A watch symbolizes time a lot more than a smartphone does. Getting accuracy in a watch (that costs thousands of dollars) is important of course. But it’s also pretty much guaranteed because these timepieces are produced by the world’s finest watchmakers. The qualities to look for when choosing a luxury watch primarily include appearance, functionality, and prestige.
Usually, features and extras are the least important things of a luxury watch. Instead, the brand and price are the two vital things that really determine the true value of each of these luxury watches.
Rolex watches – the best you can get
Rolex is one of the topmost luxury brands for watches. When it comes to luxury watches, purchasing a pre-owned Rolex makes a whole lot of sense, if you go about it the right way. Especially with timeless and iconic designs that haven’t changed much over the years, there is no shame attached to older pieces. In fact, they may even be more desirable – besides they save up loads of your money. However, it’s not really something you want to go into unprepared as it can be risky and might have some drawbacks as well.
Here are the 9 things you need to know before purchasing a pre-owned Rolex (or any luxury, for that matter) watch:
1: Pre-owned watches are either vintage, contemporary or discontinued
Vintage timepieces are usually at least 30 years old.
Contemporary watches, however, are the current watch models that are available with authorized retailers. Discontinued watch models include watches that are no longer sold by the brand. No matter which watches you opt for, purchasing a pre-owned watch holds much more value than buying at retail and the value of the watch might even escalate over time.
2: Service is essential
Like any other pricey imported item, a high-end luxury Rolex watch needs to be looked after and must be serviced from time to time.
Any mechanical watch, whether it is vintage or modern, needs occasional maintenance and service by a certified watchmaker so that it functions properly and has a long life. Your watch can last for generations if taken care of properly. If you’re willing to spend thousands on a watch of high caliber, you shouldn’t sweat the small stuff.
3: Take advantage of good credit
If you have good credit, you could go for a low-interest rate. What that would mean is it may not cost a lot to pay for the watch you want over time. This can be a great way to buy the more expensive timepiece you really want to own but can’t afford to pay for all at once.
4: Be aware of replicas
One major problem arises when replicas get better and better and only highly trained watchmakers and experts can differentiate between original and fake. What’s inside the watch matters as well, as even if the case is genuine, the movement can be dodgy. With Rolex, to be specific, many watches have had parts replaced with parts that are not authentic over the years or even movement parts that are not the right ones.
Only a good experienced watchmaker can ensure authenticity. If the authenticity of the watch isn’t guaranteed and backed by a refund from a reputable dealer, then don’t take the risk at all.
5: Have all the information
You must ask the right questions when looking into a pre-owned Rolex. Does the watch retain its original manufacturer finish? Has it been adequately polished? Does it keep possession of all of its original and correct manufacturer parts such as bezel, crown, clasp, etc.? Pieces that check all these boxes are much better to invest in and are less likely to let you in for an unpleasant surprise down the line. But again, you must decide what matters most to you and what price you are willing to pay.
6: Know the original price
Check retail prices for new pieces to see how much you are saving and not just handing your credit card over at a retail boutique.
Like a brand new car, a brand new watch decreases in value the second you take it home. But a pre-owned Rolex has already been decreased in value to the near maximum by the time you buy it. Knowing the correct market value is extremely important. This way, you can be sure you’re not paying extra and are getting yourself a good deal.
7: The price can go up at any time!
The value of most pre-owned Rolexes for will definitely go up. It totally depends on trends in the market, auction results, and what the brand is currently offering. An example includes when Rolex revealed the magnified date lens on the new version of the Sea-Dweller. Since then, there’s been a rise in demand for discontinued Sea-Dweller models without the lens.
8: Try getting the original documents
Consider paying more for a timepiece when it comes with its original box and papers.
Though a watch that comes with a certificate of authenticity from a highly regarded dealer doesn’t necessarily need them. Usually watches with their original boxes and papers will have more worth and retain their value better. But if it’s a piece you just plan on using and not reselling, the alteration in price may not be worth it. You need to make sure that the watch is in excellent condition.
9: Be careful with vintage watches
Vintage watches are not as durable, dependable or worry-free as contemporary or discontinued models. Vintage pieces, even sturdy sports watches, are more fragile and this is more applicable when the watch is older. For a majority of people the appeal of a vintage piece takes precedence over these negative concerns. But you must keep in mind that you shouldn’t go swimming with it on!