What You Need To Know Before Buying Used Rolex Watches

If you don’t want to succumb to a crazy waiting list, it’s simple. Buy used Rolex watches. It’s easy when you know how, just follow this guide.

An insatiable demand for used Rolex watches continues to drive the pre-owned watch market forward. If you’re contemplating joining it, now is as good a time to buy a used Rolex watch as any.  

In fact, has there ever been a bad time to buy one? Rolex is the number one most recognized watch brand in the entire world. Since 1905, it has gone from strength to strength, innovating iconic collectibles like the Daytona, Submariner, Datejust, Day-date, and Master-GMT. 

But where do you even start when buying a used Rolex watch? The market for second-hand models is vast. No worries, though. I’m here to help you make sense of it. Here’s my guide detailing whether it’s worth buying one and the things you should check before you do!  

How To Buy Used Rolex Watches

Rolex watches have a proven track record of appreciation. Some are more collectible than others, but most, if not all, hold their value incredibly well. In fact, if you want to make money from buying and selling luxury watches, Rolex is an easy win. 

A quick look at the trend in prices over the last decade shows something very clear. Although there are speculative elements to valuing Rolex watches, most have steadily increased. 

Investment-wise, choosing the right model is key. Steel sports watches like the Daytona and Submariner are great value propositions. That said, it’s also important to choose what you want if you plan to make the most out of your investment.  

When buying second-hand, you should familiarize yourself with prices (more on that later). 

You should also choose a reputable pre-owned Rolex dealer. Before you buy, you’ll be checking for damage, scratches, and general wear and tear. But you should also consider factors like service history and whether the watch comes with its full paperwork.

Popular Used Rolex Models  

The remarkable thing about Rolex is that many of its popular models have been around for over half a century! Yep! They’re still going strong! 

The 1950s was the decade that the brand gave us all its best tool watches. From the Explorer to the Submariner and the GMT-Master collection — all were instant successes.

On the whole, however, the Datejust, which launched in 1945, still appears to be the brand’s top seller. After all, it has always been the manufacturer’s flagship timepiece. 

There are no prizes for guessing why all of these models (not forgetting the Day-Date) are such popular collectibles. They all promise high-grade materials and exceptional workmanship and carry an iconic name on their dials.  

A Rolex Watch Price Guide  

There are no hard and fast rules to valuing used Rolex watches. I’ll explain why.

You can save yourself a significant amount of money by buying a used Rolex watch. Typically, a brand-new model will suffer an instant depreciation the minute you leave the store with it. Letting the first owner take the hit just makes sense.  

On the other hand, some Rolex watches cost more on the pre-owned market than buying from new. Like many prestigious brands, Rolex strategically limits its production and the supply of its most popular models. 

It means you often have to join long waiting lists to get your hands on what you want. Those who don’t want to wait will pay a higher price on the second-hand market.  

Rolex listed its watches between $6,000 and $42,000 in 2023. The problem is, you can’t often locate these watches that are brand new. Easier pickings are those on the pre-owned market. 

Prices, however, can fluctuate. 

For example, the Submariner Date ref 116610LN was selling for around $15,000 last year. This works out at around $6000 more than its initial retail price. 

For the Rolex Daytona, expect to pay a little more. 

The white dial ref 1165000LN can sell for around $37,000. Likewise, the GMT-Master II in steel can cost around $22,500 in good condition.

Meanwhile, more affordable Rolex watches are those like the Oyster Perpetual 36 ref 126000. Originally, the watch sold for $6,150, but due to supply, it has increased on the pre-owned market to $18,000.

As this shows, Rolex watches demand a much higher price on the pre-owned market if they’re rare or highly collectible. Paul Newman’s personal Cosmograph Daytona ref 6239 still holds the record for the most expensive Rolex ever. It sold in 2016 for a whopping 17.75 million dollars!

What You Need To Know Before Buying Used Rolex Watches 

If you’re thinking of buying your first used Rolex watch, there are some things to consider before you part with your hard-earned cash. Here is your checklist to ensure you’re on the right track.

Is the Seller Reliable? 

Before you buy your first pre-owned Rolex, you’ll need to know where to shop for one. It’s always advisable to do your research on the market first. Find out which dealers are reputable and which models you can walk into a store and try on. 

If viewing the watch firsthand isn’t possible, research online dealers with a solid reputation. Read the reviews thoroughly, as personal experiences are valuable to consider.

