Saturday, September 25, 2010

Big Ticket Layaway

I thought this article about big ticket layaways from CNN.Money was interesting.

I also realized that my most expensive piece of art was bought via "layaway" although that term was never used by me or the gallery. I had decided that I really wanted to purchase a particular work of art. True to my $100 rule*, I had waited many weeks or months before actually initiating the purchase. When initiating the sale I asked if I could pay over time and the gallery agreed. We set up a monthly auto payment on my debit card and I paid for the art over time.

How about you, have you ever utilized "layaway" for a luxury item (in my mind art is a luxury purchase).

*For those that are not familiar with the $100 rule, we wait a day for every $100 an item might cost. So a $1000 item requires at least a 10 day cooling off period. We also live by the $300 rule, any purchase over $300 must be discussed and agreed to between the two of us.

1 comment:

Anonymous said...

My feeling are mixed, at first it just sounded like an interest free consumer loan. Then thinking about it they helped you save for a unique item that maybe won't have been available when you have saved up enough to buy it outright. Interesting.