Guides on how to buy used watches are far more common than guides on how to sell used watches.
This article will point you in the right direction by giving you a few options.
Firstly we will look at what you must do to ensure you are going to give a good deal to ensure maximum financial return for yourself, then we will look at your options for selling your used watch.
1) Firstly you must make sure your watch is in the best possible condition you can restore it to at minimum cost whilst retaining the integrity of the watch.
The easiest and cheapest way is to give your watch a good outside clean.
Simply wipe over the watch with a watch polishing cloth and then inspect for any scratches etc.
If you have major scratch damage then consider if its worth getting the watch professionally polished at your local watch dealer.
If it is light damage then it shouldn’t be too much of a problem selling it as is, but if it is heavy damage then you should consider the cost of polishing versus what you will lose in resale value and make a decision about getting it polished.
2) You should try to ensure that you have any boxes and papers that are part of the original packaging.
The more you have with regards to the original packaging and the better condition it is in, the better price you can command for you watch, especially with private buyers, dealers do not take this factor too heavily into consideration, but it does help.
Warranties are not usually too much of a concern as they are of no use to the new owner in almost all cases due to the registration policies of most watch retailers with the brands when the watch is purchased new.
You basically have 4 options when you decide to sell your used watch.
a) Private sale.
A private sale is between you and another person face to face.
This can be to a friend or relative, or it can be someone who has enquired about the watch you have advertised for sale.
You can advertise used watches in classified ads both online and offline or even via your website or Facebook.
Caution should be used in using this method. Common sense dictates that there are many dishonest people in the world and someone who arranges to meet you to by the watch after answering one of your ads may not come with the intent to give you money when they leave with the watch. That is putting it very mildly.
Private sales are best conducted amongst friends and relatives, but your circle of prospective buyers is the most limited option on the list.
b) Auction sale.
There are of course several famous auction sites that will enable you to sell your watch in a safe manner and this is by far the best and safest method with which to sell your used watch to a stranger.
The scope of prospective buyers is huge, but be sure to follow all guidelines and be honest about the watch when you enter you listing. Price it fairly and fulfill what you offer.
c) Sell to a dealer.
Selling to a watch dealer is a safe and easy way to sell a used watch but will also bring the lowest return.
Watch dealers will buy the watch at a far lower price than a private individual because the dealer has to perform checks on the watch and any repairs, they also have to try to sell it at market price be able to discount to close the deal, pay commission to the sales people and of course make a profit.
Watch stores who carry pre owned watch selections and of course pawn shops are your best port of call for dealer sales.
d) Perform a trade in.
An increasing number of watch stores are now entering the pre owned watch market and are offering a trade in service.
A “trade in” is when you select a new watch you may want to purchase and offer to part exchange your old watch in against the price of the new watch to enact a discount.
For example, you may have an old watch (watch A) and decide you want to buy a new watch (watch B)
Watch B is $10,000, the dealer offers to sell you the watch for $7500 and watch A.
Basically watch A is counted as a discount for you, the dealer wins as well because they then go on to sell the trade in watch to pull back some of the money they lost on the new watch they discounted for you.
Trade ins are safe and a good way to pull value out of your old used watch but again, unless you are buying a new watch that far exceeds the value of your old watch you will not get as much as you would if you sold it privately.
These tips will point you in the right direction with regards on how to sell a used watch.