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Morning all,
could somebody help to value my 2007 Sea Dweller please as prices at Watchfinder, C24 et al seem a little inflated and all over the place. It was serviced by Rolex with new crystal fitted in June 2018.
Photos now added, apologies as some are a little blurred.
I also have the service receipt, pouch and service warranty card.
Thanks
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Have you submitted a sale request to Watchfinder? they are likely to give you a base figure and then you can go from there.
Having had a fairly recent service is good news for a perspective purchaser.
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Yep 6.6 - 6.8k which I thought was a little lowQuote:
Originally Posted by s1wnw
Gosh, that is very low! I would have thought around another £1,500-£1,800 on top of that.
I certainly thought it was low given the prices WF are advertising for a couple of 16600's at the momentQuote:
Originally Posted by s1wnw
WF always price right at the top end but I’d have thought you should get closer to £8k selling it privately.
Watchfinder, will want a few grand on top for selling the watch though.
Hence their offers are low.
Condition is great and that’s key. I’d try £8250 for this one.
Watchfinder are jokers on most offers these days.
I think the last one on here was about £7.75-8K from memory.
There was one over 8 but dont think it sold.
Very low from watch finder!
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I think the WF top end offer of £6.8k is about right from a dealer.Quote:
Originally Posted by klunk
You may be able to achieve 7k if you shop around and expect a private sale to be around high 7’s.
I guess it comes down to how hassle free you want the sale.
Not really; it gives them just over 30% margin if resold for £10k. That’s hardly excessive.Quote:
Originally Posted by Euan Begbie
Sometimes WF do lowball, but in my experience, they go for a 30-35% markup as long as the watch doesn't require servicing. I was lowballed on a Speedmaster 57 last year but then got a second quote after a month that was exactly what I wanted. First buying quote came in very low - £2525. I listed it here for a couple of weeks, it didn't sell and I went back to WF for another quote which was £3400-3600 and what I was advertising here for. Looking on their site now, they are up for £4750 so a 36% markup and I think they said they were going to lightly buff the bracelet/case.
Recently I sold my DJ41 to them and was extremely surprised to get a very decent offer straight away of £5700, in their quote saying the watch required nothing. It appears they are selling them onwards at around the £7500 mark and they have 15 of varying dial colours currently on their website. As said in the post above, they seem to be working on a 30% markup.
Overall, I prefer to try and keep the bargains within TZ but I have no problem with Watchfinder when I am either unable to list on SC or the watch isn't wanted. They are a good dealer in my opinon.
Not excessive? They want to make 3 or 4 grand on one watch transaction? It’s crazy if you ask me.Quote:
Originally Posted by Dave+63
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They’re a business not a charity.Quote:
Originally Posted by Euan Begbie
They have a lot of overheads and every buy-in is a essentially punt, even if it is a Rolex.
I can understand the massive overheads they must have, but seems a bit toppy to me.Quote:
Originally Posted by Euan Begbie
If I accepted their offer of £6.8k and they sold it on for £10k, that's a 47% profit
For an older watch out of warranty, I imagine they are factoring in a service too and the risk it needs parts or rectification?Quote:
Originally Posted by klunk
No, it’s not.Quote:
Originally Posted by klunk
They have their costs & VAT to pay out of the £3.2k margin.
So gross profit of 47% minus overheads - yes I get thatQuote:
Originally Posted by Bravo73
No, it’s 26.7% margin.Quote:
Originally Posted by klunk
That’s £3.2k inc VAT or £2.67k exclusive of VAT on a £10k sale.
I don’t think that’s an unreasonable margin for a business to make.
As mentioned previously, selling it privately would achieve a better price but with more hassle for you.
Service - 31 months after Rolex serviced it - really, I'd be surprised?Quote:
Originally Posted by Christian
They also have to tie up 6.8k of liquid in order to stock a watch that appeals to more of a niche customer base and be prepared for it to sit soaking up £ waiting for "Mr Right" to come along.
SD's are V popular with us lot, but Joe public prefers the submariner and its Joe who buys most of the watches!
While its waiting, its being insured, staff are being paid, premises are being rented, utilities are being paid, stock is logged and uploaded, websites are being run and after they've paid and insured couriers for delivery then VAT is paid on the remaining margin.
People use dealers because they dont want the "hassle" of SC, ie dont want to deal with customer enquiries and shipping high value items, but complain when dealers dont offer private sale money for their goods? It doesn't make sense to me.
Thanks all for your advice.
I didn't want to get into a row about Watchfinder's profit margins.
