Despite the flashy social media posts, I don’t buy things UNLESS I see them as an investment. Even the private jet is so I can get to clients faster. But, I am a sucker for a beautiful watch… So, I decided to weigh in on the new, official Certified Pre-Owned Rolex program.
What is a Certified Pre-owned Rolex EXACTLY?
After launching in the European market in December 2022, Rolex brought its Certified Pre-Owned program to the US in May 2023.
According to the watch site Hodinkee, this is Rolex’s attempt into the secondary timepiece market.
Of course, we have been able to buy unofficial used Rolexes for years, which begs the question…
WHAT’S IN IT FOR THE BUYERS?
A key benefit to buying a certified pre-owned Rolex is that it is guaranteed to be authentic. Also, buying through boutiques in the program adds an extra two-year guarantee on the watch.
And third, Rolex only accepts wristwatches over three years old for this initiative.
NEW, POPULAR MODELS CAN’T BE BOUGHT AND FLIPPED FOR PROFIT.
However, there is a HUGE factor to take into account before you run to a certified pre-owned Rolex counter…
Are They a SMART Purchase?
Last, don’t expect to get a deal when you buy a certified pre-owned Rolex…
BECAUSE PRICES AREN’T REGULATED!
Brand reps say the authorized jewelers will set the prices for the timepieces. Therefore, it prevents quick resale, but overcharging is not.
So, what is my opinion at the end of the day?
YOU SHOULDN’T BE BUYING LUXURY WATCHES — PRE-OWNED OR OTHERWISE — UNTIL YOU CAN PAY FOR THEM WITH PASSIVE INCOME!
That being said if you have the passive income…
If it is a model you love…
I won’t hold it against you.
Be Great,
Grant Cardone
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