Since reading Part One, you must be entirely convinced that a watch is a solid investment, right? Yea, I didn’t think so. Let’s face it; a luxury purchase is an emotional purchase. I know many of you reading this article are like me and are currently squandering all their money on frivolous things like food and shelter. Occasionally everyone, no matter what our financial position, splurge on ourselves now and then and when we do hopefully there are sites like this one to rely on for good advice and helpful suggestions on how to reengage the logic side of our brain in our decision.
For those with a little extra disposable income you might be like the group Sam Hines, a Christie’s vice-president and head of watches referenced recently, “We had clients tell us, ‘I am not earning any money in the bank, so I’d rather put it into something I can wear, enjoy, and that’s holding its value”. Imagine if we could have saved up all the money we’ve blown on convenience store-like purchases in our lifetime (soda, gum, chips, soda, fast food, candy…did I mention soda?) we’d all have enough money to get a nice watch or more. Some of us are just plain better at restraining ourselves on immediate ancillary purchases because they have their eye on a more lasting ancillary purchase.
During my research looking for my first luxury watch I’ve been able to create a top ten list of ways to save money on your purchase to be sure you obtain the most value from your purchase and to avoid any buyer’s remorse.
Top Ten Ways to Obtain the Most Value from your Watch Purchase:
1. Search within reliable brands (Rolex, Patek Philippe) and stay with classic models and avoid new models within even a reliable brand (See Part One).
2. Look for buying vintage from a reputable local or online dealer.
3. If buying vintage or from an online dealer, no matter the price point always try and buy a watch in mint condition with box and valid papers.
4. If buying new is important look at reputable online dealers to save money.
5. When buying from an authorized dealer, check with multiple dealers and ask if they discount their pricing. In many instances buying from a dealer out of state will save you sales tax.
6. Research the quality brand to verify it can command high price at auction or during resale.
7. Look for rare (precious metals or limited editions) and special pieces with a unique history (like Omega Speedmaster, the first watch on the moon).
8. Be willing to wait for watches to appreciate over time.
9. Get a watch from a brand with controlled pricing and distribution
10.Avoid ladies’ watches, fashion, or designer watches.
In the next few posts, as I refine my search for my first luxury watch, I will expand on each of the above ways to save money on your watch purchase to clarify and give some more specific advice to aid in your own search.
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For those with a little extra disposable income you might be like the group Sam Hines, a Christie’s vice-president and head of watches referenced recently, “We had clients tell us, ‘I am not earning any money in the bank, so I’d rather put it into something I can wear, enjoy, and that’s holding its value”. Imagine if we could have saved up all the money we’ve blown on convenience store-like purchases in our lifetime (soda, gum, chips, soda, fast food, candy…did I mention soda?) we’d all have enough money to get a nice watch or more. Some of us are just plain better at restraining ourselves on immediate ancillary purchases because they have their eye on a more lasting ancillary purchase.
During my research looking for my first luxury watch I’ve been able to create a top ten list of ways to save money on your purchase to be sure you obtain the most value from your purchase and to avoid any buyer’s remorse.
Top Ten Ways to Obtain the Most Value from your Watch Purchase:
1. Search within reliable brands (Rolex, Patek Philippe) and stay with classic models and avoid new models within even a reliable brand (See Part One).
2. Look for buying vintage from a reputable local or online dealer.
3. If buying vintage or from an online dealer, no matter the price point always try and buy a watch in mint condition with box and valid papers.
4. If buying new is important look at reputable online dealers to save money.
5. When buying from an authorized dealer, check with multiple dealers and ask if they discount their pricing. In many instances buying from a dealer out of state will save you sales tax.
6. Research the quality brand to verify it can command high price at auction or during resale.
7. Look for rare (precious metals or limited editions) and special pieces with a unique history (like Omega Speedmaster, the first watch on the moon).
8. Be willing to wait for watches to appreciate over time.
9. Get a watch from a brand with controlled pricing and distribution
10.Avoid ladies’ watches, fashion, or designer watches.
In the next few posts, as I refine my search for my first luxury watch, I will expand on each of the above ways to save money on your watch purchase to clarify and give some more specific advice to aid in your own search.
