjoy, take your time doing it. Or work your way up--lots of good mechanical and automatic watches sub $1000 that are functional, respectable and will get "likes" from OF members. And these things will always be here...hard to not get caught up in the fever, but you'll always be able to get your hands on a nice watch.