How to afford a Patek Philippe

Patek Phillipe is not just a regular watchmaking brand in the industry; it is a brand that signifies generations of excellent craftsmanship and manufactures the best quality materials.

Patek Philippe watches are hand-made and assembled, making their production longer and resulting in lower inventories than most luxury brands.

They are very expensive and actually quite hard to afford, due to their high quality and craftsmanship, as well as their low production rate. But that doesn’t mean that the average Joe can’t afford one.

5 ways to afford a Patek Philippe Watch

Patek Philippe watches are not watches you can get off the counter at your nearest Walmart store. They are luxury watches and treated as precious items. Hence, its quite hard to afford these watches.

Here are some ways you could get your hands on a Patek Phillipe watch:

1. Get one with finance.

You can finance many products, from cars to houses, and also luxury watches.

Finance means you pay a down payment of a certain amount, get the watch, and then you keep on paying monthly until you cover the value of the watch.

Getting a Patek Phillipe with finance means that you can get the watch today and you keep paying for it in the coming months or years, depending on the amount of the payback.

Many watch dealers will be happy to finance you a Patek Phillipe with a small percentage of interest, usually 5% of the watch’s value.
If you dig deep online you can even find a 0% interest on a Patek, meaning you can start enjoying the watch before you have the money, without paying extra buck for it.

2. Try to get a bargain at a pawn shop

Pawn shops trade valuable items for money or items of equal value.

Many people will pawn their Patek when they need a quick buck, but not everyone will be able to return the loan they got from the pawnshop, meaning that the watch belongs to the pawnshop and that they can resale it. Items in pawnshops usually sold much lower then they’re market value, giving you the option to afford a Patek Phillipe at an attractive price tag.

Also, at a pawn shop, you can bargain for the price of a Patek Phillipe watch. Patek Philippe watches sold at pawn shops are pre-owned and therefore do not have a fixed price, thereby presenting the opportunity to bargain.

3. Look for sales online

Buyers can purchase Patek Philippe watches through online stores. These online stores are part of the secondary market, but much caution is required when shopping for luxury watches online.

There have been many scam reports from shopping online, news of receiving watches that are different from what was sold to them, getting damaged watches that may or may not work, or in the worst-case scenario, not receiving the watch. But these only occur in 2 out of 5 orders.

The remaining 60% get their watches in good condition. When you receive your package, ensure it comes with its papers. This is proof that the watch was acquired legitimately and that it is not fake.

Many people afford Patek watches by finding great deals online.

4. Try to get one as part of an estate 

Inheritance is another hassle-free way of affording a Patek Phillipe watch. Luxury watches are often passed down generations or gifted from relatives. It is more or less like receiving a luxury watch for free.

But not every wealthy billionaire has a loved one to give their dearest collection of Patek Philippe watches. In such cases, this collection is sold off to interested buyers. The watches can also be sold in an auction setting and would be given to the highest buyer.

Estates or auctions are great ways to afford a Patek Phillipe since the prices are not fixed, and can vary from one auction to the other. You can also join these auctions online and get a pricey Patek for an affordable price.

5. Get a pre-owned Patek Philippe

Pre-Owned watches are an excellent buy for those who cannot afford to queue on the seemingly endless waitlist for a brand new Patek Phillipe watch. A pre-owned watch can be sold in 2 scenarios

· First off, by an investor. A Patek Phillipe watch or any luxury watch at large can be likened to a piece of land bought for reselling when the demand supersedes the available supply. At this point, the investor sells the watch for a profit.

· Or it could be a watch the owner is no longer fond of. Watches that are not in good condition or old are sold for far less than you can imagine. But with a great deal of maintenance and repairs, the money paid for it will be a sweet deal.

Ensure to request the watch’s papers from the previous owner. These documents are a part of the watch, and each watch owner should have both in their possession.

What is the price range of Patek Philippe watches?

Patek Philippe watches are not just watches that hold their value; they also increase tremendously in price. A brand new Patek Phillipe watch costs between $20,000- $2 million, making it one of the most expensive luxury watches available.

With the high-quality craftsmanship and materials that go into each model, it is understandable why these watches cost a small fortune. 

For an average income earner, it takes a lot of years to save up for a Patek Phillipe watch. It would take as much as $200 per month for seven years to afford the cheapest Patek Phillipe watch.

This, however, does not include the maintenance cost for the watch. Every Patek Phillipe watch requires maintenance to keep it up and running, and it costs nothing less than $800 to maintain a Patek Phillipe watch. 

