Purchasing a luxury watch is like a symbol that you’ve finally made it, but it can be very disappointing to learn that you’ve been tricked by a con artist. What should you look for when purchasing a luxury watch? Ae there any red flags? These tips will help you decide.
Think About The Resale Value
When purchasing a car, people consider resale value. Since luxury watches can cost as much (or more than) a car, it’s important to consider the resale value. Buy brands that are popular, and don’t get crazy with customization. Even if you think this watch is going to be your most cherished possession for the rest of your life, make sure it’s something that someone else will cherish if you need to get rid of it. Brand matters with resale. Although many watch experts do not rate Rolex very highly (compared with other luxury watches) in terms of craftsmanship, these watches are easier to resale because they are one of the most popular luxury watches.
Buy Your Watch At A Store
There are plenty of counterfeit watches, and purchasing one can land you in hot water. Counterfeit goods are often sold by criminal operations. These are the kind of people you don’t want to do business with. If sell your watch and the person you sell it to discovers that it’s counterfeit, giving your buyer their money back will be the least of your worries. This can all be avoided by purchasing from a respected retailer.
Join The World Of Watch Enthusiasts
While it is good to purchase from a store, internet luxury watch groups can be a great resource. There are people who spend their free time researching watches and buying new ones. If you have questions about the features or value of a watch, these online groups are a great resource. Although it would behoove you to verify any information you receive, you can talk with watch enthusiasts without receiving pressure from a salesman.
Don’t Forget Maintenance
Usually, you can’t just replace the battery on a luxury watch. These watches are run by an intricate web of cogs and gears. That’s a huge part of the reason why they are so expensive. This means that your watch will require routine maintenance to keep on ticking properly. For example, Panerai watches need to be re-waterproofed every two years. It is also likely that some mechanical pieces will break down over time. Make sure you understand any service agreements that are included with your watch.
All They Can Say Is No, But…
Cars and luxury watches are very much alike. While policies may vary from store to store, it is quite likely that there’s a little wiggle room in the price of your watch just as you could negotiate the price of your car. Don’t be afraid to ask for a lower price. It’s great to pay as little as possible for your watch because that means you’ll make an even greater profit when/if you sell it.
Don’t Make Them Say It Too Quickly
Negotiations can come to a screeching halt if you ask for a ridiculous price on a very expensive watch. Luxury watches are intricate, handmade machines encased in precious metals and jewels. Girard-Perregaux has its own exclusive training center where watchmakers are taught how to fix the watches, and the brand has established service centers around the world. Other luxury brands have similar arrangements. The brand names of these watches alone cause a significant retail market, so don’t expect to get something for nothing. Compare the price of the watch from multiple outlets so that you can get a reasonable idea of the cost before you start negotiations.
Beware Of Counterfeits
Don’t expect a counterfeit to say Lolex instead of Rolex, and don’t assume that a watch is genuine just because its purchased in a store. Although there are some valid exceptions, (like when you’re purchasing an antique watch) most legitimate luxury watches will come with certificates of authenticity. Compare the watch in your hand with the watch advertised by the manufacturer and look for any subtle differences in color or font. Always check the serial number online.
Really Cheap Prices Are Red Flags
There are very few reasons for a person to sell a luxury watch for a couple hundred dollars. Whether it’s a store or a private seller, be very wary of ridiculously cheap prices. A watch that is too cheap is likely either stolen or counterfeit. You could be held legally accountable for the unscrupulous ways the watch was obtained if the selling price is so cheap that a reasonably prudent person should have known better.
Consider Buying Pre-Owned
Depending on the watch, a pre-owned watch can be cheaper than a new one. Considering that luxury watches are made with premium quality materials, they very rarely go out of style, so you’ll still look elegant in a used luxury watch. Make sure you get a certificate of authenticity and inspect these pre-owned watches carefully for any damage. Going the pre-owned route allows you to purchase a style or brand of watch that you couldn’t afford otherwise.
Buying a watch isn’t all about investment value and avoiding counterfeits. While it’s certainly no fun to make a terrible purchase, remember what you’re doing. You’re buying a luxury watch, and you can afford it. Celebrate the accomplishment by allowing yourself to enjoy the process. Take your time. Don’t expect to find the perfect watch immediately. Find the watch you want. Try on as many watches as you want. Don’t be afraid to splurge a little.