Are you planning to buy a used or pre-owned luxury watch considering the higher cost of new ones? This is the common reason behind many people buying pre owned watches Singapore as they can save a significant amount by opting for used ones. But it is very important that you should not just keep the pricing in mind as there are many other factors that play a vital role. So here are some important things you must keep in your mind before you make the final decision of buying a second hand watch Singapore.
Is buying a used watch a good idea?
This is a very important question that every individual should ask him or herself before purchasing a used luxury watch. One common thing about luxury or vintage watches is that they hold their value extremely well and the value of some actually increases over time. And the best part here is that the greatest chunk of depreciation has already been absorbed by the original owner. So when you are not concerned about wearing a watch with the latest model, or you like having something on your wrist that has a classic quality to it, then there’s a lot to be said for buying used. If going by the statistics, pre-owned watch industry has increased by 73% since 2020. And the market, which was worth $18 billion in 2018; it is poised to grow to $30 billion by 2025.
We can say that the used luxury watches industry is the fastest0growing one, but it is important to keep in mind that there are plenty of bad buys out there, too, and fraudulent sellers to look out for. So make sure to always trust only reliable platforms to make the purchase. Check if the platform offers a physical inspection service so you can check the product before you make the payment. This will add an additional layer of surety to the deal.
What should look for when buying a used luxury watch?
Treat low prices with caution – Assuming that you already have a budget set for the purchase and have a fair idea of the type of watch you’re looking for, it’s time that you start your search for getting the right pre owned Rolex Singapore for you. Once you have found one, do some research online to get a good idea about the market value for the same watch of a similar age and condition. This can be a bit time-consuming, but it can save a lot of your money as this will give you an idea if the watch is overpriced so you can negotiate over the price. Similarly, if the watch is available at a relatively lower price tag, then it can be a Red Flag. Either it could be stolen, fake, damaged or not even exist beyond the photos on a website.
Keep maintenance costs in mind – When you buy a luxury second hand watch Singapore, you cannot just expect to buy it and start feeling that there are no additional costs involved with it. As an owner of a luxury watch, you are responsible for its maintenance and functioning. While there are exceptions, generally speaking, any watch that has been made before made before 1980s is classed as vintage. And when the watch is old, it would surely need maintenance, which you should factor into your cost calculations. The reason here is that older watches tend to be less robust and more prone to damage and hence it is suggested to get them serviced more often as their parts will be more susceptible to wear and tear. It is suggested to buy a watch winder, especially when you are buying a second-hand automatic watch. It will not rotate continuously, which prevents damage to the mechanism.
Buy the seller, not the watch – If you have been exploring the second-hand watch industry, then you would be familiar with the term, “buy the seller, not the watch.” This means that you should put your trust in the seller or manufacturer of the watch, instead of the watch itself. Start looking into their online presence: do they have a website, do they have verified reviews online, etc. You can also make use of your research skills to get the feedback of past clients who have ever made purchases from the platform. Remember technology has made it easier for scammers to create a false image of themselves online, but it’s trickier to do it convincingly long term. Check if the seller has a physical showroom so you can visit the place to see and handle the watch before purchasing.
Check the warranty and returns policy – Before you make the purchase online for pre owned watches Singapore, you should not make the mistake that many others make; not checking the warranty and return policy. When you are spending a huge amount of money on anything, it is important that you take extra care and ensure that the product you are buying is protected with a warranty. Along with this, you should also have the ability to return the item if there is any kind of damage. Any trustworthy seller will never hesitate to offer either an exchange or a full refund in the event of a problem. In case you feel that the seller is not trustworthy, then there is no sense in making the purchase. When paying, especially if purchasing online, use a well-known service such as PayPal.
It is a fact that there are many risks involved in buying a second hand watch Singapore, so make sure to be extra vigilant. But similarly, there are many benefits that you can enjoy by making the right purchase. So use your research skills to find the right product and a reliable seller so you get the best value for your money.