How do you fund your guitar buying....?

Philly_Q

Looking back, I used to do a lot more selling in order to buy.  A decade ago I was buying 10, 12, 13 guitars a year but selling similar numbers.

I haven't sold anything since 2014 but the last few years I've only bought one or two guitars a year (the numbers are still slowly creeping up).

midlifecrisis

Deadman said:

RaymondLin said:

Deadman said:

Does the 'don't buy it if you can't afford it' rule apply to just guitars? 

luxury goods typically but as much as humanly possible really depending on your personal circumstances.

Gotcha Raymond, wasn't being contentious (much!) but just wondered who'd commented as such didn't do car loans/home improvement loans etc.

Over the last 10 years have cleared all my debts, paid off the mortgage and credit cards and determined not to take on any debt.now. I only drive old cars i can pay for cash, my cards are paid off every month, only used for convenience and consumer protection. Tbh anything offered with interest free credit can usually be bought cheaper without credit. im not trying to be smug about it, but ive had debt problems in the past  but now im enjoying not having debt.  all my gear is bought used so if/when i decide to move some on im not taking a big hit on it.

RaymondLin

Deadman said:

RaymondLin said:

Deadman said:

Does the 'don't buy it if you can't afford it' rule apply to just guitars? 

luxury goods typically but as much as humanly possible really depending on your personal circumstances.

Gotcha Raymond, wasn't being contentious (much!) but just wondered who'd commented as such didn't do car loans/home improvement loans etc.

Well, I have only ever owned 2 cars in my life and still on the 2nd one and both used and both bought outright with cash/small percent on credit card for protection.  The only loans I have had are Student loans, Professional Studies loan (for post-grad), a mortgage and your everyday credit card.  

Sure if guitars is your job, you are getting an income it make sense to do interest free but in my mind I prefer to have it paid off.  I buy all my camera gear outright.  I find it really hard to stomach buying something on finance when the minute you leave the store you are in negative equity and continue to do so.

I am not trying to be contentious or smug either, it's a personal preference on how I handle my finances.  I don't drive new cars and I don't have any vices.  No smoking, pretty much tea total, I don't eat out.  I used to be terrible with my money in my 20's.  When I had no job and in uni I had £2k credit card debt with no job and my dad had to help me to pay it off.  It was an early wake-up call really.  So since then I have slowly got better, trying to curb my spending urges, which I still have.  There is always a devil saying "YOU NEED THIS", but I also know there isn't enough hours in the day for me to play everything, with work and sleep and other hobbies in between.  So I constantly ask myself if I actually NEED something, if I don't then it's a luxury and I can't be taking on debt for something I don't need.  

stickyfiddle

Deadman said:

Does the 'don't buy it if you can't afford it' rule apply to just guitars? 

Applies to pretty much everything for me - the only long term loans I’ve ever had are student loan, one car on extremely very cheap finance and our mortgage. 

But I’m also aware I have a well-paying job so don’t have the day-to-day financial pressures that many do, so while I would always advise not to buy things on finance I’m also not judging others for it

Lestratcaster

I haven't bought a guitar in about 8 years and even back in 2012 (my last purchase) it was with a tax rebate. I've bought 2 guitars on finance, (thanks student loan) and another I've saved up for. My acoustic I sold one to make funds and my first electric was bought for me by my parents some 20 something years ago.

Teetonetal

Deadman said:

RaymondLin said:

Deadman said:

Does the 'don't buy it if you can't afford it' rule apply to just guitars? 

luxury goods typically but as much as humanly possible really depending on your personal circumstances.

Gotcha Raymond, wasn't being contentious (much!) but just wondered who'd commented as such didn't do car loans/home improvement loans etc.

The only thing I have is a mortgage. Never had a loan for anything including building work.

Fishboy7

I usually get a very strong impulse to buy a certain guitar or piece of gear depending on what I’m listening too that week.  But if I hold off for a few days I more often than not change my mind and move on to something else. 

FastEddie

I tend to sell before I buy now. 
Typically if I can raise 60% of the new ticket price I'm happy. 

If I have a piece of gear which suddenly rises in value then I typically sell and use that unexpected rise to trade-up.

Edit.
I will also, as of next spring when we exit an investment, invest and trade in shares to grow a fund. I don't like credit for this type of purchase. I also like to keep as much spare credit capacity for a car we are going to buy next year.

Deadman

I've used the BMW servicing package deal on interest free credit. It's the same cost as purchasing outright (admittedly expensive!) but just spreads the cost, which I do like.

