Selling your Rolex can be very profitable! Did you know that some Rolex watches even increase in value over time?
You're probably a little hesitant because selling a Rolex can be a complicated process if you don't know what you're doing.
But don't let that minor detail stop you from earning some extra cash! If you've been thinking about selling your Rolex, then keep reading! It could be the best decision you ever make!
History of Rolex Watches
When you think about a Rolex watch, you may associate this brand with quality and luxury. However, that wasn't always the case.
Rolex became known in 1905 by a man named Hans Wilsdorf. At the time, watches weren't as precise or even seen as valuable items. However, Hans revolutionized the jewelry market and introduced a different approach to wristwatches.
Because of Hans Wilsdorf, watches were now seen as elegant and reliable jewelry. Over time, Hans grew his company into what you see today! Now, millions of people buy and sell Rolex watches.
Vintage Rolex: Are They Worth More?
Vintage watches can be a very profitable market if you're looking to sell Rolex for cash! The demand for vintage apparel and jewelry has skyrocketed in the past few years. An article by Marketingweek stated that a third of consumers are leaning more towards vintage pieces in just the past 12 months!
But how much more can you make on a vintage Rolex watch? It all depends on the previous factors, the model of the watch, and the year it was made. For example, the Daytona Rolex is a trendy watch that was released in 1963.
You might be familiar with the name Daytona, as it is a famous city in Florida. The city is famous for its tourist spots and shared love for motorsport and racing. The Daytona Rolex was a collaboration with the Daytona International Speedway.
This particular Rolex highlighted an MPH reading and a tachymeter which fell into the theme of racing. This Rolex can go up to $30,000 to $300,000, depending on its condition and parts! Another Vintage Rolex watch is the Rolex Submariner, which launched in 1954.
This watch was the first underwater Rolex and was popular amongst athletes and divers. This watch came in two models, the Kermit and the Hulk. Some argue that the Kermit is a better model of this watch, but some prefer the Hulk.
However, this is all based on preference, as they are very similar in price and appearance. Lastly, the resale market for these watches is very high because Rolex enthusiasts and collectors love the history and versatility between the two models.
How to Check if Your Watch Is Vintage
If you own a Rolex watch that is at least 20 years of age, then you might be able to earn big! However, if you're not too sure of the year and model, check the Rolex watch's serial number.
It's important to note that this serial number is exclusive to the brand, and if your watch doesn't have one, the Rolex could be counterfeit.
The best way to know if you have a counterfeit is by taking it to an expert seller. However, if you believe you have a vintage Rolex or collector's item, then knowing how to sell a Rolex is very important!
Rolex Resale Value
The resale value for a Rolex may increase over time depending on the type of Rolex and its condition. If your Rolex was made before the 1950s, your watch might be a vintage or collector's item. However, even newer models of Rolex's are sometimes considered a collector's item or vintage.
Rolex's that were previously owned or even endorsed by a celebrity has a higher resale value, regardless if they are vintage or not. A Rolex resale value may also increase if it has gold details or diamonds.
However, the resale value may not be the same for ceramic, stainless steel, and titanium Rolex parts. The condition of your Rolex watch also plays a massive factor in its resale value.
If your Rolex watch has any inconsistencies like scratches or marks, this may affect the resale value. However, these are minor inconsistencies and can be easily fixed. Some more significant factors to consider are:
Does the Rolex have its original parts with no modifications?
Any mild to severe water damages
Damaged time hands that affect the watch's functionality
Does the Rolex work how it's supposed to with no defaults
An internal issue that will need severe repairs
Any problems with the crown or bezel
All of these factors come into play when determining your Rolex resale value. Before selling your Rolex, research your model of Rolex and see how much others are paying for it.
Other Pricing Factors
As stated previously, certain inconsistencies can decrease the resale value of your Rolex watch. However, some factors can increase your resale value. For example, having the original box and authenticity papers can significantly increase your price.
The original box will contain paperwork, certificates, handkerchief, notepads, receipts, warranties, and much more. It's important to note that these items are not necessary. However, these items can speed up the authentication process and increase the overall price.
Another factor that can increase the Rolex resale value is the model of the Rolex. As stated previously, there are different Rolex models, and each of them represents a different period. If you're not sure what model your Rolex is, check the serial number!
This number is significant and will determine how much your Rolex is worth. The paperwork that came in the box will have all of this information. If you don't have this anymore, the watch will also have this information.
