Thoughts on the Rolex GMT Pepsi and other expensive watches

[DocDave]

Gents,

For no other reason than I think it is a nice watch and I'm thinking of treading myself, I'm toying with the idea of purchasing a used Rolex GMT 'Pepsi' watch. I've been looking around the interweb and noticed that the price for this watch is anywhere between the $5-6k (USD) mark. My question for the fine folks at Dappered Inc. are:

1. Do you think this is a fair price to pay for a used Rolex?
2. Having never owned a Rolex before, can anyone comment on them? Reliability, ownership costs, resale value, etc.
3. $6k is a butt-load of money to spend on a watch. For you gents with other expensive watches, ever have buyers remorse?
4. Never having bought a used watch online before, any pitfalls to be aware of?
5. Any websites you've dealt with in the past that you would recommend or avoid?
6. Anything else you think I should know?

I'm not 100% sure if I'll pull the trigger on this sucker. Probably more like 50/50 at this point. But I figure the more information I have at my fingertips the better I'll be at making an informed decision. Thanks.

[DerekH]

Personally speaking, unless you're a huge watch aficionado I feel like one "big boy" watch in the arsenal is all most men will ever afford and/or need to own. So for me I've been coveting and one day plan to own either a Rolex Submariner or an Omega Seamaster in black. They are basic, timeless, and can be worn (IMO) in almost any environment with almost any outfit. Casual, smart casual, business. So for me to drop 5-7k, I want to have it for 20 years and never have to think about wearing it with anything I throw on.

Which takes me to the Pepsi - it's an awesome watch. I love the looks of it. If I was tech rich I'd buy it in a second. But I personally would not buy it over something less loud, less sporty, and less fashiony because I'd be worried about how I'd wear it. I think it is something worth considering before you make such a massive purchase.

[EnchinoMan]

I'm a watch enthusiast and collector, but my most valuable watch only cost about 1/5th as much as your potential purchase here. Obviously, no Rolexes in my collection, so I'm not qualified to expound upon #1 or 2.

I might come across as captain obvious (and I don't mean to condescend) but I can tell you that purchasing a used watch online of just about any brand could be a dicey proposition due to the prevalence of fakes. Even affordables like Seiko are plagued with fakes, but the luxury brands are an obvious target. Watch forums can be a good place (watchuseek, watchfreeks) to dabble into used purchases, as dishonest sellers quickly get outed (and banned).

For a purchase like this, however, I would think it would be best to do the transaction in person - hopefully at a watchmaker's shop where the authenticity of the timepiece can be determined.

Analog Shift (http://www.analogshift.com) is one online used/vintage watch reseller that I would trust, although I haven't made any purchases from them (yet). They even have a 1981 Rolex GMT Master w/ pepsi bezel (http://www.analogshift.com/products/...ter-16750-1981) - perhaps you've already come across this one. It's a contact-for-pricing listing.

As for buyer's remorse, again, I haven't spent but a fraction of this amount on a watch before, but in general, I'd say as long as the purchase doesn't cause any undue burden or stress on your finances, you'll likely be thrilled.

[JBarwick]

1. That is the general amount for an older GMT.
2. A Rolex will hold or slightly lose value unless you buy something that somehow turns out to be rare but with the explosion of watch collecting lately, most people have already alerted to rare qualities. They are very reliable watches.
3. Mine was a gift from my wife for our wedding purchased with "our" money. No regrets.
4. Read up on various forums. Buy in person.
5. If it sounds too good to be true it usually is unless you find it in a thrift store and it is worth a shot for $5 that could turn out great.
6. Read up on the Rolex GMT to find out which one really speaks to you. The older models had some transitional items that you may or may not want. Also you can buy replacement bezels so you could swap out a Pepsi bezel for a Coke bezel and there may be an all black bezel floating around.

Buying used will help with the first scratch worry on a new watch. Polished endlinks get scratched by the wind it seems but it is just some character. Good luck on the hunt.

[TKNumber3]

I'm curious based on your earlier poll for how many watches people own, are you fairly new to watches, or do you have a bunch already and are looking to add a big-boy purchase? I only ask cause I would be hesitant to spend that much money when just entering the waters a bit. I know what I find I "like" in a watch is changing every couple of months as I learn more and more.

It might be better to get a fairly close homage, that way if you find out you don't really like it you aren't out the significant amount of cash and don't have to worry about reselling it.

[matthewac]

[*]$6k is a butt-load of money to spend on a watch. For you gents with other expensive watches, ever have buyers remorse?

Ironically, once you spend more than 3k+ on a watch, you start to feel that 6k isn't much more lol. So I'd say no you don't, if anything you might forget how much it costed to buy it (my experience anyway)

Also, the watchuseek sales forums are a good place to start looking for a used Pepsi online. As they always say, buy the seller, not the watch.

[DocDave]

I'm curious based on your earlier poll for how many watches people own, are you fairly new to watches, or do you have a bunch already and are looking to add a big-boy purchase? I only ask cause I would be hesitant to spend that much money when just entering the waters a bit. I know what I find I "like" in a watch is changing every couple of months as I learn more and more.

It might be better to get a fairly close homage, that way if you find out you don't really like it you aren't out the significant amount of cash and don't have to worry about reselling it.

All very good questions/comments. Background on the watches that I do own is that my first big-boy watch was a Tag Kirium F1. Bought it when I landed a real job. After that I was given a Tag Monaco (because I own one Tag, so why not another) as a wedding present. Last Tag (because if you have two Tags, then at third makes sense) by a family member. I like the watches although I don't wear the Formula 1 that much/often. So now I'm giving thought to purchasing another big-boy watch, although this one is a BIG step up in terms of cost from the other watches that I own.

