Should I sell my Rolex to pay off last of debt?

DoubleNugget

Sorry if this is the wrong part of the forum for this.

I was given a gold Rolex watch by my dad around 9 years ago. I have never had the lifestyle to go with it (I work in NHS, £139k mortgage,£8k car loan, £2225 in credit cards left after frugal times and selling off small assets.

Similar watches are selling for £8k but I know I'd get about half that if I took it to a jeweller to sell.

Psychologically it would make me feel great to sell the watch and pay off all debt (except car and mortgage).

I'm never going to be living that lifestyle.

Also it costs a fortune to insure and £500 to service.

Should I sell? I say yes get rid and be free from fake thinking I'm well off financially trap. The only thing stopping me is that it could be worth more in thr future so I'd get a better price.

SailorSam

You could always get yourself a new watch from Aldi for a fiver. And it still tells the time.

talexuser

Sell it, pay off debts, and get an identical fake. Not so bad if it's lost or stolen.

DoubleNugget

Exactly. Or use my phone.

FOREVER21

Are you able to pay your mortgage and loans and still have enough to live on comfortably.?

If yes keep the watch it will go up in value over the years.
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ashleypride

DoubleNugget wrote: »

Should I sell? I say yes get rid and be free from fake thinking I'm well off financially trap. The only thing stopping me is that it could be worth more in thr future so I'd get a better price.

It might go up in value, it might drop, or it might stay the same.

The other way of looking at it ...If you had 4K spare cash, would you put it in savings, invest, go on a holiday, overpay the mortage, or pay a Rolex watch with it?

DoubleNugget

Yes able to live comfortably now. Paid off debts and looking to do savings and investment plan.

I'd never really wear it and don't have kids to inherit it.

Just got to make up my mind.

DoubleNugget

I'd overpay the mortgage. Good way of looking at it, thanks.

giddypenguin

If you won't wear it, and it costs you money I would be tempted to sell to pay off debts - but only if I was sure this wouldn't upset my dad!

Chickereeeee

DoubleNugget wrote: »

I'm never going to be living that lifestyle.

I am not sure what sort of lifestyle you infer from a Rolex watch, but my thought is: 'Who would want to?!"

C

InvestInPoker

DoubleNugget wrote: »

Sorry if this is the wrong part of the forum for this.

I was given a gold Rolex watch by my dad around 9 years ago.

Similar watches are selling for £8k but I know I'd get about half that if I took it to a jeweller to sell.

Personally I would keep it as I would value a gift like that from my dad, but that is your choice. If you want the money to pay off debt then fair enough at least it is going to good use.

I can tell you now a well looked after Rolex will hold its value and you will get a decent amount for it, certainly more than 50% of new value if you have been careful.

What type is it? For that price range I am assuming a datejust? What options does it have IE diamonds? Can we get a pic cheers.