What card would you arrange financing to buy?

[Dead-Ball-Hitter]

Interesting convo the other day among several long time collectors. I'm interested to know what this forum thinks...

Would you buy a card > $1,000 (or $10K, or whatever threshold you set) that you can't pay for in the near future, i.e. use a credit card or otherwise arrange financing, because the card is rare or its one you've always wanted in that particular condition or grade? If so, do you have any terms like, 1) must have the ability to pay off in six months, or 2) the interest rate must be below x%, or 3) its an item that you feel you can flip and make back all your money plus any interest?

Some have deeper pockets than others, but a few friends admitted to making payments for a long period of time to get their Cobb or Ruth or Jordan. Which card is the one you would honestly go into debt for? Not taking about some one time purchase from a desperate seller, but a card at fair market value. Any thoughts to share?

[Frank A]

None!

[parkplace33]

None. Save up and buy it later.

[ALR-bishop]

0

[G1911]

None. I’m not going into debt for a cardboard picture. I don’t buy anything I cannot afford. No more than a small fraction of cash on hand should be spent on toys.

Good luck to those who bet more than the entirety of their resources on a card bubble.

[Johnny630]

If you're thinking about financing a card. It might be a better idea to sell every card you have in order to buy the card you so want. If you have to finance a card you cant afford the card. Sell what you have and then use the funds to buy.

[Gorditadogg]

Originally Posted by Johnny630

If you're thinking about financing a card. It might be a better idea to sell every card you have in order to buy the card you so want. If you have to finance a card you cant afford the card. Sell what you have and then use the funds to buy.

Agree 100%

If there is a deal so good you are willing to go into debt for it you are probably getting scammed.

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[jingram058]

Originally Posted by G1911

None. I’m not going into debt for a cardboard picture. I don’t buy anything I cannot afford. No more than a small fraction of cash on hand should be spent on toys.

Good luck to those who bet more than the entirety of their resources on a card bubble.

What he said +1000. If you can't afford it, you don't need it.

I now believe I have reached a significant personal milestone...1,000 net54baseball.com posts! Yee ha!!!

[Kzoo]

Originally Posted by G1911

None. I’m not going into debt for a cardboard picture.

My wife refers to my collection mostly as 'pictures of old, dead men on cardboard'.

[G1911]

Originally Posted by Kzoo

My wife refers to my collection mostly as 'pictures of old, dead men on cardboard'.

That’s how I describe it too. A little cognizance of the absurdity of the things we happen to like helps to keep things in perspective and not take it so seriously that one drains their retirement, goes into debt, or trades their first born to Satan.

[Hirbonzig]

No debt on cards. Have a card budget and stick to it. The temptation is to strong to go wild and get in trouble.

[butchie_t]

I love my wife, I love my life. None!

[raulus]

Man.

After all of our marvelous disputations about cashing out your 401k to buy cardboard, I figured there would be more takers here.

Plus you’ve got all of the new fancy vaults with their lending features that seem so enticing to lever up to buy some exciting pieces!!

Naturally, I’m in the “no bloody way” camp.

[bnorth]

I have personally made deals that included me making a few payments over a couple months. I have also sold cards the same way. I have only done this with a few people I have known in the hobby for several years.

[mrreality68]

Originally Posted by bnorth

I have personally made deals that included me making a few payments over a couple months. I have also sold cards the same way. I have only done this with a few people I have known in the hobby for several years.

+1 Agree

I have done it both ways multiple times with people I met in the hobby and/or on this forum

[Leon]

Terry Knouse Sr. sold me some great stuff (Just So etc..) around 2000, at a National. I didn't have the money at the time but had a great outsides sales IT job and knew it would be coming in. I asked if I could pay him for around 16k in cards, in 90 days. He said sure, take as long as you need to, and gave me the cards to take home. I think I repaid him in one month. Again, I believe that was the first time I ever met him. But to answer the question, no.
.
.

[G1911]

Originally Posted by Dead-Ball-Hitter

Not taking about some one time purchase from a desperate seller, but a card at fair market value.

The question is explicitly about cards at current, fair market value.

