THAT’S HOW TO FINANCE A LUXURY WATCH

How to buy a luxury watch on a budget

Luxury watches enjoy great popularity. Especially in Reykjavík, London and Edinburgh, you can see more and more people strolling through the streets and showing off their cherished possession. Just a few years ago, Rolex, Cartier, and Panerai were mainly found on the wrists of stars and starlets. Nowadays, however, it is no longer a problem to acquire a luxury watch even on a small budget. There are various options for financing so that even the average consumer can fulfil his long-awaited desire.

Why are luxury watches so appealing?

The wristwatch is a very practical everyday object. It tells us the time and ensures that lateness is a thing of the past. In addition, timepieces have long ago found their way into the world of fashion. They are considered a fashion accessory that can enhance an outfit. Classic chic and timeless elegance give the clothing style that certain something and set the owner apart from the crowd. But nowadays, it may not be just any watch, luxury watches are very much in trend.

It is not surprising that people attach so much importance to the value of the wristwatch. After all, luxury watches are a testament to precise craftsmanship. Watchmakers invest many hours of work to deliver top results. The individual parts are assembled with care and attention to detail to create a true masterpiece. Furthermore, luxury wristwatches stand for success, power, and wealth. They are a status symbol.

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Financing – this is how you proceed

Many people rush the purchase and immediately head to the dealer to purchase the coveted piece. However, it is a good idea to take at first a look at your finances. Unlike celebrities, ordinary people don’t have millions in their bank accounts and can’t just pull thousands of euros out of their sleeves. Check your savings and think carefully about how much money you are willing to spend. You should consider that an expensive watch is much more of an investment than a traditional piece of jewellery. For example, with a smart purchase of your Rolex at Chrono24, the value of your watch can double over the years, and you can resell it for a profit.

So take your paycheque to hand and subtract the fixed costs first. That means you subtract expenses like your pension, utility bills, grocery costs, and insurance and see what’s left. This is the amount of money you have available for your own enjoyment each month. With discipline, you can save up enough to fulfil your heart’s desire within a few months. If patience is not your strong point, you can opt for another financing option:

Personal loan via a bank

It is possible to apply for a personal loan. Thanks to the Internet, this matter has become a breeze nowadays and can be done within minutes. The websites ask specific questions to check your creditworthiness and determine what loan amount is possible with your earnings. What’s great is that you don’t even have to specify what you’re buying.

Savings plan

You can also arrange a personal savings plan with your bank. Contact your financial institution and explain your plans. In a personal meeting, you will negotiate a fixed sum that will be deducted from your salary each month. This happens automatically without your intervention. The advantage is that you don’t have to give a second thought to your savings project, and you only have the money available that is not intended to finance your watch.

Financing through the seller’s platform

The last option is to complete the financing directly through the online dealer’s website. Many web stores now offer this option to lure potential customers. Unfortunately, the interest rates are often very high, as the web store wants to protect itself from high losses.

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