I only mentioned their offer as I was asked if I'd got a quote from them.
I don't think I'm the only one who thinks their offer was a little low, but it's not the first time I've received an offer from them which I thought was low, so I wasn't surprised as I do understand that they have overheads and need to make a profit.
I'm a little clearer as to what I can realistically ask privately now. If I'm honest, it's a little more than I originally envisaged, so it's been a useful exercise and thanks again for your advice.
Adam
Ive dealt with Watchfinders in the past. On the whole though, they are O.K.
Recently, they have been not so? "competive" on prices....I was thinking of selling an 114060 ....I asked them for a price , they wouldnt buy it,as I didnt have the original receipt?!! Fair enough.
Of course , they are a business, and have overheads etc...so their prices arent always great...Ive found them to be much better with trades though...which makes sense I guess.
Maybe try Parkers? "Probably"? will get a better price from them.
I would think being serviced by Rolex, it should sell easily in the sales corner here? Of course though, many watches in the sales corner which are Rolex.......the threads can sometimes turn ugly and weird!
Correct me if I’m wrong Celia, but isn’t the VAT paid on the initial margin ie before otter costs are deducted?
So in this case £3.2k if they buy it for £6.8k and sell it for £10k. ie £533 VAT.
Quote:
Originally Posted by valleywatch
Thanks,
I'm happy to go the SC route as and when I decide it's got to go.
I realise people can get a little tetchy when it comes to the sale of a Rolex sports watch, bit I've nothing to hide and will price it sensibly.
Try £8k
Yes, VAT is paid on overall profit margin. But from that profit there are additional costs like shipping etc as well as the VAT.Quote:
Originally Posted by Dave+63
Do they only accept watches that come with a receipt now? That would be no good for me, the few receipts I have kept have been printed on thermal printers and over the years faded to be blank strips of paper!Quote:
Originally Posted by valleywatch
Thats what they said to me!Quote:
Originally Posted by christech81
Mine is from 2015...
I do have a receipt from the place I bought it from last year.
(Ive just checked the message I had from them )..it says
"To help us process your enquiry, you can upload proof of purchase for your watch, for example an original receipt or invoice (but not a warranty card)."
In fairness then, maybe the receipt from when I got the watch may have sufficed? As in they mention an "invoice"?
Technically, their rules are that if there is no box and papers then they want to see a receipt. Although when I sold my Speedy, despite having the originaly owners purchase receipt they wanted proof of how I acquired it and accepted a bank statement showing transfer of funds for the watch. I believe this policy is in place after someone sold them a significant number of watches that turned out to be stolen so I can't blame them.Quote:
Originally Posted by christech81
Yes, think it would have been fine.Quote:
Originally Posted by valleywatch
That watch will sell with no hassle on SCQuote:
Originally Posted by klunk
7.5-8K(nearer to 8 I would think)
Watchfinder will have fairly sizeable overheads
Sometimes smaller operations without London premises to pay for will give a better price.
As a general rule, I'd always suggest taking photos of the watch, serial, box, paperwork, everything.Quote:
Originally Posted by christech81
5 minutes work, and then you have a permanent copy that you can stick on the cloud, email to yourself, or whatever backup option you choose. Not just for your records, but it's your proof if the box goes missing or worst case is stolen.
WF offered me £24k for my 1 year old white gold Daytona.. A. N Other dealer paid me £27k..
I don’t even bother getting an offer from them anymore.
To trade to a dealer for around 6,800 GBP sounds about right to me - I think they made you a reasonable offer.
In my experience Watchfinder offer around 30%-40% less than their advertised prices for a like for like watch - if it’s a desirable brand/model - less if not.
Out of curiosity, did you put the same desired price (3400-3600 range) in the request for quote on both occasions? Interesting that they shifted by that much within a relatively short period.Quote:
Originally Posted by Christian
That’s a grand more than they offered me for my 2005 16600Quote:
Originally Posted by klunk
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I'd have said £8kish based on the recent service.
I've only asked WF for a price on two occasions, both with relatively sought after watches that were BNIB. On the first occasion several years ago their offer was about 10% below what I thought was MV so very reasonable, the second was 25% below MV (as per sold examples on eBay and here). I appreciate their business model has changed but it's for them to decide their margins and the watches they want to buy in.
I find the 16600 has only been creeping up recently, rather than galloping. I bought mine for 7K from a dealer 2 years ago, and I believe no dealer should be asking more than 10 now (but they all stretch cos they’re dealers).
If I sold mine now (not going to btw) I would be happy to get 7.5.
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