How To Effectively Buy Your Pre-Owned Watch

I’m writing this guide to help out those of you thinking about taking a chance with a pre-owned watch and also for those of you who frequently trade and sell your watches.  If you don’t plan on ever selling your watch or buying a pre-owned one, then this isn’t for you.  Develop a relationship with good reputable dealers and you will usually be more than happy.

A great man once said “I watch the nickels and dimes – the dollars will take care of themselves” .

Most luxury products aren’t great investments and watches are no different.  Wearing watches can be expensive – between paying for the watch, getting it serviced, changing out straps and bracelets – it all costs money.  The key is knowing how to manage your money loss and knowing exactly what you’re getting into before you pull the trigger.

Every day I talk to people who want to sell their watch and every day I hear people shocked at the market value that I give them for their watch.  That’s because they didn’t know how to buy a watch in the first place.  My number one rule in buying a watch is knowing what you can potentially sell it for.  If you know the end result before you pull the trigger, you won’t have to worry about surprises when you need to cash in or trade up.

Why Buy Pre-Owned?

I’ll answer your question with another question.  What makes a watch new?  My definition of a new watch is one that you purchase straight from an authorized dealer or a brand boutique.  If you buy your watch from anywhere else, it’s not new – it’s pre-owned.  Brands manufacture the watch to sell to distributors, who in turn stock boutiques in order to supply independent retailers who ultimately sell to the consumer.

If you’re buying a new car, you go straight to a dealership.  If you’re at a random lot and see a car that has “brand new” on the windshield, would you pay full price for it?  I hope not.  The chances of you finding a car in a random lot with a “brand new” sticker on the front these days is slim.  With electronic odometers a consumer can generally tell how much a car has been through.  Spotting the lemons and finding the good deals doesn’t take much work.  But with watches you can’t track the mileage, so you have to trust the word of the seller.
Research is your friend …

With watches there is no easy way to tell the history of the piece.  The pre-owned watch market is like the car business in the 80s.  There are some good guys, some ok guys and then there are the guys who’ll paint over the rust and advertise “New Paint Job” on the window.

No matter how much you’re spending, you need to know your seller.
If this is your first pre-owned watch purchase try your best to go for sellers who have a brick and mortar location.  I always prefer to have a physical place that I can go to in case of any issues.  Also, most actual stores will give you some type of warranty.  If you’re a bit more experienced and decide to go for a seller who is a stand-alone person, your first line of defense is references.  Whether you find them on a forum, eBay, or at your local watch club, any seller worth their salt will have a list of references or past clients that you can call or email to verify that they are a trustworthy person to do business with.  Ask for references and call them.  If possible get a list of references in your own state or town to give yourself a little more security.
The advantage of shopping on eBay is that sellers have recorded testimonials and ratings.  If a seller can’t supply any references, I usually move on.  If they’re out of state, forget it.  Never wire money directly to a person you have never done business with before.  Instead, use Paypal or a credit card  in order to give yourself some kind of recourse.
I also suggest befriending a good local watchmaker.  Find someone who is independent if you can and who has a good reputation.  Every pre-owned watch you purchase should be inspected immediately by a trained professional whom you trust to make sure the watch is authentic and in good working order.
There are a lot of great buys out there this holiday season, but there are a lot of bad ones too.

If you’re a big fan of Hublot and are looking to grab one at a steal, now is a good time.  The brand has seen a recent drop in value on the pre-owned market.  This is due to heavy discounting by retailers of the brand.  Unworn pieces can be had for as much as 35% off the suggested retail price.  Also, with Audemars Piguet bringing down the retail price of their gold pieces, they have taken over the price edge that Hublot had over its main competitor.  Make sure you’re not paying a premium unless it’s a model you can’t find anywhere else – or perhaps if it’s that Hublot Ferrari Tourbillon you’ve had your eye on.

In the next part of this series I will focus more on particular brands and their recent market value along with some other topics.  If you have any questions that you would like to see answered here, please feel free to email me at [email protected]

Happy hunting!!