kernow

How do you pay for this

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Debt, loans, what? No. I buy outright. 

They are luxury items after all. You don't "need" them 

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Me too.  Same for most things.  I would never borrow money to buy a car, you can get a perfectly serviceable one for £500.  The only money I ever borrowed was my mortgage, now thankfully paid off.

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Super Wammer

Same here, cash is king.

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Super Wammer
Posted (edited)

I think I used my first credit card - remember Access? - to buy part of my first system, but I’ve never taken a loan out since for Hi-Fi. 

However, after a few years of getting cars on PCPs, we’ve just leased our second car.  Takes a lot of the risk out of an otherwise hefty purchase, where fickle tax changes can affect resale value.  The residual risk is another lockdown inhibits enjoying it.  

I have sometimes wondered why Hifi can’t be leased. But I guess the used value isn’t anything that could agreed on in a little black book, unlike cars.  (Our £36k car costs £285 per month, and I think I’d pay £140 a month for a £18k Hifi, which would take about ten years to save up for at the same rate per month.)

Edited by Nopiano

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Something dear to my heart!

72 years of age this July... And THE words still echo in my mind from my Dad......

"If yer can't afford it, yer can't have it".

Never had a Credit Card / Finance in a lifetime (obviously a mortgage).

Sometimes I think a bit of a pratt... But it's stood me well! (However, accordingly a modern day financial risk). Ha


Sent from my iPhone using Tapatalk

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I buy all big purchases on an interest free credit card and set the monthly payments to pay off the full amount in the interest free period. I’ve enough in the bank to cover the payments if needed, but I like my savings to work for me (not so much with the shocking interest rates of late)

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I very recently nearly took the plunge for a rather expensive hi-fi item, that I couldn't afford outright and to be brutally honest I didn't actually need, purely a vanity thing. However, the more important need to replace a number of windows, and my house to be re-pointed made me see sense and back down to earth, and the interest free credit card back into my pocket.

These interest free cards are very good if used sensibly, but can lead you down the road to temptation. 

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44 minutes ago, t1no said:

The trick is to let someone else pay for it first, then pick up a second hand hardly used bargain :D

I don't know about the hardly used part, but there is a pretty large portion of US Hi-Fi enthusiasts who are known to frequent their local thrift stores looking for great deals on audio equipment.  Klassik has picked up some real bargains that way.  I won't go through them all, but an example is the Luxman 3 head cassette deck I have.  I got that in good working condition from a local thrift store some years back for $7.99.  $7.99!  I would have looked daft asking the clerk for the lay-a-way plan on a $7.99 purchase.  ;)

2 hours ago, deadflagbrews said:

I buy all big purchases on an interest free credit card and set the monthly payments to pay off the full amount in the interest free period. I’ve enough in the bank to cover the payments if needed, but I like my savings to work for me (not so much with the shocking interest rates of late)

There are advantages to paying by credit card if one has an interest free card or pays off their balance in full each month.  Here in the US at least, many credit cards have some kind of money back program.  This might either be through cash incentives (1-2% cash back on all purchases) or through things like airline frequent flyer miles.  Also, some credit cards will provide an extended warranty for electronics purchases.  There might be a price limit on items they are willing to warranty.  I don't know if they'd cover $25,000 speakers, but they would probably cover $2,000 speakers.  Finally, credit cards do offer some protection from shady dealers who might try to pull bait-and-switch tactics.

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There's a lot of sensible people here, never spending what they haven't got.

I can't imagine ever buying a new car, yet have never considered buying anything other than new hi-fi.

I know that sounds like strange logic, but then again my outlay on hi-fi would only be regarded as excessive by civilians - certainly not by Wammers.

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11 minutes ago, Gray said:

There's a lot of sensible people here, never spending what they haven't got.

I can't imagine ever buying a new car, yet have never considered buying anything other than new hi-fi.

I know that sounds like strange logic, but then again my outlay on hi-fi would only be regarded as excessive by civilians - certainly not by Wammers.

I agree about cars. If I started again I would buy used HiFi, it's much cheaper and if it does not work out you can sell it on for little loss. Buying new you are paying 20% VAT and dealers margins. 

How to buy apart from a house I would save up and then buy whatever, never buy on credit unless it is interest free or loans. You have to have control with credit cards, I have seen some people get into a real mess with them. I use credit cards but always pay off the balance each month. Paying cash you can often get a discount.

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I gave my kids two bits of financial advice , buy a car and keep it , never pay for a holiday on a credit card because you'll go away again before the first is paid for . I learnt the hard way .

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Posted (edited)
52 minutes ago, Gray said:

There's a lot of sensible people here, never spending what they haven't got.

I can't imagine ever buying a new car, yet have never considered buying anything other than new hi-fi.

I know that sounds like strange logic, but then again my outlay on hi-fi would only be regarded as excessive by civilians - certainly not by Wammers.

I'm not one of the sensible ones :D My philosophy is simple - I'm only here once so why not enjoy myself :) I could be brown bread tomorrow.

Stereo bought on two years interest free, speakers on credit card, card tart like crazy to move purchases to interest free option. Don't have a flash house or car and don't do holidays anymore. My priorities have changed over the years.

Edited by DougK
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