Interested in buying a timepiece? If so, you’ve probably asked yourself the tough – “Should I look at new or pre-owned watches?”
While we would love to be able to answer this question definitively, the reality is that each person will have their own unique preferences and motivations making the answer differ depending on who is asking the question. What we will do is take a closer look at each option in an attempt to simplify this question and help make the right decision for YOU. You’re thinking getting a new watch after all, it should be exciting…not stressful!
The format is simple – we will look at each option outlining the pros and cons of and give our opinion on who should buy new vs used.
New Watches
Pros;
Condition
One of the main advantages to buying a brand spankin’ new watch is the fact that it has never been worn before, pretty obvious huh? This means the watch will be free of bumps and bruises, keeping superb time and should have quite a long runway before any maintenance is required.
Risk
When buying a brand new watch from an authorized dealer there are assurances that come along with your purchase that are not available when buying a pre-owned watch. You can feel confident that your new watch is genuine, absent of non-original parts, and has not been stolen and resold. To top it off, every watch manufacturer offers great warranties in the event there are any problems with your timepiece.
Experience
There is something to be said for walking into an authorized dealer or boutique and getting the full experience that comes with purchasing a new watch. The experience can be something as simple as having coffee and talking watches for a while, maybe you have a glass of champagne (depending on the price of your piece) or maybe you walk away with some extra branded goodies for making your purchase. Regardless of the extent of your visit, it’s tough to not feel great when leaving a shop with a brand new watch!
Cons;
Resale Value
Much like new cars, watches can depreciate as soon as you leave the store with them. For many brands you are likely to lose 10%-30% immediately after your purchase. Let’s be clear, watches should not be considered an investment, but it is tough to ignore the resale value when looking to make a significant purchase. One caveat being that brands like Rolex, Audemars Piguet, Patek Philippe & Richard Mille often sell for multiples over their retail prices.
Availability
Historically, availability of new watches was never an issue, however, in today’s red hot watch market waitlists for desirable watches get longer and longer with no end in sight. For those that are willing to wait potentially years for their watch, grey market dealers are waiting with supply ready to charge many multiples of what watches cost at retail. Additionally, discontinued or vintage models that will be unavailable from retail stores, so selection is limited to current models only.
Experience
If you gotten this far you’ll notice that experience is listed in both pros and cons of purchasing a new watch. Over the past few years the luxury watch market has gotten blazing hot to the point where supply does not always meet the demand of its customers. The end result has forced dealers to become selective with the consumers it sells watches to. If you are not lucky enough to have a relationship with a dealer, expect year long wait times or having to package less desirable models with your desired watch to get what you are after. This is not the case for all watches, however, depending on the model you’re looking for it is something to consider.
Who Should Consider New Watches?
- The first time watch buyer
- The risk averse
- The opportunist who is able to purchase one of the “hot watches” at MSRP
Pre-Owned Watches
Pros;
Price
The biggest benefit to purchasing a pre-owned watch is the price…there is no better feeling than scoring a sweet deal on that thing you’ve been eyeing for a while. As mentioned above watches are a lot like cars, once they’ve been worn out of a store they depreciate rather quickly, so…the ability to get a “like new” watch at pennies on the dollar is the number one reason for going pre-owned.
Selection
When looking at pre-owned watches there is a limitless catalogue to browse. The selection can span generations, brands, and even crossing continents. Whether you’re looking for a modern watch, something that was produced the year you were born, or even the exact watch your grandfather wore – rest assured at one point or another it will be available for purchase.
Availability
In today’s watch market supply does not always meet the demand of its customers and purchasing an in-demand watch from an authorized dealer can seem next to impossible. The market for pre-owned watches has an endless inventory and are always readily available. Looking for that new Rolex you’ve been waiting for 2 years to get? It may cost an arm and leg but at least you’ll have it on your wrist!
Cons;
Risk
While buying a pre-owned watch can be a rewarding experience it does come with a few inherent risks that must be considered. Buying from third parties opens a buyer up to misrepresented watches that can be in poor condition, have unknown service records or non-authentic parts. High quality fakes are around and get tougher to decipher as each day passes so it is important to look out for any red flags. There are many ways to limit risk when buying pre-owned watches, nonetheless, risk will always be present.
Experience
Brand new watches have the overhead cost of the dealer built into the price which results in a polished positive purchasing experience. When dealing in pre-owned watches this is not always the case…Most transactions over forums and used watch dealers leave much to be desired in terms of service. Be prepared for negotiations, parting with money before ever seeing your watch and ending the transaction with a trip to your local watchmaker to find out if what you’ve purchased is in fact authentic and in good working order.
When buying a used watch you need to “buy the seller” first and foremost. We won’t go into too much detail here but a follow up to this article will follow sharing our tips and tricks to buying pre-owned watches.
Who Should Consider Pre-Owned Watches?
- The person who knows exactly what they want
- The experienced watch collector
- The thrifty shopper