Value of a "Pre-Owned" Rep

[brep]

I understand that value of a "Pre-Owned" rep depends on many factors - most notably the version of the watch and how rare the ultimate item is. I am curious because I have a watch listed for sale that I thought would be picked up right away - and it hasn't...

When I purchased the watch in question, it was one of my favorites. Knowing that this was a long term watch, I immediately sent to Ziggy for a full tear down and service ($200) as many rep movements come "dry" from the factory. I also added the proper day/date wheels and upgraded the strap. Life changes, a project shows up, the watch is for sale.

My question - am I over-valuing the work I have done to the watch? I don't expect to get all of my money back on the watch, but I didn't expect to take a bath either. Just curious and looking for advice from the community.

Thanks!
B

 

[levelmanroger]

Personally, I think it's the economy. At least that's my situation. I love your watch and would have snapped it up quickly, but alas I'm broke for the first time in about 20 years.

IMO, it seems the overall volume of watch buying seems lower than last year, we have more posts about "cheap" reps, and it seems the big-names are the only ones still moving well.

This watch will sell. It just may not be right now.

 

[Migge]

First of all: Its a true beauty you have!

The reason why it doesent get sold I believe is like everything that is high-end.
Not just watches. You have to wait for the "right" buyer to come along.
I believe you would have got the first asked price if you just waited a while.

Levelmanroger: Off course the economy can have something to do with it as well...

Good luck with the sale, if I were looking for an IWC 3717 I believe yours would be the best I could get second to the gen...

Regards
Mike

 

[trailboss99]

Like LM said, it's a cash shortage. Things are tough all over for the first time in quite a while. There are a lot more sales threads but less buyers and lower prices being paid by those who still have funds.

@LM: I know exactly where you at mate. Looks like I may have to move from paradise soon just to save a few backs. Well, 300 a week ain't a few ATM is it so quite a few backs actualy. I hates moveing!


Col.

 

[brep]

Thank you for the feedback and the nice comments re: the watch. I hear you regarding the economy, no fun. @LM, you may get your wish, it may still be here in a couple of months... ;-)

B

 

[AllergyDoc]

I agree with everything said.

It's been my experience that most watches eventually get sold. I've only had one that didn't out of 40+. Just keep bumping it to the top and stick to what you feel is a fair price and someone will come along and take it.

 

[fakemaster]

Part of it may be the economy. But the push for cheaper reps happened a long time ago. The main isssue here is you are selling a rep which is never going to be worth what you put in it. But as Doc said eventually somone will come along.

 

[brep]

Part of it may be the economy. But the push for cheaper reps happened a long time ago. The main isssue here is you are selling a rep which is never going to be worth what you put in it. But as Doc said eventually somone will come along.

I understand that I will not get out of it what I have in it - that is a given. But that being the case, I have ~$150 more in the watch than what I am currently asking. I didn't expect to pull even.

B

 

[fakemaster]

I understand that but it doesn't change the cost/value dynamic that is in play here.

 

[ThreadLocker]

New 3717: $278
Day/Date wheel new: $60
Service and install: $200

You have $538 invested in the watch plus shipping. Asking $550 for it used is way too high. Also, you only have $338 in recognizable new parts (watch and datewheels). There is no way to verify that a $200 full tear-down service was done. I, for one, would not give you much credit for that. I say this for two reasons:

1. Was it really done?
2. If so, how long ago? A servicing loses value over time as well.

So, you are offering a used watch, with used servicing, and upgraded DWs for $550? I could buy a new one for $538 plus shipping. It would be newly serviced and be a brand new watch. Your price is high. If I were looking to buy this watch, I would offer no more than $380. That would give you:

$220 for the used watch. Full $60 for the DWs, and $100 for the servicing. Just my opinion.

 

[brep]

@ThreadLocker - I appreciate your response and consideration of those thoughts is why the watch is now at $450, not $550. You did fail to mention that the watch is already in the CONUS, a definite advantage and that the watch has a Hadley Roma strap on it instead of the standard rep strap. I think these factors, including shipping, make the $450 asking price reasonable.

As far as servicing, it is recommended for watches you intend to keep long term because movements out of China may or may not be in good condition when you receive them. The only way to know for sure and not potentially damage a movement is by performing a good servicing. The servicing was completed just under a year ago - so you should be good to go on this watch for quite some time. The servicing aspect was one of the reasons I started this thread - I was curious what the consensus was, did it add value or not - I think it does...

Thanks!
B

 

[mbjoer]

I have been wondering why prices for second hand reps are so high.

If I bought a second hand car or electronic I would expect considerably higher depreciation than many sellers seem to get away with here. And much as I like your watch I would never consider it at the price level it is offered.

But good luck with the sale. I hope it goes well.

 

[brep]

I have been wondering why prices for second hand reps are so high.

If I bought a second hand car or electronic I would expect considerably higher depreciation than many sellers seem to get away with here. And much as I like your watch I would never consider it at the price level it is offered.

But good luck with the sale. I hope it goes well.

One of the reasons the prices stay higher, is that the watches are more like jewelry than a car. A car steadily depreciates, a watch, real or rep, may actually rise in value because of scarcity or other factors. Looking through the posts you will see issues with dealers where watches are not QC'd or there are issues with customs. Having a good rep in the CONUS can take away some of those concerns.

B

 

[Pix]

There's one advantage, small, but I think it's worth noticing : a kind of QC has been made, whereas you are never sure how the watch comes from China.

Of course it also depends on the confidence you put in the seller.

QC means that everything is working, all screws are there, and the chrono is working as it should. This is far to be the case always when bought from the source.
And yes, the fact that the customs risk factor has been eliminated is also worth something. We're in the rep world. We're not just buying a used car.

I agree that what is important is not the base value as shown by the dealers, but the economy (savings) on the very same watch if the buyer would have to do the mods by his means.

And yes, scarcity is a true factor : try to find the first version of the VCO for example (the one with sh*t screws :lol

 

[brep]

Thank you for the comments Pix. You and I must have been typing at the same time.

And a note - watch the Sales forum for a Black faced VCO - with "sh*tty" screws in the bracelet. My project is taking some of my favorite reps from me...

B

 

[RayBelCons]

I have given a home to many a "once loved" treasure here at RWI. As Brec well knows, maybe many is an understatement. I've even had to put myself on a budget of one per month (BTW-failed the last two months), just to try and control myself. It's a compulsion because I rarely wear anything but my Fakey's and VCs during the day. nights a different story.....
Anyways, in my case, it's not the economy. I passed for two factors, it's a IWC which I'm not into, and the price. Just could not justify the $$$$ after a stelar 1st quarter binge. having said that, I would have jumped on it at $250 or less.
SO everybody is spot on, +1 for Fakey, Migge, Doc's, TB's and LM's comments.

 

[fakemaster]

From what I''ve seen on the forum over the last year and in MY personal experience, I feel people are driven more by a couple dollars in savings than QC.

 

[frankt8242]

It has been my observation that highly modified watches tend to be more easily sold over at that "geeky" site ....
The folks there are in larger part more enamored with double A/R, Swiss movements, and glowing lume....It may be a function of their younger less worldly population, but who cares...If you need to get all the $$$'s, you'll most likely do well selling there... :idea: :idea: :lol: