One Man, One Lay-by
Author: Tim Gibbs Date Posted:12 January 2016
Lay-by, it is a curious thing isn’t it… why isn’t it spelt Lay-buy? I mean that is technically what you are doing… but then we get in to the whole confusing mess of trying to work out what the Lay actually means.
Lay-by is a relatively new experience for me. I am from England and moved to Australia 8 years ago. We don’t have anything like Lay-by in England or at least not while I was there. When I wanted to buy something I would have to save up for months, hope to god it would still be available and then go to pay for it only to find that there had been a price rise and I had to save up an extra few quid! So back I go, working my nuts off, saving up the money to buy… whatever it is I wanted to buy.. and then I go into the shop only to find someone bought it merely days earlier and a murderous rage would ensue! So naturally coming to a country where I can select something I wanted, pay a small deposit securing that item for me at the price it was for sale on that particular day was a blessing to say the least.
Lay-by, as you know is usually only 3 months and if you cancel the lay-by you typically lose a portion or all of the deposit! So it does have its hurdles. That being said, the benefits significantly outweigh the disadvantages which, lets face it, are typically of your own doing!
For most people, and for most things 3 months is seemingly a long enough period of time to be able to pay off the item you are buying. But lets be honest, not everyone is ‘most people’ and the blood sweat and tears that goes into saving up for this mysterious article which has grasped your soul can often be at the detriment of your joy and happiness of everyday living. What I mean by that is that you have to make cut backs somewhere in order to get the money together to make your weekly, or monthly payment and as a musician it is a safe bet to assume that cut back would be in the beer department.
What we need here is a solution!
Good job my local music store and faithful employer Port Mac Guitars has one. 6 Month Lay-by!!! Wow… it is so obvious when you think about it! By extending the period of time by which the customer can pay off their item you are relieving them of the burdens often associated with what I like to call.. ‘Bit-off-more-than-you-can-chew’ Syndrome… Ok, that’s what my wife calls it but she is right. My eyes are often bigger than my stomach! Not hard for those that have met me… I am rather slight!
Anyway, What does this mean… well I am going to answer this for myself and not really for you guys… but maybe some of you can relate!
I am a guitar enthusiast and some would be mistaken for thinking that because I now work in a Guitar Shop I don’t need to buy guitars anymore because if I want to play one I can grab one off the wall and play it… and to some extent that is true except for the part when I go home and start yearning to play that 54 Custom Shop Relic but I can’t because it is not mine and is hanging on the wall of a locked and ridiculously secure music store!
Now at over $5k I can comfortably say that it is in the higher end of most peoples budget and definitely mine! Now I could trade my Jem, Les Paul or JS2410 to help but I wanna keep those so… no!
In the past I would have to pay a 20% deposit, something in the region of $1000 and then split the repayment.. over 3 months about $350pw!!! WHAT my wife would have an aneurysm!!! Thats my beer budget gone!
But now… I can pay a deposit, which as being a member of the 500 club is only 10% ($530) and then the payments are just over $180pw! Are you serious?? And that’s if I were to take the whole 6 months which is highly unlikely but good to know the buffer is there for when the big electricity bill comes in!
So you mean to tell me I could just pay $180 a week off my lay-by and in a mere 6 months I could take home a Fender Strat Custom Shop 54 Heavy Relic???
Sign me up Tiger!!!!
All of a sudden, things don’t seem so bad anymore!