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Affording a grand piano? #2829536
03/21/19 01:40 PM
03/21/19 01:40 PM
Joined: Feb 2019
Posts: 18
Dublin, Ireland
S
scottgreen94 Offline OP
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scottgreen94  Offline OP
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Joined: Feb 2019
Posts: 18
Dublin, Ireland
I see a lot of people have grand pianos on this forum. How do people pay for their grand pianos. Do you have an extra 20 grand lying around or do you take it out on a loan or finance it?

If you have one what do you have and how did you pay it? At what age did you buy it. I’m 25 and live with my parents so I’m going to wait a few years until I have my own house.


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Chopin Grande Valse Brillante Op.18 in E flat Major
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Re: Affording a grand piano? [Re: scottgreen94] #2829556
03/21/19 01:57 PM
03/21/19 01:57 PM
Joined: Apr 2018
Posts: 4,783
Tyrone Slothrop Offline
Tyrone Slothrop  Offline


Joined: Apr 2018
Posts: 4,783
Originally Posted by scottgreen94
I see a lot of people have grand pianos on this forum. How do people pay for their grand pianos. Do you have an extra 20 grand lying around or do you take it out on a loan or finance it?

If you have one what do you have and how did you pay it? At what age did you buy it. I’m 25 and live with my parents so I’m going to wait a few years until I have my own house.

Besides having the cash, taking a loan, getting a second mortgage, and borrowing against a retirement account, in the USA, there are specialty lenders like Allegro Credit, which specialize in musical instruments. (Not suggesting any or all of these alternatives to just using cash actually make sense - they don't to me, especially after reading articles like this one.)


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Re: Affording a grand piano? [Re: scottgreen94] #2829558
03/21/19 02:05 PM
03/21/19 02:05 PM
Joined: May 2008
Posts: 2,692
SE USA
WhoDwaldi Offline
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WhoDwaldi  Offline
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Joined: May 2008
Posts: 2,692
SE USA
Get a klunker. 😁


WhoDwaldi
Howard (by Kawai) 5' 10"
Re: Affording a grand piano? [Re: scottgreen94] #2829563
03/21/19 02:08 PM
03/21/19 02:08 PM
Joined: Oct 2012
Posts: 4,071
🎹
Retsacnal Online content

Platinum Supporter until Feb 18  2015
Retsacnal  Online Content

Platinum Supporter until Feb 18  2015


Joined: Oct 2012
Posts: 4,071
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I would always advise against going into debt to buy a piano. Save your money until you can afford to purchase what you want. If you earn your living teaching lessons, then you could potentially justify financing a piano, since it would help you earn your living (i.e. it’s a cost of doing business).


"If it sounds good, it is good." - Duke Ellington
P E R F O R M A N C E over p r o v e n a n c e

Re: Affording a grand piano? [Re: scottgreen94] #2829565
03/21/19 02:22 PM
03/21/19 02:22 PM
Joined: Jun 2016
Posts: 311
Maryland, USA
D
Davdoc Offline
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Joined: Jun 2016
Posts: 311
Maryland, USA
I agree with everyone above that one should not finance (loan, line of credit, piling up on credit cards) a piano purchase. Even if you are earning a living (e.g. teaching) on the piano so to justify a loan, you got be careful about the financial part of such borrowing as well.


1969 Hamburg Steinway B, rebuilt by PianoCraft in 2017
2013 New York Steinway A
Kawai MP11

Previously: 2005 Yamaha GB1, 1992 Yamaha C5
Re: Affording a grand piano? [Re: scottgreen94] #2829570
03/21/19 02:43 PM
03/21/19 02:43 PM
Joined: Sep 2015
Posts: 1,547
Dublin
johnstaf Offline
1000 Post Club Member
johnstaf  Offline
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Joined: Sep 2015
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Dublin
I don't see anything wrong with borrowing for a piano. Everybody's circumstances are different though.

Re: Affording a grand piano? [Re: scottgreen94] #2829593
03/21/19 03:31 PM
03/21/19 03:31 PM
Joined: Aug 2011
Posts: 6,262
Reseda, California
J
JohnSprung Offline
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JohnSprung  Offline
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Joined: Aug 2011
Posts: 6,262
Reseda, California
Originally Posted by scottgreen94
I see a lot of people have grand pianos on this forum. How do people pay for their grand pianos. Do you have an extra 20 grand lying around ......


