Stephen King Collecting Questions

[Dan]

Save your money. If you can't buy it straight out, then wait until you can. If you charge it and pay high interest, you could end up in 3 or 4 years paying twice the original cost.

Good advice. I don't let my hobby put me in debt.

[Fsmdr]

Sell some other books to finance the purchase. That's usually a common solution.

[sharki69]

Save your money. If you can't buy it straight out, then wait until you can. If you charge it and pay high interest, you could end up in 3 or 4 years paying twice the original cost.

Good advice. I don't let my hobby put me in debt.

I agree. No reason to get into debt because of a book

[carlosdetweiller]

okay, someone offers you a one-of-a-kind item. you want it...bad. and have almost since you started collecting. further, you know that you will not likely ever get another chance at it. the problem: its more...a lot more... money than you have. what would you do? beg, borrow and go into debt or do you just let it go with quiet dignity and accept it wasnt meant to be?

If you want it you should get it. Otherwise you will be second guessing yourself for a long, long time.....if it is truly a one-of-a-kind, once-in-a-lifetime type of thing. It's hard to make an absolute recommendation not knowing the item, cost and your and your family's financial situation. But if it is just a matter of using disposable income then I would buy the item and then try like hell to not buy any more books or collectibles until this one is paid off.....and/or (as Fsmdr suggested) sell some of your other items. In my mind the key is the "once-in-a-lifetime" phrase. If that is really true then you have to make it happen.

[surly]

thanks all for your thoughts. i value the collective wisdom of the group and its helpful to hear differing opinions. i have some things to consider and i'll share if it goes anywhere.
appreciate you listening while i try to work through this.

[Randall Flagg]

The once-in-a-lifetime phrase (as Bob mentioned) is the key, but finances are important too. I could afford a lettered Gunslinger, and I could afford a Lettered Firestarter, and both come up for sale often enough to not be called O-I-A-L deals; but I made my own decision (as you should and will decide about this purchase) not to spend >$30K on those books.
Recently my 1999 Chrysler LHS with 200K miles finally succumbed. I bought it brand new and wrote a check for it as I had saved for years in anticipation. I just bought a 2016 to replace the car, and wrote a check for it. That's just the way I am. I'd rather own my car; and own my books, not owe money, particularly at onerous interest rates.
Most people nowadays aren't that way, in fact young people are moving away from cars and books in droves.

[Mr. Rabbit Trick]

Save your money. If you can't buy it straight out, then wait until you can. If you charge it and pay high interest, you could end up in 3 or 4 years paying twice the original cost.

Sound advice From Randall Flagg. Don't listen to carlos. Your wife will divorce you and you will never see your kids again!!!!!!!!!!!!!!!

[Randall Flagg]

Save your money. If you can't buy it straight out, then wait until you can. If you charge it and pay high interest, you could end up in 3 or 4 years paying twice the original cost.

Sound advice From Randall Flagg. Don't listen to carlos. Your wife will divorce you and you will never see your kids again!!!!!!!!!!!!!!!

Worse yet, she'll take half of your books.

[surly]

for the record, no wife or kids here so the only one living with debt and going without anything would be me.
wouldn't want you to think im a monster.

[webstar1000]

Save your money. If you can't buy it straight out, then wait until you can. If you charge it and pay high interest, you could end up in 3 or 4 years paying twice the original cost.

Sound advice From Randall Flagg. Don't listen to carlos. Your wife will divorce you and you will never see your kids again!!!!!!!!!!!!!!!

Worse yet, she'll take half of your books.

can you say what the item is?



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[Brian861]

okay, someone offers you a one-of-a-kind item. you want it...bad. and have almost since you started collecting. further, you know that you will not likely ever get another chance at it. the problem: its more...a lot more... money than you have. what would you do? beg, borrow and go into debt or do you just let it go with quiet dignity and accept it wasnt meant to be?

Depends how much it is. But definitely consider charging it to a card. Try find one with zero interest for 12 months or so then be sure to pay it off.

Would the seller be willing to accept interest free payments? I've purchased stuff from members here that they purchased for me in good faith that I'd pay them back. Sometimes I've had to ask for if they would be willing to accept payment on a later date then plan. All have agreed graciously and I appreciate their trust in me. Good luck with your decision and your purchase if you should get it.

