When you want to sell your Rolex watch, there are basically three options:
I will give you a fourth bonus option at the end.
Each option has pros and cons.
It is safer and fast, but you will not get the best price for your watch.
It is good option but if something goes wrong with the watch, your friend will come back to you.
It is complicated and risky; there are many watch scammer.
Let's look more in details to the three options on how to sell your Rolex.
You need to have a general idea about how much your Rolex is worth on the resell market. A website like Chrono24.com is a good place to find a price.
A Rolex watch dealer is not going to pay that amount for your watch. First, you need to include his commission. Watch dealers commission is around 10% and then you need to factor taxes.
Let's say that your Rolex watch is worth $10 000 on chrono24.com. Now you can take off 10% dealer's commission and 20% taxes.
You can expect a Rolex watch dealer to make you an offer from $6500 to $7500 for your pre-own watch worth $10 000.
The benefit of selling your watch to a dealer is the fact that the transaction will be fast, and there are no comebacks, no issues with the watch when the deal is done.
With a reputable Rolex watch dealer, the transaction is more secured, you get your money quickly, and you never hear about the watch.
The deal is done and final.
Selling to a person you know and trust is a good option; in my option, this is the best solution to sell your Rolex watch.
Someone that's perhaps admired your watch from afar whilst you've been in ownership of the watch.
You can let your friends know that you are selling your watch and see if there is an interest to buy it from you.
You can ask for a fair price closer to the second hand retail price.
If on Chrono24, your watch is worth $10 000 you can offer it at $9000 to your friend. You will get more for your watch and your friend is get a good deal on a Rolex.
The financial transaction will be more secure because it's your friend
and you trust him. It is also easier for them to buy a pre-own rolex because they trust you.
The issue with selling your watch to a friend is that you will always stay connected to the watch. If anything goes wrong with it, you will get a call from your friend expecting you to sort out the issue.
It's only a matter of time, whether it be a year, a month or five years before your friend ultimately will comeback to you with to tell you that something is wrong with the watch.
The dreaded pause follows where they're so kind of hinting that you need to do something about it.
When you sell a watch to a friend you never relinquishing your responsibility on that watch.
It's a strange thing, but I have seen it much time. In the worse case scenarios, I have seen friendship strain by such transaction.
The best way to avoid this situation is to be clear and upfront with your friend before the transaction. To explain that the watch will need maintenance. Over time, a Rolex watch needs to be serviced, and he will have to send it to an authorized Rolex service centre.
Rolex service is about $800 to $1000, and that the responsibility that comes with owning a Rolex watch.
This is the third option, selling to somebody you don't know.
This is a way to get the best price for your watch, but it is the most risky option to sell your watch.
If your watch is worth $10 000, that will be your asking price, minus room for negotiation.
Most people will think about eBay, but there are other online platforms to sell your watch privately.
Some people use online forums and social media to found potential buyers.
A word of caution, becoming a watch dealer for a day comes with many risks. There are a lot of scammers out there.
Professional dealers know how to spot a scammer; it requires knowledge and experience. I'm not a watch dealer, and I will not attempt to sell a watch to a stranger.
The risks involved are not compensated with the extra cash you can make by selling your watch a somebody you meet online in a forum.
There are videos on Youtube on how not to get caught by to watch scammers.
If you are not an experienced watch dealer, my recommendation is not to sell your watch privately because there's a very good chance that you'll end up with nothing.
Many of us want to sell a watch to buy a new Rolex watch. Some authorized dealers will accept trade in on a new Rolex purchase or even a pre-own Rolex.
Rather than selling your watch for cash, you can trade in it against the price of a new watch.
It worth searching around for a watch retailer that also sell pre-own watches. There are the type of retailers that can offer you a trade in exchange on a Rolex.
Because Rolex retailers earn commissions on the sale of a new Rolex watch, they can give a fairly good price on your watch.
Most of them have established relation with certified Rolex watchmakers that can service and restore the watch lustre at an affordable cost.
It is worth shopping around by contacting multiple Rolex retailers to see what they can offer you.
There is not a clear definition of a vintage Rolex watch. Some watch collectors will consider a watch from the '70s to be a vintage Rolex watch, others would say that over 25 years an Rolex become a vintage Rolex watch.
The market for vintage watches has become more popular in recent year. Many people have received old Rolex watches from their father and grandfather. Some are still in working condition other will require repair and servicing. All of them are valuable. If the Rolex watch condition is excellent they could be very valuable watches.