Save your money. Set your limit. Take your time. Look a lot. I eventually found a 1929 Knabe concert grand for $6500.


-- J.S.

[Linked Image] [Linked Image]

Knabe Grand # 10927
Yamaha CP33
Kawai FS690
Re: Affording a grand piano? [Re: scottgreen94] #2829603
03/21/19 04:12 PM
03/21/19 04:12 PM
Joined: Apr 2005
Posts: 1,635
Encino, California
ChatNoir Offline
1000 Post Club Member
ChatNoir  Offline
1000 Post Club Member

Joined: Apr 2005
Posts: 1,635
Encino, California
I scoured every ad in the papers and on-line. And one night, perusing "The PennySaver", I found my Estonia 168, almost right out of the box, for $6000. The 84 year old Knabe was sold for $800, and my new baby cost me $5200. And we are still madly in love, 15 years later. So look around, there are deals to be had everywhere.


Some men are music lovers. Others make love without it.
Re: Affording a grand piano? [Re: scottgreen94] #2829626
03/21/19 04:48 PM
03/21/19 04:48 PM
Joined: Aug 2012
Posts: 4,376
Finland
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outo Offline
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outo  Offline
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Joined: Aug 2012
Posts: 4,376
Finland
My used grand piano was not costly, only 5000euros, but I did seriously consider a much more expensive one. My new upright was 9000euros, it took me a while to pay to the bank. Usually better to borrow the money and pay cash. Piano prices are very negotiable. The first asking price for the grand was 8500euros and for the upright 11500euros. They easily came down.

I see nothing wrong in using a loan to buy a piano if one knows the payments are ok and the interest is reasonable. In the time it would have taken me to save that money I would have missed many moons of practice. In fact i have never been able to save anything, I tend to get rid of any extra money fast, there's always someone who needs it more smile
However I have a fixed job with decent income so I know I can handle the payments.

Re: Affording a grand piano? [Re: scottgreen94] #2829651
03/21/19 06:03 PM
03/21/19 06:03 PM
Joined: Apr 2006
Posts: 649
Rocky Mountains, USA
EP Offline
500 Post Club Member
EP  Offline
500 Post Club Member

Joined: Apr 2006
Posts: 649
Rocky Mountains, USA
Although I've always been a pay-as-you-go, stay-out-of-debt person, in my neck of the woods many (most?) people take out loans to buy cars, houses, snowmobiles, motorcycles, RV's, etc., and sometimes all of the above.
If you have an income, can manage the payments, don't mind taking on some debt, and a piano is important enough to you, I don't see why it wouldn't be a fine purchase, certainly no worse than buying any other non-essential item. On the other hand, if you're 25 and still live with your parents, I hope you're paying your way and not just sponging off of them. Clearly, as you stated, a piano purchase is not the first thing on the list.

Re: Affording a grand piano? [Re: Retsacnal] #2829665
03/21/19 07:12 PM
03/21/19 07:12 PM
Joined: Jan 2018
Posts: 2,235
In the Ozarks of Missouri
NobleHouse Offline
2000 Post Club Member
NobleHouse  Offline
2000 Post Club Member

Joined: Jan 2018
Posts: 2,235
In the Ozarks of Missouri
Originally Posted by Retsacnal
I would always advise against going into debt to buy a piano. Save your money until you can afford to purchase what you want. If you earn your living teaching lessons, then you could potentially justify financing a piano, since it would help you earn your living (i.e. it’s a cost of doing business).


+1. Very sage advice.


[Linked Image]
Re: Affording a grand piano? [Re: scottgreen94] #2829668
03/21/19 07:30 PM
03/21/19 07:30 PM
Joined: Aug 2018
Posts: 1,547
North Vancouver
L
Lady Bird Online content
1000 Post Club Member
Lady Bird  Online Content
1000 Post Club Member
L

Joined: Aug 2018
Posts: 1,547
North Vancouver
My parents bought my old Kawai grand when I was a young teenager.
They knew I was going to study music.This was the late 60's and they paid it off in installments.I think it took about a year or 18 months to pay it off.

