2021 Ultimate Pre-Owned Luxury Watch Buying Guide

Over the years, many people have asked us about buying a second-hand luxury watch. Here are the best tips for buying a second-hand luxury watch.

2021 Ultimate Pre-Owned Luxury Watch Buying Guide

Yes, there is a way to prepare to ensure you leave the time you choose satisfied. As with any major purchase, this one requires due diligence and a good understanding of the pre-owned luxury watch market.

1. Get to know the different types of second-hand watches

There are different types of second-hand watches and we will explain the differences between them, from the newest to the oldest.

The first type we will consider are modern watches, which are still sold by authorized dealers and retail boutiques. These watches are generally models that were still in production at the time of purchase. A luxury watch, like a luxury vehicle, loses some of its original retail value the moment you put it on your wrist. Buying a modern second-hand watch has its own value; because in most cases the watch might still be in excellent condition and possibly still under the manufacturer's original warranty. The second type we need to consider are watches that have been discontinued or completely discontinued. Watch manufacturers often update models with minor aesthetic differences, or in some cases, they keep the design exactly the same and place an updated movement inside the case. As a result, previous models are gradually withdrawn from production and boutiques, and eventually discontinued altogether. These watches can be found at a discounted price, sometimes even brand new, but are sold as NOS (new old stock). The third type of second-hand luxury watches is vintage watches. These are generally models that are at least 30 years old and naturally require more care. They are rarer, replacement parts are harder to come by, they are more fragile and require more maintenance to continue working properly. The good thing is that there are many vintage watches that have increased in value over the years and are now worth more than their original retail price.

2. Finding a second-hand watch that suits you

This is often a very personal preference; because there are many unique and iconic watches that are popular in the watch collecting community. If you're not sure which one to choose, you may want to ask yourself first what features you're looking for in a second-hand watch. Then go from there.

Sometimes you know you want a specific. Sometimes you know you want a specific type of watch with certain mechanical features (such as a chronograph watch that offers a mechanical stopwatch function). Sometimes you just want a watch that looks a certain way.

3. Determine what drives you to buy a second-hand luxury watch

For example: If you want to buy a watch that will one day become a family heirloom, you should consider things like resale value; Because not all brands are equal. Brands like Patek Philippe and Rolex generally have an above-average resale value compared to most other brands. Of course, this depends on the model and a few other things we'll talk about when we discuss valuation later in this article. Another good example of motivation is this: Some people just want to buy a watch that everyone will recognize and thus collect endless compliments for their elegant style and fine taste in watches. In such a case, brand awareness becomes important. Consider these brands (and in this order), from most well-known to least well-known: Rolex, Omega, Patek Philippe, Chopard, Cartier, Breguet, Longines, Audemars Piguet, Vacheron Constantin, IWC, TAG Heuer, Jaeger-LeCoultre, Hublot, Breitling. The list goes on and on, but these are all very popular brands. Another source of motivation, and generally a very good one, is the savings you will make by buying the watch second-hand instead of new. In this case, you will probably want to research the retail prices of the watches you are considering and compare them with the current market value of the second-hand model. Sometimes the lowest advertised price for a pre-owned luxury watch is low for a reason. In this case, you'll want to make sure that the watch meets your expectations, both in terms of its condition and a few things we'll talk about in a moment.

4. How to value a second-hand watch?

Many factors are taken into consideration when valuing a second-hand watch. The following valuation points should be considered when buying, selling, or trading in a pre-owned luxury watch. Having an idea of ​​where the value comes from helps you understand why you might see the same two watch models at different prices.

Some of the more obvious things to consider include:

brand of the watch, age of the watch, condition of the watch, wear and tear condition of the leather strap, if any, specific model number of the watch, whether the watch is a limited edition model, whether it is an iconic collectible model or series.

Some things that are not so obvious but are taken into consideration and can cause a price difference are:

whether the watch has been worn or not, whether the watch has been serviced at the factory and whether service invoices have been provided, whether the watch comes with its original box, tags and/or stickers, whether the watch comes with its original papers and documentation, especially with its warranty, whether the watch is still under the manufacturer's warranty, the supply and demand of that watch model.

5. Tips to get the most for your money

Sometimes the case of a second-hand watch is in very good condition, with no noticeable scratches or dents, but the leather strap is worn out and no longer looks new. Buying a brand new belt from the manufacturer is always an option. Note that some OEM (original equipment manufacturer) leather straps can easily cost XXX and above, but they can add value to the watch.

If there are light scratches on the case of the watch and you want to make it look as new as possible, you can have it polished. This sometimes helps with the aesthetic appearance of a second-hand watch. However, keep in mind that over-polishing a watch can cause it to lose some of its value.

Here's a nifty way to get an "extended" warranty. After returning a watch to the manufacturer for repair or service, the factory usually includes a warranty with the watch. While this isn't the same warranty period you'd get on a brand-new model, it can give you some peace of mind.

Let's also point out that doing the above can often mean a long wait to get your watch back from the factory, and each brand has its own delivery time. Still worth mentioning.

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