Would having the ability to finance your next pair of High End speakers be a factor in your buying decision?
- Thread starter Elliot G.
- Start date
Elliot,
I agree there's a lot of paperwork but a template for leases would only need to be created once and could then be reused so it's a one-time cost for an attorney to draft it.
Your second point about a dealer not necessarily wanting to be in the used gear business is a good one. However, there are clearing houses like TMR Audio for used gear that can handle that part for the dealer. Just factor the cost into the lease. Any dealer that has a trade-in/upgrade policy is already in the used gear business anyways.
Manufacturer support would also help in the form of an extended warranty on the used item being resold, similar to Certified PreOwned vehicles.
That said, I'm similarly skeptical we'll see it happen because of the complexity. The lease program would have to be driven and supported by the manufacturer or distributor (setting residuals, interest rate, providing financing, paperwork, extended warranty) to make it manageable for the dealer.
To your original question of whether the ability to finance would affect my decision to purchase a pair of loudspeakers, it wouldn't for me unless it was incentivized with a below-market interest rate. However, in such a scenario, I might just ask for the equivalent monetary value of the discounted interest rate as a discount on the sale price. I wouldn't purchase a luxury item I couldn't pay off in full immediately.
No way. Never. Either I can afford to purchase a luxury item or I don’t.
I bought my first hi-end stereo on a credit card(s) back in the early 90's....semi-regretted that as I paid a lot more in interest but at the same time it allowed me to have the sound I wanted/needed but could not afford. Music listening was my primary interest at the time so it was justifiable in my mind. Everyone is different.
Initially, as a young adult I financed everything! I would consider how many days a month it would cost to make the payments as my way of keeping up with all the debt. Since 2009 and a chance to restructure my debt, refi to pay off ALL my short term debt, I allow 1 payment (vehicle)and enjoy all the clean used gear I can pay cash for. Buying new hifi is too risky as getting the sound promised is generally a black hole with endless expenses.
Did you inherit a lot of money to pay for your house or did you inherit the house itself?
Here in my country, building plots or houses are so expensive that normally even double income couples can hardly ever buy their own houses or buy the plots and build houses
How did you manage that?
When I was a young man credit was good. Now i’m retired so the answer is no. Unless it was a lay away plan or something.
Unfortunately there is nothing called ‘zero interest’. It’s all perception that the finance company wants to build. The cost Is already factored into the price. There is no free lunch imo.
It's a good philosophy, Bob. We are trying to instill the same in our kids. Delay gratification, and work hard. Less "financial slavery" as you say.
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