I think it is but with the proviso that you saved some money and the recipient would appreciate that saving, otherwise it can look cheap and then it's best to get it new, esp if it is a luxury like a Rolex. I'm in a similar position with my Mum, I want to get her a Cartier for Xmas and I'd like to do the whole AD thing, but she is not really bothered and if I can save a grand or so by buying it almost new then she would prefer that.
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