You might not know or care that there is a significant shortage of Rolex watches, but it’s true. Though Rolex is known as a rich person’s watch brand, it also manages to be the most recognized watchmaker worldwide. Rolex has no clear plans to address the shortage by increasing production either, so the demand for a Rolex timepiece will continue to seriously outpace the number available. This supply issue applies not only to brand new pieces, but is also affecting the pre-owned market in a big way. Part of the blame lies with the COVID lockdown situation, since the Rolex factory had been shut down for several months during the height of the pandemic, but there has also been a surge in luxury watch sales since then.
Let’s say you have your eye on a new Rolex GMT-Master II Oystersteel and Everose Gold. The MSRP is listed at $14,800. If you are unable to locate a brand new one, you might want to try a site such as Chrono24, which features pre-owned luxury timekeepers. The problem is that the price jumps up to a minimum of $22,495 for a preowned 2021 model, more than the MSRP for one never used. It seems quite backwards, but that gives you an idea of how well a Rolex piece holds and increases its value over time.
In summary, if you have been yearning to own a Rolex, be prepared to look high and low for one. You should also be prepared to purchase one as soon as it becomes available, because new models which are posted for sale on authorized dealer sites tend to sell within minutes.
The pandemic has created many shortages and supply chain issues, among them toilet paper, disinfecting supplies, and workout equipment. But did you know that there is also a shortage of used automobiles? Two major factors which have caused so many people to turn towards used cars are decreased new automobile production, and budget concerns which have resulted from decreases in income. If you have an extra used car sitting around that’s not being used, it may be a small gold mine for you if you sell it right now, because the demand is so high. But if your used vehicle is one you actually need in order to get around, and it’s in good mechanical shape, you’re better off holding onto it until the surge in demand simmers down.
Even my car, which is a 6 year old economy car, is now worth about $1,400 more this year than it was at the beginning of 2020. Strange, but it’s true. Prior to the pandemic, I had actually considered selling my car and getting a newer model, but I am definitely pushing my plans back by about 3 years or more. I truly hope that when I am ready to get a different car, the supply chain issues with new automobile production will not be an issue like they are right now.
If you are in the market to buy a used car, you already know how difficult it is to actually locate one. It took one of my dear friends four months before she was able to find a used car to purchase. She looked everywhere, and kept responding to listings which turned out to be sleazy dealers instead of the private parties they claimed to be. The vehicles were not in good mechanical condition, so they never passed mechanical inspection. The only reason why she was finally able to find a decent car to buy was because a friend of hers whose mother was going to buy one from a family member changed her mind, and offered to sell the car to my friend. Had that not occurred, my friend would likely still be on the hunt for a set of wheels.
If you can purchase a new car instead of struggling to find a used one, be prepared to pay about 5% more than before March of 2020.