Reply With QuoteMakes sense really.
https://monochrome-watches.com/indus...ned-programme/
Wonder how this will pan out?
Makes sense really.
Sounds good! That with a new factory coming along to increase production and the general market slump should mean reduced prices and people who want watches can get them…. Imagine that. Well done to Rolex. Let’s see where we are in the next 3-5 years.
Genius, great way to take a slice of the grey market pie.
I like the sound of this. Where will the stock come from, bought in by AD’s and then shipped to Rolex for authentication and inspection? I presume they will then centrally distribute to their markets. Not clear from the article or website is it?
Looks like it’s been rolled out already!
https://www.bucherer.com/uk/en/rolex...-owned/watches
It’s not the grey market, it’s the pre owned market ie. second hand.Originally Posted by AmosMoses
I see it as a good thing for customers who will be able to buy second hand watches, confident in the knowledge that they are not buying franken or fake.
The downside is that it will harm legitimate second hand dealers whilst pushing the price of pre owned watches even higher.
Quite how Rolex will deal with the matter of their approved used watches costing significantly more than their brand new ones remains to be seen.
Yeah it did say Dec 22 launch…. Straight on it on 1st Dec. Never seen so many Datejusts!!
Oh, and a black bezel GMT at £16.7k! I think that gives and indication where the price point will be. Most secondhand dealers will still shift stock if that gonna be the price level.
https://www.bucherer.com/uk/en/rolex...365-107-9.html
Undoubtedly, there will be a pretty premium to pay for a CPO’d watch. Authorised dealers using the scheme will be charging high.
This is the interesting bit from the new scheme. Rolex will now be forced into having the conversation regarding pre owned prices vs new.
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£16.7k for a GMT Master II, is that a joke?
I wouldn’t believe it if I had not seen it with my own eyes.
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The minimum age for a CPO watch is three years. Anyone know what the maximum age is? If they guarantee waterproofing I assume we won’t be seeing any 70s watches coming through!
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Interestingly, if prices are like that, it might even help the other second hand dealers if they sell at lower prices (ie their current prices or a little lower if the market drops further).
This will be interesting in practice. Will Rolex control the price? Does this mean you will have Rolex ADs selling new watches (with a waiting list) at RRP whilst the same secondhand piece is in the window for double the price?
Are they having a laugh? https://www.bucherer.com/uk/en/rolex...363-990-6.html. 23K for a 116610LV - seems to be higher than other resellers? I wonder what the buy price (trade in price) is?
“ Ford... you're turning into a penguin. Stop it.” HHGTTG
If they change their models every three years then there will be no current models in the CPO.
It’s one option
Will buying a pre owned more expensive watch add to your relationship with the dealer? The more you spend on old watches the more likely you are to get a cheaper brand new watch?
Or will they now come with a contract and clause that says Rolex have first dibs at buying it back off you…
You never own a Rolex, they just let you borrow it for a bit!
Seriously it’s one way to control the market and ensure Rolex are not leaving crumbs on the table.
Pretty sure Watches of Switzerland have been selling pre-owned current models so not sure what’s changing. Maybe they have a 2 or 3 year cut-off.
Timing is about 3 years too late anyway!
Last edited by David_D; 1st December 2022 at 12:19.
Interesting that the CPO watches will come with a 'newly issued warranty card'.
Wonder if any of the dealers will try to retain those?
Different model at WoS and some independent AD’s as the guarantee is only in house. These will come with a 2 year Rolex reissued warranty card.
Pricing is absolute madness! 16k for a sub date….!
I thought they might try undercutting greys, obviously not.
https://www.bucherer.com/uk/en/rolex...fied-pre-owned
£9,100 for a steel DJ36 116200 ?
Not sure where that much additional value lies. Within an hour of leaving the shop any watch can be messed with, so it's not going to roll on to subsequent owners.
So they are providing a new warranty card. Does this mean that the ORIGINAL warranty card or papers with that Rolex Daytona, GMT 16700 etc are disposed of ? Many might rather have the original !
Love the swing-tags. Expect I'll have a bucket load of them by 2027, by which time they will be selling on eBay for £50 a pop and the unscrupulous will be putting them on watches willy-nilly.
Where will they get their stock from? They don't have anything like the competence required in most stores for them to do any such buying. For all that bad watches may be picked up before being resold, it's too late to recoup the expensive mistake at that stage.
I think there will be plenty of room for the existing secondhand trade, but this will be interesting.
Last edited by Haywood_Milton; 1st December 2022 at 14:20.