If there is ever any doubt in your mind about a seller, don’t wait to find out. Steer clear. 

Once you’ve researched where not to go, you can browse the watches on the market at your own pace. You can also track fluctuating prices and decide on the right time to take the plunge.  

Has the Watch Had a Service?  

Checking the condition of a watch, either in person or online, can be tricky. If you choose a reputable dealer, they should notify you of wear and tear.

While photographic images aren’t always the best quality online, a description of the watch should highlight the important details.

Sometimes, a well-polished case with very few scratches can indicate it’s had a lot of use. The blemishes may all be polished out. On the other hand, it could mean the watch has barely had any use. 

One giveaway is to look at the small facets of the lugs, which should be sharp. Another tip is to look for a thick crown guard.  

Knowing whether the mechanics inside the watch run smoothly is a little more difficult. But, if a used Rolex is working well and it’s an old model, chances are, it’s had regular services.  

Is It a Fair Price? 

If you’re unsure of what price you should expect to pay for a particular model, do some detective work. You can research the model online and check what it sells for. 

Failing that, pop into a local Rolex dealer who can give you a good idea of what to expect price-wise.

Does It Come With Paperwork?  

Buying a watch with original paperwork is key to ensuring that it holds its value. It’s an attractive proposition for any collector, adding considerable value to a watch. This is mainly because the original paperwork is not replaceable.

Always ensure that you keep the warranty, guarantee card, user manual, and box safe as soon as you obtain the watch. You’ll need it if you ever decide to sell it. 

How Can You Tell a Rolex Watch Is Used?  

Any watch that is not purchased as brand new from an official Rolex authorized dealer is pre-owned. And, of course, if you’re buying from a reliable and trusted seller, they’ll be more than transparent about it.

The demand for (and value of) used Rolex watches is generally quite high. People buying and selling at this level take the matter seriously, so the disclosure of these details is important.

Finding a Reputable Pre-Owned Rolex Dealer

It’s paramount to find a reliable dealer of used Rolex watches. Not only does it guarantee that you’re buying a genuine Rolex, but that you’re going to get good after-sales service. 

Look for a dealer that has an established online presence on marketplaces that have good, solid reputations.

As already mentioned, reviews, paperwork, and warranties are also important. So too, is a secure payment and delivery method.

Understandably, there’s a higher risk of buying a counterfeit watch when going through private sellers. With so many fake and replica Rolex watches on the market, only an experienced eye can tell by photos alone. And remember, if it looks too good to be true, it usually is. 

Buy your watch from a reputable pre-owned dealer, and the risk of a “Nolex” is nearly zero.

FAQs

Here are some FAQs that people often have about used Rolex watches.

Where Can I Buy Used Rolex Watches?

Companies like Bob’s Watches, Crown & Caliber, and Swiss Watch Pro are reputable dealers and stockists of used Rolex watches. Chrono24 is another great option. These companies have a proven track record of selling good quality pre-owned luxury watches.  

How Much Are Used Rolex Watches?

Rolex watches can sell for anything between $6,000 to $500,000. Factors that make a Rolex sell for more are collector’s demand and rarity. 

Particularly scarce is the Pepsi version of the Rolex GMT-Master II. The first Submariner to feature a sapphire crystal (ref 16800) is another expensive example.  

Is Buying a Used Rolex a Good Investment?

Yes, buying a used Rolex watch can be a superb investment. Most models hold their value well, while others appreciate over time. One of the best investments is the Rolex Daytona 126500LN, which has a white dial and white gold markers.

Parting Thoughts  

Pre-owned Rolex watches are expensive, but collecting them can be a very lucrative hobby. The key to becoming an expert in collecting them is to start affordably and work your way up.

To make Rolex watches a good investment, you need to spy your chance to buy and sell. As soon as your model rises in value on the pre-owned market, sell yours. Likewise, spotting a good deal on a used Rolex watch requires a mixture of good timing and knowledge.

Before entering the world of used Rolex watches, research reputable dealers and learn which models promise the best value. When buying your first pre-owned Rolex watch, you should check its quality and whether the price is fair. 

You should also check whether it comes with the original paperwork. And if you ever doubt a dealer, steer clear.

Hopefully, by considering these practical tips on how to buy used Rolex watches, you’ll become a confident collector. Whether you’re in the market for a Submariner, Explorer, or Daytona — you’ll soon be navigating the process like a pro!  

Do you have experience in buying or selling Rolex watches? Share your knowledge with us in the comments below!