[Casey2296]

This one
_

[Keith H. Thompson]

for an 1885 Sam Thompson Evansville Cabinet.

[raulus]

Originally Posted by Casey2296

This one
_

Looks like this one last sold a couple of years ago. Any reason why you didn't pick it up then, even going into hock for it?

Maybe the vault lending options weren't as generous as they are today?

[Casey2296]

Originally Posted by raulus

Looks like this one last sold a couple of years ago. Any reason why you didn't pick it up then, even going into hock for it?

Maybe the vault lending options weren't as generous as they are today?

I wasn't back into pre-war collecting when it sold.

[raulus]

Originally Posted by Casey2296

I wasn't back into pre-war collecting when it sold.

Gotcha. Maybe it will come back around in the next few years, and we'll see if the price is right, even factoring in potential borrowing...

[Casey2296]

Originally Posted by raulus

Gotcha. Maybe it will come back around in the next few years, and we'll see if the price is right, even factoring in potential borrowing...

Maybe, my thought is that card will not see the light of day for a long time.

[mrreality68]

Originally Posted by Casey2296

This one
_

Wow Phil

I am drooling for that card.

[Casey2296]

Originally Posted by mrreality68

Wow Phil

I am drooling for that card.

Right? One of the most beautiful cards I've ever seen. I'd trade 10 clown like E90-1 Jacksons for that card.

[mrreality68]

Originally Posted by Casey2296

Right? One of the most beautiful cards I've ever seen. I'd trade 10 clown like E90-1 Jacksons for that card.

agreed absolutely beautiful and I to would trade the e90-1 and other quality/rare cards in my collection for that card.

That is a Great Card to me and RARE RARE RARE


Would look nice in a Joe Jackson Collection or by itself

[rats60]

Selling to buy is good in theory, but doesn't always work out. I have borrowed to buy a card. I was bidding and the card went higher than I thought. I decided to place one more bid knowing I would have to borrow to pay and won. My only regrets in this hobby are the things I have not bought, or at least tried harder to buy.

What I don't understand is people borrowing to buy a car (an asset that decreases) or pay for college. Those are things that I would never do. To borrow to buy an asset that will increase in value, under the right circumstances, absolutely.

[Yoda]

To me, buying cards with credit is akin to trading stocks on margin. Just won't do it.
And, Phil, that TT Jax has been my Moby Dick forever. Just beautiful, you lucky dog. Can I sniff it sometime?

[JimC]

Holy Schneikies, Phil!

[Touch'EmAll]

Now in my 50's would not finance any card. Have learned/resolved myself to the fact I have a lot of nice cards and my big purchase days might be over - unless I sell something to buy something else.

However, in my 30's and early 40's I did occasionally use the credit card in my pursuit a few T206 HOFers. I remember paying off the credit card within a couple months. I still have all my T206 HOFers in 5 & 6 grades. They sure are pretty. And with the recent market boom, extremely happy to have acquired them when I did ... and how I did, or else I would not have been able to get my hands on them.

[bbcard1]

I would no for a card for my collection, but would for a collection I could flip pretty fast. Honestly, I'd want to double my money in fairly short order to be excited about going that route.

[kmac32]

None……if I do not have the money for it then I do not buy it.

[theshowandme]

People have drained retirement accounts to buy cardboard? What?!

[Luke]

Sure, if it made sense. I doubt I'd ever use a high interest loan like a credit card for a card that would take me a year to pay off, but I've taken some time to pay for cards and offered the same to people over the years.

What Sean said above is the right answer imo. If you have a collection worth say 50k and your dream card is worth 20k and you're willing to sell as much as you need to from your collection to own it, and you can negotiate a 6 month window to pay, sure, why wouldn't you?

[G1911]

Originally Posted by theshowandme

People have drained retirement accounts to buy cardboard? What?!

We had a whole thread on it a couple months ago. The normal pumpers were frustrated some people spoke in favor of common sense and not betting one’s family’s entire future on baseball cards.

[raulus]

Originally Posted by G1911

We had a whole thread on it a couple months ago. The normal pumpers were frustrated some people spoke in favor of common sense and not betting one’s family’s entire future on baseball cards.

