There are plenty of reasons why people decide to purchase a luxury watch; from making an investment to buying a special gift for a loved one. Whatever your reasons may be, purchasing a vintage watch is not something you should do without some serious consideration. Below we have a countdown of the most important tips to follow from our very own director, John Freeze – an expert in the field with a well-established reputation for delivering a dependable and trustworthy service.
10. Do Your Research
There are many outstanding luxury watches to choose from, each with their own advantages. As with any important purchase, you should do your research to find the right make and design that suits your style or needs. If you were buying a car or house, you wouldn’t buy the first option available without knowing all the details, and the same should apply for a prestige watch.
Make sure you know exactly what you are looking for, from the make and model to the identifying features. After all, if you want James Bond’s Top Time by Breitling, you need to know what you are looking for.
9. Set A Realistic Budget
It would be great if we could go out and buy whatever we want, no matter how much it costs. Unfortunately, there are few of us that have that luxury, so when you are looking for a vintage watch, make sure you take into consideration the price tags.
Take the Rolex Daytona models for example. Unless you have a spare £100,000 lying around, it’s unlikely that you will be able to buy a Paul Newman Daytona. However, there are plenty of other Daytona models that go for a fraction of the price of the Paul Newman. If you know the type of watch you are looking for and know your spending limits, you are guaranteed to find an option that is perfect for you.
8. Know Your Seller
The internet has made buying and selling items much easier in general, but it is not always the best way to make a purchase. Buying a prestigious watch from someone requires a level of trust that can’t be built with an anonymous online seller. You should have a point of contact that knows everything about the watch, from its special features to its history, so you know exactly what you are buying. You should preferably go through a shop based seller, like our team at Vintage Pawnbrokers, so you can find them easily if you do have any queries or problems once the transaction has taken place.
7. Get A Warranty
Luxury watches aren’t cheap so when you make a purchase you want it to be in full working order. Therefore, it is important to only purchase a watch from a seller that will provide a warranty. It is an extra assurance that the watch isn’t faulty, and if you do have any problems, you will get a repair or replacement without losing any money. Remember to make sure you have contact details for the seller, or preferably a store where you can find them, in case you do have any issues.
6. Don’t Believe a Deal That Sounds Too Good to Be True
Genuine luxury watches cost more for a reason. It takes time and meticulous craftsmanship to produce every single one. Rolex has even been known to take up to a year to produce an individual watch. The quality and precision that goes into every watch therefore costs money. If you are offered a deal that sounds too good to be true, chances are that it is either a fake or has been acquired through fraudulent means.
Make sure you have done your research so you know the real value of the watch you are looking at, and how to spot any fakes. You should also make sure the seller can give you the full history of ownership so you know it is not stolen or under a credit agreement.
5. Be Careful When Purchasing with Cash
As with any valuable purchase, you should always be wary if you intend on carrying a large amount of cash with you. It is not unheard of for buyers to be robbed of both the watch and the cash either by unscrupulous sellers or even by a third party. Always consider your safety first and only complete transactions in a safe environment with reputable sellers.
4. Beware of Fakes
Prestigious watches are constantly growing in popularity so inevitably the market has been flooded with fakes. Many fakes are easy to spot and a very cheap price tag will give them away instantly. However, counterfeiters are now becoming wise to tell-tale signs that their goods aren’t the genuine items, so have established ways to make it more difficult to tell the fakes from the real deal.
Before you commit to a purchase, make sure you know how to tell the difference between counterfeit and genuine watches. You should also get the authenticity verified by a trusted dealer to ensure that you don’t fall prey to any scams.
3. Check the Serial Number Matches
Genuine prestigious watches are usually sold as a complete package including paperwork and outer case. Each watch will have a serial number, so check the number matches the certificate of authenticity and the outer box. If it doesn’t, this should bring the validity of the transaction into question, so should be avoided.
2. Get Identification from The Seller
If you are buying a watch from a seller that you do not know, and they want to carry out the transaction in a public place, take a copy of their ID and a photo of the seller themselves. It is not a good idea to enter a transaction with someone that you can’t trace anyway, but if this is the route you take and it turns out the watch is stolen, you will lose the watch and could face prosecution for handling stolen goods. You therefore need to be able to show the authorities the identity of the seller for your own protection.
1. Talk to JF Daughters for More Advice from A Trustworthy Seller
The number one tip is to find yourself a trustworthy, reliable business that you can go back to time and time again. The team at Vintage Pawnbrokers are experts in buying and selling luxury watches, so we can give you all the information and advice you need when looking to purchase a new watch.
We have strict procedures in place to ensure that the watches we sell are not stolen or counterfeit – our transactions are always recorded on CCTV, we check all new watches against the register held by police for stolen items, and we carry out thorough inspections to ensure the watch is genuine and in perfect working order. We even provide a two-year warranty for extra peace of mind.
We value all our customers, new and old, and pride ourselves on being a reliable, trustworthy family-run business, so come and visit us in our Epsom store to find out how we can help you purchase your next watch.
If you would like to learn more about Vintage Pawnbrokers pawnbroking and loan services, you can get in touch via our contact page or, visit the team at our Epsom shop where we will be happy to assist with your enquiry.