Cost of Ownership

[byte]

Originally Posted by avidflyer

Everything is relative....post can be taking out of context but seems like a snarky post for a new guy.

Sorry, didn't mean for it to come across snarky. I more meant that it seems unlikely OP would be at risk in a relatively safe place like Washington. It can add a fair amount to the cost of ownership, which is what OP is concerned about.

Originally Posted by steeevvvooo

Depends... If I was quoted a few % of market value per year to insure then I would insure. If they wanted 7-10% I will take my chances. It's a personal risk assessment choice.

Originally Posted by Gab27

That's a personal decision, but it costs me less than 1% of market value to insure for a year. For me, that's a small fee for peace of mind.

Ah, with those rates, I guess it's not terrible. =) The rates I'm seeing for my location are >5% (it's only ~1% here if you opt out of fire and hurricane damage, and no coverage if it's not in your house).

Originally Posted by WBaileyii

Assuming we're talking about replacement insurance if it is lost, stolen, fire, etc., then yes even a Submariner is worth insuring. Most home owners/Renters insurance policies have a limit for jewelry, watches, silver, fine art, etc. The limit is usually around $2,000. Figure your deductible is probably $500 or $1,000. That would mean that for your $9 to $10K Submariner, if it is stolen/house fire/etc. you would get $1,000 to $1,500 for it (and that would be for ALL your valuables, not just the watch). Since adding a "Valuable Personal Property (VPP)" rider to your home or renters policy is about $100 a year, it is definitely worth it. My VPP with 3 Rolexes and all my wife's jewelry is only about $125 a year. Of course, this is all for U.S. based insurance. I can't speak to other countries insurance coverage... Bottom line: if your watches, jewelry and other valuables are worth more than the limit on your home/renters policy, then you should have a VPP (and if you have even one Rolex, you're over the limit).

There's also the issue of condition of average if you're underinsured, which is something to be careful of if your policy has that clause. e.g. if you insured a 126610LN for $9,150 and the market value is $15,000, the payout would be $5581.50 for a total loss. The formula is (amount insured / actual value)*claim amount.

I always forget how many more options you have for insurance in the US. If I make a single claim, my auto insurance will go up about $2,750USD per year. The increase in premiums could cost more than a Submariner, at least for some of us.

[jerryguo]

zero cost for me. it's not a house or car, it's a piece of jewelry, wear and enjoy it.

[EdReh]

Originally Posted by WiseRat

If you plan on going anywhere near water, or humid environments, get your watches serviced every 10 years as Rolex recommends. The crystal gasket, crown gasket and caseback gaskets become dry and lose their elasticity over time. Why risk destroying an expensive watch to save a buck?

In addition, the 31XX caliber movements use a rotor axle that is a wear item that gets replaced during routine service. If you defer maintenance, the lubrication on the rotor axle dries up, and the jeweled bearing begins to cut into the axle. This allows the rotor to wobble, and it will begin to scrape against the bridge plates of the movement. Its not a pretty sight when this happens.

One of the easiest ways to judge if an owner has neglected maintenance on a 31XX movement is to look at the outer edge of the movement plates. If you see brass color peeking through at the rim, this is a clear sign the rotor axle is excessively worn, and the rotor is scraping on the movement. This is the primary reason Rolex changed to a ball bearing supported rotor with the 32XX series. Its a more robust design that is less sensitive to maintenance frequency.

This is exactly why I would be inclined to have it cleaned/serviced every 10 years or so, particularly the concerns about the seals and water tightness. But the estimates I've seen here all seem reasonable and not a barrier to ownership.

[EdReh]

Thanks for all the good advice, folks! Just pulled the trigger on an Oyster Perpetual 36 with a silver face. Looks even better in person and on my wrist than on the Rolex website and the brochures!

[jimcameron]

If your not worried about the cost to purchase a Rolex, don't worry about upkeep.

[alphadweller]

Originally Posted by EdReh

Thanks for all the good advice, folks! Just pulled the trigger on an Oyster Perpetual 36 with a silver face. Looks even better in person and on my wrist than on the Rolex website and the brochures!

Congratulations on your OP36. I'm sure it'll give you many years of trouble-free pleasure and satisfaction.

