Watches are not cheap, not everyone can afford an Omega Seamaster 1948 ($3,985), a Hamilton Khaki Aviation ($1,328) or even a Seiko Prospex ($475). For an average person, even $475 is a big amount to spent on a watch especially in developing countries where average monthly expense of living sums up to $400-$500. Even in USA that is recognized as having highest standard of living in the world people struggle to meet their daily expenses. Per capital income is high there but income is distributed unevenly.
So it makes sense to look for used luxury watch. Doing so will save you a good amount of money. Buying a used luxury or mechanical watch is not as hard as buying a used car. Where before making a decision you have to visit many dealers and consider many factors like are you single or married with kids, you work for a construction company or an accountancy firm, you like to travel a lot?
Types of watches
Classic watches and some iconic watch models introduced by manufacturers are more desirable thus there will be good demand for these watches in the market that may also increase their price a bit. When you want to buy a used watch you must first decide which make and model you want to buy. Used watches fall into three categories:
- Currently selling
- Discontinued
- Vintage
Vintage refers to watches that are at least 30 years old. Vintage watches will not be as durable as discontinued watches or the new one. As when they were produced technology was not advanced and current materials were not discovered and refined. I will advise staying away from iconic watches as our objective here is to save money not to overspend it.
No matter which category you go for buying used watch has certain benefits other than saving money. For example, some watches can only be found in the used market. Then do a little research online to get the idea of its price. Stay away from watches which require service after a certain time period like Rolex Submariner which requires service every 5 years.
Luxury watches come with an authenticity certificate so also try buying a watch with its original packing and paper. Make sure the watch retains its original finish and parts. Some watches in the used market will be repaired or polished to maintain its looks. If you are buying watches from a recognized seller then you should not worry about parts as they check the watch thoroughly and make sure it’s not repaired.
Where to buy…
Bob’s Watches and Chrono24 are a good place to start. Bobs watches was founded in 1999 to buy and sell used Rolex watches. It is still a leading platform to buy and sell used watches.
Now they sell many different brands. Chrono24 is a global online market place for valuable luxury watches and enthusiastic watch lovers. You can check these two websites to get a fairly decent price idea.
As a little experiment, we compared the prices of 3 new luxury watches to their prices on Chrono24. Here’s what we found:
| Watch | New | Chrono24 | Savings |
|---|---|---|---|
| Omega Seamaster 1948 | $3,985 | $2,650 | 33.5% |
| Hamilton Khaki Aviation | $1,328 | $499 | 62.4% |
| Seiko Prospex | $475 | $238 | 49.9% |
As you can see, you could save a whopping average of 50% on the price of a luxury watch just by buying a used watch online!
Omega Seamaster 1948 was available for $2650 that is $1335 less than the price of the new watch. Hamilton Khaki Aviation was available for $499 that is $829 less than the price of the new watch. So you can save more than 50% of cash when buying a used watch.
Buying from renowned watch traders will not only save you good amount of money but will also give you the peace of mind that the watch is original, is not repaired or polished and you get it on best price. Bob’s Watches and Chrono24 also have the authenticity pledge and they offer money back if you find out that the watch is not genuine at any time. Unlike many companies in search of maximizing a profit, traders like Bob’s Watches and Chrono24’s primary goal is to create a trusted source to buy and sell authentic and original watches.
You can enjoy the same luxury as the rich people at a very attractive price and without breaking the bank.