There are many reasons to consider buying a high-class luxury watch, but there are even more ways to go about doing it. If you’re in the market for a luxury watch, shopping smart and asking the right questions can end up saving you a great deal of money in the long run.
Luxury watch prices vary greatly, starting as low as $400 and jumping to $7000 and more. In fact, some high-end models can even cost over $20,000! Whether you’re looking for watches online or plan to visit a local pawn shop, it’s advisable to do as much research as possible, especially if you plan on making your luxury watch a high-dollar purchase.
Below we’ve listed a few of the most important questions you should ask the pawn broker – as well as the questions you should ask yourself – to make sure that you don’t end up spending more money than absolutely necessary.
1 – Do you really need a brand new watch?
Luxury doesn’t necessarily have to mean new. In fact, it’s more common to find mansions and luxury cars that have been pre-owned. With jewelry, the same logic applies. If you consider buying a watch to be an investment (and, in many cases, it is), then it makes sense to keep the initial buying price as low as possible, especially if you’re rock-set on a dependable luxury brand. You can keep that initial cost low by finding your local pawn shop and finding a luxury model from a respectable brand at a discounted price.
2 – How old is the watch?
If you don’t want to get a used luxury watch, then it may be wise to look at older models so that you can have a new watch that doesn’t break the bank. It’s no secret, after all, that the price of a luxury watch model will decrease drastically in the years after its release; if you can find an older model that you love, why not enjoy it at a discounted price?
However, buyers of older watches that they haven’t seen in person should beware of prices that seem too good to be true. Scrupulous dealers or online outlets may try to sell older watches that are polished, but in poor condition. By shopping for a luxury watch in person, you can make the decision for yourself. Asking for the watch’s age can also give you the leverage necessary to lower the price, especially if purchasing from a pawn shop.
3 – What is the name of the movement inside of the watch?
In most cases, watch owners don’t care much about a watch’s movement unless they are a collector or enthusiast of some sort. That means that this is a question that you can use to simply test the knowledge of the person selling you the watch. It’s possible that a pawn shop owner won’t know every watch that comes in and out of their shop to the last detail, but a good litmus test can come in handy when it comes to determining if you can drive a harder bargain for the luxury watch you really want.
If they know the movement, the model, and who produced it, they very likely know what they’re talking about. If they say that the watch is an “automatic,” feel free to ask more questions until you feel satisfied that the watch will be worth what you bargain for it.
4 – Is there anything like this available at a lower price?
If you’ve found a watch that you love, but don’t like the cost, there’s a strong possibility that you can find a similar or older model for a better price. Most watches exist in families, after all, and trends inspire more designs and styles that all come in luxury quality for varying prices. Most watch producers have competitors, and savvy shoppers can take advantage of their struggle to out-do each other on price. In most cases, the person selling you the watch won’t mind showing you a less expensive model, especially if you still plan on making a purchase.
5 – How much will the watch cost to service?
A watch, even one built for luxury, is still a machine. As machines, they often require occasional maintenance in the form of polishing, lubricating, battery changes, gear checking, and more, depending on the style of the watch. In some cases, the watch you select may even come with a replacement and maintenance warranty of some sort.
In most cases, however, a knowledgeable watch seller will be able to estimate how often you’ll need to get your watch serviced, and how much it will cost you every time. If you want to keep your investment as sound as possible, this is an important factor to consider fully.
In some cases, a local watch seller or pawn shop will be able to lead you to a reliable luxury watch specialist in your area who will give you a good price. Again, there is no guarantee that all shops will have this connection, but asking is the only way to find out.
6 – How does the watch work?
By understanding exactly how the watch works, you’ll gain a natural understanding of its value. Are there extra features that aren’t obvious at first glance? Does it also function as a stopwatch? Does it feature the date and time, as well? Questions like these will test the knowledge of the seller and help you determine if the watch is worth its price.
In some cases, you’ll also need extra advice on how to take care of your new watch. For instance, if the timepiece is an antique, it may be more susceptible to damage. If it’s made from unpolished metal, it may be more likely to rust. Although this is rarely the case for newer, more durable luxury watches, this is still an important question to ask for those who want to ensure that they don’t accidentally break their new purchase.
7 – How does the watch look and feel?
This is the final question, and it’s another one that can only be answered by you. Do you like how it fits your wrist? Does its finish complement your skin tone? Is it a little too heavy? A little too light? How does it feel on your wrist while writing, or typing, or shaking someone’s hand? These are all questions that can be effectively answered by trying on your watch before you buy it.
Seeing the selection of watches in person and trying on your favorites is perhaps the only sensible way to shop for a luxury watch, especially on the high-end side of the market. At most pawn shops, you’ll even be given the opportunity to haggle for a price that makes sense to you.
Since most pawn shops carry a wide variety of brands, styles, and price ranges, this makes finding your perfect watch at a price that’s within your budget easier than ever. At a pawn shop, there’s also a higher amount of pressure on the seller’s end to move their inventory and make room for incoming products, making it the preferred environment for those in the market to buy.
The bottom line is this: Although a watch can function as an investment, especially once you enter the high-end luxury market, its primary function is as jewelry. If you don’t like the way it looks, but the price is right, it may be best to keep on shopping until you find an investment that feels good on your wrist and your wallet.