The Chanel Classic Flap has been the bag I have been wanting for almost five years now. To say I want the bag might be an understatement. Around twice a year, I would go through a Chanel 2.55 feverish period where I would seriously contemplate about purchasing the bag. I would watch countless number of YouTube videos, read through hundreds of threads and browse through hundreds of Google images. The price of a medium Chanel Flap bag has increased from $2,600 in early 2011 to $4,900 currently (88% increase). I considered purchasing the bag using my summer internship earnings but decided the price tag of $2,600 was crazy. Now five years later, I still constantly ask myself “should I buy the bag”?
The most popular advice is if you want a Chanel then just go and buy it now. The advice makes sense and certainly would have saved me thousands of dollars; I think you should also consider whether the timing is right. In my opinion, although you may have the money for a Chanel it does not mean you should buy one. Whether you should buy a Chanel is relative to how much savings you have and what other obligations you have. To spend $5K on a bag is different to someone with $10K in savings vs. someone with $200K in savings. It is also different for someone with no financial obligations vs. someone with a mortgage, children and other loans. In general it makes sense to buy a designer bag as soon as possible before ridiculous price increases; however, you should feel 100% comfortable spending that much cash.