Justifying a Big Purchase

[theshowandme]

Hey folks,

Could use some words of encouragement. I’m staring at a scarce pre-war card that has blown me away.

It’s not cheap (for me at least). It would be the biggest card purchase of my life but I can pay for it in cash today. It doesn’t impact my ability to pay for any current or future bills.

That said, I am still hesitant for some reason and I am not sure why. When I’m buying to later sell, I can justify it much more easily. This one is going to be a very long hold.

What do you tell yourself in moments like this? How do you handle the mental gymnastics?

Any help is appreciated!

-Don


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[docpatlv]

The way I see it, you only live once. As long as you can afford it and aren’t overextending yourself, I say go for it. Of course, this philosophy has also resulted in me redoing the master bedroom and bathroom for my wife😳.

[Leon]

Go for it. So far, I haven't regretted a few purchases like that. Worst case, if you buy at an ok price, you can sell it if you have to. It's not like you are wasting your money.
.

[packs]

I have a couple of rules for when I make big purchases myself. Maybe this will help you.

I'll only spend what I consider to be a lot of money if I feel as though the card I'm buying is easily resold at a later date should I need the money back. That rules out most esoteric cards but it also means I generally see a pretty good return on what I buy (largely spending big on Cobbs and Ruths, for example. Easily sold later and usually for more than I paid).

[Rad_Hazard]

I would say that since you are putting this much thought into it and posting here asking, go for it.

There have been a few rarities I've missed on by waffling over the purchase despite having the cash on hand and ready. I don't regret missing them since something else has always come up to make me quickly forget, but there are a few pieces in my collection that I will have for a very long time that I don't regret paying for, and would be disappointed if I didn't own.

[Snapolit1]

What is the real downside: if for some reason perhaps you have to sell it in the next few years for reasons unknown currently, maybe you consign to an auction and lose a few percents of what you paid?

Since you have no plans to sell, I say go for it. Doubt very much you will regret it.

Most of my regrets past 7-8 years have been what I DIDN'T buy.

[Johnny630]

Originally Posted by theshowandme

Hey folks,

Could use some words of encouragement. I’m staring at a scarce pre-war card that has blown me away.

It’s not cheap (for me at least). It would be the biggest card purchase of my life but I can pay for it in cash today. It doesn’t impact my ability to pay for any current or future bills.

That said, I am still hesitant for some reason and I am not sure why. When I’m buying to later sell, I can justify it much more easily. This one is going to be a very long hold.

What do you tell yourself in moments like this? How do you handle the mental gymnastics?

Any help is appreciated!

-Don


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I would not do it unless it's absolutely the RIGHT CARD at a CONSIDERABLE DISCOUNT to it's Real True Value that you can pay for in CASH in PERSON IN OTHER WORDS NOT ON A AUCTION HOUSE OR RETAIL PLATFORM

You Said your hesitant for some reason and are not sure why....all I can say is TRUST YOUR GUT.

[x2drich2000]

I would guess you're naturally a saver when it comes to finances. There's nothing wrong with that. Your hesitation is really just your body's reaction to saying this doesn't feel right. So I would start by asking yourself why am I hesitant about this? Would spending the money make you feel less secure? Does it feel wasteful? Greedy? Would you be resentful of the card? There is a lot of introspective stuff that only you can answer. Having a good friend/spouse that you can bounce your feelings off of without being judged or telling you what to do/not do is a great thing in these situations.

For me, it really depends on what is going on at the time. I always pay cash so if I don't have enough, I don't get it. That includes making sure I have enough set aside that if something else I want more comes up I can still get that as well. Other things I consider is how easily I could recoup my money if I end up not wanting it down the road and what are the chances I'll see the card for sale again. I can also say that the more I've spent on a card the easier it has been to spend that same amount again, but I always have that same hesitation when I spend more than I have before.

[hcv123]

Originally Posted by x2drich2000

I would guess you're naturally a saver when it comes to finances. There's nothing wrong with that. Your hesitation is really just your body's reaction to saying this doesn't feel right. So I would start by asking yourself why am I hesitant about this? Would spending the money make you feel less secure? Does it feel wasteful? Greedy? Would you be resentful of the card? There is a lot of introspective stuff that only you can answer. Having a good friend/spouse that you can bounce your feelings off of without being judged or telling you what to do/not do is a great thing in these situations.

For me, it really depends on what is going on at the time. I always pay cash so if I don't have enough, I don't get it. That includes making sure I have enough set aside that if something else I want more comes up I can still get that as well. Other things I consider is how easily I could recoup my money if I end up not wanting it down the road and what are the chances I'll see the card for sale again. I can also say that the more I've spent on a card the easier it has been to spend that same amount again, but I always have that same hesitation when I spend more than I have before.

Originally Posted by raulus

I would use a slightly different analysis.

Let's assume that you can't ever sell it. Either because no one wants to buy it, or because no one wants to pay more than $1 for it. And if you're planning to keep it for the rest of your life, then this seems like it's really going to happen anyway, since only your heirs will care about whether it's worth anything.

Based on that assumption, would you get sufficient enjoyment just by having it in your collection for the next few decades (or longer) that it makes your purchase worth it? If so, then it seems like you have your answer.

