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Do you have a deep affection for luxury watches, but you cannot afford them at the moment? Do you feel that some of the cool timepieces you see seem to be out of your budget? You are not alone! One of the most challenging parts of being a watch enthusiast is reconciling with the fact that a lot of the products you desire are beyond your means.
Having said that, here are 6 ways to honor your budget as a watch collector. Through efficient use of time and resources, it is possible to be a timepiece aficionado while being relatively economical!
#1: SAVE AND SELL WATCHES
In some cases, watches that seemed more affordable ten years ago are now worth two to four times their historic prices. As a timepiece buyer, you need to be more considerate with your choices. You can either sell your unwanted watches or save up for your desired piece.
The majority of watch collectors are purchasing fewer watches and selling some of their pieces in order to fund their new purchases. Becoming skilled at selling unwanted pieces from your collection or trading watches can help you enjoy your luxury watches without needing to spend too much for them.
When it comes to saving money for a watch, a good example is Wayne Chan’s journey. Mr. Chan is a Singapore watch collector who worked odd jobs and saved up his ang paos to purchase a Rolex watch at the age of twenty-one. It was near the start of his first year in polytechnic when he set his eyes on the Rolex Submariner worth approximately S$11,000. He kept every cent from his CNY and birthday ang paos, his internship pays, and even took part-time jobs to save up for the watch. Today, Mr. Chan’s collection is worth about S$19,000.
#2: CONSIDER PRE-OWNED WATCHES
It is understood that if you do not want to pay full price for a new watch, you can opt for pre-owned ones. Pre-owned watches can be sold from the individual sellers or from dealers who compete to offer consumers the best prices.
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Searching for pre-owned watches can be a great way to get the watch you want for less money, and often in a condition that you can live with. It may not come with the watch factory warranty, but you are getting much of the same experience in many aspects. You can start your search at carousell.sg and watchexchange.sg.
#3: INVEST IN CROWD FUNDING CAMPAIGNS
Investing in crowd funding campaigns is risky. Many campaigns deliver the product to the market on time and at the expected quality. However, there are some campaigns which deliver sub-par products and others which are never delivered at all. If something sounds too good to be true, it is.
Kickstarter has a selection of watch campaigns. For instance, manufacturers like Pebble took their ideas to Kickstarter to get investments when developing their products. Fitbit now owns Pebble. While Kickstarter may offer campaigns to suit to needs, do your due diligence before getting involved!
#4: LIVEN UP YOUR EXISTING WATCHES
Experienced watch enthusiasts will tell you that a budget-friendly way to spruce up your existing watches is to change their straps. Start by choosing a watch whose straps can be easily changed. Then, measure the width of the strap to know which strap or bracelet to buy.
Ideally, you can consult an expert to help you select the right straps. Alternatively, you can save money by asking for advice on watch forums or through social media platforms. Take pictures of your watch and ask other community members to suggest which types of straps go well with your watch.
#5: GO FOR JAPANESE WATCHES
If you are looking for new mechanical watches for under S$500, you can opt for Japanese watch makers such as Seiko, Orient, or Citizen. These makers provide quality watches while still maintaining their reasonable price tags.
Typically, the first watches of watch enthusiasts include these Japanese watches. These people find themselves keeping it or using it throughout the years.
#6: DO NOT FIXATE ON FUTURE VALUE
The best watches are works of art. You should purchase watches as you would purchase artworks, by acquiring the things that you love looking at for a long-term basis. Collecting luxury watches as an investment is fraught with risk as some of the most expensive watches depreciate drastically the moment you walk out of the store. In contrast, certain watches that were insanely unpopular before having gone on to provide incredible ROI.
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As Emilyn Lee, a Singapore watch collector, once said:
“I would never suggest we buy a watch just because it has investment value, because there are plenty of other things, we can put money in. I want to know more about the brand I’m connecting with, and what it’s trying to convey in its watches.”
