Some eagle-eyed viewers have noticed in my previous videos that I wear Rolex watches. I’ve received numerous questions about them. While my focus isn’t primarily on watches and I’m not a watch expert—just an enthusiastic amateur with about 30 watches—I will answer your questions and share seven reasons why you might reconsider owning a Rolex. So, stay tuned for an interesting discussion.
The Rolex Watch in Question
First, let’s talk about the watch itself. It’s a 1999 GMT Master with a black bezel and black dial. This model was discontinued at the end of 1999, making mine one of the last produced. I’ve owned it for about seven years.
Reason 1: Are They Really Worth It?
Rolex watches are well-made and keep time exceptionally well for mechanical watches. However, their market value is heavily inflated due to decades of strategic marketing. The watch is made of stainless steel, a relatively inexpensive material. The high price tag is more about the brand’s reputation than the intrinsic value of the components.
Reason 2: High Servicing Costs
Owning a Rolex comes with hidden costs, one of which is the high cost of servicing. Rolex recommends servicing your watch every five years. A standard service, which includes disassembling, lubricating, and cleaning the watch, costs around £600. If additional repairs are needed, the costs can rise significantly.
Reason 3: Security Risks
Wearing a Rolex, especially in a big city like London, can make you a target for muggings. Rolex watches are small, valuable, and easy to sell on the black market, making them attractive to thieves. This risk is something to seriously consider if you’re thinking about purchasing one.
Reason 4: Insurance Costs
Insuring a Rolex can be expensive. If you have a “new for old” policy, the insurance might only cover the retail price, which can be much less than the market value. For instance, a Rolex Daytona might retail for £9,500 but sell for £20,000 on the secondary market. Regular insurance won’t cover this difference, so you’ll need a specialist policy.
Reason 5: The Image Problem
Many people buy Rolex watches to project an image of wealth and success. However, genuinely successful individuals often don’t feel the need to flaunt expensive watches. Wearing a Rolex might send the wrong message about your values and priorities.
Reason 6: The Prevalence of Fakes
The market is flooded with fake Rolex watches. Modern replicas, known as “super clones,” are nearly indistinguishable from the real thing. They can cost between £300 and £1,000 and mimic the weight, appearance, and even the internal movement of genuine Rolex watches. If you send a fake Rolex to the company for servicing, they will confiscate it, and you’ll lose your investment.
Reason 7: Resale Challenges
Selling a Rolex can be difficult. While you might see high prices advertised, the resale value can be much lower due to dealer markups and profit margins. For example, a watch advertised for £10,000 might only fetch £7,500 from a dealer. Considering the costs of servicing and insurance over the years, you might end up losing money.
Would I Buy a Rolex Today?
Knowing what I know now, I wouldn’t buy a Rolex today. I would choose a different brand. My love for watches is rooted in the stories they tell and the reasons for owning them. Each watch in my collection has a unique story that adds to its value.
Conclusion: Choose Watches with Meaning
When it comes to building your watch collection, focus on watches that you love and that mean something to you. Don’t buy watches as investments or status symbols. The story behind a watch, its history, and its personal significance are what truly make it valuable. Enjoy your watch for what it represents, not just for its brand name.
Final Thoughts
Thank you for watching and for your questions about Rolex watches. If you have more questions or need advice on watches, feel free to reach out. Enjoy your watch journey, and remember to choose pieces that truly resonate with you. See you next time!
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