How To Buy Your First Rolex

A Rolex is the world's most recognizable luxury watch, but actually getting your hands on one can be surprisingly [music] difficult. I'm Chris Rowser with Bloomberg Pursuits, and I'm here to walk you through the complicated [music] process of getting your first. The problem is not a lack of watches. Rolex makes about 1.15 million of them every year, and 2,500 second-hand watches are sold online every [music] day. But, the process can be opaque, and of course, they're expensive. Rolexes start at about $6,500 and can go up into the tens [music] of thousands. Waitlists for popular models at authorized dealers can run for months or even years. I'm here at Fegor an awesome second-hand [music] dealer in Great Neck, Long Island to see what they have on hand. Once you have a clear idea of what model you want, there are a couple ways to secure the watch. >> [music] >> The first and best is to buy from an authorized dealer, a boutique that says Rolex on the [music] door. Spend time talking with a sales associate. Be flexible. A different color or metal may be easier to find. [music] The relationship you develop with that person can help you get the watch sooner rather than later. Tell them your story, whether it's for an anniversary, a personal achievement, or as a gift for a loved one. >> [music] >> The dealer wants to know you're not just going to flip it for profit. Buying on the primary market is preferable because you'll get the best warranty, and you'll start building a relationship with Rolex, [music] which will help you get better access to more watches in the future. But, because authorized dealers only get limited allocations [music] every year, you may have to also look at a second-hand dealer if you want to get one faster. If you end up doing that, find the watch you want on a big marketplace like Chrono24.com and find a dealer near you that has it. You can check the average prices on a website like Everywatch [music] or WatchCharts to know you're not getting ripped off. Check the reviews of the dealer and see how many watches they've [music] sold. It should be in the hundreds or even thousands. It's also good to get one with its original box and receipts [music] for further proof of authenticity. If you buy a second-hand watch, you have to guard against super fakes, [music] the increasingly expert copies of watches that are made using the same designs and similar components in places like China. [music] So, make sure the seller has a guarantee of authenticity. A lot of authorized Rolex dealers, like Watches [music] of Switzerland, the 1916 Company, and Bucherer, have certified pre-owned programs where they buy old watches, tune them up, and send them to Switzerland [music] for authentication and a new warranty. These watches can cost 15% or more than the average [music] price, but you'll know they're real and buying one helps you build your relationship with Rolex. My final advice after you bought your first Rolex is to wear it. Don't put it in a safe and hide it for special occasions. These are extremely beautiful and extremely durable watches that are meant to be worn, and I promise every time you wear it and it will bring a huge smile to your face.