Ever taken a loan to buy a pinball machine ?

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Azatotht
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Ever taken a loan to buy a pinball machine ?

Postby Azatotht » Thu Jun 07, 2018 6:34 am

With the current value of these games, I am curious to know how many are financing them with their credit cards or margin ?

I sometimes feels like I am the poorer guy of the hobby, seeing people buying so many NIB games around me. I'm not jealous or anything and I pretty much know that some have more disposable money than I do but it makes me wonder if people are always waiting to have cash in hands or not ?

I have personally only bought games with cash in hands. I like putting some money aside and slowly growing my hobby money until I can buy something.

What about you ?
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Re: Ever taken a loan to buy a pinball machine ?

Postby tiger_31 » Thu Jun 07, 2018 7:17 am

Quand j'avais acheté ma Walking dead LE , je suis obligé de dire que j'avais emprunté une bonne partie du montant pour la financer ... Effectivement ont as pas tous 9000$ qui traine dans un tiroir :)
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Re: Ever taken a loan to buy a pinball machine ?

Postby YellowMustard » Thu Jun 07, 2018 7:23 am

:? cash and carry rules for me...privably why i only have 2 games left at home... :?
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Re: Ever taken a loan to buy a pinball machine ?

Postby Murphelman » Thu Jun 07, 2018 7:43 am

I have never taken out a loan to buy a Pinball machine. I started my Pinball collection by selling my massive retro gaming collection. Putting a little money away for the hobby and selling unwanted things helped as well. I think maybe once I took a little cash back off my credit card to help pay for one but that was about it.
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Re: Ever taken a loan to buy a pinball machine ?

Postby megadeth1977 » Thu Jun 07, 2018 8:02 am

A friend of mine financed a Walking Dead Pro 2 years ago thru a company referred to by Michelle. At the time to buy one outright was around $7800 tax/delivery & set-up. All said by the time the financing was complete/paid-off The Walking Dead Pro came to $12,400.
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Re: Ever taken a loan to buy a pinball machine ?

Postby flashinstinct » Thu Jun 07, 2018 8:05 am

I've actually financed most if not all of my pinball purchases. Surprisingly I've been mostly making money instead of owing. MBNA have 0% interest for 12 months. So I pay by credit card and get 2% cash back. MBNA charges you 1% transfer fee so on $9000, you will pay $90 in charges (but I get that back at the end of the year with my credit card). I then pay the balance on the card off over the 12 months. Cancel the card when I am done with it. Want to buy another pinball machine. Renew a new card get promotional rate again and start over.
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Re: Ever taken a loan to buy a pinball machine ?

Postby Guard » Thu Jun 07, 2018 8:22 am

I guess if I had saved the money I spent on pinballs I wouldn't need to borrow for my new roof........naaaaaaaah, I'd have only spent that money on something stupid like food anyways.... :mrgreen:
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Re: Ever taken a loan to buy a pinball machine ?

Postby cap » Thu Jun 07, 2018 8:58 am

Yes, my pins have been financed because I put them on my margin.
If you have a mortgage, everything you pay is financed, otherwise you could pay back your mortgage with that money.
For me, it's even more obvious because I don't have a fixed mortgage. The house loan is part of the margin.

It's very expensive to build a collection from scratch, but once you run out of space and start to trade, it's not that bad.
You still have to pay interest, but even if I paid $1000 per year in interest, it's still worth it for me.
I would never put $1000 per year in arcades, so I'm actually losing money by owning pinballs.
The advantage is I can play whenever I want, and I don't feel guilty playing just another game or aborting a shitty game early.
I like the illusion that it's free.

This all assumes pinball prices will hold. That's why I don't buy NIBs. Twenty-five year old machines are as much fun.
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Re: Ever taken a loan to buy a pinball machine ?

Postby cait001 » Thu Jun 07, 2018 9:17 am

flashinstinct wrote:I've actually financed most if not all of my pinball purchases. Surprisingly I've been mostly making money instead of owing. MBNA have 0% interest for 12 months. So I pay by credit card and get 2% cash back. MBNA charges you 1% transfer fee so on $9000, you will pay $90 in charges (but I get that back at the end of the year with my credit card). I then pay the balance on the card off over the 12 months. Cancel the card when I am done with it. Want to buy another pinball machine. Renew a new card get promotional rate again and start over.


