Newbie question of the day...

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missF
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Newbie question of the day...

Post by missF »

When you sell to a dealer rather than through eBay or another sales platform:

Why do they ask you what price you’re hoping to achieve for the watch?

Doesn’t this set me at an instant disadvantage? I mean - if I am generous or uninformed and give a lowball price, they’re not going to point that out and offer me more money. The price I give is surely only ever going to be a price to go down from? In any case, a dealer knows their overheads and the profit they need to make from a particular sale, so why don’t they just tell you their best price?

Thanks for your thoughts :D
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Re: Newbie question of the day...

Post by 0uatiOW »

Cynically, that’s exactly why they ask you that. Even if you turn the tables & ask them for the opener, they’re always going to start low anyway, so you may as well grab the initiative & tell them 20 or 30% more than what you’re actually looking for.

My rule of thumb is that for a watch that is in excellent “nearly new” condition, I’d be hoping for about 30% off RRP and they’ll be offering about 50%. My experiences with folks like Watchfinder have been most disappointing…..
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Re: Newbie question of the day...

Post by missF »

@0uatiOW - thanks for that. Putting a few percentages down helps a lot too.

Has your Watchfinder experience been a let down because you feel they didn’t offer you a fair price?

Another question for everyone- are older or not top quality watches best sold on eBay or is it just a case of describing them properly?
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Re: Newbie question of the day...

Post by nbg »

I think that many people have an unrealistic expectation of the amount that their second hand watch is worth to a dealer. That then extends to an unrealistic expectation of a non trade sale on a forum sales corner.

I don’t think there is any particular rule of thumb as to the % of RRP that a dealer would offer for an excellent condition watch. It is too brand and model specific.

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Re: Newbie question of the day...

Post by Amor Vincit Omnia »

We Brits do not have a great tradition of haggling. Whilst the numbers clearly wouldn’t work in the situation you are describing, it is still a useful rule of thumb to adhere loosely to the Egyptian market model. The seller will typically offer an initial price of double what he or she would actually be prepared to accept, and the buyer should offer half of what he or she would eventually be prepared to pay. Walking away and pretending not to be interested halfway through will certainly lower the price, but again that probably wouldn’t work in your situation as a seller.

Last year I bought some things on an Egyptian market for 600 Egyptian pounds (about £25); the seller’s initial price was 1300 and my first offer was 300.

Let’s say your watch was £1000 MRP. If you think you can get £600 for it used ask for £700. They can only say no. There’s no loss in being cheeky.
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Re: Newbie question of the day...

Post by missF »

Amor Vincit Omnia wrote: Wed Jun 21, 2023 9:34 am Let’s say your watch was £1000 MRP. If you think you can get £600 for it used ask for £700. They can only say no. There’s no loss in being cheeky.
There’s the rub though. I’m not interested in (or good at) ‘haggling’ and would rather just be offered a fair industry price. eBay is ok. Mostly. But I did a sale that I just didn’t enjoy. To someone who had all the evidence you could want that my word was good. For him it was a stress-free transaction. But he put me through hoops to arrange the sale in the way he wanted and justified it with ‘you can never be to cautious’ (read ‘suspicious’).
eBay sales put you toe to toe with your buyer and sometimes that’s just a difficult experience. I wondered if selling to a dealer would be a more neutral experience, but it seems it’s not. I don’t like feeling like I’m trying to outwit someone, and I don’t like the feeling that someone who knows more than I do would try to outwit me :(
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Re: Newbie question of the day...

Post by Amor Vincit Omnia »

^^^ Understood, and in an ideal world everything would have its set price. But of course, it doesn’t work like that and you have to dance the moves.
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Re: Newbie question of the day...

Post by missF »

@Amor Vincit Omnia - do you fancy buying a few watches?? I’ll give you a good deal! :lol:
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Re: Newbie question of the day...

Post by JAFO »

I think the depreciation curve with watches is longer than with cars, for example, so maybe they hold a bit more value over time, but the ticket price in jewellers for watches and jewellery often seems optimistic to me.

Think of it the other way. If you were selling a used watch, with all the attendant business costs, including assessment and possible refurbishment before sale, and then including a warranty of some sort (I don't think a dealer in the UK can "sold as seen", for example), you wouldn't want to pay anything near to retail. The market really gets distorted by Rolex and PP. Most watches take a big hit as soon as you buy them. I think CW seem to hold value pretty well, and that's most likely due to the fair pricing in the first place.

