Luxury watches are beautiful but very expensive. Most people can’t justify spending that much money on one product alone. Nevertheless, there are interesting opportunities when you look for second-hand watches. So, is it worth buying a used watch?
There’s nothing wrong with buying a used watch. In fact, many people do it as a hobby, while some make money investing in and reselling second-hand watches. Beginner watch enthusiast should take their time researching before they decide to buy their first one.
Of course, there’s more to buying a used watch than knowing whether it’s worth the hassle. Is it risky to do it? Is buying old better than buying new? And more importantly, why should you buy a pre-owned watch?
Why Should You Buy Pre-Owned Watches?
Buying pre-owned watches allows you to get luxury items at an affordable price. It also helps you deal with depreciation. Since you bought something used, your watch won’t devalue so much when you want to sell it.
At the same time, shopping for second-hand watches allows you to choose from a wide variety of options. Sure, brand-new models will be out of reach, but every old model (with a few exceptions) is probably on the market.
Lastly, buying a used watch requires extensive research before pulling the trigger. When you purchase the latest model, there’s little to no information about it, but you’ll find absolutely everything about models older than a decade.
How Risky Is It To Buy Used Watches?
There’s no risk in buying a used watch when you do it from a reputable vendor. The less you know about the other party selling the watch, the riskier it becomes to buy something from them. Beginner watch enthusiasts should stick to retail stores.
You’ll find countless reputable pre-owned watch dealers online and offline that you can trust. Things may get riskier if you decide to buy from private parties.
Nevertheless, the risk of buying a fake watch decreases the more you know about the industry and how to identify replicas. If you can’t tell a real watch from a fake one, it’s better not to risk it.
Are Old Watches Better Than New Ones?
Whether old watches are better than new ones depends on the buyer. You may not like buying something pre-owned, while others don’t care. Sometimes, you’ll have to buy a used watch if the one you want is no longer being manufactured.
Price and risk are the two vital factors when buying used watches. People tend to look for second-hand watches because they want a more affordable option. Nevertheless, some may shy away from doing so, fearing they’ll fall for a scammer and buy a fake watch.
Buying new and old have advantages and disadvantages. Of course, you may not have a choice if you’re looking for a vintage or brand-new model, but that’s another subject.
Does A Watch Keep Its Value?
That depends! Certain watches always cost the same, others will increase in value over time, and a handful of old watches will become worthless given enough time. People looking to invest in a luxury watch should research until they’re comfortable enough to decide.
There are two reasons to buy a watch for yourself. Either you want it because it looks good on your wrist, or you want something that’ll work as an investment. There’s no reason to care about resale value unless you care about investing in watches.
For the soon-to-be savvy watch investor, it’s vital to talk to jewelers and watch experts. That way, you can learn about the trade, how to use your money wisely, and, more importantly, how to spot a replica so that you won’t store a fake watch for ten years.
When you buy the right watch, its value will increase over time, sometimes more than 10% per year.
Which Watches Retain Their Value The Most?
You have to look for luxury brands if you want to invest. Omega, Patek Phillipe, and Rolex, among others, are perfect options if you want a watch that will stand the test of time. Of course, the brand alone won’t cut it, but it’s a good indicator of what will work.
The brand is the first factor you must look at when investing, and that’s the easy part! After that, you must research models, serial numbers, and a few more things.
For example, something as silly as knowing the serial number of the watch you want to buy will help you determine whether you’re looking at a replica and how old the watch is. Each serial number is unique.
Do Watches Make A Good Investment?
That depends on the watch you want! Whether something you’ll buy will work as an investment involves many factors, including brand name, model, and condition. Most luxury watches are great investments.
Although luxury brands offer the perfect products to invest in, you need to know how to spot a replica before buying one. Don’t be the guy who bought a $100 watch for $10,000 and stored it for 10 years before realizing he bought a fake watch.
Learn about watches before buying used ones to avoid a terrible issue like that one. At the same time, remember you have to trust the seller as much as the thing they sell before you purchase anything.
Collectors look for vintage editions that are as close to brand-new as possible. That means a pristine watch is worth more than a beaten-up one, and having papers is always better than not having them.
Are Used Watches Cheaper?
That depends on what you want to buy! Average watches will become more affordable over time. It depends on the model when it comes to luxury brands. Nevertheless, many watch enthusiasts hunt for bargains on the used market, even if we’re talking about the best brands, like Rolex.
Once you dip your toes in the deep luxury watch waters, you’ll realize many factors determine the price of a product, and that information can work to your advantage. For example, buying a Rolex without its box and papers can make it up to 20% cheaper.
Of course, that small discount comes with a price. Without papers, you have to rely on your knowledge to figure out whether you’re looking at a fake watch or not.
Conclusion
Buying a used watch is not risky as long as you know what you’re doing. Learning to spot a replica and determine the value of a watch is vital before hunting for discounts and good deals on the used market.