[carlosdetweiller]

I just bought a 2016 to replace the car, and wrote a check for it. That's just the way I am. I'd rather own my car; and own my books, not owe money, particularly at onerous interest rates.

Going a little off topic here, but I don't think just writing a check is always the best way to go, especially with the current low interest rates. I bought a new truck a couple of years ago and was able to finance it at an interest rate of 0.9%. Could have paid cash (or written a check) but there was no way I could turn that down. Took the money and put in in a bond fund that is safely paying between 2.5 to 3% interest. Heck, if someone will loan me money at 0.9% interest I would never turn that down. There are some ways to use credit wisely.

[webstar1000]

I just bought a 2016 to replace the car, and wrote a check for it. That's just the way I am. I'd rather own my car; and own my books, not owe money, particularly at onerous interest rates.

Going a little off topic here, but I don't think just writing a check is always the best way to go, especially with the current low interest rates. I bought a new truck a couple of years ago and was able to finance it at an interest rate of 0.9%. Could have paid cash (or written a check) but there was no way I could turn that down. Took the money and put in in a bond fund that is safely paying between 2.5 to 3% interest. Heck, if someone will loan me money at 0.9% interest I would never turn that down. There are some ways to use credit wisely.

I sold cars for many years and this is a famous move on the car industry's part. There is still a cost to borrow and had you paid cash your discount would have been much steeper. They bury the cost of borrowing in the payment or cost of the vehicle. It started with the Big 3 and has spread to almost every brand but a few.

[carlosdetweiller]

I just bought a 2016 to replace the car, and wrote a check for it. That's just the way I am. I'd rather own my car; and own my books, not owe money, particularly at onerous interest rates.

Going a little off topic here, but I don't think just writing a check is always the best way to go, especially with the current low interest rates. I bought a new truck a couple of years ago and was able to finance it at an interest rate of 0.9%. Could have paid cash (or written a check) but there was no way I could turn that down. Took the money and put in in a bond fund that is safely paying between 2.5 to 3% interest. Heck, if someone will loan me money at 0.9% interest I would never turn that down. There are some ways to use credit wisely.

I sold cars for many years and this is a famous move on the car industry's part. There is still a cost to borrow and had you paid cash your discount would have been much steeper. They bury the cost of borrowing in the payment or cost of the vehicle. It started with the Big 3 and has spread to almost every brand but a few.

Not in my case (at least I don't think so). I negotiated (as best I could anyway) a cash price with the dealership. Then I paid them with funds from my insurance agency (USAA) who loaned me the money at 0.9%. I didn't finance through the dealership or through Chevrolet. It was like a personal loan from USAA.

Edit: And just to be clear I am in no way claiming to be an expert negotiator. I have read the books about how to buy a car and how to play the game with the salesman and manager in the showroom and it never quite goes the way I think it will or how the book says it will. The salesman and manager are always better at the game than I am. However, in this case, the salesman was/is a personal friend and I think I came out about as good as I could have hoped.....end of year model, loyalty discount, dealer promotions combined with my (historically piss-poor) negotiating skills. I didn't finance the car through them. My insurance company wired the funds to me, I paid for the car with a personal check, and began making monthly payments to my insurance company at 0.9% interest with the funds I would have otherwise used safely in a municipal bond fund earning about 2.5%. After 36 months I should come out about 1.5% ahead of where I would be if I just paid cash from my own funds.

[webstar1000]

I just bought a 2016 to replace the car, and wrote a check for it. That's just the way I am. I'd rather own my car; and own my books, not owe money, particularly at onerous interest rates.

Going a little off topic here, but I don't think just writing a check is always the best way to go, especially with the current low interest rates. I bought a new truck a couple of years ago and was able to finance it at an interest rate of 0.9%. Could have paid cash (or written a check) but there was no way I could turn that down. Took the money and put in in a bond fund that is safely paying between 2.5 to 3% interest. Heck, if someone will loan me money at 0.9% interest I would never turn that down. There are some ways to use credit wisely.

I sold cars for many years and this is a famous move on the car industry's part. There is still a cost to borrow and had you paid cash your discount would have been much steeper. They bury the cost of borrowing in the payment or cost of the vehicle. It started with the Big 3 and has spread to almost every brand but a few.

Not in my case (at least I don't think so). I negotiated (as best I could anyway) a cash price with the dealership. Then I paid them with funds from my insurance agency (USAA) who loaned me the money at 0.9%. I didn't finance through the dealership or through Chevrolet.

