As somone who isn't wealthy, who will buy the Edition Apple Watch?

[akm3]

The CIO where I work who makes >$500,000/yr (plus indeterminate bonuses) and spends the first 20 minutes of every monthly staff meeting showing us all his newest car, or latest trip to Korea or Italy or whatever is exactly the type of person who would buy the Edition.

The following quote is real, talking to a room of his employees, all who make between 1/3rd to 1/15th of what he makes:

"My wife said I could buy myself a birthday present, and I couldn't decide between a Tesla or the new BMW i3" (showing picture of his garage which includes electric 'Smart' car, a mercedes, and another BMW)
Then lots of pictures of the new i3 and a review of all it's features, etc.

So basically, total douches.

 

[redman042]

The owner of this car will probably buy one, with all the available bands.

In all seriousness though, the early adopters of the Edition models will probably be above $1M earners and ones who are working for tech companies and therefore will adjust more quickly to the idea that a smartwatch can be a luxury item.

 

[akm3]

What else am I am going to do with my millions? I don't want to just donate it to China, I'd rather employ those children.

I recommend you go to http://www.mrmoneymustache.com and buy your freedom (from having to work) instead.

 

[JFazYankees]

Only the extremely rich.

 

[AppleFan360]

Doesn't matter the income level. Anyone can buy one. It's just a matter if they want to afford it.

Heck, I can pay cash but I would rather do other things with $10,000. Besides, my wife wouldn't like it.

 

[mojolicious]

Most people don't take home $10,000 to $17,000 per month.

Indeed.

But, if you're a single person clearing $120k a year who doesn't have extravagant overheads, and if the $10k Edition floats your boat, then it's easily within reach.

The suggestions that you need to be a millionaire, or to have an income of a million a year, or even be worth eight figures, are ridiculous.

 

[troop231]

Indeed.

But, if you're a single person clearing $120k a year who doesn't have extravagant overheads, and if the $10k Edition floats your boat, then it's easily within reach.

The suggestions that you need to be a millionaire, or to have an income of a million a year, or even be worth eight figures, are ridiculous.

This is true. There are lots of single people who bring in 100-200K a year and own a Lamborghini, Ferrari, etc. (maybe just one though, but still.)

 

[camtechman56]

Most people could afford it if they really wanted it. A car is easily $10k+ and plenty of people, rich and poor, own cars.

Good point, except how often do you use your watch to drive to work, to the store, bring the kids to events, or let the wife borrow because her car is at the mechanics? it is about what you need not what you want most times, and if you actually look at it that way I think you should be the first one to take out a mortgage for a minimum of five years for a device ( yes I mean a device ) that will only be valid for about 2 - 3 years. Then you can tell us how it works out for you.

I've heard all the Apple hype, and seen in this forum that this watch is being compared to cars, high end watches, jet ski, etc. etc.

I will be buying a Grey sport, 42mm and black rubber band, not for the look but for it's function and I want one!

 

[leenak]

So the question is will Apple offer any financing like when you are buying a car at $10k and over?

That is what credit cards are for... but you shouldn't finance a want, many people can justify a car because they make life easier.

 

[Mildredop]

Good point, except how often do you use your watch to drive to work, to the store, bring the kids to events, or let the wife borrow because her car is at the mechanics? it is about what you need not what you want

Many people confuse the difference between need and want. But my point stands, most people could afford the gold watch if they really wanted it. But most people have a certain amount of common sense.

I think you should be the first one to take out a mortgage for a minimum of five years for a device

Not sure what you're getting at here, but I can assure you, no-one is going to allow you to take out a mortgage on an Apple watch.

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That is what credit cards are for... but you shouldn't finance a want, many people can justify a car because they make life easier.

I'd argue an iPhone is as much a 'want' as the Apple watch, but the vast majority of people finance their iPhone.

 

[leenak]

I'd argue an iPhone is as much a 'want' as the Apple watch, but the vast majority of people finance their iPhone.

In the US, financing an iPhone made sense up to very recently. Why pay all up front if you don't need to? But now that carriers have started charging more for phones rolled into the monthly bill, it doesn't make sense.

 

[ksuyen]

At what income should you be at to buy an Apple Watch? 1 million annual? I'm always curious (as a broke college kid). What kind of people will buy this and how?

Anyone who is buying the Edition that can give me insight?

There is a reason your grandpa got a golden watch after 60 years working in a company. So you know, gold watch is always priceless.

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Many people confuse the difference between need and want. But my point stands, most people could afford the gold watch if they really wanted it. But most people have a certain amount of common sense.

Just like, certain people can afford a Maserati while a small Toyota is enough for the need?

 

[douglasf13]

This is true. There are lots of single people who bring in 100-200K a year and own a Lamborghini, Ferrari, etc. (maybe just one though, but still.)

Really? They must live in an inexpensive city. In LA, you can barely buy a decent house if you make that much money.