I think that this a good initiative and it will take a lot of uncertainty out of the process of buying an older watch and it will help protect the brand image. Buy a brand new model today at say RRP and it will be selling at a higher price on the pre owned market in five years time. That is how you make your product sought after.
.....except that these won't be the prices they buy the watches in for. It will be interesting to find out :
"You see that 116200 in your window at £9,100? I have one just the same here. How much would you give me for it ?"
Yes I take your point but this initiative is aimed at older watches, a large percentage of which must be discontinued and for people like me, this is where the pedigree is questionable.
I cannot really see any downsides.
The general public probably won’t actually think that carefully about it. All they’ll see is that an £8k Rolex will be worth £16k at three years old.
This will probably encourage far more people to put their names down on a waiting list.
3 years old or older, so lots of current models will be applicable.
Imagine the question at a thousand secondhand dealers : "Is this a certified pre-owned Rolex?"
A : "Yes."
They will be certified not by Rolex, but will that distinction be made or understood ?
It risks being as misunderstood as the classic "Does it have its box and papers so I know it's genuine?" --- but don't let me start you on that one!
Ok I see your point. I must admit I have given up on discussing papers, everyone think that papers are impossible to forge so why waste your breath on it.
No box either - instead "Each Rolex Certified Pre-Owned watch is presented in a distinctive pouch."
I'd say that nobody thinks papers are impossible to forge.
If its got papers, it got to be genuine. That is why paper fakers make a good living, but enough from me on that.
Not sure I get it. I can send my watch today to be serviced and it comes back with the card and a daft pouch, which I can use as a sales enhancement.
What'll that cost me - a grand ish probably and as said, will enhance my sale. Surely dealers can do that now and anyone would expect to buy safer with the card and perhaps pay a tad more than the reseller telling me Albert in the back has oiled it and they will warranty it, but these warranties are worthless unless from a well established selling operation anyway.
Agreed
i think the £600 plus service is worth it for the authenticity factor alone on a watch that has gone through more than 1 set of hands.
Some significant secondhand dealers have had conspicuous difficulty obtaining service work by Rolex over the last year or so. Hmmmmm.
I guess the idea is that the authentication and checks are done by Rolex prior to the watch being purchased so added peace of mind.
Maybe they will also come fully serviced by RSC which could explain the pouch and 2 year warranty papers.
All this comes at a cost though as can be seen with the pricing!
Interesting that the prices show "INC VAT" as if they are standard rated for VAT. This might be unusual if they were being bought secondhand under the global or margin accounting schemes typically applied.
I wonder if some will be watches that were returned with problems, then refurbished and returned to sale. What else would they do with such watches ?
One could ask them about the VAT. I suspect they will all be margin scheme watches because whether they buy from UK sellers or any seller anywhere, I doubt they are recovering vat on the purchase. And adding vat is just going to make it more expensive
But then they cannot recover the vat on servicing.
Interesting
Fair enough. Can’t see it’s much of a benefit over buying from a reputable grey. Would they generally offer 12 month warranty? Maybe worthwhile if you had the choice of two identical models at the same price.
Official information about the scheme on Rolex.com
https://www.rolex.com/buying-a-rolex...pre-owned.html
Agreed. As others have said AD’s are in for some challenging conversations.
You may have this used serviced watch for multiple k over RRP or wait and possibly never get it at RRP. Very different conversation with an AD compared to new from or AD and paying overs from grey market.
Soon Rolex will be offering Personal Contract Purchase (PCP) so you can have a certified steel sports watch for 24-60 months with an option to make the balloon payment to own it or let it go back into the certified pre-owned pool
I honestly can see little benefit in this scheme - the discussions will be interesting for sure (given the historical bull$hit AD's seem to spout).
When you look long into an abyss, the abyss looks long into you.........
Now that is a brilliant suggestion to put to rolex from a business prospective
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Are they serviced? The Rolex link says the buyer receives a “service booklet” but why not shout it out if these watches are fresh from a £600 service?
Seems trivial. As I understand it, it's not like Ferrari classiche. You can't send your watch in for authentication, it just allows a select number of retails to sell you used watches whilst supply difficulties continue.
Could be quite handy for those lucky enough to be allowed to buy a watch. Turn up, buy it. Try it on then immediately sell it to the AD and trouser the profit there and then. No need for a second visit or wasted time emailing WF or listing on eBay/C24.
The scheme is for 3 year old + watches so this doesn’t happen.
Cheers..
Jase
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