Camera on Credit

[MarkBarbieri]

I'm generally a stickler about not borrowing money to buy luxuries. It doesn't make much sense to me to impovrish the future "me" to pamper the current "me". I've never quite understood borrowing money and paying significant interest costs to have a vacation now, instead of saving the money and taking the vacation later.

So my question is, should photography equipment be an exception? Unlike a vacation, a book, a TV, or some other luxury expense, there is an irrecoverable loss to waiting on buying a camera. If I don't by that book today, I can usually buy it next year. If I don't buy that camera today, I will miss some pictures forever.

What do you think? Is there a meaningful distinction between buying a camera/camcorder that allows you to capture things for posterity versus buying something that you can defer? Would you be any more likely to finance a camera as compared to something like a vacation, a bigger TV, or better furniture?

Would you distinguish between buying a basic camera that allows you to get reasonable pictures versus financing a new/better camera that doesn't let you get many pictures that you would have missed but makes those pictures better?

I'm not looking for personal advice. I just thought it was an interesting philosophical question.

 

[MICKEY88]

I look at it this way, if I wait a year to get the camera,then in 366 days a satellite falls out of the sky killing me, I've lost a year's worth of pictures and someone else gets to enjoy my camera, on the other hand if I take out a small personal loan for 1 or 2 years, I get the pleasure of taking photos for a year before the satellite wipes me out..

I should add, that I also justify this in my own mind, the following way..If I buy my camera from a place like Ritz or a local store it would cost me X amount, if I order it from NY or another good online store , the amount I save will cover the interest on the loan, so from that perspective the loan didn't force me to spend any more money ...LOL

I bought my first Minolta 9000, motor drive, flash 2 lenses , studio lights, background stand, light stands etc.. that way,

then when I decided to go digital, I bought my Minolta A2 that way, then 2 years later my Minolta 7D, that loan is paid off in 2 months, then I'll do it all over again to get either a Sony A700, or what will likely be called the A900{pro model}

and yes I am more likely to finance photography gear, than a tv/furniture etc...

I'm also selling the Mickeymobile to put the money towards my next camera...

 

[Gdad]

So my question is, should photography equipment be an exception? Unlike a vacation, a book, a TV, or some other luxury expense, there is an irrecoverable loss to waiting on buying a camera. If I don't by that book today, I can usually buy it next year. If I don't buy that camera today, I will miss some pictures forever.

Even if spending cash there is usually a more 'responsible' way to spend or invest the funds than a personal 'luxury' item anyway. I think in the case of a decent camera the ends justify the means within reason. As you said- picture opportunities of some things will be missed and gone otherwise.

I'm not looking for personal advice. I just thought it was an interesting philosophical question.

Okay- I thought maybe we were talking about a D3 here.

 

[MICKEY88]

I think in the case of a decent camera the ends justify the means within reason. As you said- picture opportunities of some things will be missed and gone otherwise.

if there are kids involved,, the money saved by doing their Senior pictures will cover the new camera..

 

[DVC Jen]

I would buy a lesser expensive camera before I would finance one. We don't finance our vacations either - we save up for them all year long. Some are more budget minded than others - but that is life.

 

[LPZ_Stitch!]

Not that I really have any strong feelings pro, or con, here, let me just play Devil's Advocate here for a moment:

Way too many Americans are staggering under the weight of their personal debt; most of which they willingly accumulate. Too many people act like their credit cards are "extensions" to the finances and not debts to be repaid.

Therefore, I don't really see the "photographic opportunities are passing me by" as justification for getting into debt..

Why? Because photographic opportunities are ALWAYS passing us by. Unless you're a professional photographer (more, photojournalist), you spend a LARGE part of your time NOT taking any pictures at all.

I think it would be (slightly) different if you had NO camera at all and you were just about to go on the "vacation of a lifetime" for which you already spent a lot of money (or even the "vacation of the year") ... a small amount of debt is a small price to pay for good pictures of what is likely to be something very special.

