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Are you trying to sell your Rolex watch for cash? Listen, lots of dealers out there are ready to lowball you just to knock off some dollars and make more money for themselves.
So, you have to look out for the best, safest way to sell your watch in 2023. Rolex watches are one of the most popular pre-owned items, and their values hardly decrease.
They are one-of-a-kind premium items. You can cash extra cash by selling your old Rolex watch or even upgrading to a newer version.
In this article, we are going to share different ways you can sell your watch and some go-to shops you might want to try out.
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What is the Best Way to Sell My Rolex?
#1. Sell to Someone You Know
This is likely one of if not the very best ways to sell your Rolex watch for cash in 2023. If you’re selling to someone that you know, there is a likelihood that you trust them.
In other words, there’s no real risk attached to it. So selling to a friend is definitely a good option unless that friend turns out to be a crook.
But all things being equal, you can get a reasonable price for your sale. However, you have to reach an agreement where both parties are happy with what they get.
The only problem with this method is, as the saying goes, “money and friendship are like oil and water; they don’t mix.”
Something could go wrong down the line. Say the watch develops a fault after some months; how are you going to fix that?
So, selling your Rolex or any item at all to a friend could raise some issues. And that will have your friendship tested over time.
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#2. Sell Privately to Someone You Don’t Know
If you have some experience in watch selling, selling privately is one of the best ways. Currently, most people sell their watches privately online to people they don’t know.
You can make such sales on Facebook, eBay, Instagram, and so on. And these platforms are generally trustworthy.
However, you can’t be sure who’s behind the third-party account. So you have to recognize the risk attached to selling watches or any other item privately online.
A good percentage of people that’ll price your item online are probably scammers, and they’re pretty good with their approaches. That’s their job, and what they do for a living, so you have to be careful out there.
They’re ready to part with your item and leave you with absolutely nothing. So, whichever online platform you choose to sell your Rolex watch, beware of scammers and their clever tricks.
And don’t make the mistake of inviting someone to your home to view your watch or pay for it. Everyone is not as friendly and honest as you are.
#3. Sell by Auction
There are various auction houses where you can sell your watch. But that means that watch must really be something special that needs to be auctioned. And another downside to this is that you are going to be part of the auction.
So if you weigh what you stand to gain and what you stand to lose, you might notice that auctioning might not be the best option for you.
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#4. Sell to a Dealer
Selling your watch to a dealer is another excellent and sensible way to sell your Rolex watch. What you should be aware of is that being a dealer does not automatically make them genuine.
So, you need to check their reputation on different media platforms like Google, LinkedIn, and other social media platforms. Check to see what their reviews look like.
This means you have to be proactive. You don’t wait until you run into a problem before you start your research. It is better to first look them up and do enough research before opting for anyone.
Also, remember that watch dealers have to make profits when they buy from you. So, if you’re a private seller, trying to achieve shop prices is quite ridiculous.
Dealers run a business; they pay taxes, vat, rent, and salaries. And might also do some minor work on the items they buy before selling. All these add up to what they offer for your item. Therefore, don’t expect to have a total retail price from a dealer.
Now, that doesn’t mean you should allow a potential watch dealer to exploit you. No, not at all. One way to strike a good deal is to ask the dealer how much he can sell the watch for.
If the dealer can honestly tell you what they can sell the watch, then you can map out a profit margin for both parties.
Another way to sell to some watch dealers is through commission selling. In this case, the dealer does not buy the watch from you, rather he sells the watch for you.
This might work better in a case where a dealer probably has enough stock of that watch and is not willing to spend on another one. Or when a trusted dealer does not accept to buy at the moment due to some reason (probably financial reasons).
So he can sell it on commission. However, be sure to put the agreement in writing and let both parties sign it. And finally, you give him time to sell it.
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How Do I Find Out What My Rolex is Worth?
Before putting a price tag on your watch, check the description of your watch. Know what your watch is about. Is it brand new or old stock? So before pricing your watch, do a little bit of research.
Genuinely note the condition and the motor variation, and understand what your watch is worth.
Things to Know Before You Sell Your Rolex
Inspect the Watch
First, analyze the condition of your Rolex watch. The condition of your Rolex watch may determine how much cash you can make from it.
For instance, if you’ve never worn the watch before, it might be classified as New Old Stock. These watches usually watch a lot of money since they are in perfect condition.
Even if you’ve worn your Rolex watch but have kept it in good condition, you’ll be able to sell it at a good price.
If you also have a vintage Rolex watch, you can scrutinize its condition by looking at the dashed and the hands. Some of the agelong Rolex have dials made of gold and would catch a pretty good lot of money.
However, if any component of the watch has been replaced, then the value certainly decreases. Some Rolex watches also have a history of inheritance. Which could mean they’ve been handed down from one generation to another.
Therefore, before putting your watch on the market, you should exhaustively inspect it. Check if it still operates properly.
You may also get a professional to clean and oil your watch. It will definitely help in raising the value.
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Have the Original Papers and Box
This will definitely pay off if you want to sell unused Rolex. So before getting it out for sale, look for the original documents like manuals, warranties, or receipts and boxes.
This will fetch you a higher price because they are genuine accessories. They help in the authentication of the watch as there are counterfeits in the market. Bringing along the original receipt will make the buyer not to lowball you.
Research the Market Value of Your Watch
Learn everything you can on your Rolex watch. You study the material and history and determine the demand and worth.
You can even consult experts and gain a lot of knowledge. With that, you’ll be more convincing while bargaining with the buyer.
Try to also understand the difference between the retail and market value of your item. And don’t forget to collect more information about it.
The reference number, for instance, is quite important if you no longer have the receipt. It can help you determine when it was bought and how much it was worth at the time.
It is a 4 to the 6-digit number you can get after removing the watch band outside of the case. The serial number can also serve the above purpose.
It can be found either at the edge of the case if your watch was made before 2004, but you have to remove the watch band to see it.
Or on the back of the watch or at the 6’oclock casing for later models. Knowing the exact model and year of your Rolex watch can help determine how much it is worth.
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Take Good Photos
If you’re selling online, then you have to take good photos of your item. It has to be high quality, high resolution, and clear.
Take photos of both the back and front, and make sure you take the photos from various angles. If you still have the box, you can photograph them together.
When is the Good Time to Sell My Rolex?
The good time to sell your Rolex watch is when you don’t have a goal for selling it. Yes, when you are desperate for something, you might end up not getting the best.
So, watch the market and see if it’s the right time. Like right now, in 2023, Rolex watches are really selling out really well. So now could be the best time for you to sell your Rolex watch. Also, set your price after knowing the market value.
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Where to Sell Your Rolex Watch
The best places to sell your Rolex watch are at pounds or dealer’s shops. Aside from selling to Rolex Watch dealers in your area, you can check out any online shops, but like we already said, be careful and do not let anyone scam you.
You should look out for reputation, customer rating, and reviews when selecting a buyer.
The following is a list of where to sell your Rolex watch.
- Collectors Coin and Jewelry
- Sell Rolex NYC
- Manhattan Buyers Inc.
- Chronohunter
- Precision watches
- E-bay
- Craiglist
Conclusion
You can sell your Rolex watch for cash, but the price has to be based on how much it was bought and the model you have.
A pound shop might be better than some online shops like eBay or craigslist, which are riskier. However, the pound should pay you less. Therefore, you may want to ask professional and reputable watch dealers to get a reasonable price.
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