If there is one piece of advice that an expert in the world of luxury watches can give you, it is that sometimes owning a sought-after pre-owned luxury watch is even better than having a completely brand-new watch!
When it comes to world-famous brands and limited editions from Rolex, Cartier, Omega, Patek Philippe, and Breitling among others, you will often find that a high-quality pre-owned timepiece can garner a higher price than a completely new limited edition model from the jeweler’s case.
It might not make sense to seek out a pre-owned Rolex watch versus something brand new for market value retail price, but keen watch collectors know the second-hand market is filled with amazing used luxury watches ideal for boosting or starting a watch collection.
Here are the best reasons for buying luxury timepieces on the preowned and resale watch market and why it is worth your time and money.
1. You Avoid The Initial Depreciation
You should think about buying a luxury watch in the same way that you would buy a car. As soon as you purchase it, the original value begins to depreciate once it has been driven off of the lot and turns from being new to pre-owned.
A brand-new luxury watch will also depreciate immediately however, unlike a new car, a pre-owned luxury watch is still able to be used for many decades after the original sale date. You might say it has a glass floor - a value that will not sink. In buying a second-hand watch, that initial depreciation has already been absorbed by the original owner.
Then of course, except for the most sought-after models and vintage watches, secondhand watches have a lower price range than brand-new watches. As with anything new, people want the pleasure of “brand newness” as well as the kudos of owning the latest Rolex model. If you have your heart set on a GMT Master or Daytona but your budget won’t stretch to the full market price for a new model, you will probably find one for a lower price on the pre-owned market.
2. More Likely To Make A Profit When You Sell
Some people successfully make a living from trading in secondhand luxury watches. It can be a risky business to buy a designer Swiss watch for the sole purpose of making it an investment piece (essentially buying to sell it for a profit later on), simply because there is no guarantee the price is going to appreciate in the future.
In terms of return on investment though, there’s one thing in your favor and that is that luxury watchmaking is still a major industry and the pre-owned market is very strong. Forces of supply and demand have only ever strengthened the market and a secondhand watch has been a sound vehicle for investment for many decades now.
this also means it should be easier to sell your watch again when you choose to.
3. The Range Of Choice Is Much Wider Than Brand New Collections
When buying brand new, there is the obvious issue of being limited to the current models being retailed by the brands. With the pre-owned market, however, there is a massive range of brands, models, and previous versions of watches. In reality, limited editions and discontinued styles and sizes can only be found on the preowned market because the brand watchmakers only sell new stock and their current catalog.
Take, for example, Rolex. The company will introduce a particular watch and over its lifetime it will evolve and be changed numerous times as different models are introduced. the change might be minute but Rolex will give it a new model number that will make it different from all previous iterations. The Rolex Submariner is a particular watch that boasts many, many different models from different decades.
4. You Can Find ‘Never Worn’ Watches In Excellent Condition
Even if you are looking at the preowned market, buyers still want items in the best condition. The durability of luxury watches is one of the features that contribute to their premium price so it is possible to find watches that still look and feel as good as new. There are plenty of examples that are classed as never worn or just slightly worn and essentially these look completely brand new.
They are much more common than you think and if the watch has all the original paperwork (a desirable factor), there is no reason to assume there is not a genuine reason for resale. It is quite possible to find almost brand new watches considerably cheaper as secondhand items than from the brand retailers’ shelves.
5. Buying Pre-Owned Can Be Much More Convenient
Even though the internet has made shopping so much more convenient, some luxury brands do not sell their brand-new watches online, namely, Rolex, Cartier, Omega, and Patek Philippe.
In contrast, the bulk of the action in the pre-owned market is online meaning that there is a much wider choice.
The very best resale sites will provide full and detailed listings with photographs of the watches being sold, rather than just a representation of what is for sale. If you choose the right retailer with the right guarantees and warranties, you can feel just as safe in your purchase as if you were buying a brand-new one from a first-hand retailer.
BONUS REASON!
Particular Watches Are Difficult To Find Brand New
Most luxury watch brands that release special edition and limited edition timepieces make them particularly hard to find! These limited releases are only available for a certain amount of time, and once the brand ends the production run, there is no choice but to turn to the second-hand market.
The world of watch collecting is full of people who like to own things for just a certain amount of time before selling them, so limited edition watches do appear on pre-owned sites.
New or Old?
There are very good reasons to decide between a new Rolex and a used Rolex. As well as those mentioned above which mainly focus on the financial soundness of buying used, there are other considerations. You might want to make more eco-conscious choices - a used item is much better for the environment than something brand new. You might want to enjoy the history that gives a preowned watch its heritage, You might be looking for an estate piece that can become a family heirloom.
Whether it’s a one-off or you want to become a watch collector, the world of preowned watches is fun and exciting and can also be financially rewarding.
