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

nb73

Selling Rolex to pay off credit card and car debts has something of a sticking plaster feel perhaps. It does not address the underlying issue which led to debt, usually expenditure > income. It's a one-time short-term fix.

So I'd sort out the credit card and car debts first of all. Then later I'd think about whether I wanted to keep the Rolex or sell it. My reason for selling it might be to invest in something else, but probably not just to pay down mortgage which is going to happen eventually anyway.

A great watch is the Timex Ironman, £19.99 at Argos if you catch the sales. Water resistant to 100m with 30 lap split chrono.

Glen_Clark

SailorSam wrote: »

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

After seeing (on Channel 4 programme) how Aldi (inherited by Germany's Richest and probably most secretive men) treat their staff and Health and Safety regulations, I wouldn't buy anything from them. Otherwise I agree wholeheartedly. My watch cost about £5, its accurate to a couple of seconds a month, and in the unlikely event anyone tries to mug me for it they can have it

Keep_pedalling

Watches are made to be worn, sell it so it it can be used for its intended purpose. To maintain value mechanical watches need to be serviced regularly (every 3 yearns normally) and this is expensive for a high end watch.

puk999

It has zero sentimental value. You don't wear it. It costs you money to service/insure. Sell it, address your debts, increase your savings/investments/pension.

VT82

Really good money moral dilemma here. Much better than the rubbish fake ones they always include in the weekly email!

Not sure what I would do in your position. What would be bugging me most in your position would be the ongoing cost of servicing and insurance, and the chance of getting less than it was worth when I came to sell it. I would need to at least try to get more for it by selling it privately than from the 'easy option' of taking it to a jeweller - to keep my conscience clean.

Really not sure what I would do in your position. In mine, I don't think I could sell it. But the situation makes you realise how some 'gifts' can be more trouble than they're worth!

P.S. Always love your responses Bowlhead.

danm

unless I was getting somewhere close to 6-7K I would keep it.


As others have said, the difference is a few hundred quid in interest.


Rather than only focussing on your debts, look at your Net Assets. Then as long as you have the cash flow to meet your obligations you will do just fine

george4064

melbury wrote: »

Your dad gave it to you, so keep it. Don't you feel it has any sentimental value?

I was thinking the same thing too....

Malthusian

The fact that it's a gift from his Dad does not enter the equation at all. He's a grown adult, his Dad doesn't decide how he dresses. (And the OP said that his Dad raised no objection to him selling it.)

It's a recent gift, not an heirloom that has been in the family for years. I think some people have been reading too many of those creepy Patek Phillipe ads.

Personally, if the credit card can be paid off within 4-5 months as the OP says, I would keep it.

TheTracker

It doesn't have sentimental value now but it may in 30 years. Maybe to you, maybe to his grandkids. Maybe to a loved one as a gift.

I would keep it unless you needed to sell it and it doesn't sound like you are that point yet.

I'm not a fan of Rolex personally, it's one of those "populist expensive" brands. One of your options is to sell it and buy something else that IS sentimental (eg jewellery of your choosing) because it was funded by your father, that's maybe an option to exercise later in life when/if you'd like to remember him.

I'd also think twice about insurance. Expensive watch insurance is ridiculously high. I've a couple of £5k+ watches. They are either a few yards from me or in a strong safe. I don't bother buying specific watch insurance, just a certain value on my contents insurance. If you don't use it then it may be cheaper to put it in a safe deposit box.

Same goes for servicing at £500 a time, don't do it more than you need to if you don't wear it, or wear it an hour a month at home, or buy a watch winder.

kidmugsy

There's a case for selling it while you would be in charge of the timetable. Selling it at a rush for an emergency won't get you top dollar.