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 For those that bought a Rolex before...

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dickybird
post Feb 9 2019, 10:54 AM

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Paid your income tax? Coz the moment you buy it, inland revenue is going to be all over your ass, you know that right?
dickybird
post Feb 9 2019, 10:55 AM

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QUOTE(babychai @ Feb 9 2019, 10:36 AM)
buy first, think later
after bought u will know how you want to manage it
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Or live in regret.
dickybird
post Feb 9 2019, 10:57 AM

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QUOTE(Archemedia @ Feb 9 2019, 10:11 AM)
Ya TS should just buy Baby G watches!
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Hehe. Your smartphone also tell the time accurately and take selfie also.
dickybird
post Feb 9 2019, 11:27 AM

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QUOTE(TOHNO @ Feb 9 2019, 11:08 AM)
I've not known that. Even cash buy ?
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What? That you have to pay income tax or what?
Young people so gatal these days, everything put on socmed you think inland revenue won't find out?
dickybird
post Feb 9 2019, 11:53 AM

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QUOTE(TOHNO @ Feb 9 2019, 11:40 AM)
I'll be filing for 2019. But I never knew cashbuy will arouse suspicion. Anyhow the idea is for 2020 hence. Good to know tho
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Look. Not telling what to do. But why look for unnecessary trouble by attracting unwanted inland revenue attention and maybe a troublesome audit.
If you have to ask about buying a Rolex then it doesn't seem to fit in your current self image.
Rationally, if your business only just started making profit, might as well keep the money on standby for any unforeseen cash crunch because the outlook going forward is going to be poor unless you're involved in ahem businesses.
And why be so clichéd, make a bit of money and want to show off that you just made some money? Lol
Swiss watches some people think will hold value with time, yes if you have a very vintage piece that you managed to buy at a bargain price not these current mass produced pieces. Fine as they're, they're never going to be with as much a limited piece from the 50s or 60s. And these things are usually sold on consignment (iinm), meaning you get your money when the shop sells it not before.
dickybird
post Feb 9 2019, 02:12 PM

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QUOTE(TOHNO @ Feb 9 2019, 01:40 PM)
I do understand where you're coming from hence I decided to start filing tax ASAP

I can't be 100% certain my business will continue flourishing but for the past 2 years it's been rather stable, I plan to get the watch in 2020 hence I have 1 more year to have another barrier.

And as I've said in the opening I'm not a person to splurge I got this inspiration after talking to my client. He advised me to buy a Rolex since it appreciates very well , at least for his case. He sold his 2 old Rolex ( 10 years + ) and made a RM5k+ profit while wearing them at the same time. Even if he were to lose - 20% of the watches value it's already done it's due.

Hence I thought it'll be a good investment. I don't mind concurring a loss here and there. As many parts of life are uncertain.
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Ask your customer in detail, how much he paid for them, and how much he sold them for after 10 years. You do business, you work out the ROI. Did he get the money immediately like when you go Cash Converter or is it by consignment.
Life might be uncertain but due diligence must still be done.
dickybird
post Feb 9 2019, 04:35 PM

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QUOTE(ZeroSOFInfinity @ Feb 9 2019, 04:33 PM)
That is IF you are lucky to find one. Now around 19k.

I prefer the alternative.... mini Snowflake @ RM 5k only.
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Unpopular opinion.
Wannabes buy Rolexes.
Real watch pipu wear Seikos.
dickybird
post Feb 9 2019, 05:06 PM

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QUOTE(teongpeng @ Feb 9 2019, 05:02 PM)
I also dunno why.

And yes, new models proce increase every year.
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Every year have to pay Roger Federer and tennis hand slam winners so much money, of course price have to increase. Not to mention Swiss Franc has also been going up and up.
dickybird
post Feb 9 2019, 05:30 PM

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QUOTE(Chinoz @ Feb 9 2019, 05:25 PM)
Below is with reference to Sub ND - YMMV.

Every year RRP goes up a few %, so the entry point constantly increases.

Think in terms of replacement value - if a new Sub today is 30k, a used Sub may be 20k.
When the price of new Sub goes up by a few%, used Sub will follow.

This applies to same generation Sub.

---

Now in terms of different generation Sub, differences may be evolutionary (5513 to 14060) or revolutionary (14060 to 114060).

As previous generations become discontinued, some people prefer the older gen ones, and this is when it goes beyond replacement value and irrationality starts to set in.

I wouldn't say Rolex price appreciates so much, but it's just because they're such liquid commodities and very transparent price on the secondary market, plus relatively affordable entry point.

Subs are a great alternative to holding cash because of their liquidity globally.
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Just curious to know.
How liquid is liquid? Can you walk into amcorp mall second hand watch shop there and get cash immediately?

This post has been edited by dickybird: Feb 9 2019, 05:31 PM
dickybird
post Feb 11 2019, 07:25 AM

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QUOTE(Reventon @ Feb 11 2019, 03:50 AM)
Model like 16610 , 14060 ,116610 or 116710 be it LN,LV or BLNR , i can say its better than cash, you walk in to amcorp , times square grey dealer will just hand you the cash at the right price immediately. Same if you walk into mbk , they will give you cash immediately as well. Very liquid.
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Wow. Thanks. Good to know.
dickybird
post Feb 11 2019, 07:33 AM

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QUOTE(kuci_mayong @ Feb 11 2019, 05:19 AM)
That's because Seiko isn't viewed as a luxury brand. You and I and most people know Seiko from the Seiko 5 watches they sell that retails starting from rm200 onwards.

Whereas with Rolex, everyone knows the wearer either spent rm20k or rm50k for it. It sends a signal that this guy has money.

Nonetheless, I'd rather get a Seiko with spring drive and let's see if Seiko is able to rebrand themselves in the luxury market with Grand Seiko.
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Haha, this thread made me wind up and start wearing my seiko 5 again with my Mi band.
IMHO, seiko is for watch geeks. Rolexes are for wannabes. Cash is king.
dickybird
post Feb 12 2019, 03:07 PM

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G shocks ftw. Lol
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