how do the likes of Watchfinder operate?
Discussion
A poster just mentioned that he sold a watch to Watchfinder outright. That susprised me - I expoected the to operate on a consignment basis just like the high end car dealers mostly do. Is that not the case?
And whilst I am asking, just how much mark up do the put on a watch so I know how much haggle room I have.
Is there a big difference in retail prices of worn second hand watches and unworn ones - or to put it another way, do the dealers have the ability to remove scratches and polish a watch back to "as new".
And whilst I am asking, just how much mark up do the put on a watch so I know how much haggle room I have.
Is there a big difference in retail prices of worn second hand watches and unworn ones - or to put it another way, do the dealers have the ability to remove scratches and polish a watch back to "as new".
If you want to sell a luxury watch to Watchfinder, you create an account on their website and provide them with the details of the watch along with photographs of all angles. They will email you an offer for the watch within a range and if you’re happy with the offer you send it to them for inspection. They arrange DHL collection courier free of charge for you.
When they receive your watch, they will make a final offer. If you accept then you provide them with your bank details and they will pay the money immediately. If you change your mind/or if offer is much lower, you can request for the watch to be sent back and they’ll arrange that free of charge too.
I found it MUCH better than Chrono24 who take a cut of the sale plus you have the hassle of posting the watch.
When they sell a watch, they’ll service it and give it a polish etc to bring it up to their good used resale standards.
When they receive your watch, they will make a final offer. If you accept then you provide them with your bank details and they will pay the money immediately. If you change your mind/or if offer is much lower, you can request for the watch to be sent back and they’ll arrange that free of charge too.
I found it MUCH better than Chrono24 who take a cut of the sale plus you have the hassle of posting the watch.
When they sell a watch, they’ll service it and give it a polish etc to bring it up to their good used resale standards.
Edited by Prohibiting on Monday 18th October 21:10
I traded a Tag Heuer Aquaracer in with them against a Seamaster Planet Ocean and they advertised the Tag for £500 over what they gave me as a PX value and no doubt made at least the same if not a bit more on the watch I bought so that's where their profit is.
It was a great service though and I have no complaints.
It was a great service though and I have no complaints.
Jamescrs said:
I traded a Tag Heuer Aquaracer in with them against a Seamaster Planet Ocean and they advertised the Tag for £500 over what they gave me as a PX value and no doubt made at least the same if not a bit more on the watch I bought so that's where their profit is.
It was a great service though and I have no complaints.
At a guess that £500 is maybe 15/20%. Correct?It was a great service though and I have no complaints.
GCH said:
By lowballing, and their margins.
Basically this. Admittedly I have never bought anything right at the top end of the market but I assume it applies across the range. I bought a used TAG from them, paid about £650 for it. Considered trading it in about 6 months later and they offered me about £300 if I recall correctly. I suspect they'd have sold it again at the same kind of price so I guess if they offer similar across their range, they have some decent margins.
I have bought two used watches from Watchfinder and I have been very happy with the service, and the watch, on both occasions.
If I was selling a watch for a couple of grand or so then I would just do it myself via eBay/Facebook/forums or whatever, but if I was ever selling something notably more expensive I would probably try Watchfinder (or a jewellers/grey dealer) simply to avoid any hassle, scammers, and the risk of being robbed.
Buying from Watchfinder is as simple as looking at the advertised price, looking at the pictures, and deciding if you want to buy the watch. Selling to them is as simple as sending them your watch and deciding if you like what they offer.
Some people seem to dislike Watchfinder, but interaction with them doesn’t need to be any more complicated than the above.
If I was selling a watch for a couple of grand or so then I would just do it myself via eBay/Facebook/forums or whatever, but if I was ever selling something notably more expensive I would probably try Watchfinder (or a jewellers/grey dealer) simply to avoid any hassle, scammers, and the risk of being robbed.
Buying from Watchfinder is as simple as looking at the advertised price, looking at the pictures, and deciding if you want to buy the watch. Selling to them is as simple as sending them your watch and deciding if you like what they offer.
Some people seem to dislike Watchfinder, but interaction with them doesn’t need to be any more complicated than the above.
