paying for a birkin in installments

[merika]

credit card is not an option for me because i would have to pay interest which is silly.

What about a 0% interest CC? Many times, if you have been a good customer and you need to make a big purchase you can call up and tell the company that you are intending to make a large purchase, and negotiate a 0% interest of a period of time. I've done that twice when I was not sure I could pay for an item in one go, and got 0% interest on existing CCs - once from chase and once from Bank of America.

also, with some resellers i have seen lovely pre-owned bags and i worry that it will slip away! if i make a deposit i think then at least i am guaranteed a bag. but i guess nothing in life can really be guaranteed.

But do remember that you are paying a large (and unsecured) amount of money to someone you don't know - since you are a first time buyer. Would you do this with any other purchase in your life?

i think i will hang on and put my money into a savings account; i already have a decent amount.

That's a good idea too!

in response to OCMOMMY about why i want a birkin seeing as i have no preference to size, colour etc- i see the birkin as an investment, the colour and size does not bother me because a birkin is a birkin and i feel that by keeping an open mind i may get a bag sooner!

I don't think that is a good idea. A Birkin is a Birkin, true, but why would you buy a bag in any leather /color combo just because?

In my opinion, if you ARE buying as an investment you should study the bag (and perhaps this forum) quite a lot - even more than if you are just buying it for yourself. If you are just buying it for yourself, then you can do as your heart dictates.

But if you are buying as an investment: Find out what the more popular colors and leathers are, how rare they are, how they feel and look, and how much of a markup people are willing to pay for a particular item. That would be a better approach (IMO )

 

[birkincurious]

My advice would be to open up an account with ING or a similar bank and label it Birkin fund. Then I would put any extra money into that fund until I had enough to buy one. It is exciting to watch the money add up. Then you can have the fun of shopping for and locating a birkin while you already have the money to pay for it. I am very goal oriented and there is a satisfaction that goes into reaching a goal. My mother never wanted us to back for anything in the past either vacations or major purchases. My only consumer debt is my mortgage. I have an ING fund right now where I am putting in the money for a planned trip to the Beijing Olympics. That trip will be paid for including spending money before I get on the plane.

I bought my Birkin in March. I had found a bag I wanted and told the seller I would not buy it until I had the funds. If she had another buyer I would had to have let it go. I used my tax refund and sold half my scarves and my vintage Constance. It also helped that the seller wanted a check, not paypal so I HAD to have the money upfront. She is a tPF member and was very accomodating.

There is no sense of urgency here. If it takes you six months to find a birkin, one will still be there either at the botiques or on ebay, reseller etc. This is a major purchase and should not be taken lightly. Plus ING gives you interest which, while not a lot, helps out. That to me is one of the great things about Hermes. It is a classic, not something with a short product cycle that you have to buy NOW, NOW, NOW or it is gone. I remember saving up for things I really wanted as a kid. You get that same satisfaction from Hermes.

TRUST ME, that Birkin is that much nicer when it is really yours!

 

[birkincurious]

BTW, stocks and bonds are investments, handbags really aren't.

 

[Luccibag]

Just because someone wants to pay for something in installments doesnt mean they "cant afford" the item. I personally think its very saavy to do and wish I could be like that. Its always best not to spend money that is in the bank. Paying in installments may not be the quick method but it can be painless to your bank account. Forking over $7,000 and up for a handbag is a big chunk of change no matter who you are.

 

[maryg1]

I think I'm in the same situation as you. I truly want a vintage Kelly and, although I still have to find it, I've decided to put away a certain amount every month to fund it. I can't spend 2000 $ on it right away, but maybe in 1 year's time I'll own my first Hermes bag. Of course this means that I can't buy anymore the Dior Gaucho or the Burberry Manor I set my eyes on, but I think a black calf or toile Kelly deserves my small sacrifices!
Definitely open a separate account to make sure you won't spend those money, try to avoid any credit card linked to that account until you've money enough to fund your purchase!

 

[Luva Pug]

For me- I like the one in/one out plan. Compliments of DH!! If I want something new then I have to get rid of one item and use the funds for my new purchase. It makes you think wisely about your next purchase, and best of all they are all paid for in Cash!!

I agree!!

 

[birkincurious]

Just because someone wants to pay for something in installments doesnt mean they "cant afford" the item. I personally think its very saavy to do and wish I could be like that. Its always best not to spend money that is in the bank. Paying in installments may not be the quick method but it can be painless to your bank account. Forking over $7,000 and up for a handbag is a big chunk of change no matter who you are.

That's why you open up a special bank account, you don't take it out of life savings. Installments are just as much if not more painful to you bank account. The danger of installments is that people are sometimes fooling themselves and not admitting how much they are really spending. Birkins are expensive and a purchase not to be taken lightly.

Good luck and let us know what happens.

Happy New Year to all!