After years of speculation, market pressure and eye-watering prices, Rolex finally decided to cave in to demand.
For the first time in the brand’s history, Rolex is launching its own certified pre-owned program.
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The Swiss brand had its hand forced due to the long lead times on new watches.
For years, people had to resort to the secondary market to buy like-new Rolex watches because authorized dealers never had anything in stock.
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Due to this chronic watch shortage, prices on resale sites like Chrono24 were skyrocketing.
It was getting out of hand, and that’s why Rolex finally decided to do something about it.
First, about a year ago, the company released a press statement to address the issue.
Then, just a few days ago, Rolex announced its new certified pre-owned program.
With the new program, Rolex offers certification, a guarantee of authenticity, and a two-year warranty on its watches.
The program is exclusively available at select boutiques in six European countries including Germany, France and the UK.
However, Rolex promises to expand the program to other locations in the near future.
To qualify for the pre-owned program, the Rolex model in question but at least 3 years old.
That’s it, that’s the only requirement.
Crucially, Rolex hasn’t said anything about pricing.
Are Rolex prices still rising?
The short answer is yes.
Rolex prices have been going up for years.
And sometimes the difference between the retail price and the resale price is ludicrous.
A couple of days ago, Harry Kane was spotted wearing a rainbow Rolex Daytona at the World Cup.
This particular watch retails for $97,000 and yet it sells for $500,000 or more in the secondary market.
Even other, less expensive watches like the ‘entry-level’ Submariner are trading at a premium.
The base model has a retail price of $8,950, and a market value of around $13,000.