Where should you buy a Patek Phillipe?

The safest way to get a Patek Phillipe watch is to set money aside and buy one. Buying a Patek Phillipe watch is the most expensive yet genuine way to own a luxury watch. Through this channel, there is an assurance that your wristwatch is original and a hundred percent functional.

A brand new Patek Phillipe watch costs anywhere from $9,500 to $2 million. There are roughly 200 models to pick from, all falling under different families but with the same quality.

There are 3 significant ways to buy a Patek Phillipe watch

· Authorized Dealer: these are third-party-owned jewelry stores or stand-alone boutiques that Patek Philippe permits to sell its watches. Authorized dealers allow the brand to monitor the quality of their watches.

· Patek Philippe salons: there are only 3 Patek Philippe salons available worldwide. You can purchase your watch from any of each and have an assurance of quality and originality

· Secondary market dealers: the secondary market includes resellers and gray market dealers. They buy directly from the Patek Philippe factory or authorized dealers and sell to buyers at the Recommended Retail Price.

How do you know you can afford a Patek?

There is no standard guide or order of events that alerts one when it is time to look on the side of luxury. But, it is safe to say that you can afford a Patek Phillipe watch when doing so does not affect your capacity to afford your basic needs.

For example, if buying a Patek Phillipe watch will cause you to be unable to provide food, clothing, and shelter for yourself (and your family), then you are not ready to afford a luxury watch such as Patek watches.

Secondly, if buying a Patek Phillipe watch will lead to debts or cause a financial crisis, it is not advisable to do so.

Is it hard to buy a Patek Philippe watch?

Patek Philippe produces approximately 62,000 watches each year – all hand-made and assembled.

 It takes about eight to ten years to make a genuine Patek Phillipe watch (depending on the complication of the movement). And the waiting line is usually very long because many people would wait even to 10 years to get their hands on a brand new Patek Phillipe watch.

So yes, it is hard to buy a Patek Phillipe watch. There is a lot of waiting and competition surrounding buying a new Patek Phillipe watch.

To purchase a new Patek Phillipe watch, you must visit an authorized dealer and request to be placed on the waitlist. This waitlist may take up to ten years as it is based on a “first-come, first-served” basis.

Is it worth buying a Patek Phillipe?

A luxury watch is not the sort of purchase you make on impulse.  It would be best if you do plenty of research before committing to a particular model or brand.

There are many reasons why people purchase luxury watches. Knowing yours is the first step to buying yours. Whether for investment or sporting, there is a Patek Phillipe watch for your every need.

Overall, a Patek Phillipe watch will always be a good buy. It ticks all the boxes on what a luxury watch should depict and provides customer satisfaction at its peak. It is also a good investment since they are highly sought after, and are easy to resell. 

All watches require proper maintenance, and once that is not in place, watches like Patek Phillipe will be destroyed. It is therefore vital to take good care of your Patek Phillipe watch to prevent wastage of money.

What is the cheapest Patek Philippe

An average watch owner does not view Patek Philippe’s watches as cheap. It would, however, be more appropriate to state that Patek Phillipes’ cheapest watches are relatively entry-level watches rather than affordable.

With the prices of the most dominant Patek Philippe watches, here are the cheapest options:

Patek Philippe Calatrava

Calatrava watches differ in price as there are many models in this collection. It is one of Patek Philippe’s original designs, which has evolved and been modernized to suit the taste of customers.

They are majorly entry-level watches that cost from $12,000 upwards.

Patek Phillipe Gondolo

The Gondolo collection brings together Patek Philippe’s odd-shaped watches. The cases may be rectangular, tonneau-or cushion-shaped cases.

These watches are sold within the range of prices of $16,000 – $18,500.

Patek Phillipe Golden Ellipse

The Gold ellipse is one of Patek Philippe’s finest dress watches. It is easily identified by its elliptical case, between a circle and a rectangle. A dial-in blue gold, with gold hands and hour markers floating over its depths.

This excellent timepiece are sold for no less than $12, 700

Patek Philippe watches seem immune to devaluation and continually increase in price. These prices may differ according to the location of the store you are purchasing them.  So keep an open mind whenever you are about to buy one.

Conclusion

Patek Philippe watches are expensive, and there is no doubt about that. That makes many people think they will never be able to afford one, but that doesn’t always true.

When you go down the rabbit hole of affording a Patek Phillipe watch, you find that there are actually many ways to afford one at quite an attractive price.