how much mark up do dealers add for used watches?

[TP321]

especially Rolexs?

[AlexWF]

Impossible question to answer.

Obviously dealers have to have a margin in their stock but how much that is depends on a number of factors, such as how was the specific watch bought? If it's a px it would've most likely been bought at a higher price. Also key is the type or size of the dealer themselves - 50 staff and 3 buildings is more costly to run than one bloke in a rented office. So the required margin is different. This applies to any business though I'm sure. There's loads of other reasons.

The other thing to consider is that a decent dealer is spending money on preparing their stock by servicing it and applying a warranty. This stuff costs money. Also, going back to the point about different dealers working differently some will happily sit on something to get the top money and maximum margin, others will sell in higher volume (maybe at a lower margin) to keep stock turnover high. Once again though these are just simple principles of business that could be applied to anything be it watches, cars or whatever else the dealer is selling.

[Betty Cumberdale]

I recently had the dilemma of selling a used (nearly new watch)to a dealer or sell it on Ebay and I was quite shocked at the difference in prices I got back for a cash purchase quote from the dealers.

I tried www.watches.co.uk, Jura watches and Watchfinder.

The watch in question was a 2 week old Tag Heuer F1. www.watches.co.uk offered me 500 quid, Watchfinder 200 and Jura 80!!

In the end I decided to go for the cash www.watches.co.uk offered me for the sake of a quick sale and they were very pleasant to deal with (highly recommended). So I guess The Mark up can vary a huge amount but it does pay to shop about!!!

[rat840771]

i recently went into Mappin & webb in Cambridge and the chap behind the counter noticed my seadweller and asked me if i wanted to sell it, he rang up head office and offered me £2700 there and then, i bought it used but unworn in 2004 for £2400. He told me not to service it as they would do that trade.

I would estimate that they would service it and sell it for at least 4k.

[phumy]

rat840771 said:

i recently went into Mappin & webb in Cambridge and the chap behind the counter noticed my seadweller and asked me if i wanted to sell it, he rang up head office and offered me £2700 there and then, i bought it used but unworn in 2004 for £2400. He told me not to service it as they would do that trade.

I would estimate that they would service it and sell it for at least 4k.

I went into Dipples in Norwich about 6 weeks ago, as i know they sell secondhand Rolexs and asked about a secondhand Seadweller, hang on he says i can get hold of one i need to make a call. He was gone about 5 minutes, came back and said he had a 2006 model, no box or papers.....6K gbp. I told him he was joking, he dropped 250gbp. I told him good luck, robbing bugger.

[HammerCJ]

I asked what I'd get for my 2003 Tag Heuer Kirium against a 2nd had Ceramic Sub at Watchfinder in the Royal Exchange in the City. They said between £100-200. They had them in the display case on sale for £695.

[rat840771]

phumy said:

I went into Dipples in Norwich about 6 weeks ago, as i know they sell secondhand Rolexs and asked about a secondhand Seadweller, hang on he says i can get hold of one i need to make a call. He was gone about 5 minutes, came back and said he had a 2006 model, no box or papers.....6K gbp. I told him he was joking, he dropped 250gbp. I told him good luck, robbing bugger.

Wow - that is expensive, they are in hot demand as they are no longer made. I bought one as they are more substantial the the Sub and don't have the Cyclops. Best i hang onto mine then, i have thought about upgrading to the deepsea but that is too big! My other choice would be the platinum yaughtmaster.

[PJ S]

Betty Cumberdale said:

The watch in question was a 2 week old Tag Heuer F1. www.watches.co.uk offered me 500 quid, Watchfinder 200 and Jura 80!!

Jura's offer was designed to tell you in effect, they didn't want your watch, and Watchfinder did much the same.
Neither were truly interested in it as a pre-owned either because they had their own TH F1s in stock or it's not a model that is highly sought after.
Had you a different watch, one where demand is strong, then you'd have seen more serious offers from them.

