February 19, 2020 - Jewelry & Luxury Items
The market for pre-owned luxury watches is now a booming industry, according to a recent article featured on Forbes’ website.
The article reports that popular designer timepieces tend to follow a unique cycle that includes the resale of unwanted or unused items by consumers. And, it’s a cycle that offers consumers a considerable return on valuable merchandise that they no longer have a use for.
If you own a luxurious timepiece that’s not being used, you could be missing an opportunity to cash in on your castaway. And, depending on the condition and brand of your watch, you might be able to fetch a sizable paycheck from the sale.
Want to find out the best way to sell watches for cash?
Read on to learn how to turn your designer timepiece into cold, hard cash-in-hand today!
Perhaps you received a watch as a special gift from an old flame that you now want to forget? Or, maybe what was once your style has changed, and now you have an expensive watch that’s just sitting around collecting dust. Maybe your granddad passed his fancy Rolex on to you, but the truth is, you’d prefer to trade it in for a different time-keeper that fits your lifestyle instead.
Whatever your situation may be, whether you would like an upgrade or just want to make some money, an opportunity is knocking.
Everyday people sell watches for cash, and you can easily get in on the growing resale trend, too.
While used luxury watches can be precious, they aren’t worth much tucked away in a drawer for jewelry box day after day, unworn and no longer appreciated.
However, there is someone, somewhere, dreaming of owning a luxury brand just like the one that you no longer need.
The cycle of purchasing a new or used top-notch brand which is later re-sold, or “recommerced,” as Forbes describes it, is in fact, dominating the pre-owned watch world.
The art of luxury watch resale has become the preferred retail method by many consumers and professionals throughout the industry, according to market insiders.
There are several possible options for consumers to sell items they no longer need or want to make a buck. But, before you sell your valuables to just anyone, there are few things that you need to know.
Let’s take a look and compare the ways that you can sell watches for cash:
Over the last couple of decades online resale sites, such as eBay, have become a popular way for consumers to rid their homes of clutter. While buyers can often snag a used item for a low-price here, selling luxury items on these sites may not offer the seller their best possible deal.
First, one of the most popular ways to sell items, by auction, doesn’t guarantee that you will get your money’s worth in the end. In fact, even if you don’t get a reasonable bid on your merchandise, you still have an obligation to send it to the buyer.
Secondly, if you are responsible for the shipping costs that sellers often must pay, they can be expensive, especially if the item calls for insurance or specialized shipping. This adds insult to injury as it cuts into your profit, which may not have been as much as you had hoped to start with.
On top of that, the seller is usually responsible for paying the site a fee. The fee may be a flat rate a percentage of the final sale price.
Sometimes, these fees are not collected until weeks later, so you may not notice the cost initially. Many sites will invoice you once a month and perform a draft from your credit card or checking account to pay your seller’s fees. This cost further reduces your total profits.
There is the option to sell watches for cash online to local consumers looking to buy used merchandise. You can post your item for a certain price and consumers can contact you to work out a deal.
These sites have received some criticism because of the risks involved with meeting strangers to make the exchange once you make a deal. In some cases, a sale has turned dangerous for the buyer. Also, there is the possibility that your buyer will not show or might not have the cash that you were expecting.
There is also the hassle of posting an item, waiting for potential buyers to contact you, price haggling, and making the arrangements and time to meet the purchaser.
Some online retailers may offer you a bid on your item, but again this involves witing to receive the payment. And, since they are unable to view the item to verify its’ quality and authenticity, they may attempt to low ball the price.
Today’s pawn shops are not the same as the stereotypical pawn shops of the past. Now, you can find many of the same luxury designer brands that are sold at department stores at your local pawn shop. And, you can sell your used items there as well.
Many of today’s pawn shop retailers are trained in consumer sales and have a solid understanding of the most popular items on the market and their respective value. Not only do qualified, reputable pawn shops keep quality, brand-name merchandise in stock, but they offer sellers a fair, competitive price, especially for sought-after products and classic brands.
You can feel confident that a reputable dealer will make you their best deal possible on a luxury timepiece.
Pawn shop employees recognize high-end merchandise, and they want to gain future business from these sellers. This helps them to keep their shelves lined with popular brands at reasonable prices and stimulates business.
They also will be sure to sell classic brands, such as Rolex, because of the widespread consumer appeal of these brands. Therefore, they are more likely to purchase these items, as well as pay the seller a reasonable price.
Also, you can sell watches for cash to pawn shops and receive payment on the spot. There’s no waiting period or guessing games involved. The process is simple and professional, and you will be paid immediately.
Looking for a place to sell watches for cash at a fair price?
Want to receive your cash payment on the spot? PawnGuru makes the entire process easier for you. By connecting you with local pawn shops, you’re able to find and work with a buyer you want.
Check out our online search tool to find the best pawn shops near you to sell your watch and get paid today!
David Stiebel is one of the cofounders of PawnGuru. David was educated at MIT, where he studied Math. He subsequently worked at Bain as a data scientist before starting PawnGuru in 2015. He started PawnGuru to build a better tool for pawn shops and consumers to connect.More Articles