I am always more cautious when an eBay seller says "no returns". I've turned down buying opportunities that were probably perfectly straight, but where I was reluctant to pay upwards of £500 say, just in case something went wrong. I automatically have more trust in CWF sellers.
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Re: Newbie question of the day...

Post by RichM »

So, my question is.... which watch are you selling?! #askingforafriend

I've sold a few watches, two on ebay and three I think on the sales area here. The ebay sales were relatively low value and straightforward and I'd deliberately priced the watches I sold here to sell quickly as I needed the money quickly to pay some bills and I hope the buyers were happy with a good value watch. I'd used ebay and the CW sales area to get an idea of prices.

I'm not sure what I'd do with a watch that was, say, £5000 when new though. I think ebay has introduced a verification process that adds time and complexity to a sale. I'd assume Watchfinder or a dealer would offer a low price and then sell high and assume it to be part of the convenience of selling to them.
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Re: Newbie question of the day...

Post by missF »

RichM wrote: Wed Jun 21, 2023 11:38 am So, my question is.... which watch are you selling?! #askingforafriend
:lol:
I was asking in general really. There are a few to go, and i’ll put them in sales corner first, as I think many here do. I think what I dislike about selling watches is that they become a commodity, and my thoughts about watches are that they are furthest away from being a commodity. ‘Hey guys, which of these two watches should I get? I mean which is more sought after? And if I keep it for two years what can I upgrade to?’ just isn’t my scene! :lol:
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Re: Newbie question of the day...

Post by NationOfLaws »

Amor Vincit Omnia wrote: Wed Jun 21, 2023 9:34 am We Brits do not have a great tradition of haggling. Whilst the numbers clearly wouldn’t work in the situation you are describing, it is still a useful rule of thumb to adhere loosely to the Egyptian market model. The seller will typically offer an initial price of double what he or she would actually be prepared to accept, and the buyer should offer half of what he or she would eventually be prepared to pay. Walking away and pretending not to be interested halfway through will certainly lower the price, but again that probably wouldn’t work in your situation as a seller.

Last year I bought some things on an Egyptian market for 600 Egyptian pounds (about £25); the seller’s initial price was 1300 and my first offer was 300.

Let’s say your watch was £1000 MRP. If you think you can get £600 for it used ask for £700. They can only say no. There’s no loss in being cheeky.
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Re: Newbie question of the day...

Post by missF »

@NationOfLaws Brilliant! Thanks for the help :D

*off to check it out*
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Re: Newbie question of the day...

Post by 0uatiOW »

missF wrote: Wed Jun 21, 2023 8:46 am Has your Watchfinder experience been a let down because you feel they didn’t offer you a fair price?

Another question for everyone- are older or not top quality watches best sold on eBay or is it just a case of describing them properly?
I felt that 50% of RRP was a low ball for a 3-month unworn Limited Edition, and 40% of RRP was low for a 1 year-old Bremont in as new (in my view) condition, so I’ve stopped asking.

I don’t think there’s necessarily a genre or segment better or worse for eBay- much maligned it may be but it’s the biggest shop window available - it’s reasonably secure if you’re careful, although the charlatans in the “authentication centre” (sarcasm intended) can lose bits, even from LE sets. The same centre “authenticates” trainers so it’s evidently a broad training plan they have in place.
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Re: Newbie question of the day...

Post by iain »

When I move on my more expensive watches it’s always as a part exchange and not an outright sale.

It helps to get a fair price if you know what your watch is realistically worth and how much the watch you are buying is worth.

With the likes of watchfinder I have traded enough to have a good feel of how much profit that they make on each watch, so I factor that in when bargaining.

I will start with I’m looking for £X because I know you’ll sell it for £Y and make £Z profit. I also know you are making £Z profit on the watch I’m buying so if we agree to a swap of my watch plus £XX then we’re both happy. A friendly and informed approach has usually worked better for me than just making a flat enquiry and haggling from there.

I still tend to end up not getting the best price and selling or buying privately is always the way to get the best deal, but sometimes a sale or trade to a dealer is a painless way to move on something you can’t seem to shift elesewhere.
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