(Closed) The Crazy World of Engagement Ring Financing

posted 6 years ago in Rings
Post # 3
Member
1370 posts
Bumble bee
  • Wedding: October 2013

HAH no way in hell. My e-ring and wedding band TOGETHER cost <$200. They fulfilled my only 3 requirements, which were: they are yellow gold, and they are beautiful and meaningful 🙂 I have no interest in un-reflectively participating in the Wedding Industrial Complex.

Post # 4
Member
10366 posts
Sugar Beekeeper
  • Wedding: September 2010

It’s basically guananteed that you will lose a substantial amount when you upgrade. A secondhand diamond will never bring what you paid for it. I would say that it’s virtually guaranteed that you’d lose more money on an upgrade than financing the ring you wanted in the first place. And I have no debt/am very anti-debt. I just dont think buying now to upgrade later is a smart choice, either!

Post # 5
Member
2633 posts
Sugar bee
  • Wedding: September 2012 - Southern California

If you can’t afford the extra monthly payment &/or be able to pay it off in 12 months, what makes you think you could afford a wedding?! 

Post # 6
Member
924 posts
Busy bee
  • Wedding: January 2015

I have mine on layaway.

Post # 7
Member
6221 posts
Bee Keeper
  • Wedding: August 2013 - The Liberty House

@crayfish:  But at least if you upgraded (and in my mind, the only way to do that is to just buy a whole new ring, not to trade anything in) you wouldn’t be wasting money on interest; you could always save that ring to give to future children when they get engaged or turn the stone into a necklace, etc. 

 

@stephanie091512:  +1, that’s what I was thinking.

Post # 8
Member
2711 posts
Sugar bee
  • Wedding: May 2007

@stephanie091512:  Weddings don’t have to cost a fortune, my wedding was much less than many peple’s e-rings. Marriage is not reserved for people with money. 

Post # 9
Member
2743 posts
Sugar bee
  • Wedding: October 2014 - Disney

We were about 7500 and we got a good deal. He paid in cash in 2 payments. I think its based on what you can afford, he was willing to pay over twice that and I said not over my dead body.

Post # 10
Member
1370 posts
Bumble bee
  • Wedding: October 2013

Mrsns07 Totally agree!!! Thanks for injecting a little bit of sanity into this question.

Post # 11
Member
437 posts
Helper bee
  • Wedding: September 2013

maybe I’m old-fashioned, but probably people should buy what they can afford and be happy with it, rather than always longing for something ‘better’…  Starting a life together in debt isn’t the best idea, and to me “upgrading” makes the ring lose some of its meaning.

I’m in a fairly high profile profession and I do very well for myself, as does my fiance, and we’re really lucky in that regard.  My ring is the most expensive thing I own (besides my house and car), but we didn’t have to go into debt to afford it –  I love it and it’s gorgeous but I don’t think anyone would look at it and think it’s “over the top” – it’s understated and I think that’s part of why it will still look classy when I’m 60 🙂  Down the road when I could probably “upgrade,” I think I’d rather get a RHR, or earrings, or a necklace, because the ring he proposed to me with will always be beautiful and meaningful – I can’t imagine ever needing more.  Too often people focus so much on “things,” rather than what those things represent…

Anyway, just my 2 cents.  I’m a pretty simple girl in a lot of regards and not very blingy, so I’m sure I feel differently than other people do and I certainly don’t want to judge!

Post # 12
Member
5400 posts
Bee Keeper

@ferdie224:  I agree with your overall sentiment, but I do want to say that part of the reason you feel that way is that you both do well financially. People can only afford a plain band might feel a bit differently about upgrades.

Post # 13
Member
9954 posts
Buzzing Beekeeper
  • Wedding: December 2012

Intersting post…

RE – BUYING SHY

Most folks don’t seem to realize that when the Industry says a diamond of a particular size (ie 3/4 of a Carat) that there is actually A RANGE that the diamond would have to fall into, and that it isn’t strictly a .75 Carat stone.

This is true for all diamond sizes (fractions)

1/10 Carat = .09 to .11

1/8 Carat = .12 to .13

1/7 Carat = .14 to .15

1/6 Carat = .16 to .17

1/5 Carat = .18 to .22

1/4 Carat = .23 to .28

1/3 Carat = .29 to .36

3/8 Carat = .37 to .44

1/2 Carat = .45 to .58

5/8 Carat = .59 to .68

3/4 Carat = .69 to .82

7/8 Carat = .83 to .94

1 Carat = .95 to 1.05

1-1/10 Carat = 1.09 to 1.11

1-1/8 Carat = 1.12 to 1.13

and so on…

So in reality, the best value for the money can some times be found by looking for an “uneven” sized diamond within the desired range.

 

 

 

Post # 14
Member
473 posts
Helper bee
  • Wedding: September 2013

Love is never having to pay a dime in interest. I haven’t paid a cent in bank fees or credit card interest in years, no way in hell would I do it for jewelry!

Post # 15
Member
437 posts
Helper bee
  • Wedding: September 2013

@BlondeMissMolly:  sure, true, that’s a very good point.  I think (if it were me) if I were proposed to with a plain band I’d probably use it as a wedding band and then get an “engagement ring” later to wear with it when we could afford it.  For me, personally (which is not for everyone!) I hate the idea of trading in something that’s so sentimental and “upgrading” it!

 

Post # 16
Member
5400 posts
Bee Keeper

@ferdie224: Ah yes I understand. I originally thought you meant get what you can afford and be happy as in get a plain band (or something very plain/basic) and be happy. I do agree I’m sentimental also and I’m not sure about the idea of upgrading. But I also feel pretty strongly that it’s just stuff (which isn’t important) so if someone wants an upgrade, they don’t lose anything from their relationship. 

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