The luxury watch industry has taken a hit in recent years.
But that doesn’t mean that flashy, hand-crafted luxury watches aren’t still a dream purchase for many American men and women alike. And the internet is now making it possible for anyone to shop for a luxury watch that fits their budget.
Before you hit the web and start shopping around for a Rolex or Seiko watch though, there are a few things you need to know.
Keep reading to learn everything you need to know about buying luxury watches online without breaking the bank.
Before you can even think about buying a luxury watch, you need to know your watches.
If you’ve only ever been a casual watch shopper, you might not realize quite how many luxury brands are really out there. While most people have heard of Rolex, Cartier, and Seiko, if you’re not a watch enthusiast, you might not have heard of other brands like Panerai, Tudor, or Patek Philippe.
Knowing your watch brands, their price ranges, benefits, and drawbacks will help you make the right decision.
After all, buying a luxury watch is far from a light decision. It isn’t like buying a new outfit or paying for a fancy dinner. Depending on the type and quality of watch you choose to buy, the cost could be more similar to buying a new car than buying a fashion accessory.
The average Rolex costs over $10,000, while the average Patek Philippe is priced closer to $50,000.
You can get plenty of other watches and brands for as low as a few thousand dollars. But you’re still looking at making a big investment.
Once you’ve learned a little about each luxury watch brand, it’s time to set your budget.
Trying to shop without first setting a limit on how much you’d like to spend is a big mistake. You’ll likely shop watches at a variety of price points, and may find yourself falling in love with a watch that you really can’t afford.
If you’ve been saving up for a while to buy your first luxury watch, your budget may already be set. But if you’re using an unexpected bonus from work or an inheritance to buy your watch, you might need to do some thinking about how much you’d really like to spend.
While many online retailers of luxury watch brands will offer free shipping with your purchase, don’t forget that you will still need to pay tax. This can significantly increase the price of your watch, and definitely needs to be factored in whenever you’re considering a certain watch.
There is also a huge market for used luxury watches. Many owners take extremely good care of their watches, which means that you may not even be able to tell that the watch is used.
Buying used can allow you to buy a better quality watch for less.
You already know that you can’t trust everything that you see online. From fake social media profiles to catfishing scams, dangers are lurking in every corner of the web.
Online shopping scams are also a huge problem. Shoppers are shocked to find that the expensive brands they bought turn out to be incredibly low-quality knock-offs.
Products are delivered broken, or break easily once you start using them. Sometimes they look very similar to the real thing, but with tiny details missing. Other times, they are very obviously fakes.
Spotting fakes on the web can be incredibly difficult because scammers often use images of the real thing to sell their cheap knock-offs.
To keep yourself from spending thousands of dollars on a fake luxury watch, you need to do your research on any sites you’re considering buying from.
Look for reviews on other websites, and be sure to actually read through the review to decide whether or not you think they were written by real customers. Scammers are getting smarter and using fake reviews to give themselves a better reputation on the web.
Scroll through Google to look for any warning signs that the website may be a fake. This could be reports from other buyers who have been scammed or red flags from the Better Business Bureau and other quality-watch sites.
While you can file a police report after getting scammed, there’s no guarantee that you’ll ever get your money back. If you’ve been saving up for that luxury watch you’re dreaming of, don’t waste your money on a fake.
If you’re going to buy Rolex online or any other luxury brand, you want to make sure you’re buying from a reputable dealer.
Bid websites and marketplaces like eBay might seem like a great place to score a good deal on a luxury watch.
But the reality is that these websites often have very little oversight and are prime spots for scammers to strike. They may create numerous accounts, garner some fake reviews, sell to you, and then disappear as soon as you realize that there is a problem.
Unless you feel extremely confident about a seller’s reputation, it’s best to avoid these types of websites and instead stick to reputable, verifiable vendors.
Any time you’re buying a luxury watch online, it’s important to keep your eyes open for any potential warning signs.
Reach out to the website’s chat function or email address to ask questions and see whether their responses seem to come from a knowledgable vendor. Look for the fine print to see whether there is a return policy or warranty offered with your watch.
If you feel as though a purchase is too good to be true, it probably is.
Buying luxury watches online is a great way to shop around for a great deal and finally own your very own luxury watch.
But if buying a new watch or other luxury purchase is still just a dream, taking control of your finances and starting a savings account could be the answer for you.
Check out this article next to learn how much savings the average American really has, and what you can do to keep from becoming another statistic of poor financial planning.