I do! Even half that - on a car??!!! assuming it’s not a classic that will appreciate in value, in my view it is madness on something that depreciates so much.
3 Likes
I’ve been told that it depends which route you take. It took us a year to get it all done, but we were lucky that the housing market was near standstill in 2015.
1 Like
I assume it worked out in your case. Statistically I’m not sure if it was prudent. Now I have the urge to look up organists with drug or sex addictions 
As for hifi, or other non-essential things in life, there was a time when I did borrow, but only what I could pay back is a 2-3 years - on the basis that I’d rather have it and have use of it now, than simply save and buy it in 3/4 of that time. But only with low interest loans, meaning from my bank not any other lender who invariably charged very much higher interest rates.
That said, I once got into financial difficulty, with loans on a couple of things when a rise in mortgage rates hit us hard, leading to us using credit cards to buy essentials - until it was at the limit and we paying the minimum each month, costing a fortune in interest, and we started to get further into debt. The solution was to sell the house while we were still in a position to ourselves, and move somewhere a little cheaper, paying off all debts (other than the mortgage). From that day to this the only borrowing I’ve done has been mortgage, credit card for the period to the bill date, always paying off in full, and occasionally taking advantage of interest-free loan offers on purchases.
4 Likes
I only purchase HiFi equipment if the following conditions are met:-
-
The money is in the bank to cover the purchase.
-
Vicki’s permission.
2 Likes
More depression and suicide - Vincent Crane, Keith Emmerson, but still pretty rare. They’re not nearly as risky as drummers.
I was thinking classical and church organists 
Seems to be a bit of push back about finance, while one should always live within your means loans/credit cards are often the only way some people get the things a lot of us take for granted. Before retiring my cars were always leased often for tax reasons but also it helps ease cash flow issues.
3 Likes
This never ceases to amaze me. I know it is totally normal to be fined for early payment in many countries but it strikes me as, quite frankly, immoral. I was so used to it as a fact of life in the UK, that when I took out a mortgage in another country I was amazed that there was zero fine or penalty and as long as the minimum was paid each month, I could pay back any amount I wanted without even notifying the lender. When we sold the last place, we were 6 years into a 25 year mortgage but 2 years away from paying it off entirely.
4 Likes
I think it depends on if you look at Hi-Fi as an appliance or as infrastructure.
In retrospect, my 1995 B&O whole-house system, still in reliable use, might well have been rolled into the real estate-debt, especially if rates were attractive at time of install. It is an unqualified built-in improvement to this day. It was an “investment” after all.
If your Hi-Fi is better described as a portable appliance/consumable, then it is usually unsuitable for consideration as an investment-debt item, whatever the price. IMHO.
Good as it is my Naim system is, it is a bit of a fluid science project, unattached to my real estate — it will move with me. The B&O will probably have to stay with the house when we go. I love each for what it is.
Nick
2 Likes
My purchases over the years (this century, anyway) have been a mixture of bank transfer, credit card (paid of in full, so no interest), IFO, and IFC. Not all on one transaction, obviously 
I don’t buy on credit unless I know I he have the funds to cover the debt easily.
Our house is paid for and my car was paid in cash. If you don’t go bonkers and get seduced by the moment, IFC seems a sensible way to buy, to me.
I always seed the thought with Mrs Roog that I’m going out to look at ’ speakers/amplifiers/etc.’ However this doesn’t really work because she knows that I rarely open my wallet let alone come back with anything and it comes as all the more of a shock when I do buy something!
Still, the pre covid 6 to 10 weeks wait for delivery usually served to make for calm waters when they/it did arrive.
She seemed genuinely angry when once I returned having bought a classic 911, oops (b.t.w. they were reasonably priced back in the day, I wish I still had it!)
I only ever use gold bars to pay for HiFi, correction savings.
2 Likes
Car leasing is common, TV rental was for some years and most of us pay a rental fee on broadband connection and equipment but I’ve seen very little of HiFi rental, except MC cartridges, you only ever rent those.
1 Like
No leveraging at all for my wife and I these days. It’s taken a long time to reach that point.
Like a lot of you guys I follow certain rules like our car shouldn’t cost more than 10% of our house value ( we are well under and we are seemingly the only one car family in the area 
) But my equation rule book has flown out of the window hifi wise. Obviously I’d rather own equipment that produces beautiful music than a Ferrari or Bentley. It is considered odd by many. Don’t care!
A surprising story is one that my dealer told me about a guy who asked for finance to buy full Statement amplification and I mean on all of it 
4 Likes
There is an concept in counselling of age and stage, applied to how we handle things. I think it can be applied to finance. I can now afford to buy cash and have no mortgage. It wasn’t always the case.
I have only ever bought one piece of hifi on finance. I really shouldn’t call it hifi but it was a catalogue purchase of a Bush music system. 20 weeks at a few bob a week. Once I had saved for my first proper record deck (Pioneer pl12d) I always saved for the next upgrade and have been able to pay cash. Cars on the other hand were finance or lease and I really can’t convince myself that those were anything other than lifestyle choices rather than necessity. Nowadays it is difficult to pay cash for anything. Online purchases are easier with credit cards than transfer of funds which UK dealers seem reluctant to accept from a foreign bank account, so a cc and pay when the bill comes in seems to be my accepted method.
2 Likes
Blimey. I’m almost embarrassed to admit my upgrade path was financed by an extension to my mortgage. I looked at a unsecured loan last year and little could beat 1.5% fixed for 5 years (won’t get that now). Even more delighted when I asked the building society if I could borrow extra for a HiFi and the answer was yes. Funny really, I’ve never considered myself reckless, though I appreciate why others may consider this delusional.
My mantra is buy once and buy well. Having been seduced into the HiFi/Naim experience, I’ve thought of the system as something that’s going to be with me for a long time and give enormous listening pleasure. Someone mentioned ‘investment’ in the threat above. That’s how I see it. No fly by night experience here (unless it’s a Rush reissue). Music was a solace during the pandemic and I fell back in love with what I knew well musically – and then explored wider. Come to think of it, it’s not the system that’s killing me financially, but the vinyl. God damn Tone Poets!
These days I’d rather ditch the car than the HiFi. Never liked debt, but never been completely free of it. I understand where most folk are coming from on this though; I’m overpaying on the mortgage. Wish me luck.
I’ve enjoyed reading this thread.
11 Likes
I did sell this beauty last year to help pay for the upgrade. Sometimes you have to liquidate assets for enhanced pleasures…
9 Likes
It does depend on the lender - some in UK do allow additional payments / early repayment, without penalty - we had a mortgage 1992-2004 that we repaid a more than the standard terms, without penalty. And since then ditto, but not a different part of British Isle not UK so may be different.