Interest free credit vs using savings

paddyrg

Barter hard - someone somewhere is paying for the cost of that credit (and the markup on new high-street jewellery is staggering, so it's worth it to them), and if you're dropping a couple of grand on a stony circle of yellow metal, you can get a deal.

dundeediva

Firstly, congratulations, I hope she says yes!!

Personally, I would pay something of that value on a credit card, even if its paid off straight away as you'll then have more protection if anything goes wrong (like mine did, my wedding ring cracked after 2 weeks!!).

Good luck

DD

Mahsroh

Thanks everyone.

Cycrow - that's not really an issue. If I went down the interest free credit route i'd be paying by monthly DD anyway and I know I can afford the repayments.

ViolaLass - i've thought long and hard about that and 99% of the time I would agree with you but I think an engagement ring is different as it's (hopefully!) a once in a lifetime thing. For any other occasion I would agree that it's a silly amount of money.

Having read the advice on here, I think i'll use the cash buyer position to barter and get a better price!

Superscrooge

Ask if they do 'Sale or Return?' in case she says 'No'

Maximum_Saving

Congratulations. I hope that she says yes to be married to you. I think you could ask if they have a discount for a cash payment for the engagement. You have enough money to buy the engagement ring so I suggest do that. You could ask how loan the loan on the ring lasts for. It isn't worth going into debt for that I believe though. It is lovely to begin married life debt free.

ViolaLass

Mahsroh wrote: »

ViolaLass - i've thought long and hard about that and 99% of the time I would agree with you but I think an engagement ring is different as it's (hopefully!) a once in a lifetime thing. For any other occasion I would agree that it's a silly amount of money.

My point was what does she think?

Never bought the 'once in a lifetime' argument - getting married is too but there's no societal 'norm' of spending thousands on your wedding ring, for example.

Mahsroh

ViolaLass wrote: »

My point was what does she think?

Never bought the 'once in a lifetime' argument - getting married is too but there's no societal 'norm' of spending thousands on your wedding ring, for example.

I don't intend on discussing the cost with her either before or after, but to answer your question, I don't think she would have a problem with me spending that sort of money and for the reasons stated previously, I think for this type of purchase it's justifiable - I think she would share those views.

Don't get me wrong i'm not set on spending an exact amount, i'm budgeting between £1,500 and £2,000 but I if I find something in the region of £1,000 that I think she'll like then i'll get it. £2,000 is the absolute maximum, £1,500 realistic cost but it's by no means set in stone.

Mahsroh

Pixie5740 wrote: »

If you can get 0% finance then it makes sense to use it to purchase the ring rather than your savings. If you want to be more MSE about your purchase then try and get to London's jewellery centre at Hatton Gardens. You will pay a premium using a high street retailer so could get a better quality diamond (or other stone) from Hatton Gardens.

August is traditionally a slower month for jewllers so that's when you would probably be able to negotiate the best price. Whereas the run up to Christmas and Valentin's Day are their busiest times of year.

I know this post was months ago, but thought i'd give an update.

I asked her, she said yes!

I also took Pixie's advice and went to Hatton Garden and paid cash. Got significantly more for my money than I would have done by using one of the mainstream high street jewelers!

ryanm8655

Haggled on watches with high st jewellers when paying by cash rather than 0% finance, sure it is the same for rings...though I'd go the hatton garden route...

Pixie5740

Congratulations on your engagement. I'm glad you managed to get more bang for your buck.