[MadMullah]

I've not bought in a top marque yet

but i generally offer 25% less than what i'm looking to sell it at - we've had previous people value stuff but over pay on that basis - not what we can sell it at.

[phumy]

rat840771 said:

phumy said:

I went into Dipples in Norwich about 6 weeks ago, as i know they sell secondhand Rolexs and asked about a secondhand Seadweller, hang on he says i can get hold of one i need to make a call. He was gone about 5 minutes, came back and said he had a 2006 model, no box or papers.....6K gbp. I told him he was joking, he dropped 250gbp. I told him good luck, robbing bugger.

Wow - that is expensive, they are in hot demand as they are no longer made. I bought one as they are more substantial the the Sub and don't have the Cyclops. Best i hang onto mine then, i have thought about upgrading to the deepsea but that is too big! My other choice would be the platinum yaughtmaster.

Just because he asked for 6k does not mean it is worth 6k, its only worth what someone is willing to pay for it and for a 7 year old Seadweller with no box or papers isnt worth anywhere near 6k. If it was genuine its possibly worth 3k at a push, plus he was not willing to open it up to prove the authenticity, cetainly not at his expense anyway, which was even more galling.

[bobbybee]

The mark up will vary as a percentage, dependant on the dealer, the watch, the condition etc. etc.

But the 'rule of thumb' is pay half for what you can sell it for.
I've sold quite a few to watches.co.uk over the years, and from their prices to buy, compared to their prices to sell they seem to be using that rule as a guideline for sure.
Don't get me wrong had great experiences with them as a buyer, seller & PX-er, and gotten good prices without the hassle of selling items myself.

[PurpleTurtle]

slight tangent, but a serious non-piss-taking question: what's the attraction in used watches?

I'd happily buy a used car/bike/home, and when I think about it the wife came as "pre-loved", but I just don't get it with used watches, what am I missing? I like my watch to be a new, box fresh, personal item.
Obviously if one was a family heirloom I'd think that would be different, but not one which has no connection to me.

People should spend their money as they see fit so I'm not criticising in any way, I'm just genuinely a little perplexed. Why should I hypothetically buy a used Rolex rather than a new one? Is it the rarity/exclusivity of certain old models, or is there an investment angle?

[AlexWF]

PurpleTurtle said:

slight tangent, but a serious non-piss-taking question: what's the attraction in used watches?

I'd happily buy a used car/bike/home, and when I think about it the wife came as "pre-loved", but I just don't get it with used watches, what am I missing? I like my watch to be a new, box fresh, personal item.
Obviously if one was a family heirloom I'd think that would be different, but not one which has no connection to me.

People should spend their money as they see fit so I'm not criticising in any way, I'm just genuinely a little perplexed. Why should I hypothetically buy a used Rolex rather than a new one? Is it the rarity/exclusivity of certain old models, or is there an investment angle?

It's personal preference, some people won't buy a 2nd hand watch as much as they won't buy a 2nd hand car.

Let's put it into perspective though, if you could buy a one year old Rolex, save over 30% on the RRP and get it in as new condition then why wouldn't you? New is a waste of money if you look at it like that.

[1878]

HammerCJ said:

I asked what I'd get for my 2003 Tag Heuer Kirium against a 2nd had Ceramic Sub at Watchfinder in the Royal Exchange in the City. They said between £100-200. They had them in the display case on sale for £695.

Another way of looking at it would be that they have at least one unsold at £695 so why would they want to tie up capital in another example of the same?

[PJ S]

AlexWF said:

PurpleTurtle said:

slight tangent, but a serious non-piss-taking question: what's the attraction in used watches?

I'd happily buy a used car/bike/home, and when I think about it the wife came as "pre-loved", but I just don't get it with used watches, what am I missing? I like my watch to be a new, box fresh, personal item.
Obviously if one was a family heirloom I'd think that would be different, but not one which has no connection to me.

