Spending dosh on a unnessary item

Minrich

Money is for spending , to the OP i would get a secondhand earlier (pre 2010 ish mine is a 2006 ) version of the Omega Seamaster Automatic like this one http://forums.watchuseek.com/attachments/f74/632333d1329816217-omega-seamaster-stowa-seatime-prodiver-bondreflect.jpg

You should be able to get one for under £1k , mine was £1200 new and the newer movement ones are about £2500 .

You can then wear it all the time and it is fantastic at absorbing knocks and bumps that would damage another watch or scratch the face . Mine is 8 years old and not one sign of any damage at all .

You can decide if you like the idea of having a big lump worth £1k on your wrist (if you haven't worn one they are quite heavy initially compared to normal watches) and i think you will . If you don't i can virtually guarantee you will get 90% plus of your money back . If you do like the skys your limit on cost .

kwmlondon

About 5 years ago I fancied a decent watch. Did some shopping around and found a really pretty 1972 Omega Seamaster on ebay. The going rate at the time for a second hand Omega of that kind was £250 or so. I managed to get mine for just under £200. They go for about £500 now. I wear mine every day, many people have commented on it, not because it's a high-end watch (it's of an age when the name isn't that visible) but because it's such a distinctive looking timepiece.

I'd say always look to the MSE mantra:

Is it worth it? (and that has to be worth it TO YOU)
Can I afford it?

Hope you enjoy your watch.

racing_blue

lalman wrote: »

Is it stupid to blow £2480 on a watch?

No. It is not stupid, as long as you own your own house outright, and have enough savings to ensure you can live the rest of your life without working.

Otherwise, I would delicately suggest that it is not the smartest move. This book explains why: http://www.amazon.co.uk/Your-Money-Life-Transforming-Relationship/dp/0143115766

boglehead

If you go with a quality watch, chances are they won't depreciate much over time... Not that you are buying it for a later re-sell. This is just something that makes you feel better.
Keeping in mind that mens dont have any jewelry to splash on outside of watches, i'd say treat yourself; sounds like you are reasonnably well off.

I own 3 rolex (seadweller, subsea, explorer II), 1 panerai (blackseal), 1 patek calatrava and although it might not be the best investment, i know that i never regretted buying them, and that they will be holding their value over the next 20yrs. They will also be a nice gift to pass on my off-springs without paying IHT...

KNJ_2

I personally have 2 Omegas, one bought in my youth, the other a present ( thank you wife) They do need regular servicing, and if anything goes wrong, the seamaster is expensive to work on.
The wife also has a vintage Omega, and that required to be returned to Switzerland for its repair and service.
Now to an additional point, the higher end brands ( Rolex et al ) do not tend to gain value unless special additions. However the lesser brands and especially non mechanical ones, drop in value a LOT. I was fortunate enough to work in Japan a few years; second hand values of most everything drop like a stone and often cost to be taken away. Whilst there I found a shop selling a ladies CORUM, for which I paid about 18% of the original value. In original box, guaranteed ( later checked by official CORUM dealer.) It has performed faultlessly. Why so cheap,?
1) Battery model
2) Newer models available
3) A lessor known brand
4) It was in Japan.

Yes I know this is not a possibility for everyone, but for anyone in the market for a decent watch, a good option.

Footnote. Rolex's were also available at about 70% of original price ( they do hold a better second hand value)

racing_blue

I know nothing about watches, it is the underlying question that attracted me to this thread: how do I know if is it OK to spend on a fun/ luxury/ unnecessary item?

I asked a similar question here: https://forums.moneysavingexpert.com/discussion/5058908

and found this answer very helpful:

InsideInsurance wrote: »

Its (a question of) priority.

You should probably have 4 buckets of money, living expenses, emergency fund, accrual for known future expenses and fun money.

I wouldnt raid living expenses or emergency fund for a holiday it may be during that skiing holiday that you're injured and need to rely on the emergency fund, but the accrual will often come down to priorities - is the nicer kitchen or the nicer holiday the priority? Do you want to be able to pay for your kid to rent a room and a few nights out or to rent a mansion and champagne parties every night or do you want them to get a part time job and support themselves?

I would add a 5th bucket, pension

cashflow/current > emergency fund > pension > accrual fund > spending money

bowlhead99

Beyond pure necessities and material posessions (an extremely basic roof over your head with some utilities, basic food, personal hygiene, basic clothing, and basic transport to perform your work duties and see loved ones), pretty much everything else you might like to spend money on is not a necessity so it might be considered a luxury for some.

Buying any luxuries if you don't know you have security for your future needs, is an extravagance. If you do think that broadly you have some security (pension provision, ability to keep your job or get another one) there is nothing wrong with spending reasonable amounts of money on 'extravagant' things that make you happy - whether that's art or jewellery or a way of telling the time or in this case a combination.

Is it something you need to have - perhaps not http://en.wikipedia.org/wiki/Maslow%27s_hierarchy_of_needs .

Is it something that you'd like to have - yes.

Overall will the result be that you are a happy human being who can still afford the essentials? If so, it's probably fine.

mf78

My current watch (atleast the one I wear almost all of the time) cost about £7 from Argos. Tells the time accurately enough for me, but the best thing is I don't worry when it gets scratched, dropped, wet, painted or eaten by the dog! I also have a couple of pretty pricey ones that have been given as presents or awards, but they seem to tell the same time as the cheap one. But they do look a bit smarter

paddyrg

Do it. You're already planning to, you're just trying to justify it :-)

Life is too short to forego things that make you happy - not saying squander every penny, but look at it like this - you'll get a fancy watch and feel great wearing it. That feeling great increases your confidence and that attracts good things into your life. The watch may even pay for itself with a pay rise from the added confidence and wellbeing. If it doesn't, and you go off it, sell it again one day, but if you can afford it for now and it makes you feel great, GO FOR IT. :-)

(There's being MSE, and there's denying yourself goodness - being a miser doesn't make people any happier! Sure, some people are struggling to pay bills this month and think it's madness, but once your bases are covered, enjoy it)

LXdaddy

I wouldn't spend a month's savings on a watch, but I don't think that's the real question...

Would I spend a month's savings on an extravagance or a luxury or "an unnecessary item"? Yes I would.

The point about the watch depreciating slowly is not significant really - it's not likely that you will be able to justify the purchase on the basis that you can sell it in the future - this is not an investment that we are talking about

I have in the past, and will in the future, spent a significant amount of money on something which is an experience or simply for fun. I don't do this every month and I do it after taking care of all those essentials that have been mentioned by others. As long as you have taken care of living expenses, emergency fund, accrual for known future expenses then what you have is for enriching your life.

While I think spending £3k on a watch is crazy, spending a month's worth of savings once a year on fun is not unreasonable. The things I find fun might well seem as crazy to the OP as the watch does to me.