Luxury Watch Buying Tips: 3 Essential Factors to Consider
February 18th, 2022 by Catherine Marqueses
Shopping for luxury watches always brings a lot of excitement. Because when you think about it, you get to choose which brand, price point, and features to look for in your next watch. While nothing compares to the bliss of buying a new timepiece, it’s crucial not to make impulsive and uninformed decisions, especially if you’re spending a large sum of money on it.
That’s why we curated for you a list of three tips you should keep in mind before making a new addition to your collection. We’ll be going over some essential things to consider, from knowing your budget to whether or not you should consider discontinued watches like the Rolex Turn O Graph. This guide would hopefully prepare you to make your next purchase with confidence.
1. Set a Budget
The budget is something you must set because it will help you determine which timepieces you are capable of buying. It would be impossible to buy your new luxury watch without a budget. So when setting a budget, you should ask yourself the question, “How much am I willing and able to spend?” Let’s remember that willingness and ability are two different things, so hopefully, your purchasing power is more than or equal to your willingness to spend. While we know that luxury watches are costly, there is thankfully a wide range of options in pricing.
If you are on a tight budget, you may opt for Longines watches which range from 500 to 3,000 USD. Longines offers you the stylish and classic look that everyone loves to see in luxury watches.
Another brand that offers excellent value at mid-range price points is NOMOS Glashutte. At 1,000 USD, you’d be able to treat yourself with a gorgeous luxury watch. On average, their timepieces range from 1,000 to 7,000 USD. They are a young German company that goes beyond expectation by producing in-house mechanisms. NOMOS watches are for you if you are a fan of clean, minimalist, and sleek watch designs.
It would be a sin not to mention Rolex watches. If you find yourself with a generous budget, you might want to consider this iconic brand, whose timepieces range from 7,000 to 70,000 USD. With its prestige, heritage, and fine craftsmanship, you are sure to enjoy more than what you paid for.
When setting a budget, our last piece of advice is this: investing in a luxury watch isn’t the same as buying a dress shirt or a pair of shoes. And note that enthusiasts call luxury watches “luxury investments” for a reason. And it’s because once you get a luxury watch, it’s yours to enjoy for a lifetime. So, you should never be intimidated by its price!
2. Try Considering Discontinued Watches
Discontinued watches include models and watch series that were once available in the market until its company decided to stop its production. Examples are the TAG Heuer Carrera 1964 Re-Edition, the Rolex Submariner Kermit, and the Rolex Turn-O-Graph. So, where is the hype in buying a discontinued luxury watch?
Let’s try to dabble a bit in microeconomics! You might have heard of the Law of Supply and Demand. This theory focuses on the effect of quantity on the price of a commodity, say a luxury watch. In a nutshell, if a company stops producing a watch model, which you already have. With proper maintenance, its value is likely to increase in the years to come. It is up to you whether you would like to put it on sale later in life, keep it, or give it to your future kids. Nothing beats owning a luxury watch that is one of a few left of its kind.
On top of the prestige and bragging rights, you can liquidate it anytime since it is a luxury investment. Regardless if it’s for a life emergency or you would like to sell it at a massive price to a watch collector. As discontinued watches skyrocket in value, you can rest assured that your timepiece will not be a failed investment.
3. Know the Basics of Servicing
Servicing plays a massive role in owning a luxury watch, as it helps you maintain and enjoy the longevity of your timepiece. Most watch companies give a 5 to 7-year warranty, which means if you notice any defects of fake parts down the road, the servicing will be free. Just present your watch and the documents that came with it. Whether you go to an authorized service center or an official store, they will inform you if they can service your watch within the day. Otherwise, you may need to wait a couple of days because they sometimes need to send the timepiece to the manufacturer.
Know that servicing is often free, especially if it’s still under warranty. After the warranty, the healthy frequency for servicing is every 5 to 7 years, which may cost you 100 to 1,000 USD. If you wear your watch only several times a month, you can get servicing after much longer intervals. Remember that even when you aren’t wearing your watch regularly, wind it once a month to lubricate its parts periodically.
Last but not least, especially if you have a vintage watch, remember to set your terms! Before you send your watch to servicing, know that most vintage watch parts are more expensive than their replacement ones. So, be sure to make things clear with the servicing professional, whether or not you would like to keep the original parts before proceeding. Otherwise, you will be on the losing end!
It can be daunting to buy a new luxury watch, especially when it’s your first time. But with handy tips and the basic know-how, you can expect a more enjoyable experience as a watch owner. We hope that this guide has been helpful, and thank you so much for reading ’til the end. Be sure to check out WatchShopping.com for great deals and discounts on your next luxury watch!