*This is a collaborative post.
In a world where technology is advancing at an aggressive pace, the idea of a traditional mechanical watch is seen by some people as a bit of an abnormality. Yet, luxury watches are as popular as ever. They aren’t fashion fads; this isn’t like the trend of retro becoming popular again. No. Luxury watches are a constant fixture in society. They’re not about being hip, cool or alternate. They are seen as an item worth investing in; either as a financial investment, or simply just for personal pleasure.
We’re talking about a major monetary commitment for an item that ‘functionally’ does the same job as its £20-30 counterpart. Bearing this in mind, it is unsurprising that entering the luxury watch market is an intimidating and daunting experience. But is it an investment worth making? Well, only you can decide that of course. There are a number of factors to consider; your financial situation, other investment options, and your own personal values and priorities to name just a few.
If you do decide to take the leap and purchase a luxury watch, there are some things you should consider…
With so many brands, styles and price-points to consider I cannot stress enough to keep things simple. That should include the cost. The products and prices change all the time but Rolex, IWC, Breitling, Omega and Breguet watches all have eye-turning, entry level options available. A respectable price for these (at the time of writing) would be around the £5,000 (give or take a thousand).
Choosing a Brand
I mentioned a few brands when talking about the price-points but much like buying a car, there are things to consider when choosing your watch. If you’re looking to turn a profit, I can’t help you, as that would require a more in depth look at this year’s trending products. But this does bring me to my next point…
Do Your Own Research
The market changes fast. So my advice is to look for what’s currently popular and appeals to you. Check out reviews. Be sure any purchase can be returned if unsuitable, serviced when needed, and also find out whether there are any common issues with the model and brand that you should know about. Make sure you research thoroughly, especially if you hope it will hold its financial value, or even increase.
Don’t Be Afraid of Going Pre-Owned
There are many reasons you might be looking to buy a luxury watch. Whatever they are though, buying second-hand is not without its benefits. Chief among them are that it is more prudent monetarily and that considering timepieces change hands so often; it is much less wasteful. For example, shopping somewhere such as Chronoexpert could save you up to 40% on pre-owned watches.
The last piece of advice I can give if going online is be sure to use stores with guaranteed authenticity, a clear returns policy and warranty (just in case). You should also make sure that whatever you buy can be serviced without issue going forwards. Again, sites such as Chronoexpert mentioned above, certify each watch and guarantee its authenticity, accept 14 days returns, and offer their own 12 month warranty. So make sure to find somewhere reputable if shopping online and secondhand.
Whether you spend £20 on a watch or £20k, your purchase should be one that you can comfortably afford, and feels right for you. If you are making a large financial investment on one, make sure you get it insured too.