Edit: And just to be clear I am in no way claiming to be an expert negotiator. I have read the books about how to buy a car and how to play the game with the salesman and manager in the showroom and it never quite goes the way I think it will or how the book says it will. The salesman and manager are always better at the game than I am. However, in this case, the salesman was/is a personal friend and I think I came out about as good as I could have hoped.....end of year model, loyalty discount, dealer promotions combined with my (historically piss-poor) negotiating skills. I didn't finance the car through them. My insurance company wired the funds to me, I paid for the car with a personal check, and began making monthly payments to my insurance company at 0.9% interest with the funds I would have otherwise used safely in a municipal bond fund earning about 2.5%. After 36 months I should come out about 1.5% ahead of where I would be if I just paid cash from my own funds.

Apologies Bob... thought you used the dealerships posted rates.

[Randall Flagg]

Bob, you got a good rate at 2-3%. U.S. Treasury bonds are paying 1%.
20K borrowed at .99% interest for 5 years "costs" $507.
20K in a bond at 1% (compounded) for 5 years yields ~$1024.
At 1% on both sides of the loan/savings it's $517 gained by using the finance money. It's a personal decision, but I don't like a lien-holder on my registration. I also like to possess my "Pink Slip". I'm willing no not gain the $500 for that reason alone.
How would you feel if there was a lien-holder on your lettered Firestarter(s)?

EDIT: The $1024 earned in interest is taxable income. At a 20% tax rate, the $1024 becomes $819. $819-$507 = $312 gain by using the finance money.

[ke7285]

Good way of looking at Bob, I can take a loan out of my 401k at 4% interest, up to half of what's in there, then pay myself back and the interest goes back to me.

[Randall Flagg]

Good way of looking at Bob, I can take a loan out of my 401k at 4% interest, up to half of what's in there, then pay myself back and the interest goes back to me.

But if your 401K returns 10% per year over 5 years, you cost yourself quite a bit by using your own money.

[Rahfa]

Just to chime in - I just bought a new car (2014) and was happy to write a check and pay cash.

I did all the math - the financing would have cost me about $1500 (give or take - maybe it was a little more) over the life of the loan - an insignificant amount and of course I'd have access to the $14K that whole time.

But - every month, I'd always have that "gotta write a check this month.." feeling.

So as for books I agree with RF and Rabbit - just pay cash, and don't go into debt. Not only does any interest change your actual investment, but can you really enjoy a collectible that you don't truly own? Obviously, everybody's different, but that's my feeling.

[Randall Flagg]

Ok.
In order to not hijack this thread, I'll allow a few more responses before asking that posts about this stop, or someone creates a thread about whether or not to borrow money, invest money, or steal money to buy a SK collectible item.

[carlosdetweiller]

Ok.
In order to not hijack this thread, I'll allow a few more responses before asking that posts about this stop, or someone creates a thread about whether or not to borrow money, invest money, or steal money to buy a SK collectible item.

My last post on this one but to reply to a few comments above:

I don't write checks every month. I don't even have to think about it. I have a monthly automatic draft set up out of the bond fund. At the end of the three years I should have a few hundred dollars left in the account which (no matter how much it is) is money I wouldn't have otherwise had. Basically it is free money. Who's gonna turn that down? Not me. There are ways to make credit work for you rather than against you.

And, RF, it is a hi-yield bond fund which typically buys higher risk bonds, hence the higher yield than government issued T-Bills.

[Cwalker]

In the grand scheme of things this is a pretty minor thing, but if nothing else you folks have taught me that accuracy is important.

Today I was able to pick up a first printing Ideal, Genuine Man for $1. It's in NF condition with a price clipped DJ. I thought to myself "no problem...put the NF unclipped dj from your second printing copy on it".

However when I compared them I realized the 1st printing dj had a sticker on the back with the ISBN number and the US and Can prices and the 2nd printing dj had the ISBN number printed right on the jacket.

Is it okay to make the switch or should I leave the clipped dj on the 1st?

Also, though it is clearly stated on the CP that it is a first printing I noticed that there was a "pasted on" slip with the Philtrum Press info on it. Was this commonly done?

Thanks!

[Jimimck]

Hi team. Thoughts on this signature?



Thanks

[peripheral]

I like it James...

[carlosdetweiller]

It looks good to me.