Edited by anonymous-user on Tuesday 19th October 09:56
I've bought a couple of watches through Watchfinder and sold one, or at least traded it in. I traded a Daytona against a more expensive PP and was perfectly happy with their offer after a little haggling. They probably made a fairly decent amount of money on the deal but that's fine with me as the service was good. They may well not be that great on offers for cheaper watches that traditionally shed value, like TAG, but for all the reasons given by Marylebone above I am quite happy to use their services if the offer is acceptable and I would certainly consider buying/selling with them again.
People on internet forums seem to like singling out WF and bashing them in particular, which I don't understand, as I expect that they are no better or worse than plenty of other second hand watch dealers.
It would be interesting to know what their fixed costs are. Presumably the offers and margin must depend upon the watch in question and how confident they are of reselling it at a particular value.
People on internet forums seem to like singling out WF and bashing them in particular, which I don't understand, as I expect that they are no better or worse than plenty of other second hand watch dealers.
It would be interesting to know what their fixed costs are. Presumably the offers and margin must depend upon the watch in question and how confident they are of reselling it at a particular value.
I was interested in how much they do business on sale or return. They have a couple of watches valued at above pounds 100 K at the moment and I can’t believe they have bought these. But from the sound of it they do buy most of the low value ones themselves.
My main interest is ferrari and as far as I can make out the overwhelming majority of dealer stock of secondhand his sale or return. But then I guess that is usually a lot more money.
My main interest is ferrari and as far as I can make out the overwhelming majority of dealer stock of secondhand his sale or return. But then I guess that is usually a lot more money.
bordseye said:
I was interested in how much they do business on sale or return. They have a couple of watches valued at above pounds 100 K at the moment and I can’t believe they have bought these. But from the sound of it they do buy most of the low value ones themselves.
My main interest is ferrari and as far as I can make out the overwhelming majority of dealer stock of secondhand his sale or return. But then I guess that is usually a lot more money.
As far as I am aware, Watchfinder does not do sale or return/consignment. They buy in all their stock.My main interest is ferrari and as far as I can make out the overwhelming majority of dealer stock of secondhand his sale or return. But then I guess that is usually a lot more money.
I suppose it is no different to any ordinary car dealership having a few million of stock on their forecourt. I was speaking to a guy I know who is part of a small family business of two local car dealerships, and he was telling me their forecourt stock totalled nearly £6 million and was all paid for, not on finance or consignment.
If a local business is operating at levels of used stock like that, I see no reason why Watchfiner, a company who turns over £70 million a year, wouldn’t hold millions worth of stock and be happy to buy in £100k watches on a regular basis.
Trust in consignment has fallen over these last few years, with all kinds of horror stories of long established car dealerships selling peoples cars then going bust before they handed over the money, so I imagine most people would simply want their watch bought off them outright rather than sending it away with the hope of one day getting paid, or not.
richthebike said:
They're owned by Richemont so we're not talking about a startup or sole trader here.
Indeed, and as I mentioned above, with an annual turnover of £110 Million. (I accidentally said £70m in my post above, and that was a figure from a few years ago)
They easily have the means to buy in plenty of watches such as the £172,000 AP they have at the moment.
GCH said:
By lowballing, and their margins.
It’s a business. They make offers which make sense to their business, nothing is forcing you to accept it. They’ve been going for a long time now, they must have metrics for all sorts - sale prices and time to sell being the obvious. If they already have 5 models of your watch which have been sitting around for a while they’re not going to offer top money.
gregs656 said:
GCH said:
By lowballing, and their margins.
It’s a business. They make offers which make sense to their business, nothing is forcing you to accept it. They’ve been going for a long time now, they must have metrics for all sorts - sale prices and time to sell being the obvious. If they already have 5 models of your watch which have been sitting around for a while they’re not going to offer top money.
At least you're getting an offer, I asked them for a valuation on my Blue 46mm Navitimer 01 this morning, and they told they weren't interested in it. I've asked them to explain the reason for the rejection, given it's as-new, in warranty and a desirable spec.
Maybe it's because I bought it in South Africa and can't locate the original purchase receipt, but they haven't explained why so I'm confused and concerned I have a watch no one would want.
Maybe it's because I bought it in South Africa and can't locate the original purchase receipt, but they haven't explained why so I'm confused and concerned I have a watch no one would want.
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