Nice moves! 8-)
I don't know much about credit though, does opening and closing cards like that have any impact on your credit score?
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Re: Ever taken a loan to buy a pinball machine ?

Postby pharoah007 » Thu Jun 07, 2018 9:39 am

Not in a million years.

If you don't have the $$..don't buy it.

Exception is with 0% purchases, I have borrowed 30K @ 0% over 7 years a few times and that was a total no brainer. Instead of just dropping 30K on the table, I got to spread out the 30K dropping 357.00 on the table every month for 7 years. This way I had the remainder of the 30K in my pocket in case of emergency.
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Re: Ever taken a loan to buy a pinball machine ?

Postby flashinstinct » Thu Jun 07, 2018 9:50 am

cait001 wrote:
flashinstinct wrote:I've actually financed most if not all of my pinball purchases. Surprisingly I've been mostly making money instead of owing. MBNA have 0% interest for 12 months. So I pay by credit card and get 2% cash back. MBNA charges you 1% transfer fee so on $9000, you will pay $90 in charges (but I get that back at the end of the year with my credit card). I then pay the balance on the card off over the 12 months. Cancel the card when I am done with it. Want to buy another pinball machine. Renew a new card get promotional rate again and start over.


Nice moves! 8-)
I don't know much about credit though, does opening and closing cards like that have any impact on your credit score?



Yes and no. It's not like I would open and close one every year. What I did for a while was open a new MBNA card. Then merge both cards together (which would still make it a new card) and apply the new card holder promotional rate. (I think they've caught on to this loophole however.)
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Re: Ever taken a loan to buy a pinball machine ?

Postby Azatotht » Thu Jun 07, 2018 10:02 am

Really interesting so far, thanks for sharing your experiences.
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Re: Ever taken a loan to buy a pinball machine ?

Postby flashinstinct » Thu Jun 07, 2018 10:20 am

I think I have to better described the way I did it.

1) I opened a line of credit for $5000.
2) Applied for the MBNA balance transfer credit card promo.
3) Once approved I then used my regular point credit card to purchase the pinball machine (example $7000). The $7000 guaranteed me a $140 cash back at the end of the year.
4) MBNA charged me $70 in charges (1%).
5) I paid my balance down as much as a I could. You need to pay the minimum amount every month or interest rates skyrocket to like 22%.
6) At the end of the 12 months at 0%. I f I had a small balance I would then move it to the line of credit and reapply for a new MBNA card. MBNA doesnt let you reapply for the promo rate unless you are a new client but if you get a new card and merged both once you got the new card then you could take advantage of the promo rate again.
7) Basically did that for 3 years and cancelled my card once.
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Re: Ever taken a loan to buy a pinball machine ?

Postby Sparky » Thu Jun 07, 2018 10:20 am

It still makes me wonder how I can get financing to buy an 800$ couch, but there is nothing in-house for a 10000$ pinball machine. I spoke with Starburst about that years ago and they said something was coming, but it never panned out.

And so I remain NIB-less. ;)
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Re: Ever taken a loan to buy a pinball machine ?

Postby Azatotht » Thu Jun 07, 2018 10:21 am

I came across this blog post while researching on the subject -> What a Pinball Machine Taught Me About Managing Money

Didn't know Warren Buffett has been an operator...
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Re: Ever taken a loan to buy a pinball machine ?

Postby foonleclown » Thu Jun 07, 2018 10:33 am

A few years back i used line of credit ...and the Overtime to pay back ( i used to work all sundays double time back the it was 58$ the hour ) so i payed back really fast but that was a lot of work and sacrifice

Now lucky me i can pay cash
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Re: Ever taken a loan to buy a pinball machine ?

Postby HPR Pinball » Thu Jun 07, 2018 11:53 am

J'aurais du emprunté 50,000 $ en 2001 et acheter tout les TZ et MM de ce monde, j'aurais fait ma retraite avec ca :-)
Tout ceux qui achètent cash ou sur crédit et qui revendent régulièrement depuis les début du hobby doivent avec fait beaucoup de profit et n'on surement aucun problème pour acheter une nib cash aujourd'hui.
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Re: Ever taken a loan to buy a pinball machine ?

