Refund after price increase?

[GoCubsGo72]

Well, I didn't expect this. Was thrilled to pick up my 5960 from my AD less than 7 days ago and now it's worth $3,800 less. I jumped on board PP from Rolex about a year ago. I currently have two and two more on the way.

I did the 'right' thing by Patek and bought from an AD. I've been walking on cloud nine since I bought it, but I'm sure you can appreciate my frustration - especially when you hear from ADs that the price will be going up due to the Swiss Franc, etc.

By the incomings, I know there are others that are in this position. Have you done anything about it? Are you going to?

Thanks for listening - this was therapeutic :)

[iazrollie]

Doesn't hurt to ask.

[HL65]

No just enjoying my watches! Personally don't really care much would rather we paid same as folks in HK and Switzerland. So really your watch was worth 20% less as we have 20% premium here you just didn't know it. So even after decrease they are still worth less than our friends overseas as they pay less! That is why they did this in first place in attempt to level prices worldwide and stop the huge flood of watches here to grey dealers. To see watches like 5170 and 5270 worth at least 35% less than retail because they were being flooded here from ADs there was disheartening. My guess is in few months this will be old news and life goes on. Enjoy your watches and think of it this was your next two will be 7% cheaper. Just my 2 cents...Cheers,

[GB-man]

You can ask and I would but do so politely knowing that it would have to come out of the ADs pocket. Chances are very slim.

[autohorology]

Last watch I purchased was in December for my Wife, Patek Nautilus 7018. Unfortunately the discount they gave was deeper than the 7% off decrease so I doubt they would give me anything, not to mention that was nearly two months ago.

[kaiser soze]

I highly doubt that they would offer a refund for pricing that was based on PP's guidelines. It may, however, be a good leverage point in asking for a discount on a future purchase. (though if prices are dropping I don't know how inclined they will be to offer further discounts!)

[mikeceee]

I wouldn't even feel right asking. Why would I (or anyone imo) possibly be entitled to a refund?

[HL65]

Originally Posted by kaiser soze

I highly doubt that they would offer a refund for pricing that was based on PP's guidelines. It may, however, be a good leverage point in asking for a discount on a future purchase. (though if prices are dropping I don't know how inclined they will be to offer further discounts!)

Why? Their margins remained exactly the same. Also why would they do give refund? They paid 7% more for watch and they just took 7% hit on their entire inventory as well. As I said above enjoy your watches life goes on and look forward to saving 7% more on next purchase.

[jjnd08]

Originally Posted by kaiser soze

I highly doubt that they would offer a refund for pricing that was based on PP's guidelines. It may, however, be a good leverage point in asking for a discount on a future purchase. (though if prices are dropping I don't know how inclined they will be to offer further discounts!)

I was just about to write this.

You are more likely to get something in the future than a refund from a watch you've been wearing for a few weeks.

[ju5t1nb]

It always hurt to have a loss, but at the end of the day, you still have a 5960 on your wrist! Enjoy that beauty! Don't let such a small amount over shadow your enjoyment.

[autohorology]

A lot of folks are missing the point. It's not the 7% that hurts, it's the potential of a much greater loss later on due to brand perception. It's the feeling that the value you perceived to be there perhaps no longer is, because there is obviously more supply than demand at the moment. As always, DON'T buy a watch for investment.

[Maxy]

Did Rolex ever do this? Decrease the price?

[ELITEVIDEOGAMES]

I don't think they will give you a refund but next time you buy perhaps mention it and maybe they will give you a better price on your next model. Out of all the possibilities i think this is most likely.

[HL65]

Originally Posted by autohorology

A lot of folks are missing the point. It's not the 7% that hurts, it's the potential of a much greater loss later on due to brand perception. It's the feeling that the value you perceived to be there perhaps no longer is, because there is obviously more supply than demand at the moment. As always, DON'T buy a watch for investment.

Actually Brian for me I have always been bothered that we pay 20% more for same watch here then our friends overseas. Because of that day one our watches lost that value immediately. So now we are closer to their price yet still a big difference here for us vs them. Patek has moved prices up and down overseas but first time down here. As I have said enjoy your watches- but right ones and buy right!

[autohorology]

Agree with you on the simple math of it, but part of our feelings about everything we buy is modeled on perception. Often our perception doesn't fit reality, so the decrease hurts SOME perception.

However, it likely IS much ado about nothing because the guy walking into the Patek AD to buy a new watch doesn't have an encyclopedic memory of all the MSRP's...so when he gets quoted 46k or 49.5k it isn't going to matter much.

The perception only really affects current owners, and then ONLY those owners that actually KNOW about the decrease...which is an even smaller number.

Originally Posted by HL65

Actually Brian for me I have always been bothered that we pay 20% more for same watch here then our friends overseas. Because of that day one our watches lost that value immediately. So now we are closer to their price yet still a big difference here for us vs them. Patek has moved prices up and down overseas but first time down here. As I have said enjoy your watches- but right ones and buy right!

[andromeda160]

Originally Posted by autohorology

A lot of folks are missing the point. It's not the 7% that hurts, it's the potential of a much greater loss later on due to brand perception. It's the feeling that the value you perceived to be there perhaps no longer is, because there is obviously more supply than demand at the moment. As always, DON'T buy a watch for investment.

