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Whether you have a temporary cash flow issue in your small business or you need to handle a personal financial emergency, you probably know that selling your Rolex watch is a reliable way to generate some cash.
You can use that cash to invest in another timepiece, pay some bills, or improve your cash flow. But you probably also know that not all preowned watches, even high-end ones, sell for the same price. Some indeed sell for significantly more than others. Let’s look at a few factors that affect the resale value of a Rolex watch.
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1. The Marketplace for Rolex Watches
You have to find the right marketplace to get the best value for your watch. Sure, you can list it on Facebook or in the classifieds. But nowadays, people selling priceless watches, laptops, or videogame consoles often get ripped off selling online. In addition, even if you find a reliable buyer, it’s unlikely that you’ll secure a fair price.
That’s why Rolex owners in big cities worldwide, from New York to Vancouver, prefer to find dependable jewelers. For example, many Canadians in Ontario look for the right Rolex dealer in Toronto to sell their watches and get top dollar.
2. The Condition of the Watch
Although Rolex watches are renowned for their reliability, nothing will last in the hands of a careless owner. In other words, you’re more likely to get good value for your watch if you have maintained it well. Should it have unsightly scratches or can’t tell time, you may find it more challenging to get a good price. But don’t lose hope. A good dealer will still give you your watch’s worth in cash.
3. The Accessories
You’ll find it easier to sell your Rolex if you have the owner’s manual, hangtag, watch cushion, outer cardboard box, inner presentation box, original receipt, and certificate of authenticity. It helps if these items are all in good condition. For example, ideally, the original papers should still be readable.
Why does it matter what shape the accessories are in? For one, enthusiasts who buy preowned Rolex watches aren’t looking for a timepiece, but they’re looking for a collector’s item that tells a story. The more original accessories you have, the more compelling the narrative for a collector.
In addition, if the original papers are missing, a buyer may wonder if the item is stolen or if something’s wrong with it. Remember, the price difference between a vintage Rolex with original accessories and an identical watch without anything can be significant.
4. The Owner
As mentioned above, many purchasers of preowned watches are interested in the story. The price automatically goes up if a celebrity owned the Rolex. As you may know, the most expensive Rolex of all time, actor Paul Newman’s Rolex Daytona, sold for $17.8 million in 2017 because it caught the imagination of the public.
5. The Performance of a Rolex Watch
Not all Rolex watches are equal. The more expensive ones have premium components and more outstanding features. For example, an entry-level Rolex may sell for $5,000, while a high-end one may sell for $400,000. The original price of your watch plays a prominent role in its resale value.
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The better the condition of your watch, the more you’re likely to earn in resale. Regardless of the type of Rolex you’re selling, always find the right dealer for the best value.
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