Postby Sparky » Thu Jun 07, 2018 12:28 pm

HPR Pinball wrote:Tout ceux qui achètent cash ou sur crédit et qui revendent régulièrement depuis les début du hobby doivent avec fait beaucoup de profit et n'on surement aucun problème pour acheter une nib cash aujourd'hui.


With age comes other responsibilities. Kids... braces... a new roof... the car broke down... kids going to college... Too easy to assume that. Most often we sell because we have to.

And only Marty McFly could predict stuff with this. ;)
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Re: Ever taken a loan to buy a pinball machine ?

Postby cap » Thu Jun 07, 2018 12:29 pm

HPR Pinball wrote:J'aurais du emprunté 50,000 $ en 2001 et acheter tout les TZ et MM de ce monde, j'aurais fait ma retraite avec ca :-)
Tout ceux qui achètent cash ou sur crédit et qui revendent régulièrement depuis les début du hobby doivent avec fait beaucoup de profit et n'on surement aucun problème pour acheter une nib cash aujourd'hui.


Si on fait un chiffre rond, disons que tu aurais fais 10x ta mise en 17 ans. Ca donne 14.5% compose annuellement. Pas pire. C'est la meme chose que du Berkshire Hathaway et c'est loin du 33% annuellement que t'aurais fait avec Amazon ou Apple (Google n'etait pas public en 2001).

J'ai pas fait la grosse passe avec ces titres moi non plus, mais je n'ai aucun regret de ne pas avoir achete des pinballs quand elles n'etaient pas cheres.
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Re: Ever taken a loan to buy a pinball machine ?

Postby cait001 » Thu Jun 07, 2018 12:54 pm

Said it before and I'll say it again: pinball is such a unique hobby because the machines are fairly liquid capital assets with a Rate of Return far beyond almost any other hobby.
You could easily cash out all of your pinball capital rather quickly at 80% value.
A fun place to park one's money, and good to know in case of life changes, it wouldn't be too hard to flip it back to cash.
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Re: Ever taken a loan to buy a pinball machine ?

Postby HPR Pinball » Thu Jun 07, 2018 1:31 pm

J'ai toujours cru qu'il avait beaucoup trop de discussion dans les meetings de machine a boule a propos des valeurs et des prix de revente. Personnellement je focus beaucoup plus sur le fun de jouer, sur l'historique, de collectionner et de restorer les games car c'est une passion teinté de beaucoup de nostalgie pour moi.

Même si demain il y avait un crash des prix, je ne me metterais pas a vendre en panique pour sauver l'argent qui j'y ai mis. L'argent est très secondaire dans un hobby et une passion, si je n'aurais pas les moyen de vivre la ''passion'' et que je me questionnerais toujours sur l'argent et la valeur et qui revend quoi a quel prix et etc .... ca ne serais pas une passion et ca ferait bien longtemps que je ne serais plus dans ce hobby.

Je n'ai pas les moyen de m'acheter une Ferrari, je ne m'investie pas dans le hobby de ce type de voiture. Même pas un diecast, ca serais trop déprimant !!
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Re: Ever taken a loan to buy a pinball machine ?

Postby shane » Thu Jun 07, 2018 1:55 pm

Cash only for me.
I've got a limit of 3k , couldn't justify more unless nib. Or bk2k, or taxi, or maybe a getaway, perhaps a tftc..................... Sheesh .
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Re: Ever taken a loan to buy a pinball machine ?

Postby cdnpinballer » Thu Jun 07, 2018 2:11 pm

Blood, Sweat, Tears and Glory for me... The hard way.

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Re: Ever taken a loan to buy a pinball machine ?

Postby Sparky » Thu Jun 07, 2018 3:06 pm

cdnpinballer wrote:Blood, Sweat, Tears and Glory for me... The hard way.


...working at a bank? LOL
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Re: Ever taken a loan to buy a pinball machine ?

Postby cdnpinballer » Thu Jun 07, 2018 7:44 pm

Sparky wrote:
...working at a bank? LOL


Naw man, it's like a breach vacation at that shop compared to pinball.

I'll post in another thread and show you.



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