But, just because daily life is passing you by? Not a good enough reason to get into debt, if you ask me....

Of course, scale matters here as well. Are we talking a good P&S (which will, of course, be able to quite sufficiently document anything day-to-day that's likely to happen in your normal life) for $500, or are we talking a Canon 1DmIII and a big bag of L glass for $20,000?

IMO, there's absolutely NO reason for anyone but a *real* professional to be going into that kind of debt for camera equipment.

 

[Steve's Girl]

I'm generally a stickler about not borrowing money to buy luxuries.

So my question is, should photography equipment be an exception?

In my opinion, no. Debt is just that - debt. When you buy anything using debt, you do not own it. Someone else does. Granted, tomorrow is not guaranteed. That also means you may be disabled or out of a job tomorrow with no way to pay your loan back. I see so many people get themselves in serious financial trouble and ruin their credit this way. They buy something that has an affordable payment at the time of purchase, but then a lay-off, illness, emergency expense, etc. happens and they miss a payment or two...it just snowballs! You don't know what tomorrow will bring, so be financially responsible today so you don't screw your family's future. I'm done now...you may all resume your talk of happier things.

 

[cpbjgc]

I would buy a lesser expensive camera before I would finance one. We don't finance our vacations either - we save up for them all year long. Some are more budget minded than others - but that is life.

This is what we do too. However, following Mark's point, It seems to me that vacations would be a better thing to finance (WHICH I DON'T RECOMMEND), as quite often, that's one of the few times where a family is together as a unit (especially where both parents are working outside the home), and not running off to different kids activities, etc. I would prefer to have memories of travelling as a family without the day to day obligations dragging us in different directions, than pictures from every one of my kid's soccer game using a DSLR instead of a P&S. JMHO.

 

[MICKEY88]

I would buy a lesser expensive camera before I would finance one. We don't finance our vacations either - we save up for them all year long. Some are more budget minded than others - but that is life.

I see your point, however for someone who shoots every day, the lesser expensive camera wouldn't get the job done, plus the life expectancy of the shutter mechanism is lower, causing the need for a new camera sooner, therefore spending any money saved anyway..

 

[MICKEY88]

In my opinion, no. Debt is just that - debt. When you buy anything using debt, you do not own it. Someone else does. Granted, tomorrow is not guaranteed. That also means you may be disabled or out of a job tomorrow with no way to pay your loan back. I see so many people get themselves in serious financial trouble and ruin their credit this way. They buy something that has an affordable payment at the time of purchase, but then a lay-off, illness, emergency expense, etc. happens and they miss a payment or two...it just snowballs! You don't know what tomorrow will bring, so be financially responsible today so you don't screw your family's future. I'm done now...you may all resume your talk of happier things.

their is a large difference between using credit cards, and personal loans, for a minimal fee you can get insurance for a personal loan, if I become ill or lose my job, the insurance pays the loan..

I haven't had a credit card in my name for at least 15 years, and have financed nothing but my car and camera's, I would hardly call that irresponsible..

 

[mabas9395]

This is just the sort of logic I was a heavy user of. I think we have one baby picture of my wife and I would give almost anything to have more. So I can see how taking pictures of the kids growing up can be thought of as an investment in the future (how do you put a price on memories?).

However, we just eliminated our sizeable amount of credit card debt last year. Now that we are out of CC debt, no new toy is as great as being out of debt feels. Either save up, or find a cheaper way to take photos.

 

[Steve's Girl]

their is a large difference between using credit cards, and personal loans, for a minimal fee you can get insurance for a personal loan, if I become ill or lose my job, the insurance pays the loan..

I haven't had a credit card in my name for at least 15 years, and have financed nothing but my car and camera's, I would hardly call that irresponsible..

Didn't mean to call anyone irresponsible - sorry if I inferred that.

However, this is something I feel very strongly about - I deal with this every day. I see people ruining their lives and the lives of their kids by making poor financial choices. It is simply my opinion that if you don't live in it or drive it, don't finance it. Just think, if you were investing that money that you were using every month to make payments and pay nominal fees, etc. what you would have over time.

