Best Way To Sell Your Rolex watch

Before you plan to sell your Rolex, you should have a general understanding of its resale market value. Prices for used watches can be found on websites such as Chrono24.com.

Since it has the dealer commission, Rolex dealers can not give you the price for your watch. The commission charged by dealers ranges from 10% to 20%, and you must still account for taxes. The tax is levied in the United States and will vary from 8% to 15%.

In the United Kingdom, watch dealers are required to collect 20% VAT for each watch they resell. If the Rolex watch is worth $10,000 on chrono24.com, subtract the fee and taxes to get an understanding of what a dealer will give you.

A Rolex dealer can offer you between $6500 and $7500 for a Rolex watch worth $10,000.

The advantage of selling your watch to a dealer is that it is a quick sale with no refund. You will have no problems after the transaction is completed.

You're less likely to have issues with a respectable and trustworthy dealer, and you won't have to be concerned about the watch anymore.

The best solution to sell a Rolex watch is to sell it to someone that you trust; this is my preferred solution.

Someone who may have admired your watch from afar while the watch was in your possession.

You can let your friends know that you are selling your watch and see if they are interested in buying it from you.

You should ask for a price closer to the second hand retail price.

A watch worth $10,000 on Chrono24 can be sold to your friend for $9,000. If you sell your watch to your friend, you'll both benefit with a fair price for a Rolex.

The financial transaction will be more secure since it is your friend

and you trust him. They may also buy a pre-owned Rolex from you because they trust you.

One of the downsides of selling your watch to a friend is the fact that you will remain connected to the watch. You will be called by your friend if anything goes wrong so you can sort it out.

Your friend will eventually comeback to you and tell you there is something wrong with his/her watch, regardless if it's a year, a month, or five years down the line.

Following this you will encounter the dreaded pause where they suggest you should do something about it.

You never relinquish your responsibility on a watch you sell to a friend.

Although it is a strange thing, I have witnessed it many times. In the worst case scenarios, friendships have been strained by such transactions.

To avoid this situation, be clear and upfront with your friend before the transaction.

Tell your friend that his watch will need service. He will need to send the watch to an authorized Rolex service centre when it needs to be serviced.

Rolex service costs between $800 and $1000, and that's the responsibility that goes along with owning a Rolex watch.

This is the third option, selling to somebody you don't know.

This is a way to get the best price for your watch, but it is the most risky option to sell your watch.

If your watch is worth £10 000, that will be your asking price, minus room for negotiation. Most people will think about eBay, but there are other online platforms to sell your watch privately.

Some people use online forums and social media to found potential buyers.

A word of caution, becoming a watch dealer for a day comes with many risks. There are a lot of scammers out there.

Professional dealers know how to spot a scammer; it requires knowledge and experience. I'm not a watch dealer, and I will not attempt to sell a watch to a stranger.

The risks involved are not compensated with the extra cash you can make by selling your watch a somebody you meet online in a forum.

There are videos on Youtube on how not to get caught by to watch scammers 

If you are not an experienced watch dealer, my recommendation is not to sell your watch privately because there's a very good chance that you'll end up with nothing.