Use Your Rolex Watch to Earn Cash
When it comes to the economy, times are tough. If you are looking for ways to earn extra income, you must be creative. The valuables you have lying around your home could help you out if you’re in a pinch.
For example, let’s say you have a Rolex watch. Rolex watches have recently increased in value making them a great way to bring in extra cash. And there are ways to use them to make money without having to sell them.
This article will give you all the information you need on how to use your Rolex watch to earn cash.
Rolex Watch Values Are Sky High
The Rolex watch price list for 2022 recently came out and, just like everything else, prices went up. The biggest leaps apply to their steel sports models, their most desirable pieces.
There are many factors that could be fueling the rise in prices. One is the demand. These watches are sought after pieces that many people aspire to add to their collections.
Other factors include a shortage of supplies, the need for labor, payroll increases or just inflation itself.
So how much did these watches go up? Some models, like their steel sports models, are now going at an increased rate of 10 -11% since last year. That’s quite a bit of extra dough considering how much they were valued at in the first place.
Other models, like that Datejust and Oyster Perpetual have seen more moderate increases of 3-4% while the Rolesor models are showing price boosts of 2.5 – 3%.
Obviously, no one likes to see prices increase, but this could be good news if you already own a Rolex. The price for new Rolexes going up means used Rolexes will be highly valued as well. You can sell or pawn the one you have in your home for quite a profit.
Which Rolexes Will Bring in the Most Money?
Any Rolex you have will bring in a good deal of money, but here are some that have seen a recent price increase that can really fatten up your wallet when you sell or pawn.
The Cosmograph Daytona: The Cosmograph Daytona is a sporty watch made for race car drivers. It has a timeless durable look and a three-dial face. Its two steel models, which are available in white and black, have gone up by 10%. All other watches in the collection, which include two tone, full gold and platinum have gone up by 2.5-3%.
Submariner and Submariner Date: The Submariner was made for divers and can withstand water depths of up to 100 meters (300 feet). It is available with the date and without. The no date steel, the much sought-after green bezel edition and the Submariner with black dial have all gone up by 10%. Other models, such as the steel and gold and solid gold, have gone up by 2.5 – 3%.
GMT Master II: The GMT Master II was designed to show two time zones simultaneously. It is known as the cosmopolitan watch, and it is made for jet setting professionals. It’s two steel versions, the Batman/ Batgirl, and the Pepsi, have gone up by a whopping 11% while more high-end models made of precious metals have surprisingly seen price increases only within the 3 -4% range.
Sea Dweller and Deep Sea: The Sea Dweller and Deep-Sea Dweller are other Rolexes made for diving. Both have been updated to withstand the deepest depths of the ocean with the Deep Sea featuring more advanced diving technologies than its Sea Dweller counterpart. All models of these watches have been affected by the 10% price increase except for the Sea Dweller Rolesor which has stayed pretty much the same.
Explorer 36 and Explorer II: Explorer watches are made for people that crave adventure. They will hold up well in the roughest outdoor conditions. All models have gone up by a whopping 10% since their introduction just a few months ago in mid-2021. The only exception is the two-tone Explorer 36 which only went up by 1.9%.
Yacht-Master and Yacht-Master II: The Yacht-Master embodies the spirit of the sailor. It features a regatta chromograph which is made for sailing. All Yacht-Masters have gone up by about 2.5-3% while the Yacht-Master IIs are retaining their current value. It could be that Rolex is looking to give this line a push.
Milgauss, Air-King and Sky-Dweller: The Milgauss features innovative anti-magnetic technology made to appease scientists and engineers. The Air-King is made for pilots and comes with navigational time readings while the Sky-Dweller features a self-winding module and a 72-hour power reserve that lets you keep time around the world. The Mligauss and Air-King are showing price increases that range from 9.6 – 11.6% while the Sky-Dweller’s solid gold models are staying close to last year’s listings.
Datejust 41 and 36: The Datejust came out in 1945 and it was the first watch to be self-winding and feature a waterproof chronometer. The 41 and 36 refer to the face size. It comes in a wide variety of styles and materials but most of these have gone up in price by only about 2.5 – 3%.
Day-Date 40 and 36: The Day-Date came out in 1956 and was the first self-winding watch to feature a waterproof chronometer and a modern calendar with the full date spelled out in the window. The price increase for these models is limited to just 2.5%.
Oyster Perpetual 41, 36, 34, 31 and 28: Oyster Perpetuals are the ultimate in elegance. They feature vivid colors, an elegant Oystersteel case and a domed bezel. They reflect a price increase of about 4%.
