Buyers Remorse on BLRO purchase from dealer

[1kw]

Yesterday a friend was able to get a Rolex dealer he knows to sell me a brand new BLRO however I had to pay him $16,800 (trade two tone GMT $10,000 plus the rest in check). The problem is How much above retail I paid and the wife is not happy. The dealer put my name on the warranty card but he did not give me a receipt of sale but rather said he would email me an appraisal. Wife wants me to return it. My inclination is to return the watch today , thoughts? Do you think I should just keep the watch or return it ?

[Verdi]

On the long run....the watch is gonna hold the value.

However, I hear you about the price you paid.
You are thinking the dealer got an extra 6k on this deal and you probably miss your GMT.
I personally would not have done it as I choose not to take part in paying premium for hot models game!

[ed555009]

BTW, 10K for 116713 is a bit too low I think.


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[peterpl]

This is the risk of buying premium.

Paying an extra $6.8k is going to take away the enjoyment because you know you overpaid. Thats almost a DJ41 or a 5 digit sub you could have added to your collection instead of giving it away to the gray dealers.

This is why I never ever pay over retail for any watch. Because I know it will just bug me every time knowing I paid more than I should have. Thats why I've been holding off buying a precious metal SkyD with Rhodium dial. I cant fathom paying more than $40k for that watch.

I dont see you enjoying the watch + your wife is gonna bust your balls alot so if the gray dealer will take it back without you losing more money then just do it and take it as a lesson learnt.

[abozz]

I think buyer remorse is not a motive to return the watch, we are adults, if the watch have an issue ok, is not as described ok, but not buyer remorse, but that is me.

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[nighthawk77]

Personally I wouldn't have done that, but you have a fantastic watch now in your collection which you shouldn't lose out on. Can you take it back so easy once your name is already on the warranty card without losing out?

[The Libertine]

Hindsight is 20/20, but what motivated you to makes such a trade in the first place? The dealer made out like a thief in the night.

[1kw]

This was not a grey dealer but a authorized Rolex dealer which is one of the things that bothers me. That and the fact he didn’t give me a receipt. Just a filled out warranty card and a pending appraisal.

[1kw]

Originally Posted by The Libertine

Hindsight is 20/20, but what motivated you to makes such a trade in the first place? The dealer made out like a thief in the night.

I know right, I wanted this watch since it was announced and got caught up in the enthusiasm of the moment. Are authorized dealers allowed to charge so much above retail ?

[The Libertine]

Originally Posted by 1kw

I know right, I wanted this watch since it was announced and got caught up in the enthusiasm of the moment. Seems like the consensus is to take it back.

Very easy to get caught up in the hype - dealers know this, and exploit to their advantage. I would try to return the watch, but with your name on the card, and if stickers removed and watch sized would not be surprised if met with resistance. Good luck.

[The Libertine]

Originally Posted by 1kw

This was not a grey dealer but a authorized Rolex dealer which is one of the things that bothers me. That and the fact he didn’t give me a receipt. Just a filled out warranty card and a pending appraisal.

I did not think ADs could sell a new watch above retail? Definitely does not seem right, which is why there is no actual receipt.

[GreatScott]

Flip it to a grey and get your money back, then go but something else at retail.

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[GJ-PGMTII]

Hopefully they’ll take it back.

Or you can always says, maybe I’ll take this matter up with a Rolex this AD has treated me”

FWIW - Not having a recipe is crazy.


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[1kw]

Dealer took the stickers off the watch in the store before I left and he had a machine which printed my name on the warranty card so now it would technically be considered a used watch . Any suggestions of how to return this ?

[Maiden]

Originally Posted by The Libertine

I did not think ADs could sell a new watch above retail? Definitely does not seem right, which is why there is no actual receipt.

The “S” in MSRP is for “suggested”. While selling over retail may violate the terms of the AD’s contract with Rolex, it most likely is not illegal.

[Watcheroo]

Keep the wife happy. A watch isn't worth it.

Also, selling the watch at a premium, no one is "getting" the dealer to sell you the watch.

[1kw]

I’m not looking to get the dealer in trouble with Rolex since I went into the deal eyes wide open and nobody forced me to buy the watch. I just feel bad about the purchase because I never paid over retail for a watch before. On one hand I know it’s a real Rolex GMT and paid the fair market value at this time ie same price grey dealers are selling it for , maybe slightly less. On the other hand I never heard of a authorized dealer selling above retail and not giving the customer a receipt.

