January 25, 2020 - Jewelry & Luxury Items
It’s time to sell your Michael Kors watch. But where should you sell it? And what do you need to do to sell it?
Be honest with yourself as you go through this step. Yes, it is a well-known brand and yes it is made from a very popular metal, but you will never sell it if you don’t value it correctly.
First, look for the original box or sales receipt. If you have them, they can help you authenticate your watch and its value. There are a lot of counterfeits out there and you need to reassure your potential buyers that your watch is real.
An online search should also help you establish the current retail value of your watch. Keep in mind that you will get less than retail. If it’s still being sold, your watch may not be worth as much as the ones you see listed because it is “used.”
However, older, vintage watches may have more collector value. It may have gone up in value since you received it especially if it was a limited edition watch.
Finally, consider your watch’s condition. If your watch has spent most of its life living on your dresser, it’s apt to be in very good condition. However, it may benefit from a bit of cleaning and polishing.
Now that you know the value of your watch, you need to find the right place to sell it. There are three good options; retail jewelers, online auction sites and pawn shops.
Your retailer jeweler may be the first outlet that comes to mind, but it should probably be the last place you should consider.
Retailers tend to pay very little for a watch. They have a tremendous amount of overhead and “used” merchandise is never valued well. According to Barron’s, there’s a gray market for high-end watches that sell them profitably for 40% or more off the retail price in your jewelry store. That means you’re likely to be offered even less for your used watch.
Online auction sites like eBay, Craigslist, LetGo, and other sites may be great places to buy things, but they aren’t always the best place to sell them. Unless you sell a lot on a particular site, you’re not likely to have a high sellers rating making it tougher for people to bid on your item. It can also take more than a week for an auction to conclude and their fees will eat into your price.
A pawn shop is most likely to be the best place for you to sell your Michael Kors watch. Unlike a jeweler, your local pawn shop owner only deals in “used” merchandise and is likely to have a clientele interested in purchasing watches like yours.
Armed with your knowledge of your watch’s value, you and the shop owner are likely to agree on an acceptable price. Better still, you can conclude the deal on the spot.
Pawn Guru can help you locate a reputable pawn shop in your area. They also offer you a simple way to get bids on your watch online. Either way, they can turn your old Michael Kors watch into someone else’s dream gift today.