Just as for all things that retain their value, there is a large market for used luxury watches. Most jewellers, unlike car dealers, don’t take old watches as a trade-in when a customer wishes to purchase a newer, most expensive model. The used market is not nearly as large and well-organized as it for automobiles. However, thanks to the Internet, it is now booming. After all, wearing an expensive brand of luxury watch impresses a lot of people. And if someone can wear a watch that costs $10,000 new, but pay only $3,000, that’s a bargain. Who’s going to know the difference?
Such Watches are Better Than Pre-Owned Automobiles
Many pre-owned watches look just as good as they did when they were new. They may even come in the original box and wrapping paper. They tell time just as well as they ever did. The inside mechanisms were designed to last decades, not years. Only the price on the receipt has changed. They hold their value better even than luxury automobiles. They don’t need regular maintenance that may have been ignored. They are rarely damaged in accidents. And they are not as exposed to adverse weather.
There’s a Thriving Market for Used Luxury Watch Brands
eBay, then Craig’s List, did a lot to educate thrifty consumers on how they could recoup some of their initial investment in a product by selling it. It has also trained thrifty bargain hunters to look for good deals online as well as at the traditional garage sales. Besides, the cheap brands of watches are worth little to nothing. People who buy them might wear them until they break or break and aren’t worth fixing. It’s the high-end timepieces that retain their value. A luxury Swiss watch that’s been taken care of should last for many decades. Delux and premium models may rise in price. A Tag Heuer price won’t go down much.
Auction Houses Can Help With the 6-Figure Timepieces
People who owned watched valued at $100,000 or above ought to check out the auction houses such as Christie’s, Antiquorum and Sotheby’s. However, the fees are too dear and the process too inconvenient for most of the luxury timepiece market of watches worth from $5,000-$10,000 or so for luxury watch brands.
Online Watch Dealers will Pay Used Watches
Some watch dealers have begun buying pre-owned high-end watches. Of course, they do it because they make money by reselling the items. Therefore, just like any dealer, they cannot afford to pay a high retail price. Also, the seller must be prepared to prove they own the timepiece in question, because they don’t want to become unwitting fences for robbers and burglars trying to unload stolen watches.
Online retail buyers of luxury watches are of course afraid of buying fakes or watches in poor condition. Many of them trust an established store or website more than an individual selling just one watch at a time.
There’s an App for That
Therefore, the online pre-owned watch dealers have apps for that available from Apple. Some of the dealers take watches on consignment. That means, they sell it for you, and get a fee for finding the buyer.
Therefore, anyone planning to sell a luxury watch should keep the receipt and the original package. They should also shop around online to find the dealer who will give them the best offer, a Tag Heuer price for a Tag Heuer watch. They should also try out the apps for the stores to quickly find out how valuable their watch is.