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

PasturesNew

If your dad is still alive, ask him to lend you the money against the watch. When he's no longer with you, losing that watch (and for such a cheap price) could really send you into a spiral of regrets over how you never quite were the child your parents wished for/deserved.... and you'll ponder how you could have done better ... and stuff.

It'll do your head in.

Keep the watch..... find a TRUSTWORTHY family member to lend against it, then PAY THEM BACK and get it back PRONTO.

bigfreddiel

Sell it, get rid of debt now, ignore what others say, you'll feel even better with one millstone gone,

Stay lucky fj

Apodemus

Keep the watch, sell the car! Eliminate the car debt, by running something much older.

sputnik1957

Sell if you think you can get reasonable money for it. I don't see the point in it unless you wear it or has sentimental value.

Don't let yourself take out more debt though!

grey_gym_sock

the only possibly valid reason to keep the watch is because your dad gave it to you. and it's very difficult for us to give advice on whether that's the right thing for you - it all depends on your relationship with your dad, how both of you view the gift, etc.

it doesn't make any sense at all to have a rolex as an "investment" when you have car and CC debt. so if you decide that its being a gift doesn't prevent you from selling it, then do sell it.

DoubleNugget

Thank you. Yes, I think it's now down to my guilt and being able to live with myself.

He's still alive, I've spoken to him before about selling it when I was struggling and he said 'sell it but you'll get peanuts for it'.

The credit card can be paid off in 4 or 5 months. I think I can do this without selling it.

InvestInPoker

Is it a ladies datejust?

Does it have a window with a number for the date behind a magnifier? Does it have one for the day? Is the bezel fluted or smooth and what do the symbols for numbers look like? It will very likely say on it what it is

bowlhead99

Credit card debt could perhaps be shifted to somewhere charging 0% interest. Mortgage can be had for 3%. £8k can be borrowed unsecured from Sainsbury, Tesco or Nationwide for 3.5%. So the cost of keeping your car loan to pay off naturally instead of giving up the watch and paying it quicker, is only a couple of hundred pounds.

So, you're not really losing out on a huge amount financially by keeping those debts and the watch (yes I know this is supposed to be a moneysaving site...). An old Rolex may not really keep pace with inflation but if its value is £4k now it will probably still be around that amount in a couple of years (unless we have a big recession, which we'll come out the other side of anyway in due course).

If it was new a decade ago and hasn't really been used, and still isn't going to be used, it will still be working in a couple of decades time. Will you have any offspring to pass it down to when they come of age?

If you will have something else 'to show for it' by cashing in your gift at a lot less than your Dad paid for it back in the day, then fair enough. Perhaps you could buy a really nice piece of jewellery which you would wear and which would be timeless. But if all selling up means is that you reduce a car loan and then effectively own a greater proportion of your depreciating car (which you will change in a few years anyway), and save a couple of hundred pounds of interest over the next two years, then really, how much better will you feel?

Obviously if it's not your style it doesn't do you much good simply looking pretty at the bottom of a drawer and being an extra 'high value' item on your house insurance every year... So only you can decide whether it's time to move it on or keep it.

InvestInPoker wrote: »

Is it a ladies datejust?

Does it have a window with a number for the date behind a magnifier? Does it have one for the day? Is the bezel fluted or smooth and what do the symbols for numbers look like? It will very likely say on it what it is

The 179179 she mentioned is a ladies Datejust, yes:
http://www.chrono24.com/en/search/index.htm?query=Rolex+Gold+Watch+179179&dosearch=true&searchexplain=1&goal_suggest=1

As a side note, I'm a big fan of nice watches but no offence intended, I hate the datejust as it has Rolex's huge magnifying glass sitting over the date. Which makes the date nice and clear if you're looking at it dead on but simply gets in the way if you look at it from any other angles. As I'm a long way from being a shortsighted OAP, I wouldn't want one in my collection because I really hate that feature (although there are some Rolexes I really do like).

DoubleNugget

Thanks, I'll switch to a 0% interest card. I'm really focussed on getting rid of 'debt' and selling assets at the moment but needed to work this out as it does make sense that I'm not really going to pay things off quicker. I think i'll take it to a jeweller and see what they offer.

I dropped it once and the 'cyclops' magnifying bit fell off clean. I took it in to fix it (I thought they'd be able to glue it on!) they said it would need a service to do that and it would be £500 as the cyclops and the face are one piece and would be replaced. I'm not exactly sure of the cost of that but it will take the price I'll get for selling it down.

I agree with you and think it looks much better without the cyclops.

joe_mcclaine

No. Don't sell it. Wear it. It's what it was made for.

I wear one (fair dues, not a blingy one) and believe me I live a lifestyle so far removed from the image of a Rolex-wearer it's ridiculous.