Maybe the thread just lasted forever, but I could swear it didn’t wrap up until like 2 weeks ago.

Found it here:

http://www.net54baseball.com/showthr...errerid=883728

[G1911]

Originally Posted by raulus

Maybe the thread just lasted forever, but I could swear it didn’t wrap up until like 2 weeks ago.

Found it here:

http://www.net54baseball.com/showthr...errerid=883728

5 weeks ago instead of 8, I stand corrected.

[todeen]

I can see I'm in the minority. Using a CC does not bother me. Is it smart? Probably not. But I'm not destroying my life, my family's life, or signing a pact with the devil. I don't drink, smoke, gamble, drink coffee, speculate in the markets, I don't travel, or go to concerts. We don't own a house (and the idea that my $10k collection would translate into a 20% down payment is ridiculous). I have a pension, life insurance, I have additional investments called DCP, I have started saving for my kids college, I pay for my kids to be in after school activities, I force my wife to buy clothes and shoes, I take my wife on dates. All of the things I've listed are paid for in cash. Compared to my college debt (which honestly might never be paid off before I die), my CC debt is miniscule and is paid off every year. Both of my kids cost $5k each in health costs. They were more expensive than any card I ever bought.

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[Exhibitman]

I have accepted layaway from buyers and I have done layaway with sellers but I don't think of that the same way as going into debt. It is basically making a non-refundable deposit.

I really can't think of a single card that I want to have so much that I would go into debt to get it. The closest I ever came was considering using a credit line to buy a Bruce Lee signed card at one of the National shows. I ultimately decided it wasn't worth it.

[raulus]

Originally Posted by todeen

I can see I'm in the minority. Using a CC does not bother me. Is it smart? Probably not. But I'm not destroying my life, my family's life, or signing a pact with the devil. I don't drink, smoke, gamble, drink coffee, speculate in the markets, I don't travel, or go to concerts. We don't own a house (and the idea that my $10k collection would translate into a 20% down payment is ridiculous). I have a pension, life insurance, I have additional investments called DCP, I have started saving for my kids college, I pay for my kids to be in after school activities, I force my wife to buy clothes and shoes, I take my wife on dates. All of the things I've listed are paid for in cash. Compared to my college debt (which honestly might never be paid off before I die), my CC debt is miniscule and is paid off every year. Both of my kids cost $5k each in health costs. They were more expensive than any card I ever bought.

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I’m guessing that most people who are considering going into debt are looking at buying a card for 5 or 6 figures, maybe more. From the sound of it, you’re sticking to 3 or maybe low 4 figures tops.

I wouldn’t sweat buying a card here and there on your credit card at those prices, although I would encourage you to pay it off quick, because the interest will erode your ability to make additional acquisitions.

[G1911]

Paying in installments is different than going into debt. Though, if one needs or wants to pay in installments instead of up front, that should be a red flag that one is purchasing something that it is not responsible for them to purchase. If it’s too much of a hit to want to see at once, you probably shouldn’t be buying it.


I have paid more than 1% of my cash on hand for a card (not net worth, but liquid cash sitting in the bank) only once. I would guess I am in the bottom 10% of active posters here in net worth as I am young and have not had many earning years. Cards are a hobby. They might make you money over the long haul and they might end up a good investment. Spending your money on cards instead of you and your family’s needs (which kind of has to happen if you’re going into debt because you can’t actually afford the card) is irresponsible. Just as you shouldn’t go into debt to invest in bonds, stocks or crypto you shouldn’t spend more than you have, or most/all of what you actually have, on baseball cards if they are investment. If they are not an investment, it’s even more grossly irresponsible to put yourself into debt for a hobby item for your collection. Housing, food, transportation, retirement, savings for a rainy day, all these need to come first. This should go without saying…

[oldjudge]

Over the years I have both bought and sold on installments or some variation thereof and I can’t think of an issue with either. Oftentimes a buyer may be asset sufficient but cash poor and just needs some time to reallocate things.

[fisherboy7]

E107 Mathewson - if I had a chance at one, I’d have to think long and hard about financing options.


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