Many Watch buyers Melbourne enthusiasts will discover that second hand markets often provide near new watches at significantly discounted prices compared to buying new. This savings can often be significant.
Some watches from certain brands may actually appreciate in value when sold on the secondary market; however, most will lose at least some of their initial resale value.
They are cheaper
Second hand watches in Perth tend to be much cheaper than new. A watch that costs $10,000 from an authorized dealer might only require $7,000 of pre-owned condition for sale nearby.
Reason being, watch markets are driven by supply and demand. Brands tend to produce more watches than they need, leading to an excess that more than meets current demand – this excess eventually drives down value when sold second hand on second market.
Buy pre-owned watches can be an excellent way to find quality watches at a reduced cost, and one key consideration should always be price. When making this decision, three key criteria need to be assessed as to whether a pre-owned watch should be purchased:
They are more expensive
As new watches become harder to come by in boutiques, luxury watch enthusiasts have begun turning more frequently to second-hand markets for hard-to-find models. This can be good news for the watch industry which can capitalize on this trend to increase sales and reinforce brand loyalty while simultaneously understanding true demand before devising any plans for pre-owned sales strategies.
As an example, certain models have become so sought-after that manufacturers cannot keep up with demand, leading collectors and buyers to wait years for these sought-after models. When these pre-owned versions enter the market they become highly desirable and can fetch premium prices.
Some brands produce limited edition watches that are only available for a short period of time, making these models more expensive on the pre-owned market as they become more in demand and appreciate with age. It is important to make sure any pre-owned watch you purchase is genuine and does not contain fake parts.
They are more valuable
Pre-owned watches tend to be more valuable than new ones due to their higher level of complication; thus enabling them to do more than tell time. Furthermore, this market provides access to rare models no longer in production.
Luxury second-hand market growth can be attributed in part to online platforms that promote transparency and bring buyers and sellers together. Many watchmakers now offer certified pre-owned models from independent brands like MB&F and F.P. Journee, as well as more established watch brands such as Breitling.
Pre-owned watches may be more affordable than new ones and even have collector’s value; however, they are still not as inexpensive as purchasing directly from a brand. Furthermore, like any new item purchased, their resale value tends to diminish quickly once leaving its boutique, so purchasing pre-owned could be the ideal solution for some individuals.
They are more difficult to find
Some buyers only feel at ease buying brand new watches and may value them before insuring it against potential damage, while those looking for savings and something with history might prefer second hand watches as an option.
Many brands limit production numbers in order to maintain quality and exclusivity, making it harder for you to find specific models of interest. Second-hand watches provide you with an opportunity to purchase watches that no longer are produced but still share similar aesthetic qualities with current models from your desired brand.
Second-hand watches may also be less costly than new watches if they are in good condition, which is why Eric advises purchasing second-hand watches rather than going directly for new ones.