Just bought a 50D.. Buyer's remorse?

I might be rambling this whole post, but regardless I just put a new 50D (body only) on credit. I currently have an XTI which I've owned for 2 years (and since then have bought many lenses and gear and ultimately became a freelance photographer as a side job since). Regardless, over these last 2 years I got myself into a debt situation where I failed to make payments in time on various camera gear with a high-interest account. Luckily my father gave me the extra money I needed to get out of the debt hell, but here I am back in it (although not near as bad) after getting out of it only 2 months ago.

Either way, my photography "business" is booming.. people are seeing the high quality pictures I am dishing out and wanting me to take their pictures (weddings, engagements, photoshoots, baby showers, you name it).. Just this month I have been slammed with work.. I'm blaming it on the summer months, but I am not complaining at all, I'm just hoping it continues to prosper enough to pay for itself (and right now I am not charging that much partially due to lack of experience, but that will change soon).

I've looked at reviews of the 50D and most say it's awesome, although from my standpoint I'm seeing it as a learning curve mainly due to the interface and button layout that I'm so used to with the XTI. Regardless I will get used to it. I actually ordered it mainly as a "backup" camera, although I will be using the 50D a *lot* more than the XTI, but I was also suffering from the occasional "Err99" on my XTI that would make me miss shots (sometimes multiple times in a row). I didn't want to send it into Canon for repair and lose it for 6 weeks and pay them so instead I decided to go ahead and take the 50D plunge.

I guess my question is, has anyone suffered "Buyer's Remorse" from upgrading to a 50D from an XTI?

Thanks for listening

sorry to be blunt, but does 'living within your means' mean anything to you?
You shouldn't be buying camera equipment if you have already been in debt and financing a new camera based on future revenue that is neither concrete nor confirmed.

But I'll stop nagging because you probably get enough of it, although personally, I think it's well deserved.

Enjoy.

You should ask your father what he thinks...

Correct me if I'm wrong but once you sign up or agree to comply with the terms and conditions of these kind of payment options, you're then obliged to pay for them within the alloted time regardless if you have a change of mind weeks after purchase unless it's faulty/damaged.

Even if you, your father or others feel it was a bad move to make purchasing something without being on steady ground...

Might be too late either way :/

The 50D is a very capable performer and I truly hope it brings you a great deal of pleasure. I also pray, given your story, that your use of it will not be soured by the debt you have placed yourself in to purchase it.

Besides what #2 and #3 already mention, I have a few thoughts. First, 50D is NOT going to improve your photos. If this is why you are upgrading, you should NOT especially you are putting it onto your credit.

But then, if you have already bought it, then you don't need to remorse coz, just enjoy your purchase.

Hi

This is more about business strategy and control rather than which body to own.

Enjoyment of your new body is not a substitute for not paying your bills! Be serious.

I think you need to take a look at your business and your prices. If you are being "slammed with work" despite being a relative beginner, this might be a signal that the market likes what you do and thinks it's good value. However, you need to cover all of your costs all of the time, so don't be afraid to factor in annual running and replacement costs in your pricing strategy. By purchasing another body on credit you will now need to add interest charges to your list of overheads. Nothing wrong with that as long as you are recovering this cost in your pricing. In this type of business, every job has to pay for itself. The next job shouldn't subsidize the last one. (in some ways, that's how the recently exposed Ponzi scheme operated (look up Ponzi in wikipedia)) Otherwise you won't last long.
Don't have buyers remorse, but make sure you get a financial return on the "total cost of ownership" of this investment.
Good luck

Thanks, and although yes I have "learned my lesson" about getting into debt, I am thinking about the multiple reasons of purchasing a 50D rather than, say, purchasing an expensive lens or equipment I don't completely need. For one as stated in the OP, the XTI will serve as a "backup" just in case something goes wrong with the body I'm using, as well as a time-saver since I will not need to switch out lenses for multiple types of shots when on a photoshoot or wedding. That and the consistent Err99 on the XTI I am getting (which I have done research on, trying different options and still getting the same thing). Not to mention I had trouble with my XTI this past weekend on an engagement shoot with the flash not firing when it was supposed to - my conclusion being a bad mount with the XTI and the 580EX I was using, since after unmounting/remounting it would continue firing again.

