Must-See Guide to selling expensive Watches and Phones on eBay
As a top-paying Collector of Rolex, Cartier, Panerai, Audemars Piguet, Hublot, Vertu and Tag Heuer Meridiist watches and phones I warmly invite you to fill out a ‘Sell your Watch’ or ‘Sell your Phone’ forms.
However if you are considering selling online please heed the following information;
As a global website and resource online auction sites have become the one-stop shop for buying and selling inexpensive accessories all the way up to luxury cars and even yachts. With such massive growth (try not finding something on one of the online auction houses!) users must be VERY careful too when buying and selling. I will cover the main points of consideration;
- When listing your auction you will be required to offer the auction houses own payment method. In the case of eBay this is Paypal. Paypal is an online resource that allows users make and receive payments without displaying their bank/card details to the other party. It is a fantastic resource BUT be warned, if the person making payment has used a cloned or stolen Credit Card you are liable to have the transaction reversed i.e. you have the money deducted from your account for up to 90 DAYS AFTER payment is made. If you withdraw your Paypal balance in to your bank account this means that your Paypal balance will turn negative and you will be chased by their collections team for the reversed transaction amount. Credit card fraud is sadly rife in high-value goods and so it is often difficult to know who is genuine when paying using a credit card and who isn’t.
- Always be aware of Final Value Fees calculated on the selling price.
- They can be up to 10% of the sale price of the item sold PLUS the cost of the payment method (e.g. Paypal which is usually several percentage points). At up to 14% this must be factored in to what you will take net from the sale price.
- Delivery methods are important in valuable items. Within the UK I always recommend Royal Mail Special Delivery which offers extended cover upon request to £2500. However above this value any loss or damage cannot be covered unless a special policy is requested. This has a cost, be sure to be honest about the item description to the courier, if they have restrictions on what they cover you may still be left uninsured against a mishap.
- If you are buying or selling from a foreign country you must be aware that there may be customs charges levied. You must check this BEFORE making a bid or deciding which countries to offer shipping to.
- If not the buyer may have to pay an additional tax rate on the value of the goods e.g. £4000 Rolex watch from the USA would have another 20% VAT rate levied making the watch £4800 (£800 duty) PLUS Admin Fees, charges and courier costs. It is a legal duty to state the correct value and description of the goods to ensure Customs do not withhold or return the goods back to the sender. There are cases where items are also lost which is a legal minefield in terms of who accepts loss; buyer or seller.
- If you are buying a valuable item it is IMPERATIVE you view the item rather than have it sent to you. Receiving an item and it not being as you expected leaves the transaction open to a lengthy dispute in which both buyer and seller tussle. It is a grey area when one individual sells to another as there are fewer consumer rights in place legally.
- In addition it is vital in valuable items that you authenticate the watch or ask the seller to meet in a watchmaker or for a Vertu, meet at a Vertu stockist. I have lost count with the number of people who email me with fake items sold to them as genuine on an online auction.
- Please see my other Watch and Vertu articles to decipher authenticity, age and buying/selling tips.
- NEVER send an item out without payment being cleared first. If it is a bankers draft being paid there are instances where counterfeits are used. Ensure the goods are only sent or handed over when the draft is processed by the bank. NEVER simply accept a draft at face value. If the buyer has a problem with this use the old adage ‘cash is king’else request a CHAPS payment.
- Be firm, there are many instances where an auction ends and the buyer wishes to not pay at all or the full-amount. They rely on the counterparty to relent and accept these terms. Do not be one of these people. Please instead fill out my ‘Sell your Watch’ form and deal with a polite, same-day, top cash buyer in a seamless and easy transaction!,/li.
I wish you all the best and hopefully you will give me a try in offering you a fee-free, cash and seamless instant selling experience for your watch or phone today.