Last edited by Lady Bird; 03/21/19 07:33 PM. Reason: Missing word
Re: Affording a grand piano? [Re: scottgreen94] #2829671
03/21/19 07:39 PM
03/21/19 07:39 PM
Joined: Mar 2007
Posts: 2,099
Glendale, Ca.
D
Dave Ferris Offline
2000 Post Club Member
Dave Ferris  Offline
2000 Post Club Member
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Joined: Mar 2007
Posts: 2,099
Glendale, Ca.
I wasn't able to buy my first grand- a new Yamaha C7e- till I was 35. In 1988 I paid $13,300 out the door from Fields & Sons in Santa Anna. My wife and I put over half down and financed the rest. I've been a Pro musician for over 50 years and have lived in LA for 40 years. So there has always been work.

I kept trading in, or selling, to move up quality wise from the C7.


https://soundcloud.com/dave-ferris

2005 NY Steinway D # 571692
Yamaha CP4, CP5
Re: Affording a grand piano? [Re: scottgreen94] #2829682
03/21/19 08:10 PM
03/21/19 08:10 PM
Joined: Mar 2013
Posts: 946
Germany
patH Offline
500 Post Club Member
patH  Offline
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Joined: Mar 2013
Posts: 946
Germany
I had money saved. I only bought my grand piano when I was sure to have enough money to buy a decent one.


My grand piano is a Yamaha C2 SG.
Re: Affording a grand piano? [Re: scottgreen94] #2829692
03/21/19 09:00 PM
03/21/19 09:00 PM
Joined: May 2016
Posts: 43
Sydney, Australia
P
parnassus Offline
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Joined: May 2016
Posts: 43
Sydney, Australia
My wife and I were big spenders, but we went cold turkey and saved almost every dollar we earned for 4 years. This was enough for a property down-payment, furniture and a nice piano. I wouldn't have been able to do it in that time frame on a single income. Make sure you stick to your guns and buy your house before your piano!

Re: Affording a grand piano? [Re: scottgreen94] #2829754
03/22/19 12:12 AM
03/22/19 12:12 AM
Joined: Jun 2003
Posts: 27,409
Oakland
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BDB Offline
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Oakland
My mother-in-law sold her engagement ring to pay for her piano. The marriage still lasted until he died.


Semipro Tech
Re: Affording a grand piano? [Re: scottgreen94] #2830287
03/23/19 07:38 AM
03/23/19 07:38 AM
Joined: Dec 2016
Posts: 72
W
willpianist Offline
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Joined: Dec 2016
Posts: 72
It's a matter for priority I suppose. Many people in the western world has a car. A Japanese grand piano is roughly the cost of a Camry and a German Piano is roughly the cost of a new BMW. For me it is a matter of not getting a new car and keep using the car until it dies.

Re: Affording a grand piano? [Re: scottgreen94] #2830336
03/23/19 10:01 AM
03/23/19 10:01 AM
Joined: Nov 2009
Posts: 3,087
J
joe80 Offline
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joe80  Offline
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Joined: Nov 2009
Posts: 3,087
I was actually just very very lucky, and I'm very grateful for the help I received.

Re: Affording a grand piano? [Re: scottgreen94] #2830347
03/23/19 10:19 AM
03/23/19 10:19 AM
Joined: Oct 2010
Posts: 75
Canada
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cagal Offline
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Canada
I searched around and bought a very nice used piano for $10K The finish isn’t perfect but the piano is terrific!

Re: Affording a grand piano? [Re: scottgreen94] #2830412
03/23/19 12:41 PM
03/23/19 12:41 PM
Joined: Jun 2003
Posts: 27,409
Oakland
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BDB Offline
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Oakland
How you pay for things depends on your situation. If you have a good FICA score, if you have assets that exceed the amount you are paying, if you have a steady income that is greater than your basic expenses, you might find it more convenient to stretch out payments over a while. Otherwise, you are probably better off lowering your expectations. If you decide to finance anything, it is always better to arrange financing before you shop, especially avoiding store financing. You can get a better deal that way.

When I remodeled my home, I looked around for lines of credit. It turns out that the best rate was secured by my stock portfolio. That taught me how so many of the $1-million-plus homes around here are sold in all-cash deals.


Semipro Tech
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