 

[Statcoder]

As somone who isn't wealthy, who will buy the Edition Apple Watch?

Anyone who works in personal finance will tell you that you can't really tell someone's wealth by what they purchase. There are spenders and savers. I've saved a couple million dollars over my lifetime, drive an 8 year old Toyota, have never flown anything but economy and if I decide to buy an Apple Watch it will be the cheapest one. Probably won't though unless I find an app that makes it a must-have.

 

[leenak]

You can be a saver and a spender, the things are not mutually exclusive Splurge a little here, save a little there. I wouldn't buy a $10k apple watch but I've spent over $10k in a single month on buying little luxuries before. Save for retirement, invest some, have an ample short term savings, pay your bills and then spend however you like with the rest is my motto.

 

[k3ith]

This is true. There are lots of single people who bring in 100-200K a year and own a Lamborghini, Ferrari, etc. (maybe just one though, but still.)

I made about a little less than $200,000 last year and there's absolutely no way you'd see me in this thing. It's so ostentatious. Plus gold, to me, is tacky.

Even though I can afford it, there's no way I could see this purchase as anything more than a complete waste. There's so many more things you can do with $10k. Just buy the stainless steel or sport that has *the same exact specs* and save the rest.

 

[MisterK]

I actually see smart watches in general being bad news for the Swiss watch industry (Rolex, Patek, et al). I actually don't see those watches retaining their values "for future generations" as they have historically done. If smart watches catch on, your grandkids won't want a (relatively) do-nothing watch on their wrist, regardless of how much time some guy spent on the cogs. If they wear a watch at all, they will wear one watch at a time and they will probably pick the more useful one.

That said, there are a lot of people whose $20k feels to them like $20 feels to you. This will be another watch to them. No huge deal. Let's not get too judgey on these folks. Any smart watch at all is a luxury and there are people who would think you're nuts (or have too much money) for buying a $150 watch.

I wear a Burberry watch that cost a little more than the entry level Watch. It tells the time. That's all. I will probably get an Watch Sport for myself for XMas. No huge deal for me. There's a big world out there. People with a lot more money than me. A lot of them sacrificed a lot to get that money and can spend it however they choose.

 

[k3ith]

. There's a big world out there. People with a lot more money than me. A lot of them sacrificed a lot to get that money and can spend it however they choose.

I don't want to start a huge discussion, but at this point in time.. most super rich people that treat $20k like $20 did not work hard and sacrifice to get there. They're most often born into money. Maybe 100 years ago that would have been the case, but not now.

 

[Mildredop]

Just like, [sic] certain people can afford a Maserati while a small Toyota is enough for the need?

Correct. Just look at Warren Buffett.

 

[Q-Dog]

In all honesty, I'd think it would be much much more. As you get in to that higher income you have higher expenses. At making $50,000 a $500 watch would be MAJOR purchase. At $1,000,000 $50k is still a lot. If you were making a $1,000,000 living in as $50k a year earner, sure the watch would be doable. But at that money you are living in an expensive house, with an expensive car...$1,000,000 can go quick if you are buying dumb things like a $10,000 watch.

Why do you assume someone in a higher income bracket has higher expenses? Making more money doesn't mean you have to spend more money.

But of course a frugal rich person isn't likely to buy an ostentatious timepiece like this.

 

[nebo1ss]

I don't want to start a huge discussion, but at this point in time.. most super rich people that treat $20k like $20 did not work hard and sacrifice to get there. They're most often born into money. Maybe 100 years ago that would have been the case, but not now.

How about Sports, Movies and Music industry folks. There are many sports personalities making $300,000 a week.

 

[JonMPLS]

Not rich, but did get obsessed with mechanical watches for a brief period about 15 years ago. I might end up getting an Apple watch too, but just one of the "basic" offerings. At least I can feel my mechanical watches will last essentially forever with basic maintenance*. I would guess the Apple will be outdated annually. But I am an Apple fanboy, and must pay homage . . . And they look like fun.

*PS. A service call on a swiss watch can easily run $500 to $1000.

 

[HowlinAl]

I'm a professional musician. I'm not a wealthy guy, but I spend a lot of time working for people who are. I've learned that there are many, many people out there who debate buying something like a $17,000 watch in the same way I agonize about buying a $700 iPad.

They aren't douchebags, they aren't insane, they don't have more money than brains and all the other insults I've been reading. They are perfectly normal human beings who happen to have lots of disposable income. Why does this offend and upset some people?

 

[trssho]

People buy cars that depreciate more than 10K as they are driving it off the car lot! People that make way less than 1,000,000 will be buying lots of Edition models.

 

[peterdevries]

I don't want to start a huge discussion, but at this point in time.. most super rich people that treat $20k like $20 did not work hard and sacrifice to get there. They're most often born into money. Maybe 100 years ago that would have been the case, but not now.

Please show us what actual data led you to conclude this.