Watches are not just a tool for telling the time. They are also an outlet for self-expression, a heritage, and in the case of luxury watches: goods that retain the value paid for them – or better yet, become even more valuable over time.
And the enthusiasm of affluent Singaporeans for these beautiful watches is palpable; The luxury watch segment’s revenue is expected to reach $ 315 million ($ 416 million) this year.
If you’ve just dipped your toes into the premium watch market, however, the price tags might have put you off making a purchase. Fortunately, there are plenty of affordable local places you can find for the luxury watch of your dreams without burning a hole in your pocket.
Contact private sellers on Facebook groups or P2P platforms
Peer to peer (P2P) markets (eg Facebook and Carousell) have made it easier to source luxury watches from individual sellers. Join private Facebook groups like SG Buy / Sell / Trade Luxury Watches and SG Watch Trade to access local listings of luxury watches for sale.
As individual sellers usually operate from their own homes, they can offer watches at relatively attractive prices. Having said that, buying a luxury watch from a private individual is still a bit risky; you might overpay, or worse, waste hard-earned money on a fake.
Do everything you can to mitigate these risks. Understand the history of the watch listed and get some good photos of it. Questions you should ask the seller include “Is it still under warranty?” “,” Was it purchased locally from an authorized dealer? “” And “Are you the first owner? “.
In addition, it is always ideal to have the authenticity of the watch checked by an authorized service center. You will bear the expense – but that’s a much lower price to pay than paying thousands for a counterfeit.
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Buy from used and gray dealers for peace of mind
Don’t want to worry about sourcing from a reliable private seller? There is also the option of used dealers and gray dealers – a thriving market in Singapore.
You might have to pay a little more for the luxury watch of your dreams, but in return you get the reassurance that you are paying well for a genuine product.
Many of these resellers operate in physical stores and survive primarily on word of mouth; they wouldn’t risk damaging their reputation by selling you fakes.
Many of these traders are also watch collectors and enthusiasts with many years of experience. Who knows? You might leave their stores with a more valuable watch than the one you came for.
Support local luxury watch brands
There are many local and local luxury watch brands. Many of these independent micro-brands started as successful funded Kickstarter projects.
Offering uniquely designed watches, these Singaporean brands are perfect for anyone looking to stand out.
There is also no need to worry about the quality. Many of these fiercely independent Singaporean brands use the same manufacturers as the high-end foreign brands. There is no better opportunity than #SupportLocal.
Consider entering the luxury watch sharing economy
Operating on a similar basis to trendy subscription boxes, a local watch subscription startup offers various luxury watches for hire, at prices as low as $ 175 per month.
The company bills according to “levels,” with the highest level set at $ 375 per month (about $ 12.50 per day) for more exclusive models like a Rolex Daytona and an Audemars Piguet Roo. For reference: a Rolex Daytona sells for the sky-high price of $ 42,600!
Use the right cash back credit card to maximize your savings
At the end of the day, if you are indeed buying a luxury watch, treat it as an expense and make sure you can afford it. Do not overload your budget because it is an “investment”.
Maximize any discount you can get on this important purchase (for example with cash back credit cards or purchase credit cards). It also doesn’t hurt to review your home insurance to make sure your watch is protected in the event of danger, such as fire or theft.
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This article first appeared in Champion of value.