Reply With QuoteCan’t you just sound out a number of dealers for best price on your Rolex and then look to buy the PP outright? Surely you could then negotiate a discount on the less sought after PP? The part-ex scenario benefits the dealer more so than you.
All,
Im not a regular poster here…though I do read a few posts.
My question to you all is am I being unrealistic?
Proposition:
I have a decent collection, with a few hot watches but they don’t get wrist time. I can afford quiet easily to buy some very hot watches on the grey market but I am uncomfortable with that type of "investment" and its kind of hard for SHIMBO to think Im just wasting money in a collection of more safe queens.
So I decided to try and dabble in a part-ex from a watch merchant (not AD or large reseller). This keeps the collection status quo, SHIMBO wont care (does not see the extra cash exchanged) and I get something I know I will wear for a model I don’t wear that often.
So the PX is a popular SS Sports Rolex with a couple of years of Warranty left and immaculate Full-Set Safe Queen condition.
For,
A very nice (to me) but not hugely popular discontinued Patek at the £18k range.
The Rolex – though 3 years old was offered at +£1k above what I paid from an AD which is respectable. However, to buy said same model in the Merchants store today be +£4k more than the offer.
Now we all have to eat – especially watch merchants (this one has for the record done nothing wrong, improper or anything – in fact nothing but cordial and friendly exchange of information).
So the question is would you all consider this as a reasonable offer?
Is the buy/sell spread reasonable in context of a PX which would cost me an additional £11k (with no discount offered on the purchase of the PP).
Are my expectations too high in the world of watch upgrading or is the Merchant double-dipping on the margins here?
My view is that I am bringing a mint hot watch to a Merchant and taking one from him which is less popular (plus extra cash) i.e. Im making his life easier and my life much poorer. If the Rolex was at top dollar (sell) and the PP undiscounted or the Rolex at bid with a discounted PP, I’d be good.
Views?
Last edited by Guycord; 27th February 2021 at 15:31.
Can’t you just sound out a number of dealers for best price on your Rolex and then look to buy the PP outright? Surely you could then negotiate a discount on the less sought after PP? The part-ex scenario benefits the dealer more so than you.
It might help not to be as vague about the watch models for an unbalanced opinion... there are some pateks which you simply won't get a discount on, and there are some Rolex models that despite being "hot" will probably sit around a shop window for a while.
Personally, going off what you've given to go on I would want to negotiate a bit of a deal on the PP (even 5% off is virtually a thousand quid!) and I'd want a bit more juice on the Rolex exchange. I suspect you might only get one or the other, but if he has left 4 grand potential in your Rolex then I imagine his margins are healthy enough for you to talk him down some.
If the Rolex is popular and a good seller. Your basically in the drivers seat. He can sit with the unpopular Patek or he can do a trade for a watch that will sell faster
He's offering £1k more than you paid for the Rolex
Selling the Patek for £18k
Have you checked Ebay's completed auctions to see what your watch usually sells for. Same for the Patek
Bear in mind. Buyers are end users on Ebay and as you said. Dealer has to make a profit. What you really want to see is what the both watches sell for. More on the Patek price (much lower than his sale price?)
This way. You can negotiate up on your watch and negotiate down on the Patek to close the gap.
You have the better watch, so use that to your advantage if you want the Patek
DON
Doesn't sound great to me, but more detail required.
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As has been said, what do you have to sell and what are you looking to buy.
Nothing else to be said.
I must admit I prefer p-ex to a private sale becasue, if I am honest, I don't want all the faff that goes with a private sale. However this does cost me money, no question about that. For me the experience and the ease of a trade with a dealer makes it sensible, also the relationship building which puts me in the way of watches I want occasionally.
As a general rule I expect to be offered about 60% of the dealers sale price on a px, a little more if the watch is a quick seller. I’ll push that offer as far as possible first to get it set in stone before even talking about the watch I want in return, then I’ll switch focus to the cost to change and try to bring that down. It works more often than not so I’m happy that I’m getting something on both sides of the deal, although in reality I know I’m being screwed at both ends.
I’m also not sure what qualifies as a “hot Rolex” these days. The latest model Subs are obviously in demand but the recently discontinued models don’t seem to be moving quickly. Watchfinder have 101 Subs listed and most of those have sat for weeks if not months.
Need to see pics of the Patek and its 'bits' ... and need to know which Rolex
You might regret PX-ing the PP
And consider buying (or PXing) SWMBO a watch as a sweetener for any deal
"Well they would say that ... wouldn't they!"
Limited info here, but I think what you're getting at is the dealer is charging full whack on the PP with a toppy margin for themselves, while meanwhile expecting you to take wholesale prices for an easier to move Rolex. So an element of 'have your cake and eat it too' by the dealer.
I'd figure out what you're happy to pay, then make the offer and if they don't like it then move on. Sounds like you'll have an easier job selling your watch elsewhere than they will.
Sell watch is a ND Sub (114060)
PX is a Gondolo
Id have no regrets selling the Sub as I prefer the 116622 and the WD 116500 which get more wrist time.
Rectangular models don't seem to sell that well. Never seen anyone with a modern Rolex Price (they look fat compared to the original)Originally Posted by Guycord
Lange discontinued their rectangular models (held a large date moonphase - gorgeous)
Reverso sells, but maybe it's the novelty?
Found some blue dialed models on Ebay selling for $19,000US. His price works out to $24,000US, so he's quite high. No white dials
His price in UK would need to be $13,725 to match the Ebay price
ND Sub sells on average for $10500
You don't mention the actual price he's offering, but you have a price for the Patek and I wouldn't touch it at $18K
I assume this is the model (there is another art deco model)
DON
I have no experience as a dealer, but surely in order to make money they have to actually sell watches. The way I see it, the dealer has a watch he effectively might be having trouble moving on and you have a very desirable watch which should be an easy sell.
I agree with your sentiment - we all have to eat - but surely an unsold Patek sitting in a safe somewhere isn’t going to feed him??
Therefore, I think you are very much in the driving seat with this deal. If the dealer wants to sell you the Patek I would say that the “retail” price of £18K should be different from the “PX” price he offers you on it.
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You got your SHIMBO and SWMBO mixed up I feel.
I did a similar deal a couple of years ago, a “hot” SS Rolex for a high end RG dress watch at a large watch dealer.
Initial offer for the Rolex was slightly below par but I think they knocked 5% off the dress watch as an opening move. That didn’t work financially for me but after some negotiation they increased the px price by 20% and kept the 5% off the watch I was buying. Their final px price was better than EBay sold prices or I was offered on SC in the end and the watch I was buying was fairly well priced in the market so I felt the deal was reasonable.
Price for the Rolex seems fair but I would say 500 off on the Patek at least as although a nice watch, the Gondola is not the most popular model so the dealer should be able to take something off from his asking.
Indeed. I had to google SHIMBO:
https://www.urbandictionary.com/define.php?term=shimbo
Sounds like a better deal can be done. As others have mentioned, priced fairly, he can move the Rolex on in days for £1-2k profile and he will be making £3k+ on the patek.
Good business if you can get it
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