How long til you pay off current gear?

AndyMander82

Member
Messages
383
Have never bought gear on credit but I don't have anything that is super expensive at the same time. I was playing around with the idea of a Gibson or a PRS for my birthday this year and given the prices of those I could see myself going the credit route if there was a 3-4 grand guitar I really really really wanted and the extra interest was not too crazy.
 
Messages
7,210
The only way I’d finance gear is if I was going to get a significant deal for doing so and I already had the cash to pay off the balance before interest kicks in.

Otherwise, going into debt is worse than waiting. The things I missed out on in my 20s because I was paying on a car and “government student loans” taught me a lesson.

Also, nothing worse than a monthly payment on something where the honeymoon phase has worn off.
 

Rekonizefull

Member
Messages
133
Like I said, I'm not suggesting everyone do it. I pay $25 more to get an item now that would take 12 months to save for if I saved the same monthly payment each month. That's worth it to me to pay 25 dollars.

You don't have to take advantage of a plan like this, especially if you you could not handle it. It's an option, that's all it is. Pros and cons are different for some.

By the way I'm teaching my kids how to roll doobies and run with scissors
 

Nikko007

Member
Messages
251
I can see both sides of this.

Buying a 1.5k guitar over a bunch of months and ending up paying 2k or more for the pleasure is not a great plan.

Most online music shops in the UK do offer 0% interest on gear but usually on a shorter timespan which suits my needs.

I don't feel that people who do this are foolish, not anymore than people who think paying outright is foolish, especially when you can spread the cost and it's 0%.

Saving up your hard earned cash for purchases does feel better I agree, however I disagree that 0% interest over short amounts of time is bad.

Just an opinion...
 

JB_SC

Gold Supporting Member
Messages
1,282
All paid for here. Next big purchase will be put on a CC for points and then paid off immediately. I do not carry any debt.
^This, if (and only if) you can afford it. Essentially a cash purchase since you are paying off the bill before interest accrues, and you get points or cash back. If you travel, there's a whole subculture around maximizing credit card program benefits to save on travel and accommodation expenses.
 
Messages
7,210
Like I said, I'm not suggesting everyone do it. I pay $25 more to get an item now that would take 12 months to save for if I saved the same monthly payment each month. That's worth it to me to pay 25 dollars.

You don't have to take advantage of a plan like this, especially if you you could not handle it. It's an option, that's all it is. Pros and cons are different for some.

By the way I'm teaching my kids how to roll doobies and run with scissors
To each their own.

I’m not against paying “convenience fees,” as I’ve been guilty of “paying more now to have it now” instead of waiting for it to go back in stock, etc.

I just don’t like owing people/businesses anything. I like freedom and mobility, which debt of any kind encroaches upon. Even small amounts of debt seem burdensome when the unexpected happens.

Lastly, I didn’t know you had to teach kids to run with scissors. Mine apparently received that talent naturally.
 
Messages
7,210
I’ll also add that the times I’m most tempted to finance or sell something at a loss to get it now are the things with the shortest honeymoon period and typically something I am obsessed with now but will soon move on from, such as pedals.

I’ve got a handful of great guitars and usually the GAS goes away when I’m actually playing them and not surfing TGP and Reverb.
 

JB_SC

Gold Supporting Member
Messages
1,282
I pay $25 more to get an item now that would take 12 months to save for if I saved the same monthly payment each month. That's worth it to me to pay 25 dollars.
For a $25.00 add-on to a large purchase, it's kinda like a convenience fee or paying more at the 7/11 vs. going miles out of your way to the grocery store to save a buck or two. There is value in convenience and saving time. So yeah, not going to break the bank.
 

PatrickE_FenderADV

Silver Supporting Member
Messages
29,733
^This, if (and only if) you can afford it. Essentially a cash purchase since you are paying off the bill before interest accrues, and you get points or cash back. If you travel, there's a whole subculture around maximizing credit card program benefits to save on travel and accommodation expenses.
Yep! I just booked our family vacation to the Grand Canyon and two of Utah’s Mighty Five. Flights round trip (TPA/PHX) for seven only cost me about $900 using points. Free hotel for five of the nights and some free days on the rental car too.
 




Trending Topics

Top Bottom