My oldest Rolex is 8 years old, still runs smoothly and keeps great time. My other two are fairly new but I'm sure I've got little to worry about. A service at the RSC costs between 700 and 900 euros where I live, but I probably won't take them for an overhaul unless they stop, deviate significantly (beyond +10/-10 s/d on average) or lose a big chunk of their power reserve, which could happen in 15 years or more. It's a pretty insignificant cost over such a long time period, compared to the cost of buying the pieces.

[BigTasty]

I think I’m getting mugged off. My insurance for a sub is £230 a year!

More than my van, less than my dog.

[DonRickles]

Originally Posted by Tools

Cost of ownership over a couple of decades is likely cheaper than a 130 bottle Sub-Zero wine cooler.

Put everything into perspective.

Perhaps this is true! But, making those 130 bottles “run out” is a whole hell of a lot of fun!

[spacebjorn]

Originally Posted by Tools

Rolex doesn't recommend 10 years, they simply state that this seems to be an average.

You don't need to do anything to your watch, ever, if you don't want to, and you only need to get it serviced when it breaks.

Cost of ownership over a couple of decades is likely cheaper than a 130 bottle Sub-Zero wine cooler.

Put everything into perspective.

This.

Other than if you get the itch of wanting to swap out a dial you don't need to service anything if the watch is running okay.

[Harry-57]

Congratulations on your OP. Really nice and should last longer than you.

[Gerry.GEG]

I have a local watchmaker who has extensive experience servicing all kinds of watches including Rolex. When my Sub was experiencing a slipping crown I took it to him, he serviced it, manufactured a part, yes, you heard right, he manufactured the broken part and it cost me almost $500. This was nearly 10 yr. ago and I bring it to him every year so he can check the amplitude. As long as it's in tolerance he says bring it in next year. He figures it may require overhaul next year. Most agree like good car maintenance, if you keep up on it parts won't need replacement nearly as often. BTW: I have adequate insurance on three for $175/year.

[Cambo]

Sure it’s a psychological thing but getting my watches back from RSC lets me fall in love with them all over again....plus a new 2 year warrantee.

[brandrea]

Congratulations on the OP, OPer

I think it’s a reasonable question to ask personally. I often wonder about servicing cost for folks who have 20 or 30 watch collections. It must be significant. I suppose it’s all relative

[rod727]

My insurance runs me a little over $100 U.S a year. The replacement cost of my watch is north of $10,000 in todays market. For me its piece of mind

[Chester01]

Originally Posted by EdReh

Hi folks.

I'm considering purchasing a new Oyster Perpetual, but as this would be my first Rolex, I want to understand the cost of ownership first.

Rolex recommends having their watches serviced approximately every ten yers, which seems very reasonable for mechanical watch. What experiences have all of you had with getting your Rolex(es) serviced at authorized Rolex service centers? What does such a service typically cost for an undamaged Oyster Perpetual that has been subject to average wear and tear over a decade or so?

For those of you with other brands of watches in your collection, how do your Rolex maintenance costs compare with those other watches? I'm accustomed to paying between $200 and $400 for a clean, lubricate, and adjust service on my other mechanical watches (a 40s Mathey-Tissot manual wind, a 1960 Hamilton automatic, and a 70s Longines automatic).

I'd appreciate any advice or insights you might have before I take the plunge.

Thanks!

LOL. I had my rolex sub serviced after 18 years and only because my AD guilted me into it. When I said that it just needs a pressure test, and they asked me about the service, I said it had not been. Then they gave me the buisness about how its an investment and I "should" take care of it. My parents each owned DD and DJ, so 4 rolex between them both and all went 20+ years and never serviced. My brother owned a few and most of his went 10+ years without service. So costs are reasonable. Reality is an apple watch will cost you more than a rolex over the same span of time I owned my sub. You cant pass on an apple watch nor can you get much for it after wearing it for a few months. My Sub was bought for 3200 and Chrono 24 tells me its about 11k now.

[breitlings]

Originally Posted by Tools

Rolex doesn't recommend 10 years, they simply state that this seems to be an average.

You don't need to do anything to your watch, ever, if you don't want to, and you only need to get it serviced when it breaks.

Cost of ownership over a couple of decades is likely cheaper than a 130 bottle Sub-Zero wine cooler.

Put everything into perspective.

every sub zero fridge in the family has broken at least once. so I think you are right.

[Buckaroo Banzai]

Originally Posted by EdReh

Hi folks.

I'm considering purchasing a new Oyster Perpetual, but as this would be my first Rolex, I want to understand the cost of ownership first.