I hear you on the 'likes changing every couple of months' though as I find that occurs to me too. Just because I like one watch today, does it mean I will like it down the line? With that kind of cake outlay, I don't want to pick up the watch, only to be 'meh' about it 6mos later.

[MENTION=4069]JBarwick[/MENTION], great answers to my questions. Thank you.

[MENTION=13635]EnchinoMan[/MENTION] thanks. I think your approach to collecting (watches that are 1/5th the price) might be the better way for me to go. I have been looking at some vintage Omega's although I'm worried about fakes.

[MENTION=7168]DerekH[/MENTION] good tips/suggestions. Thank you.

[JBarwick]

The great thing about the Pepsi GMT is that you can get after market bezels to switch up the look and feel. Since it is just an aluminum insert, I have read it is a pretty standard process to swap out. Add to that the watches look great on any number of straps so it will really bring the life into the watch with just small changes.

Also check this site out: http://www.gmtmasterhistory.com/index.html

Oh and I found what I wanted to mention earlier. I think you would benefit from purchasing a 16750 over the 1675 as they added a quickset feature.

[Evenflow]

I like my GMT (black bezel), but I think that there are a bunch of other really nice/respected watches for a heck of a lot less than a Rolex. I wear mine a couple times a month; but prefer the Omega Seamaster for daily use.

Rolexes sort of hold their value. The Pepsi bezel GMTs are sought after; thus the 6k price tag for a used one. I personally don't think they're worth it, but I've seen folks wearing them, and they look neat.

$3,000.00 will buy one hell of a nice watch that's not a Rolex.

[ryan]

1. Yes. I was able to find someone on the Rolex Forums (or check out Chrono24) who I negotiated with to a price closer to $4k.
2. Incredibly reliable though being an automatic, it will gain or lose a few minutes every few weeks. Resale value normally increases; i.e. I believe I could resell mine for closer to $6k today.
3. Not for one second
4. Check references. Most sellers will have references you can call, especially if you aren't receiving a watch that includes the box and papers.
5. See above - chrono24.
6. You are making a lifetime investment, purchasing a piece you can eventually pass on to your children. Enjoy!!

[DocDave]

[MENTION=4069]JBarwick[/MENTION] thanks for the info on the 16750. I'll do some checking around.

[MENTION=13026]Evenflow[/MENTION], good tip on the Seamaster. I've seen some older/vintage Seamasters on line, so maybe I'll give them a second look. Trouble is I thought the prices were still quite high. The images that came back for/on google were all for newer models although I have no idea what type of price I'd be looking at here.

[MENTION=2798]ryan[/MENTION] Thanks.

[Vicious49]

You really need to look through sales threads to answer question #1 and read as much as you can on the Rolex forum on watchuseek.com for a lot of your other answers.

As far as buyers remorse . . . yes and no. I'd never again buy a watch brand new unless you knew you loved it because you will lose money when you go to resell. If you're not sure, buy used. That way if it's something you get tired of, it should be easy to get most of your money back. My Omega PO2500 and Speedy I bought brand new and I have no remorse with either of them. But then again, both of them are classic. I think the pepsi GMT is pretty classic as well so I don't think you have anything to be worried about.

If you are buying used, try to get a complete kit - box, papers, warranty card, etc. That will help when you go to resell it.

[DuFrank]

5-6K USD is what you'll normally see for a Pepsi GMT. As for recommendations, I would find one with Box and Papers. Many don't find these important, but it's much easier to sell your GMT back into the marketplace if you have Box and Papers. It'll also help with holding the resale value and gives you more likelihood that the watch you're buying is real (but does NOT guarantee it as real). Make sure the Box and Papers match with the GMT model you're buying (papers should match watch's serial number. Box should match the "era" in which the watch was produced as box designs have changed over time.) Other things to consider to help resale value down the road:
1) an overpolished watch is generally less valuable to collectors. What this looks like is the sharp edges ("bevels") of the case will look dull or worn down from being polished frequently over time
2) if you have a choice, choose a watch that includes all the bracelet links (usually 13 links on an Oyster bracelet. Not sure how many originally come with a Jubilee but these are uncommon on Pepsi GMTs anyways)
3) if you can, find a bracelet that has less "stretch" which means less space between each link. This will happen naturally overtime but eventually you'll have to repair or replace the bracelet because of this, which is costly. You'd want to get a bracelet that isn't overly "stretched" already
4) if the watch has been serviced recently, that's awesome and you'll likely pay a premium for it. If it hasn't been serviced within the last 5-7+ years, expect to maybe need to put in another $300-1K depending if you go with a 3rd party servicer or Rolex service

Depending on the seller's asking price, you can expect to knock off a couple to several hundred USD.

Lastly, a very reputable Rolex dealer is Jacek from HQmilton.com. They specialize in vintage pieces but you can normally find Pepsi GMTs there and be able to compare. Another reputable dealer (and who I've personally bought from) is David at davidsw.com. You won't find fairer prices than from the two above.

As always with grey market deals, you're buying the seller before the watch, I.e. If you have any reason to not trust the seller, stay away.

[ryn]

I don't like the looks of it, but then again I always preferred Dr. Pepper.

By the way, what makes it so dear? I mean besides the word Rolex on the dial. I always expected a $6000 dollar watch to be made with precious stones or to shoot lasers. It doesn't look that expensive.

[Rocco]

I don't like the looks of it, but then again I always preferred Dr. Pepper.

By the way, what makes it so dear? I mean besides the word Rolex on the dial. I always expected a $6000 dollar watch to be made with precious stones or to shoot lasers. It doesn't look that expensive.

What makes a classic car so dear when a modern subcompact could outperform it in every single metric? Things like this are not logical/rational.