Would you like to buy a Rolex – brand new, with papers and box – for the MSRP?
Prices have skyrocketed for pre-owned watches, and it would be perfect for nabbing that Daytona or Batman you’ve been eyeing all pandemic for a reasonable amount of cash. Watch Rapport (link omitted on purpose) has every Rollie for sale on pre-order at MSRP.
Sounds pretty good, right? Maybe a little too good?
This should be your response to a deal like this: Watches that have been impossible to get new – Rolex, Patek Philippe, Audemars Piguet – have doubled and tripled in price over the past 3 years, and are now suddenly available at list price?
If that doesn’t make your Spideysense vibrate, I don’t know what will.
Whenever you’re faced with an offer that’s too good to be true, fire up the Google machine and see where it takes you. In this case, “Watch the Rapport reviewled to a Rolex Forum on the very subject. I skim through the entries, looking for non-confirmation of my instincts – that they are a credible dealer and people have had success with them. I find only one, but many other complaints of intellectual property theft and shady practices. (Similar complaints here and here).
The trigger was this post:
Update: They now offer a “pre-order any Rolex at MSRP” program.
Note: delivery within 180 days
Amex chargeback period is 120 days
I wonder if there’s a correlation there
I find it hard to believe something so obvious is gambling, so I call the number listed on their Facebook account: (800) 571-7765. The seller tells me 1) Your Amex, Visa or MasterCard is charged in full when ordering (plus a 10% bonus); 2) all watches (limit 2!) ship 180 days later; 3) Cancellations within the first 90 days incur a 10% (imaginary) restocking fee.
In other words, using a credit card offers the same level of protection as a wire transfer, i.e. none.
Why discuss a sleazy watch deal?
I’ve spent much of my career immersing myself in the process of making decisions about money – from investing to planning to consuming – and the many ways we go wrong along the way. . Learning behavioral finance/psychology has been a key aspect of my career. How people behave about financial decisions is important; what cognitive issues affect their thought process help me give better advice to clients; finally, how economic behavior impacts markets and the economy affects us all.
Instead of shiny Swiss watches, imagine the same thing giving you: 1) Newsletters that make great stock picks; 2) Economic strategies to enable you to avoid recessions; and 3) allocations that compensate for tail risk and volatility.
All of these products exist and many are selling quite well.
FOMO & TINA are really just “Fear & Greed” in another form. From a psychological point of view, what could be more instructive than seeing people’s greed buttons being pushed via the possibility of obtaining a status symbol at a bargain price? The fact that the MSRP can be considered a bargain reveals how much the prices have risen and how much status these watches have.
For consumers and investors alike, TANSTAAFL is the rule: anything that sounds too good to be true probably is.
Mz Global Holdings, Inc.
2029 Century Park E
Los Angeles, California 90067
Telephone: (310) 882-7838
Mz Global Holdings, which also operates as Watch Report, is located in Los Angeles, California. This organization mainly operates in the watch industry within the Miscellaneous Retail segment. This organization has been around for about 4 years. Mz Global Holdings is estimated to generate $188,035 in annual revenue and employ approximately 3 people at this unique location.
This organization is not BBB accredited
#sounds #good #true.. #Big #Picture