How to Use Watches as Collateral for a Loan Instead of Selling Outright
Rolex price increases mean now is a great time to sell, but I’m sure many people won’t want to part with these exquisite pieces that are sure to have gained sentimental value over time. Fortunately, there are ways to make money with your watch without having to sell. You can use them as collateral instead. Here’s how it’s done.
You will need to take your watch to a pawn shop. They will assess your watch to determine how much it’s worth. Then they will offer you a loan for a percentage of the watch’s value.
If you agree to the loan, they will work out terms for repayment with interest. In the meantime, you can walk out of the shop with cash in hand the same day. You will not need to show any documentation or a credit score.
Once you pay off the loan, you will get your watch back in the same condition you sold it in.
If you are unable to repay the loan, you will not get your watch back. However, the unpaid amount will never go into collections, and it will not affect your credit score.
Why a Pawn Shop Loan is Better Than Other Types of Loans
In trying times, many people will need to hit up a bank or another financial institution for a personal loan. But here’s why a pawn shop loan is a better option.
No Credit Check or Proof of Income Necessary: A bank will want to see credentials such as a high credit score and income. With a pawn shop loan, all you need is the item you are pawning. It’s as simple as that.
Immediate Approval: Banks will double and triple check your documentation making you wait a month or two to get your money. As long as the pawn shop accepts your item, you can walk away with cash in hand the same day.
Doesn’t Affect Your Credit Score/Go to Collections: If you default on a bank loan, it will negatively affect your credit score. You will also be harassed by annoying agents looking to collect. If you default on a pawn shop loan, you may lose your item, but your credit score will remain the same and you will never be contacted by collectors.
Things to Know Before Pawning Your Rolex
Pawning a Rolex or another valuable item is generally easy, but there are a few things to take note of in advance. These will help make your experience as pleasant as possible.
Pawn Your Item in Good Condition: You will get more for your item if it’s in good condition. Before bringing it in, it’s advisable to give it a good cleaning and make necessary repairs. That way you will get the most from your loan.
Bring Proof of Authenticity: The pawn shop dealer will be able to tell if your item is the real deal, but it always helps to bring along the original receipt, box and/or proof of authenticity. This will help the item sell faster (if it ends up getting sold) and it will add to its value.
Bring Items You Know the Pawn Shop is interested In: Not every pawn shop sells every item. Some specialize in jewelry; some specialize in musical instruments. Some will only accept certain designers and manufacturers. Make sure the shop you are going to deals with the item you are looking to sell or put up for loan.
Why Boca Raton is the Best Place to Pawn a Watch
There are several pawn shops that offer collateral loans, but if you are looking for one in the South Florida area, Boca Raton Pawn is one that stands out from the rest. Here are some elements that make us unique.
Low Interest Rates: When you get a loan, interest rates are everything. We offer some of the lowest interest rates around ensuring your loan will be easy to pay off. APR rates are never more than 24%.
No Fees: When you get one of our loans, you will never have to deal with additional fees.
Long-term Loans: Our loan terms are never under 60 days and can be as long as one year. That means you’ll have plenty of time to make payments.
Great Values: We offer you the very best value for your goods. That means that you will walk out with a great deal, whether you are selling or loaning.
We Specialize in Luxury: Boca Raton Pawn specializes in luxury items. This means that our sales staff knows what your goods are worth and will get you the fairest prices. We will also treat your items with the utmost care while they are in our store.
We Are Also a Great Place to Shop: In addition to providing loans and buying goods, we also have plenty of luxury stock to sell. We will help you get the items of your dreams for the lowest prices. You can make purchases in our store or through our website.
We Offer Private Meetings: Getting a loan is something that’s personal and no one has to know your business. We get that. That’s why we offer private meetings for the assessment and loan process. If you would prefer a private meeting, be sure to call in advance to make an appointment.
We’re Fully Insured: Boca Raton Pawn is fully insured through Lloyd’s of London. So, if you leave your items in our care, you know they are safe. If anything happens to them, you will be fully reimbursed.
If you choose Boca Raton Pawn as the place to get a loan for your Rolex, there are a few things to keep in mind. First, we deal only in luxury handbags, jewelry, and watches. Therefore, you will only be able to pawn and loan these items.
We also work with a few select designers that are listed on our website. Please refer to the ones we carry to ensure the items you bring in will get you the loan you’re looking for.
A Rolex can get you a lot of money whether it be through selling or through a loan. Boca Raton Pawn is the place to go for cash for your Rolex as we offer the highest value and the lowest interest rates. We look forward to serving you!