Either way I am probably moreso worried about what will happen in 6 months and how much I will still owe (if anything), rather than the "getting used to" part of the 50D.

I do agree to the terms and conditions - I will be paying the camera off monthly over the next 6 months and whatever is left I will face the "consequences" of paying the high interest if necessary.. in my opinion it will be worth it.

eelnoraa wrote in post #8114797
Besides what #2 and #3 already mention, I have a few thoughts. First, 50D is NOT going to improve your photos. If this is why you are upgrading, you should NOT especially you are putting it onto your credit.

But then, if you have already bought it, then you don't need to remorse coz, just enjoy your purchase.

Exactly, this is only a very *minor* reason of why I ordered the 50D, not because it will improve my photos, but it is a definite upgrade of going "more pro" into the field of photography.

Thanks

Leverage (debt) isn't always a bad thing, especially if its being used to expand a businesses capabilities...
...and there are quite a few improvements from the xti to the 50D....I was astonded at the ease of use/ease of changing settings and the new features that the 50D had that my xti didn't

Luke Cern wrote in post #8114806
Hi

This is more about business strategy and control rather than which body to own.

I think you need to take a look at your business and your prices. If you are being "slammed with work" despite being a relative beginner, this might be a signal that the market likes what you do and thinks it's good value. However, you need to cover all of your costs all of the time, so don't be afraid to factor in annual running and replacement costs in your pricing strategy. By purchasing another body on credit you will now need to add interest charges to your list of overheads. Nothing wrong with that as long as you are recovering this cost in your pricing. Otherwise you won't last long.
Don't have buyers remorse, but make sure you get a return on the "total cost of ownership" of this investment.
Good luck

Good suggestions on the business side of things. Although I am looking at it more as an experience benefactor rather than a replacement cost issue. I will be increasing costs over time as I get more experience - just this last weekend I had my first engagement shoot (and not one but two in a row). I made more money than I expected actually, but eventually I will be doing research as to a "maximum cost" to remain competitive.

quadrant6 wrote in post #8114879
Good suggestions on the business side of things. Although I am looking at it more as an experience benefactor rather than a replacement cost issue. I will be increasing costs over time as I get more experience - just this last weekend I had my first engagement shoot (and not one but two in a row). I made more money than I expected actually, but eventually I will be doing research as to a "maximum cost" to remain competitive.

Ironically I am planning to purchase a 50D using the same scheme of investmenet however the plan I have chosen allows me to pay the full amount over 12 months (plenty of time) without interest unless I go over the deadline.

So yeah, it is indeed a good idea to plan your finance issues. For example, I know how much the 50D deal is going to cost me and I know how much I make in a year. But I also know that regardless of me being adamant to get it payed off asap, I cant just stick all my monthly payments from the first three months to substitute for it. So instead I've decided to take an amount from each monthly payment and put it towards the camera and if things take a turn for the worst, I'll have to sacrifice other life luxuries.

Planning is essential, and once you've got it all sorted, you'll be fine, regardless of your payment options on the 6 month deal.

Good luck man

MatthewK wrote in post #8114688
You should ask your father what he thinks...

That's excellent advice, and an exception example of quick wit.

But if you're concerned about the extra debt, do what a lot of people do: Get a second (or third) job.


That's what I love about being a teacher. The hours are good and you can always tutor for the extra dough. My wife and I are cheap, and we're charging 35 bucks an hour. Two extra hours per day is 70 bucks cash per day.


Are you good at math?

Making a financial commitment for a sensibly chosen addition to your kit will also keep the pressure on you to make your business perform! My first sales job was accompanied by training sessions that had us all painting pictures of our dream house or dream car! It worked for lots of salesmen. I'm not suggesting you do that, but at least understand your costs. (yes: I teach business to accountancy students but I learned everything on the street).

MikeFairbanks wrote in post #8114923
My wife and I are cheap, and we're charging 35 bucks an hour. Two extra hours per day is 70 bucks cash per day.

not quite $70/day if you're paying your taxes on that cash.