Top 5 Most Devastating Watch Purchase Mistakes
Understand the most devastating mistakes people make when purchasing luxury watches. Read the WatchVIP list of top 5 most devastating mistakes.
1. Listening to fake watch gurus
If you watch YouTube you will find many channels where the people claim to know a lot about watches. Our tip is to use your own brain and take what most of what you hear with a pinch of salt (unless there is hard evidence to back it). This is especially the case where self-proclaimed watch gurus try to steer you towards a lower-end brand, because they make "good quality" watches.
Watch collecting is not just about making "good quality" watches. It is about brand prestige, heritage, who made the watch, its origin etc. When you purchase, think more about resale values and horological substance if you don't want to throw your money away.
Most lower-end brands don't have any pedigree or substance whatsoever.
2. Buying cheap watches
It's a total false economy. For example, brands like Maurice Lacroix and Frederique Constant are just no good and very rarely offer anything valuable when you compare them to other brands. There is just no money to be made at all in entry level Swiss watches, and there are plenty of alternatives from higher-end brands that offer a better design/function that you're looking for. Better to buy something decent, rather than waste your money on dozens of low-end pieces.
Sites like WatchGang are totally in the opposite direction to this. They offer you a new low-end watch every month for a monthly subscription fee. Our advice is to stay away or risk ending up with a collection of scrap metal.
Buy something higher end like a Patek Phillipe and who knows - maybe in 5 years or so you might make a small profit. At least it is a classic and desirable piece.
Instead of throwing your money away on garbage, better to rent a prestigious watch for a few days and have something to feel good about.
3. Buying New from an Authorised Dealer
Buying new from an AD is just about the AD experience. The truth is you pay a 10-40% premium over the second hand market. In the case of luxury watches, this can be thousands of pounds. What are you paying for? A cheap cappuccino and a "free gift" to go with an AD "warranty". Most of the time the value isn't there (that's why the second hand market is booming right now).
Unless it's a Rolex AD (of course), be very careful.
4. Impulse buying
Watch collectors get bored. Yes, you can get bored of a Rolex. Yes, you can get bored of a Patek Phillipe or Audemars Piguet watch. Sometimes people just buy to fill the void.
Remember, when you buy a watch, you always have to buy with your head, not just your heart. Be careful and stay away from garbage watches that nobody wants. Make sure you are buying a watch for good reasons. Do your homework and work out what is a good buy and what isn't. Always buy the right watch with the right horological and collectible attributes (movement, year etc.)
5. Buying a watch size that's too small
For men, stay away from classic sizes. Anything below 36mm is definitely too small this day and age. Women are even wearing up to 36mm watches as a norm in 2019.
33m watches are not making a comeback. Tastes have changed and people want bigger - just understand that. Yes, there are a lot of bargains to be had with the smaller sizes, but that's because they are undesirable. Don't fall into this trap unless you want to get burned.
Why not hire a luxury watch before you buy and see for yourself if it's the watch for you? Perhaps you just want to hire one for a special occasion?
We are WatchVIP - Luxury Watch, Designer Handbag, Cufflinks & other Accessories for hire.
To see our entire collection for hire:
Cufflinks & Accessories: https://www.watchvip.co.uk/luxury-cufflinks-for-hire
The points made in this article are merely opinions of WatchVIP and in no way intended to be strict rules for your spending choices. Please seek professional advice should you need assistance with your finances.