If you jumped on the bandwagon and purchased a digital watch but are now looking to sell your smartwatch, you may be disappointed at how little it is worth. They can make phone calls, monitor your heart rate and have extended battery life, so why are second-hand prices so low? We take a close look at the resale value of smartwatches and how they compare to luxury watches.
Get answers to the following questions:
- What is the resale value of smartwatches?
- Why do smartwatches have such poor resale value?
- What is the resale value of luxury watches?
- How to sell my watch for the best price?
What Is The Resale Value Of Smartwatches?
This question really depends on the brand of smartwatch we’re talking about. A quick scan of eBay can give us some insight on the resale value of smartwatches and wearable tech.
Apple Watch Resale Value
The first generation of the Apple watch made its debut in April 2015 and the most basic model sold for $349. At the time of publishing, the average selling price of a used first generation Apple watch on eBay hovers around $160 mark. This is a 55% value drop in less than two years. And, this not even considering any of the fees and commissions that have to be paid to eBay.
What’s more, if we’re talking about the more expensive Apple Watch Edition in precious metals, the resale value decreases even further. When the 38mm Apple Watch Edition in 18k rose gold and white rubber strap came out in 2015, it cost a whopping $10,000. Today on eBay, used models sold for around $200, while another online company claims they will buy them used for $750.
The Samsung Galaxy Resale Value
The Samsung Galaxy Gear first went on sale during the last quarter of 2013 for $199. Today, sellers are lucky to get around $35 on eBay for selling their used Samsung Galaxy Gear first generation. That’s an 82.5% drop in value in three and a half years.
The Pebble Watch Resale Value
The Pebble watch caused waves with its record-breaking Kickstarter campaign and it was regarded as one of the best smartwatches in the market. However, Fitbit recently purchased the company, signaling the end of the Pebble brand. As expected, this results in no resale value for these watches.
|Smartwatch||Launch Date||Retail Price during Launch||Resale Value Today (2017)||Value Drop|
|Pebble Watch||July 2013||$99||$0||100%|
|Samsung Gear||October 2014||$199||$35||82%|
|Apple Watch||April 2015||$349||$160||55%|
|Apple Watch Edition||April 2015||$10,000||$200 - $750||92.5% - 98%|
Why Do Smartwatches Have Such Poor Resale Value?
There are a few reasons why smartwatches have such low resale prices. First, these are electronic gadgets that are not meant to last a long time. On the contrary, tech companies are always going to release newer versions with updated features, new software, and other capabilities, thus rendering early generations obsolete.
Second, there’s a risk on the buyer’s part if they purchase a secondhand smartwatch. For example, the Apple watch is paired with a specific iPhone, which is associated with someone’s Apple ID. There have been many instances of buyers being stuck with an unusable secondhand Apple Watch because the previous buyer never disabled the Activation Lock feature.
Finally, the smartwatch industry is a brand new one that is still facing uncertainty and growing pains. As we mentioned above, despite the Pebble Watch entering the market in full force, it ceased operations in less than four years. Furthermore, Gizmodo published an article about a market analysis report that found a 71.3% decline in Apple Watch sales from 2015 to 2016.
What Is The Resale Value Of Luxury Watches?
While the Swiss watch industry may be facing a few of its own uncertainties, luxury timepieces are still the antithesis of smart watches. The finest watch brands in the world have been around a long time, with histories that span over several centuries. Furthermore, luxury watches are built to last—and not just for one lifetime, but over several generations.
Companies like Rolex, Cartier, and Patek Philippe are some of the most powerful luxury brands in the world. Audiences around the world covet the products that they create. This translates into strong demand and high resale values.
How To Sell My Watch For The Best Price?
If you’re looking to sell your pre-owned luxury watch, look no further than myGemma to get the best price possible. We buy your luxury watches, handbags and jewelry directly and in as little as 24 hours from beginning to end. There are no lowball offers, fees or commissions deducted from our final price.
Established in 2012 in NYC, myGemma is the modern and professional alternative to pawnbrokers and auction platforms for selling your luxury goods. Our streamlined, free service is designed with your convenience in mind. We offer the option to sell online or in person at our offices in New York, Tokyo, Hong Kong and the UK.
We are proud of our A+ Better Business Bureau rating and over 1,000 customer reviews. Our team of luxury watch specialists are industry veterans, with the expertise and knowledge to make strong and fair offers. You will be paired with a dedicated customer representative throughout the entire selling process, on hand to answer any questions you may have.
How To Sell Luxury Watches In 4 Simple Steps
- Click on “Get Offer' and fill out all required information.
- Our experts will send you a quote very shortly.
- Schedule an appointment or send your items in (overnight, free of charge and fully insured).
- Receive your final price: get paid or we return your items at no cost.