Typically when I'm paying a gigantic pile of cash for a piece of cardboard, it's because I've been questing for it for a long, long time, and there's a big hole in my collection where it belongs. And another one might not come along again for decades. So I take a deep breath, remind myself how important the piece is to my collection, and pull the trigger.

Great personal example is my recent pickup of a 1959 Bazooka Mays Complete Box. Thread here: https://www.net54baseball.com/showthread.php?t=332462

For me, part of the current calculus is that I've been keeping my powder dry for pieces that are truly that rare. I curtailed my purchases for pretty much all of last year, and focused on paying off the house. Now that I've invested heavily in other areas, I have a lot more flexibility to spend on my collection.

A key element for me is whether the piece is really that rare and difficult to find. Stuff that comes onto the market every few weeks or months? I can buy that stuff next year or next decade when the market has calmed down to what I feel is the right price. If I blow all of my cash today on pieces that I can get any time, then I won't be ready for the stuff that I really want. Stuff that's impossible to find? That's why I've been saving my pennies, so that I'm ready to pounce when those items come onto the market.

In terms of the financial future, I've posted my darkest fears here enough that I don't need to repeat them in great detail again. But an assumption that you can re-sell any time you want and only experience a small loss seems to be overlooking the very real possibility that the current market could tank hard. Particularly given the run up in prices over the last 2 years, with prices in just about every category rising 500% to 1000%, it seems folly to suggest that the market couldn't drop by 30-50% or more. But I seem to be in the minority in holding that opinion. Bottom line for me is I wouldn't base my decision around the expectation that you'll be able to resell it without taking a painful financial hit.

I think both of the above offer incredible thought-provoking responses to your question. The only thing I would add is in the financial side of the equation - If the card is of a "blue chip" player like Ruth or Cobb, I would consider the card highly liquid, resistant to downside risk and easily sold if need be. If the card is so expensive because it is a really obscure "common player" I would share concern as to possible price volatility.

[todeen]

Is it your main wheelhouse of collecting? Maybe you're hesitant because it's not what you normally buy?

I have bought a few cards outsideof my normal habits (I prefer memorabilia) over the last 18 months that I turned around and sold to purchase my main interest. One memorabilia item got shipped this morning and it's a doozy!

If it's truly going to be a main PC item, go for it. The more expensive items I own are the ones I still think "I can't believe I own that."

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[Mike Eisenbath]

I'm in a similar spot as the OP. Though possibly for much less money, it would be my largest single-card purchase, a significant HOFer that I want to get eventually and will keep for life. The quandary (maybe sgared by the OP) is that pulling the trigger will limit my ability to buy some other cards on my want list for a while. I'd love owning and looking at the big-ticket item, but it would be tough sitting on the sidelines for a while.

I love birthdays because I can have my cake and eat it, too. Doesn't always work easily in the hobby.

Eise


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[nineunder71]

I guess I go against the grain here, but since you started with....give me some encouragement?

I would say that you are not ready to purchase this card. You need to wait until you can pull the trigger without having to ask for a boost


Just my thoughts, good luck

[Peter_Spaeth]

If you had to have it, you would have just bought it, not asked the Board I think?

That should tell you something.

[nineunder71]

Agreed!

Originally Posted by Peter_Spaeth

If you had to have it, you would have just bought it, not asked the Board I think?

That should tell you something.

[Kidnapped18]

As long as you are comfortable with the purchase price I say go for it!
Card is scarce and pre-war --- check
Card has blown you away --- check
You can afford the card --- check
You plan on keeping the card for awhile --- check

We all work and have an income to enjoy things in life
Go get your card and enjoy it

[theshowandme]

I appreciate all the feedback

Card has been purchased

I’ll share when it comes in


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[SyrNy1960]

Originally Posted by theshowandme

I appreciate all the feedback

Card has been purchased

I’ll share when it comes in


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You won't regret it! Congrats!

[Rhotchkiss]

Originally Posted by theshowandme

I appreciate all the feedback

Card has been purchased

I’ll share when it comes in


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Awesome, congrats! Enjoy. Can’t wait to see what you got (the card that launched a thread with over 80 replies)

[theshowandme]

Originally Posted by Rhotchkiss

Awesome, congrats! Enjoy. Can’t wait to see what you got (the card that launched a thread with over 80 replies)

Appreciate you very much sir! Seeing your showcase as well as Andrew's, Howard's, and many others at the meetup last month has inspired me to level up my game!

[Rhotchkiss]

Nice card, and you know I fully back the subject/player! Great pick up. And thanks for the kind words

[ValKehl]

Originally Posted by theshowandme

Appreciate you very much sir! Seeing your showcase as well as Andrew's, Howard's, and many others at the meetup last month has inspired me to level up my game!

Don, congrats on taking your game up to a new level. I doubt you'll ever regret this acquisition of The Flying Dutchman.

[Andrew1975]

Great card, congrats! You will not regret that purchase.

[theshowandme]

Screw it, here it is.




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[mrreality68]

Originally Posted by theshowandme

Screw it, here it is.




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Fantastic and Congrats

[ClementeFanOh]

Well done! Great card. Trent King

[nineunder71]

Awesome Card, Congrats!!

[theshowandme]

It’s here




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[ksfarmboy]

Great card, congrats!

[Leon]

Very nice. Congrats!!

Originally Posted by theshowandme

It’s here




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