Nobody likes to spend extra money that they do not have to. The same rings true when you are searching for luxury goods. Online luxury marketplaces are coming into their own now, making it easier than ever to purchase those goods, including luxury watches.
Buying watches online can be an expensive hobby if you let it. Even if you are simply looking for that one special piece, there is always merit in getting what you want for the best possible price. Fortunately we are going to show you some of the many ways you can increase your chances of saving money when that time finally comes.
How to Save Money When Buying Luxury Watches Online
- Become an educated buyer of luxury watches
- Explore pre-owned watches over new
- Know where you can buy luxury watches online
- Major platforms with zero fees
- Understanding listings to find current values
- Look for a reputable seller
- Developing relationships with sellers
- Learn how to negotiate effectively
The more time you spend studying horology, watch brands, timepieces you like, and how the sales process works, the easier it will be to save your hard-earned money when you finally make that perfect purchase. Knowing what you want, and what to look for is one of the key ingredients to a deal that benefits you in the best way possible. Fortunately there is an abundance of resources available to you for your new education in online watch purchasing.
Exploring Pre-owned Watches Over New
Were you aware that high quality luxury watches have the ability to hold their value for quite some time? Many of the most in demand pieces will actually appreciate over time. If you find the right watch, you will actually earn money while wearing a beautiful piece of engineering on your wrist. I’m not going to say there is no merit to buying a watch brand new, in fact, Rolex sport watches would be far better to purchase new from a Rolex Authorized Dealer.
These watches are in high demand, and with a limited supply of them, the pre-owned market is very inflated. You would be in a better place if you were somehow able to purchase one new from your dealer. This however is rarely the case.
The vast majority of luxury brands have a significant depreciation curve such as Breitling, Omega, Panerai, and Hublot, etc. Fortunately, almost every brand has watches you can buy for pennies on the dollar when purchasing pre-owned over new.
Know Where You Can Buy Luxury Watches Online
Now that you are ready to begin the great hunt, it’s time to figure out where to hunt. There are several various options for you to explore, each with its own pros and cons. Finding which option is best for you is yet another key ingredient for your savings buffet. A simple online search will reveal the four biggest marketplaces are:
- Chrono24
- Crown and Caliber
- WatchBox
- Value Your Watch
While these are by far the most significant marketplaces, there are others that are definitely worth the visit. The former list is fairly watch exclusive, while the latter also includes many other products as well.
- eBay
- StockX
- The RealReal
- 1stDibs
Buyers of luxury watches should educate themselves on the fees involved in the different platforms. This will help you get the maximum value out of your time. One of the bigger platforms has a 6.5% fee to the seller. This simple fact is pretty much an automatic discount if you know how to properly engage in the deal, and purchase the watch direct and off the platform. Their only other option is to list on a fee-free platform. We all know how expensive watches can get, and these fees have the ability to make significant dents in pockets.
Major Platforms with Zero Fees
As we have discussed before, there is usually a fee for sellers on most marketplaces. These fees can range anywhere from 3% to in excess of 15% depending on if the seller has paid for a specific store package on said marketplace.
If we were to look at the massive platform from our previous example, the fees can add up quickly. If it is a $10,000 Rolex you are looking for, the fee for the seller would be $650.00. That platform also has to collect sales tax from you. If you are in California, that 7.25% means you pay $725.00. If you live in New York City, it’s even higher at 8.875% for out of state sellers. This would be a massive $887.50 just in taxes.
This $10,000 Rolex could end up with $1538.50 just in excess fees that could have been avoided utilizing other means. With this information, doesn’t it make sense for the seller to offer you a better deal directly. In addition to saving him some money, you will be able to legally avoid paying taxes. Remember, it’s the law for most of these marketplaces to charge sales tax to the buyer, however in many cases you don’t have to pay tax when buying out of state directly.
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Fee-free Platforms
Facebook: Facebook Marketplace is massive, with millions of people browsing every single day. Almost anything can be sold on the platform, and Facebook doesn’t charge anyone to use the service. You are able to contact your seller and negotiate a deal that makes both parties comfortable. There are millions of items for sale from any category, and watches are a huge market on there.
Craigslist: Craigslist is one of the original local private p2p marketplaces. Its user base is massive and once again there are millions of items for sale at any time. Depending on the location, some places are better for watches than others as the platform is more locally focused. Some of you will have zero problems finding that must-have piece, while others may have to stretch to find what they are looking for. Just as on Facebook, Craigslist is free for both buyer and seller, and you are able to conduct business however the two parties decide.
Value Your Watch: Unlike the previous websites, the Value Your Watch marketplace is a dedicated watch platform. There are no fees for buyers or sellers, and it is encouraged to reach out to the seller and come to a mutually beneficial agreement. There is no masking of seller information, and since there are no fees, Value Your Watch doesn’t try to force you to make the deal through them. However with Stripe and banking integration, it can be as easy as clicking the “Add to cart” button if you so choose.
Now that you have educated yourself with the different platforms, it’s time to research some pricing information, so you can approach the seller with a solid, well informed deal.
Understanding Listings to Find Current Value
Understanding the current market for the piece you want to buy will help you get the right watch at the right price. Pricing can be one of the most mind-boggling parts of your search. Fortunately a little bit of research can help you, and this research just requires you to search the different marketplaces.
Here is a wonderful guide to market value.
Buying a watch isn’t even close to buying that favorite shirt from your favorite retailer. You already know that that shirt is pretty much always going to be $40.00, but what about a watch?
The luxury watch market will fluctuate based on any number of factors, not limited to economic factors, supply and demand, brand initiatives, and current events such as a celebrity wearing one.
Knowing and watching current pricing will help you determine if the deal you are getting is the right one. The good news is, you are able to shorten some of the research by utilizing a couple tools known as scrapers.
They will do much of the searching for you. They gather the listings from the most popular forums and websites so you can cut out much of the point and click.
Here you can try them out for yourself
These sites are all easy to use.
Look for a reputable seller
People that have been in the business for an extended period of time, have been able to do so because they understand the value of doing the job right. These are the sellers that do their due diligence when evaluating a piece they will sell, ensuring the watch is authentic and making sure the listings are accurate.
When dealing with these seller’s you will have a real nice feel for what to expect. Dealing with excellent sellers on platforms without fees gives you the best chance to save a decent chunk of change on your purchase. This type of seller will have competitive pricing combined with consumer-friendly policies. These sellers know that a happy customer is a repeat customer, and will refer others to them in the future. Some of the ways to identify one of these people include:
- Good ratings
- Search the seller’s name
- Search the business name
- Check the BBB, Google, Yelp, and other review sites
- Ask for references
- Pay attention to the seller’s response to you