If people are concerned about brand perception they would see this as a positive IMO. Patek cares so much about their image that they realize they've overpriced some of their watches and are now reducing prices to establish a benchmark value. Lowering prices across the board by 7% could potentially increase demand to where it's more cost effective to sell at a slightly lower price, more watches sold, more popularity, more price increases. And that isn't even taking into consideration the fact that the watches have been more expensive in the US, and that the USD is faring quite well compared to other currencies. AP decreased prices around a year ago and the brand image hasn't seemed to be affected. If there's one thing the housing market should've taught us, it's that prices can't increase forever.

[HL65]

Originally Posted by autohorology

Agree with you on the simple math of it, but part of our feelings about everything we buy is modeled on perception. Often our perception doesn't fit reality, so the decrease hurts SOME perception.

However, it likely IS much ado about nothing because the guy walking into the Patek AD to buy a new watch doesn't have an encyclopedic memory of all the MSRP's...so when he gets quoted 46k or 49.5k it isn't going to matter much.

The perception only really affects current owners, and then ONLY those owners that actually KNOW about the decrease...which is an even smaller number.

For me Brian I really don't care. Every watch I own is a very hard to source piece or rarer retired piece. Clearly this will affect some people more than others but at the end of the day there still remains even after this a pricing descrepancy. Again my guess is this will be old news and die down shortly unless they repeat it at end of June 2015 which memo to dealers states -- as this is a 6 month fix and will be reassessed end of June 2015. My guess is it stays same as this created enough hysteria.

[iazrollie]

Originally Posted by HL65

So now we are closer to their price yet still a big difference here for us vs them. !

So, doesn't this then portend further price decreases in the US? Look out below. Abandon ship.

[HL65]

Originally Posted by iazrollie

So, doesn't this then portend further price decreases in the US? Look out below. Abandon ship.

I think it is no big deal but if you and others choose to make big deal about it that is up to you. For me I will enjoy my watches and call it a day! Hardly think myself or any other Patek collectors will panic and abandon ship.

Just saying my friend....Best advice stay calm and life goes on!

[stockae92]

Just go back to AD expressing that you are not a happy customer and see if they would do anything about it. Maybe they will throw a free strap or two your way.

[ralfcom]

I agree with Ken. Stay calm and this will pass.

[ju5t1nb]

Originally Posted by HL65

I think it is no big deal but if you and others choose to make big deal about it that is up to you. For me I will enjoy my watches and call it a day! Hardly think myself or any other Patek collectors will panic and abandon ship.

Just saying my friend....Best advice stay calm and life goes on!

I bought my Patek two months ago. I'm just happy and greatfull that I'm able to wear a Patek. It Still has great value to me

[Jp28]

If nothing else I would ask for a future credit or at least a few goodies?

[Mbbgysam]

I really don't have an opinion either way regarding watches, but as a point of reference most luxury clothing boutiques will refund the difference as a gesture of goodwill to good customers (within a reasonable amount of time, usually 1-2 weeks) if an item gets marked down in that time frame. This is coming from my experience many years ago as a retail sales associate. We always credited the customer no questions asked.

[iazrollie]

Originally Posted by Mbbgysam

I really don't have an opinion either way regarding watches, but as a point of reference most luxury clothing boutiques will refund the difference as a gesture of goodwill to good customers (within a reasonable amount of time, usually 1-2 weeks) if an item gets marked down in that time frame. This is coming from my experience many years ago as a retail sales associate. We always credited the customer no questions asked.

I've been thinking the exact same thing. I happen to agree with this. Usually when you buy something, there is a price protection guarantee. However, at $50K the numbers get big and the Patek retailer is usually an independent proprietor, and not a massive company-owned store with deep pockets.

[HL65]

Originally Posted by iazrollie

I've been thinking the exact same thing. I happen to agree with this. Usually when you buy something, there is a price protection guarantee. However, at $50K the numbers get big and the Patek retailer is usually an independent proprietor, and not a massive company-owned store with deep pockets.

Correct Ian and remember they paid 7% more for the watches too and all their current inventory for that matter. Trust me they are ones short term who feel biggest pinch. Why should they take 7% less when you made deal with them and their cost didn't go down? You aren't buying watches from Patek Headquarters - you are buying from local business owners who bought and paid Patek HQ for the watches at that current price. In long run this will be a non event so people should just relax and enjoy watches and know that new purchases going forward will be more attractive.

[Racerdj]

My advice is stay calm and start shopping.

[el1125]

Originally Posted by Mbbgysam

I really don't have an opinion either way regarding watches, but as a point of reference most luxury clothing boutiques will refund the difference as a gesture of goodwill to good customers (within a reasonable amount of time, usually 1-2 weeks) if an item gets marked down in that time frame. This is coming from my experience many years ago as a retail sales associate. We always credited the customer no questions asked.

AP boutiques did this. PP should follow suit. It is not a good way to treat your customers who paid 7% more from one day to the next.

[bdex75]

Did you use a credit card? Some credit cards have some sort of price protection. I would assume that this would be covered as the AD will gladly Felice you a proposal for a new one at 7% less. I do not own a PP and did not get caught in the re-pricing but I would be a bit upset. Ken is in a bit of a different situation with his collection (as stated in his post) is composed of rarer or discontinued pieces. Those cannot easily be shopped apples to apples.


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[DECR]

Talk to your AD. Should not hurt and could probably get you something. Good luck!