People should spend their money as they see fit so I'm not criticising in any way, I'm just genuinely a little perplexed. Why should I hypothetically buy a used Rolex rather than a new one? Is it the rarity/exclusivity of certain old models, or is there an investment angle?

It's personal preference, some people won't buy a 2nd hand watch as much as they won't buy a 2nd hand car.

Let's put it into perspective though, if you could buy a one year old Rolex, save over 30% on the RRP and get it in as new condition then why wouldn't you? New is a waste of money if you look at it like that.

Another reason is budget – not everyone has a limitless budget, so the chance to purchase a more desirable watch or one with better materials/design/features for the same sort of money you can afford, makes perfect sense.

[Perec]

PurpleTurtle said:

slight tangent, but a serious non-piss-taking question: what's the attraction in used watches?

I'd happily buy a used car/bike/home, and when I think about it the wife came as "pre-loved", but I just don't get it with used watches, what am I missing? I like my watch to be a new, box fresh, personal item.
Obviously if one was a family heirloom I'd think that would be different, but not one which has no connection to me.

People should spend their money as they see fit so I'm not criticising in any way, I'm just genuinely a little perplexed. Why should I hypothetically buy a used Rolex rather than a new one? Is it the rarity/exclusivity of certain old models, or is there an investment angle?

I agree with you. I feel the same about second hand watches as second hand clothes.

[Adrian W]

I would assume 50%margin or 100% mark whichever way you look at it

[ed335d]

PurpleTurtle said:

slight tangent, but a serious non-piss-taking question: what's the attraction in used watches?

I'd happily buy a used car/bike/home, and when I think about it the wife came as "pre-loved", but I just don't get it with used watches, what am I missing? I like my watch to be a new, box fresh, personal item.
Obviously if one was a family heirloom I'd think that would be different, but not one which has no connection to me.

People should spend their money as they see fit so I'm not criticising in any way, I'm just genuinely a little perplexed. Why should I hypothetically buy a used Rolex rather than a new one? Is it the rarity/exclusivity of certain old models, or is there an investment angle?

There is certainly a degree of rarity & exclusivity with older watches.

I personally don't get your POV if you can happily buy a 2nd hand bike/car/house.

It all comes down to the individual - are you buying watches to keep (i.e. never sell) or does your interest involve buying and selling? If it's the latter, you'll most likely lose a small fortune if you buy everything new. If, on the other hand, you buy 2nd hand sensibly, you can move them on at the same price or a little loss/profit. Plus some models will appreciate if you're prepared to keep them for several years.

This also gives you the opportunity to try lots of styles and variety for little risk.

Taking your Rolex analogy - I think that the vintage pieces are a lot less sterile and will certainly have a much more subtle apearance. My 1966 sub never gets noticed, let alone someone asking if it's real.

Each to their own!

[michael gould]

PurpleTurtle said:

slight tangent, but a serious non-piss-taking question: what's the attraction in used watches?

I'd happily buy a used car/bike/home, and when I think about it the wife came as "pre-loved", but I just don't get it with used watches, what am I missing? I like my watch to be a new, box fresh, personal item.
Obviously if one was a family heirloom I'd think that would be different, but not one which has no connection to me.

People should spend their money as they see fit so I'm not criticising in any way, I'm just genuinely a little perplexed. Why should I hypothetically buy a used Rolex rather than a new one? Is it the rarity/exclusivity of certain old models, or is there an investment angle?

I recently purchased this unworn watch for £5500 they are £14000 new....what's the difference ?

[michael gould]

PurpleTurtle said:

slight tangent, but a serious non-piss-taking question: what's the attraction in used watches?

or this almost unworn super slim Patek.....£13500 new but I paid a little over 5k.......I suppose I could of had a new shinny "Tag" with a refined ETA movement for the same money

Thank God there are people in this world who have to have "new" so that poor people like me can buy their off casts

Edited by michael gould on Thursday 7th November 19:16