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Hi folks-

Contemplating a new sax purchase...given the state of my current finances, I cannot particularly afford a high price cash, but could probably afford smaller installments. I noticed WWBW has 0% interest credit card for purchases over 299% if you make payments for 3 years, and ebay has a similar card but for 1 year.

Have you seen any other sellers that have similar deals?

Anyone with experience with buying saxophones in this fashion?
 

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These could be a good way to buy a new instrument. First thing to consider: could you afford a used instrument without credit?
 

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I haven't purchased a horn this way but I don't think there's anything intrinsically bad about it especially if you aren't paying any interest. Just make sure you read the fine print so you know what you are getting into. Make sure you're still getting the sale price for the horn and not getting a finance deal on the full retail price or there's some other hidden fee or cost. Also realize the risks involved in terms of owing more money on something than it is worth. You better make sure it's exactly what you want because you'll be "under-water" with it for the first year or so at least. That means if you decide you want to sell it to get something else or you can't afford the payments you'll likely to have to sell it for less than you owe on it and bring money to the table to settle up.
 

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keith hit the nail on the head. The only other thing to consider is can you pay it off in the time allowed for 0% financing. If not what they will likely do is slap on the interest you would have accrued for the WHOLE purchase and the WHOLE time.
 

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keith hit the nail on the head. The only other thing to consider is can you pay it off in the time allowed for 0% financing. If not what they will likely do is slap on the interest you would have accrued for the WHOLE purchase and the WHOLE time.
Yes this is usually how it works. They do great financing terms like this to clear stock, and they hope that you will miss a payment or not pay it off in time. If that happens you get hit with some super high interest rate and end up paying quite a bit. If you do pay it, it can be a great way to get stuff and not have to pay it completely up front. Just make sure you read the fine print, know what you are getting in to, and can pay it off.

If you are one of those people that aren't good at paying your bills on time or stuff like that, avoid things like this like the plague.
 

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While I agree with what has been said so far - the price of a used quality instrument is often half or less the cost of the new instrument. If you are truely managing your cash closely (as many of us are) - in the long term - buying a quality used instrument is the way to save your cash.
 

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My advice is to buy a well-accepted used sax in good condition like a Yamaha YTS-23 or YAS-23, and borrow from a bank if necessary.
You can easily sell it if you want to upgrade later on.
 

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I noticed WWBW has 0% interest credit card for purchases over 299% if you make payments for 3 years, and ebay has a similar card but for 1 year.
What are purchases over 299% ???? 299% of what?
 

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Personally I would buy used.

I despise credit.

All that being said, if you decide to go ahead with it. For reasons already stated immediately go to your bank (or online if you are good at banking). Have an automatic payment generated every single month. This way you cant get snagged by the giant greedy credit monsters.

So...if you are going to use credit use it with extreme caution and whit wisdom.
 

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Discussion Starter #12
Yes, meant 299$ there - good catch.

Paying 80$/month for 3 years for a 3k brand new sax seems a lot more palatable than paying 2k for the equivalent yet used sax upfront in my current finances.

I have reliable income but just not a lot of unspoken for cash in the bank. Not to concerned about if I can make they payments on time, but that would really suck to get stuck with all the interest on that. I'll check out that financing page.
 

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Not to be picky but three years at that rate is 2880

For 2000 used you can get more than 2880 worth of horn. Of course geography, luck and models you are looking at have an influence.


Regardless...if you dont have cash laying around it is a less painful way into an instrument. I just think you need to be 100 percent honest with yourself and realize that you may not be talking equal horns.
 

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I don't recommend it unless you are absolutely sure you can meet all the terms to where you actually don't end up paying interest and fees. I have an MBA in Finance from a top 10 business school and the most valuable thing I learned in that overpriced education is ALWAYS try to win the interest game. If I were you I would save up and buy a top notch used horn with cash when the price is right.

That being said, I've bought 2 new Honda vehicles where I could have paid cash, but opted for the 5 year 0.9% interest rate because 1) they gave me a lower purchase price if I were willing to finance 2) the car payment does not make a noticeable hit on my monthly income and 3) I had better investment opportunities with the cash that were returning in the neighborhood of 7-12% guaranteed.
 

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Paying 80$/month for 3 years for a 3k brand new sax seems a lot more palatable than paying 2k for the equivalent yet used sax upfront in my current finances.

I have reliable income but just not a lot of unspoken for cash in the bank. Not to concerned about if I can make they payments on time, but that would really suck to get stuck with all the interest on that. I'll check out that financing page.
I think if you have reliable incoming cash flow and know that you can be disciplined (judge by your own past performance) about making the payments on time, what you are considering is not a bad plan. Sure, you won't get the most saxophone bang for your buck, but you never do when buying new rather than used. There's no question that a long series of small payments can be less disruptive to one's financial life than a single big payment. Saving up is always an option, of course, but if you need a horn now, I don't see how waiting for two years or more is a viable solution. Plus, already having the horn means that you won't be tempted to blow the nest egg on a trip to Aruba instead. You can look at zero-interest financing here as a kind of forced savings plan dedicated only to music.

3) I had better investment opportunities with the cash that were returning in the neighborhood of 7-12% guaranteed.
I think even Warren Buffet would jump at an investment paying 12 percent guaranteed. :)
 

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My vote is to buy a luxury or hobby item for what you can afford to pay for now, not what you can push down the road for one to three years. A number of commenters have said to buy used; take their advice, and then mail me $50/month to hold for you.

If on the other hand you are a steady gigging musician and can pay for the instrument out of pocket solely from those earnings, less travel expenses and a reasonable hourly wage allowance (Wal-mart just gave a raise), then consider financing. Don’t be like a handyman who works to pay off his truck; know what I mean?
 

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This situation is starting to sound an awful lot like the sax player with the $5000 horn driving a $500 car to a gig paying $50.
Buy a good used horn and live within your means.
 

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My vote is to buy a luxury or hobby item for what you can afford to pay for now, not what you can push down the road for one to three years. A number of commenters have said to buy used; take their advice, and then mail me $50/month to hold for you.

If on the other hand you are a steady gigging musician and can pay for the instrument out of pocket solely from those earnings, less travel expenses and a reasonable hourly wage allowance (Wal-mart just gave a raise), then consider financing. Don’t be like a handyman who works to pay off his truck; know what I mean?
Probably the best overall advice on this thread so far....
 
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