 

[MICKEY88]

Didn't mean to call anyone irresponsible - sorry if I inferred that.

However, this is something I feel very strongly about - I deal with this every day. I see people ruining their lives and the lives of their kids by making poor financial choices. It is simply my opinion that if you don't live in it or drive it, don't finance it. Just think, if you were investing that money that you were using every month to make payments and pay nominal fees, etc. what you would have over time.

more money for my kids to inherit..LOL

but as I stated before I actually pay no more for th camera, than I would if I bought it at my local camera store,

on the flip side, most people these days get into a mortgage that is way over their heads, and spend way more on cars than I do, we just have different priorities..

 

[jann1033]

considering i am still waiting to buy my 40d, 'nough said

course they just determined my area( cleveland at least) is the 4th worst nationwide for unemployment so to me buying anything but a new heart or something really needed with credit is risky at best for lots from my area

i'd buy a disposable if i didn't have a camera at all and wanted shots of something or whatever i could buy with cash or be happy with what i had till i could get it( well kind of happy )

 

[Minnie&Mickey]

I'm not sure which camera you want to buy, but you might be able to find a store that will do "12 months same as cash" and then you wouldn't have to pay interest on it. That's what I did back in December for my 40D. I watched the Circuit City website until they had a price that was slightly lower than what it was selling for in town, and I printed the page from the site. Then I went on the AAA website and printed out the 10% off coupon that they were offering for Circuit City. I took all this information to the store and they gave me the internet price (even though it was more expensive in the store), then gave me the 10% off, and after that I asked if they would give me 12 months same as cash, and they did. I got the camera and kit lens for less money than what I would have paid for just the body alone, plus no interest. I don't like to pay interest on anything except for a car or a house, so buying my camera this way worked really well for me.

 

[rtphokie]

Are any camera shops in your area offering no interest deals? This can be a great way to buy camera equipment over time.

I bought my Canon Rebel from my local Wolf Camera for 0% interest over 9 months. I took the amount I owed, divided it by 8 and setup an automatic payment to go out each month. When the Wolf Camera credit card arrived, I put it through the shredder. When the last payment went out, I sent a letter to the address on my statements requesting the account be closed. No fuss, no muss, no finance charges. I'll gladly rent someone else's money for nothing.

 

[JR6ooo4]

It depends. We just bought a sleepnumber bed on credit. It will definately help our backs now.
Additionaly we are expecting a settlement which will more than cover it. And if it that check does not arrive at our door for years, the financing is 0% for 11 months so we will pay it off with no penalties, interest etc...

Same thing with the new video camera we got when DW's choirs were singing at disney. We put it on the 0% best buy card since I wanted the cash around for any unexpected vacation expenses.

But you have to be careful with those 0% deals. If you are late or miss a payment it shoots up to 28% or so. and charges that back on the full amount.

Mikeeee

 

[mabas9395]

Despite my earlier response where I said that credit for toys was a bad idea.....

I do work for a bank and am currently at work, so I guess I better put in a plug. I think the best way to pay for camera equipment (and everything else you can dream of) is to go out and get a home equity loan. Or better yet, refinance into an interest only, negative amortizing, adjustable rate 40yr loan. Trust me, I will be better off if you do.

 

[MICKEY88]

Despite my earlier response where I said that credit for toys was a bad idea.....

I do work for a bank and am currently at work, so I guess I better put in a plug. I think the best way to pay for camera equipment (and everything else you can dream of) is to go out and get a home equity loan. Or better yet, refinance into an interest only, negative amortizing, adjustable rate 40yr loan. Trust me, I will be better off if you do.

I thnk I'll stick with my local small loan agency, that doesn't have the high overhead of employees that play on the dis...LOL

 

[Steve's Girl]

on the flip side, most people these days get into a mortgage that is way over their heads, and spend way more on cars than I do, we just have different priorities..

Yes, you are correct on this one! We seem to have lost the art of contentment.