[Aztro]

It’s not illegal, but not allowed from Rolex’s PoV. Hence the dodgy receipt situation, which actually is illegal in many places (I’d work that angle in returning it- Lord knows how it was entered on the till). Whole thing would leave a bad taste for me, and sounds like you’ve taken it from both sides with the trade in price. Not cool!

[Xtralarg]

You need to look at the relevant consumer laws in your country, and the terms and conditions of the purchase. That's where you will find out solid information and then you can make a decision and speak to the dealer. Just make sure this decision is one which you are sure about.

[Tavli3]

Lets look at this equation.
You paid full gray market value for one watch, got paid less than full gray market value for another watch, no receipt plus angst from the wife = Return the watch!

[1kw]

I sent the dealer a text message (he gave me his cell phone number) . Let you know how he responds.

[train-time]

If I understand the transaction correctly, they sold you a BLRO that retails for $9250 and you gave them a check for $6800 and your TT GMT so you got $2450 trade for the GMT. I call this a leveraged transaction to obtain a highly sought after and difficult to obtain piece that has a significantly higher than retail value in the market. I have run into this type of "trade" on both the BLRO and SS Daytona at ADs in the last few months. It's becoming common practice to leverage the market value of hard to get pieces.

I also suspect that it is going to be a final sale with no returns or refunds so enjoy your new BLRO!

Bye the way, you titled the thread correctly: "Buyer's Remorse" and as others have said, lesson learned, move on and love your new watch!!

[faimag]

If you changed your mind, try to return it although you may get hit by "restocking fees". Alternatively you can sell it! Unworn ones here go for at least as much as you got yours, if not more.

[Rocket_Man]

If this really was an AD they violated the terms of their agreement with Rolex by selling the watch so far above MSRP. It is not against the law, but against Rolex policy in the US. I think that is why he did not give you a receipt. Giving you an 'appraisal' instead of a receipt is something that jewelry stores do when they just sold you some over priced diamond jewelry. 'Guaranteed to appraise above the sales price.' Of course since they did the appraisal and it is not worth the paper it is written on. Something is fishy about this AD.

I personally can't imagine dropping $16K on something and not get a receipt. Especially on the watch you traded in. This way he did not have to state in writing the value he put on your trade. His little 'scam' is that the BLRO is selling in the secondary market at that price. say $16.8K. Your GMT is also selling around $10K. So he thinks you should add $6.8K to the deal. But in fact he was supposed to sell the BLRO to you at MSRP and in this case the deal was almost a wash without the extra $6.8K.

If you were buying from a private owner that might have been an okay deal, but you were buying from an AD and that is not how ADs are supposed to work. If Rolex knew about this I suspect they would not be happy.

[joli160]

Your wife decides

[GJ-PGMTII]

Put a hold on the check - ?

Easiest path is to sell it hopefully you’ll make most of the premium back.


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[brandrea]

No offense intended but it sounds to me like your wife is the problem here.

Why does it matter to her?

You did the deal knowing the costs involved. Sorry, just trying to understand.

[1kw]

Originally Posted by brandrea

No offense intended but it sounds to me like your wife is the problem here.

Why does it matter to her?

You did the deal knowing the costs involved. Sorry, just trying to understand.

I think the real problem here is buyers remorse . The $6800 isn’t going to affect my life style, just feel it was a mistake . I’ll see how the dealer responds? He could take it back , he could say no. One thing I’m sure we won’t do is offer to lower the price as a compromise which would make me feel better .

[JDsnewwatch]

Seems like a lot of $ for a watch. In the end, do you like it? If you can make peace at home and enjoy the watch, I'd say keep it. If this is going to keep you up at night, sell it asap. You probably aren't getting your money and watch that you paid with back. I'd make a decision and move on.

Sorry you had a bad experience.

[kieselguhr]

Originally Posted by train-time

If I understand the transaction correctly, they sold you a BLRO that retails for $9250 and you gave them a check for $6800 and your TT GMT so you got $2450 trade for the GMT.

That’s another way of looking at it. Which technically means they didn’t sell it over MSRP but just scored big time by severely undervaluing the trade in value of the TT GMT. Ouch... That sucks OP. I hope things work out in your favor. At least you now know what it feels like and will refrain from repeating this in the future.

If you take out your wife’s feelings on the transaction from the equation, are you still regretting the purchase? It sounds like you were initially accepting of it. If so just keep the BLRO since you wanted it anyway and we’re willing to overpay for it.



AOW