Rolex... What is the true cost of ownership?

[2ltdjorn]

The initial investment in the timepiece I understand.

What about maintaince of the time piece?

Storage?

A watch winder?

Insurance?

Anything else one should consider?

[VerticalHorizon]

Servicing costs.

[FTX I]

If you buy new you don't need to worry about extra cost.

[cop414]

Service and insurance, no real need for anything else. I think that things get a bit more expensive as a collection gets larger, 5 good watches then 5x the insurance. If 2 or 3 need service at the same time you're looking at possibly a couple grand depending on who does the work.
I've always had the thought that if you have to ask you can't afford it, hence my not owning a Rolex until I was over 50. YMMV

[brandrea]

I'd say it averages about $125 per year based on a 5 year service interval.

Whether you insure is totally up to you, and probably depends on the value of the watch and your comfort level it's whether it's insured or not.

[Old Expat Beast]

Originally Posted by 2ltdjorn

The initial investment in the timepiece I understand.

What about maintaince of the time piece?

Storage?

A watch winder?

Insurance?

Anything else one should consider?

Storage is free unless you use a bank safe. A watch winder is not necessary and insurance is optional. As others have said, service costs should be figured in, but by far the biggest cost is the addiction that leads to more watches.

[THC]

Great point above, by Tim.....if you are indeed worried about long term cost then simply buy one Grail.. the watch winder, multiple ins policies, etc, then becomes moot.

[beshannon]

It is a time keeping instrument, not a motor vehicle

I will likely spend more on health care over a comparable period.

[Mick P]

Chaps

If you have to worry about the cost of a Rolex, don't buy it.

A watch is to be enjoyed , not fretted about.

Regards

Mick

[218225]

Originally Posted by 2ltdjorn

The initial investment in the timepiece I understand.

What about maintaince of the time piece? You can do it like Rolex advises every few years, or get it serviced if it gains or looses more seconds then you would expect or it shows some other indication that something is amiss.
Cost depends on where you get it serviced. Dealer, independant watchmaker, Service Center depending on references. Service cost can be shock.

Storage? Around your wrist and otherwise in a good safe.

A watch winder? Only if you plan to switch watches every few days.

Insurance? Check standard coverage to see if you can get it insured without additional cost.

Anything else one should consider? Depending on how old the watch is, you could consider the cost of a new bracelet or send it to Michael Young. My dad got a new bracelet after using it 24/7 for thirty years.
Maybe water resistance every few years? For the older plexiglass models that also means a new glass as I was told.

[Snow-Dweller]

Originally Posted by Old Expat Beast

Storage is free unless you use a bank safe. A watch winder is not necessary and insurance is optional. As others have said, service costs should be figured in, but by far the biggest cost is the addiction that leads to more watches.

Haha. Absolutely correct.

[landroverking]

They only cost I have is service. $1k every 5 to 10 years is what it has worked out to over the last 20 years. TT and all gold are on the high end. SS always around 500 to 550.

[kirksingleton]

If you are calculating true cost, figure in resale values. If you buy it right and keep it long enough you may find it doesn't cost you a penny to own it!

[Verdi]

Originally Posted by brandrea

I'd say it averages about $125 per year based on a 5 year service interval.

Whether you insure is totally up to you, and probably depends on the value of the watch and your comfort level it's whether it's insured or not.

I belive we have to consider 10 yrs service intervals now.

[Colina19]

I've had a sub for 11 years with no service, keeps perfect time.

For water sports i use a SMPC in case my trustee sub has pressure issues.

Costs will vary but I wouldnt necessary worry about the "cost of onwership" if you are buying.

[Rolex addict]

Originally Posted by Mick P

Chaps

If you have to worry about the cost of a Rolex, don't buy it.

A watch is to be enjoyed , not fretted about.

Regards

Mick

Exactly!!! It never ceases to amaze me to see threads about the cost of maintenance, where can I get the best deal, how much should I pay, etc. Like it or not, a Rolex IS a luxury item. For over 15 years, I wore a Timex Ironman watch as my one and only and it served me very well.

To answer the OP's question, insurance ranges from 1-1.3% of the value per year. Routine service on most Rolexes are ~$600-800. I believe the Daytona is around $1100. My Kermit was just service for $600 and My SS yachtmaster for $810. The crystal had two scratches and was replaced.

[JustABreathAway]

If you're considering a modern piece, either new or well-maintained second hand model, the major cost you have to consider is the opportunity cost.

Ask yourself how else you would've spent or invested the 40 or 50 thousand dollars you are thinking about spending on your Rolex. If you're comfortable dedicating those funds to the time piece after considering the other opportunities you're foregoing to buy the watch, then by all means purchase your Rolex!!

In my valuations for my Rolexes, the opportunity cost analyses FAR out weighed any other 'cost of ownership' issues.

[novae500]

i just put the watch on and enjoy it.

[watchwatcher]

Just don't let it rule your life and you'll be fine.

[jrs146]

In my opinion insurance is a MUST. most Home Owners plans will have very limited coverage as a standard feature. An additional rider or a specific policy will insure the watch at it's full value and be much more comprehensive. As another person stated it will run 1 - 1.5% of the stated value. To me it's absolute piece of mind. I don't worry about being in a situation where I have to second guess giving up my watch for my safety.

[RGP]

The cost of a new one as often as your finances will allow you to add to your collection. Once you catch the bug you won't be able to stop.

[nyc2la]

Originally Posted by Old Expat Beast

Storage is free unless you use a bank safe. A watch winder is not necessary and insurance is optional. As others have said, service costs should be figured in, but by far the biggest cost is the addiction that leads to more watches.

+1

[AK797]

Originally Posted by Old Expat Beast

Storage is free unless you use a bank safe. A watch winder is not necessary and insurance is optional. As others have said, service costs should be figured in, but by far the biggest cost is the addiction that leads to more watches.

TRF is the biggest hidden cost.

[sco]

One Million Dollars

[Maxy]

Originally Posted by 2ltdjorn

Rolex... What is the true cost of ownership?

Priceless!

[Colina19]

Originally Posted by AK797

TRF is the biggest hidden cost.

Agreed, stay out of this place.

[Bfd70]

Originally Posted by Old Expat Beast

Storage is free unless you use a bank safe. A watch winder is not necessary and insurance is optional. As others have said, service costs should be figured in, but by far the biggest cost is the addiction that leads to more watches.

This^

[Onikage]

They don't break down very often and you don't have to feed it anything.

[Verdi]

The cost for owning a Rolex is, in fact, low for a luxury watch.
Other watches in the same price range need servicing more often and at a higher cost!

[Chadridv]

I spend about $125 per year on a $9k insurance policy. Full overhaul service on a modern watch will be about $500-700 and will take place anywhere from 6-15+ years. As others have mentioned, storage is free if at home or in a home safe. The bank box will cost you whatever your bank charges.

Winder is totally optional, as is everything else. I don't use one. So that's also free.

Good luck!