RaymondLin

Deadman said:

I've used the BMW servicing package deal on interest free credit. It's the same cost as purchasing outright (admittedly expensive!) but just spreads the cost, which I do like.

I think the bottom line is if you don't take money away from your necessities like rent/mortgage, food, bills, and family.  Fundamentally there isn't a problem.  

merlin

Gigs is how I fund all my purchases. Of everything. 

SPECTRUM001

Commonly, I work, earn a salary and pay for my life (style).

My standard of living got better a couple of years back, so I am fortunate enough to have reasonable funds if I need them.

I was once buying an expensive vintage watch and was advised ‘buy the best you can’. This was curious advice as you could easily misinterpret as ‘spend spend spend’ - which wasn’t the point.

I would now go the extra mile if it is for what I really want and I think it is the right deal.

TeleMaster

midlifecrisis said:

Deadman said:

RaymondLin said:

Deadman said:

Does the 'don't buy it if you can't afford it' rule apply to just guitars? 

luxury goods typically but as much as humanly possible really depending on your personal circumstances.

Gotcha Raymond, wasn't being contentious (much!) but just wondered who'd commented as such didn't do car loans/home improvement loans etc.

Over the last 10 years have cleared all my debts, paid off the mortgage and credit cards and determined not to take on any debt.now. I only drive old cars i can pay for cash, my cards are paid off every month, only used for convenience and consumer protection. Tbh anything offered with interest free credit can usually be bought cheaper without credit. im not trying to be smug about it, but ive had debt problems in the past  but now im enjoying not having debt.  all my gear is bought used so if/when i decide to move some on im not taking a big hit on it.

Not much of a midlife crisis with all the responsible behaviour...

Sassafras

Video piracy.
When I'm not funding terrorism I can afford a guitar now and again.

spark240

So it seems that in general....folks here dont buy now pay later...and why would you...
 
  I happen to be looking for a PRS semi hollow and just checked Peach guitars as an example...., so a guitar at £3680 with 25% deposit over 48 months would set you back £5540....circa £1800 interest.

A PRS in GG at £3499 , 25% deposit over 36 months total £3899 - circa £400 interest

Similar at Music street , price £3680 - 12 months interest free or...25% deposit over 36 months total £4265 - circa £600 interest.

RaymondLin

spark240 said:

So it seems that in general....folks here dont buy now pay later...and why would you...
 
  I happen to be looking for a PRS semi hollow and just checked Peach guitars as an example...., so a guitar at £3680 with 25% deposit over 48 months would set you back £5540....circa £1800 interest.

A PRS in GG at £3499 , 25% deposit over 36 months total £3899 - circa £400 interest

Similar at Music street , price £3680 - 12 months interest free or...25% deposit over 36 months total £4265 - circa £600 interest.

If you HAD to pay it with credit, it has to be zero APR because otherwise not only you will be in negative equity, you are getting slap twice by lost of equity and now total value paid.  The thing to do, if you had to have it on credit is to put it on a 0% credit card, pay it off before the 0% period ends.  Do not use that card at all until it;s all paid off as to add to your balance.  Then in the end you will pay the same as a cash buyer.

It might even work to your advantage if it's a card with good cash back or Air miles or other bonus.  That way it would cost you less than even a cash buyer.

guitargeek62

I've used all sorts of ways in the past in poorer times, but these days any guitar-related purchases are only from disposable income. I don't actually spend much annually at all any more, but that's mostly because I've settled into a certain type of playing and gear, and tend to use a one in, one out rule with a fairly neutral spend

dindude

Buy outright from disposable always, never on credit. I do sometimes dip into savings for cash flow to fund say a new guitar before selling an old one, just to make sure I’ve made the right decision, but always replenish. 

Fishboy7

spark240 said:

So it seems that in general....folks here dont buy now pay later...and why would you...
 
  I happen to be looking for a PRS semi hollow and just checked Peach guitars as an example...., so a guitar at £3680 with 25% deposit over 48 months would set you back £5540....circa £1800 interest.

A PRS in GG at £3499 , 25% deposit over 36 months total £3899 - circa £400 interest

Similar at Music street , price £3680 - 12 months interest free or...25% deposit over 36 months total £4265 - circa £600 interest.

There's no need to pay interest though. They all offer 0% deals, and I doubt many buyers actually take the interest bearing route.

WiresDreamDisasters

I don't buy guitars really. Pedals yes. Amps, infrequently lately.