The type of model of the Rolex was conveniently placed on the 12 o'clock side of the watch lug. The serial number was placed on the 6 o'clock side, meeting the bracelet and case. Before 2010, Rolex used a chronological number set to engrave their watches.
Consequently, some watches may have the same serial number, but this shouldn't affect the Rolex resale value. Now Rolex uses a random set of numbers to make their serial numbers.
The 1950s was a shifting point for the company. Watches sold before this time become valued at a higher price. To check when your Rolex was made, have a skilled watchmaker open the case back. You can do this yourself, but it's recommended that a professional assist you.
Inherited Rolex Watch
Many people inherit money, land, and jewelry when a beloved family member passes away. Because Rolex watches are so valuable and famous, many parents decide to pass them to the next of kin.
If you have recently inherited a Rolex watch, you might be struggling with the decision to keep the watch or resell it for profit. A good rule of thumb for these scenarios is to wait at least a year before deciding on anything.
An inherited heirloom can have a lot of history, and many people form attachments to these items. However, if you've decided that rehoming your Rolex watch is right for you, then follow these tips!
Make sure there are no legalities that are stopping you from rehoming your watch
Communicate with family members of your decision, if possible
Get all the proper paperwork, if possible
Find out the model and year date of the Rolex
If you have this information gathered, then rehoming your Rolex watch should be reasonably straightforward. Before doing so, ensure that this is the right decision for you!
How to Clean a Rolex
If you chose to sell online or in-person, then preparing your Rolex for viewing is very important.
Many Rolex models are well equipped to handle underwater activities. However, the crown should be tightly secured to protect the watch from moisture and water damage. So before you begin to clean, ensure the crown is correctly screwed on and placed!
After this, you can begin to clean your Rolex. It is advised that you wash your Rolex with soap and warm water rather than a cleaning solution. This guarantees your Rolex isn't stripped of its natural colors by the chemicals in cleaning solutions.
Put this mixture of soap and warm water in a bowl and use a synthetic hair brush to scrub your Rolex. The brush doesn't have to be synthetic bur make sure it has soft bristles, so your Rolex doesn't get any scratches!
Once you've removed all of the dirt, rinse your Rolex under the faucet. This will guarantee that there is no soap or dirt left behind. Always turn your bezel to ensure all of the crevices get thoroughly washed.
Once your Rolex has no soap or water on it, pat dry with a fiber cloth. It's best to use a fiber cloth so that your Rolex doesn't lose any of its natural colors!
Always ensure that your Rolex model is waterproof before you begin cleaning. If your Rolex is not waterproof, wipe it with a fiber cloth and gently remove the dirt and grime.
Selling Your Rolex
Selling your Rolex is a great way to make extra cash, but where do you start? First, decide if you want to tell your Rolex online or at a resale shop. Many people tend to have many questions during this stage, but the best way to sell a Rolex is by picking a reputable business to sell through.
Be aware that online selling can be trickier, and you may not be protected from scams and fake buyers. Online stores like eBay have their advantages and disadvantages.
For starters, selling on eBay is could make the selling process quicker. However, with a big purchase like a Rolex, some buyers may be wary. If a seller is confirmed, losing money is possible if the buyer becomes dissatisfied with the purchase.
That's why it's essential to accurately list your Rolex watch and disclose any inconsistencies or marks. Much like eBay, other online stores auction off your product to the best bidder. However, this process could be longer than another store or seller would take.
Also, you may be losing profit due to taxes and fees that go to the website. However, the resale price could be higher in these online auctions due to product knowledge from potential buyers.
In-person shops are becoming very popular amongst Rolex owners. Some even say this is the best way to sell Rolex goods. Shops that specialize in fine watches and jewelry are also known for being more reliable because dealers are informed of the different types of Rolex watches.
However, the resale price may not be lower in these kinds of sales.
Pawnshops are also an option for those looking to sell Rolex for cash. However, pawnshops can offer you a lower resale value when compared to other places.
Not to mention, a rare Rolex watch could be overlooked by a pawnshop employee because most of them are not certified in luxury watches and jewelry making.
With that said, this option is the fastest way to sell a Rolex. Most places will offer you instant cash for your Rolex. So if you're looking for an easier and quicker way to make cash, then a pawn shop is your best option.
Once you've decided which selling option is right for you, then it's time to sell your Rolex. How exciting!
Selling your Rolex can be an easy way to make good cash. Especially if you're not getting too much wear out of your Rolex.
If you're already convinced about selling your Rolex, then choosing a reputable seller will make all the difference! For more information on Rolex watches and resale values, check out our website!