Rolex recommends having their watches serviced approximately every ten yers, which seems very reasonable for mechanical watch. What experiences have all of you had with getting your Rolex(es) serviced at authorized Rolex service centers? What does such a service typically cost for an undamaged Oyster Perpetual that has been subject to average wear and tear over a decade or so?

For those of you with other brands of watches in your collection, how do your Rolex maintenance costs compare with those other watches? I'm accustomed to paying between $200 and $400 for a clean, lubricate, and adjust service on my other mechanical watches (a 40s Mathey-Tissot manual wind, a 1960 Hamilton automatic, and a 70s Longines automatic).

I'd appreciate any advice or insights you might have before I take the plunge.

Thanks!

I had my father's DJ serviced as the crystal was chipped and it was the first service since he got it back in 1982. My AD sent it to the RSC in Dallas, and it came back nicely polished and working.

[VonSomething]

Originally Posted by brandrea

Congratulations on the OP, OPer

I think it’s a reasonable question to ask personally. I often wonder about servicing cost for folks who have 20 or 30 watch collections. It must be significant. I suppose it’s all relative

I've chosen only to service my watches when there is a noticeable issue with them. I have a (I guess medium-sized?) collection of 9-12 watches.

The last watch I serviced was a JLC which cost $1800 USD, that's the only watch I serviced this year.

It was serviced as a precaution (been a while since service) + for resetting the calendar. It was running a few years behind due to not having been worn and set for a while.

Most of my watches were bought in recent years so I expect in 5-10 years down the line servicing may start to show its signs. For me, servicing one watch per year (once it gets necessary), seems realistic with my size of collection and that would be between $400-700 per year.

If you just have 1 watch to service every 10 years, then it's no more than ~$55-ish /yearly.

For people that have a collection of 20-30 or even more, I don't think they service more than 1 watch per year anyways. Too many watches to be in rotation. Service is just put off until they wear the watch and notice an issue. Maybe someone with a large collection can chip in?

[EdReh]

I have a local watchmaker who has extensive experience servicing all kinds of watches including Rolex. When my Sub was experiencing a slipping crown I took it to him, he serviced it, manufactured a part, yes, you heard right, he manufactured the broken part and it cost me almost $500.

Where is your watchmaker located? I have a 1960s Omega Seamaster that needs two hands, a bezel, and a face restoration. Total estimate from Omega in Switzerland was north of two grand, more than twice what the thing would be worth on the resale market. I might want to have your watchmaker take a look at it and see if he could do anything with it. Right now, it's just gathering dust; too expensive to restore, too valuable to discard.

[JDsnewwatch]

Things come up, but not often. I agree that you should probably insure your watch if for nothing else than most watch insurance companies cover damage repair.

Here is a summary of my expenses so far (just for one particular Rolex).
Insurance: 135 USD
Bracelet repair, ~300 USD

It's a modest amount considering the watch has appreciated in value by 45% since I bought it. To mirror what others have said, I don't repair watches until they show signs of needing repair. I have an Omega Speedmaster Pro in my rotation. I got it in 2006 and it's still running well. I called Omega and asked when I should service it. They told me there is no need until there is a problem. For fair warning, the speedie is not waterproof. If you intend to rely on the Rolex for in-water use, add in ~100 USD per year just for waterproofing. You would have that expense with any dive watch.

[thekman]

If you can afford an OP, you will afford its cost of ownership. My oldest Rolex is a 15 year old Kermit that I sent this year for servicing just because I wanted to, not because it needed it.

[DCheeta]

Originally Posted by VonSomething

...It was running a few years behind...

That’s well outside of COSC standards.

[VonSomething]

Originally Posted by DCheeta

That’s well outside of COSC standards.

Lol

I meant the calendar was set a few years back :-) It's a Klaus Kurt Perpetual Module so to advance a day forward you just have to press a single pusher. Very practical if it's only a few days/weeks behind but I wasn't going to push it thousands of times :-)

Now it sits on a winder to avoid having it fall behind

[Gary Busey]

if you are into burning money, then pay 200$ a year on insurance and make your broker happy, service every 3 years for no reason, at a cost of 1000$. Or just do a simple service every 10-15 years and your cost of ownership is quasi nil.

[EdReh]

Latest Update: total annual cost to insure the OP36 is $50/year. Well worth it. Given my truly epic clumsiness, quite apart from robbery or theft, I'm likely to shatter the crystal or snap the bracelet sooner or later, so the coverage will eventually come in handy :-)