18’ major value decline? (372 mainly)
 

Im really thinking about getting a Pam next. FINALLY. (Just picked up a new 126660 dssd)

Well my main go to with Pam’s are 372, 422, 423, and a few of the 44mm models. So I was poking around on watch recon and it seems like A LOT or just about ALL of the 372’s are selling for half price or sub $6k.. I typically only buy new watches but this one seems like it might be a better idea to get a used one.

Thoughts?

I don’t see anything wrong with getting a used one. As you know, just make sure the seller has good history and that you’re satisfy with the condition. But if buying a used one will maybe bothers you, then get a brand new one knowing the depreciation factor exist as of today.

Definitely buy a used one. I bought mine used in 2016 and I'm still loosing $1,500 selling it now (to a gray dealer).

Yeah seems like the popularity has shifted big time. Ive been out of the “game” for a few years. Not really buying or selling until this year again after a hiatus.

I remember when used 372’s were fetching not much less than new.

It’s not that popularity has shifted so much as that demand for new equals supply...there are very few new plexi 372s that are still available for sale by ADs...once the 372 is retired (I suspect the U series will be the last), demand for used 372s will pick up significantly. Right now demand is down a bit because of 673/6)3/587 and the surge in popularity of 47mm Rads...The $5-6k asking prices will increase to 6-7k when the 372 is retired and should be well north of 7k I’m a few years...

Now is a great time to pick up just about an Panerai on the after-market. Buy from a good reputable seller and pounce when the deals are ripe! There is a lot for sale and not a lot of buyers.

372s have almost always lost value. It’s what happens with an unlimited production niche model (47mm manual base with plexi). Doesn’t mean it’s any less sexy, but it does mean one should buy new to own forever or buy used and let someone else take the depreciation hit.

Cru—we will see a marked upward trajectory in second hand value about a year after the 372 is “retired.” Everyone who wants one but never pulled the trigger will be forced to get one in the second hand market. Since ADs will no longer be discounting the 372 (since they will not have them anymore to offer), prices for the secondhand 372 will creep up. Right now you can get a new 372 for 8k or a little less, so that forces second hand prices to be further reduced by 25-35 percent. That goes away when production is retired. Watch this space (pun intended)

Totally agree. I was in Japan recently and plenty of good deals to be had on used Panerai.

As you’re in the US contact DavidSW. Lightly used the way to go

I agree talk to David he can even source a new one - likely around 20% off MSRP.


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The problem is not with the used price of the 372 it is with the discount some of the AD's are offering on a new model. Same with the 422/423. When an AD will offer a 20-30% discount on a new model then the used market will then cut that price again. I would look for a slightly pre-owned model that is complete with the box and papers from a TS and save some real money off of msrp. Or I would get a new in box model from a TS and get the discount but only if you are going to keep it. I own the 422 and bought it new from my AD with a significant discount. I plan on keeping the watch so I will not experience the loss. So I say.

panerai flooded the market with them and they’ll hold around the same price for years to come.

buy what you like and don’t worry about the hype of making money in the future.

I hope so, Amen 🙏

This makes perfect sense.

Before I get accused of being a Panerai basher and couldn't EVER be a Paneristi (yep that happened)....I will preface my comments by stating that I own a 372 and like it bunches...

That being said, unfortunately it's a dog right now, which in reality is one of their best references, but the market couldn't care less about that.

It is overpriced, overproduced and lost in the shuffle of the XXXXXXXX models that Panerai now cranks out every year.

It will need to be discontinued to regain its popularity and value.

In today's watch market, if the reference is readily available to consumers from dealers, it will not have the desirability factor that fuels value. If you can't get it, people will want it more...prices go up...etc. This is presently not the case with the 372, so in other words, buy it used if you don't want to lose alotta money.

Well said! I agree with you LOL :cheers:

Perfectly reflects the current situation.

Nice try Pam hater :lol::justkiddi

I agree 100%. Now I just need to actually decide on a PAM lol

It’s very simple; bottom line is that you can get a used plexi between 5k-6k depending on Seller and condition; or you can get a new sapphire for 7.75k-8k depending on discount and dealer.

So the difference is 2-3k. The question really comes down to whether you want sapphire or plexi. If you want plexi, it pretty much has to be a previously owned model at this point, save the extremely limited number of boutiques and ADs that have a remaining NOS plexi.

Thanks for clearing that up. I was just starting to try and figure out when the switch was to sapphire on the 372.

Does anyone know what year or series ?

Also. I can’t remember. Has the 422/423 always been sapphire?

The first 372 sapphire I believe was the S series. It comes with a 26/22 Asso and black rubber strap. The R Series was the last plexi and also came with a 26/22 Asso and black rubber strap. No 372s were produced for the Q series.

The N, O, and P series are all Plexi with 26/26 ranger strap and a tan vintage 26/26 cracked strap. The N, O, and P series are all gone. There are still a few lingering R series (less than a handful) in a boutique or two (I know of one r series 372 at a boutique and I think it’s the last). I also may know one AD that has one R series remaining (as of several months ago).

422/423 have always been sapphire.

422/423 always sapphire. I think S series for sapphire on the 372

Go 422. :cheers:

What was the first letter to start the series? N ?

Im kind of ocd so im not sure if I want the plexi BUT I like the way it stick up so high above the bezel. Does the sapphire do that also?

I often disagree with Fleetlord, but he's 100% correct. Its MSRP is way overpriced. The 372 should be more in line price-wise with the 312/1312 or arguably any Luminor base model.

That said, it is one of the most representative references of the brand. They are selling at really good prices on the secondary market. Many of the older plexiglass models can be obtained with the reference and OEM straps in almost perfect condition. My only caution is that it is a very large watch. The 47mm case is one thing, but I also believe the strap does not taper at all maintaining a large wrist circumference.

There are no modern regular production models produced by Panerai that are "investment pieces." If you like it though and want something very emblematic of the brand, I would certainly recommend getting one.

Luckily for me im statistically one of the “few” who can legitimately pull a 372 off . :agree: ive got 8” flat wrists and am a tall/broad guy. If posting pics weren’t so painful I would have just posted one but here’s a link to my new dssd thread. Pics on first page.

https://www.rolexforums.com/showthread.php?t=621471

I agree about buying what you like BUT its part of the chase for me. There are no guarantees with any watch that it will hold its value or close to it over the long haul. (Well except Rolex and a few others I guess lol) With that said, I like in house movements, and I dont want to buy a watch that I think looks nice and I literally lose $8k the second I walk out of an AD. If 20% discount on a new 372 is the norm than thats not bad of a deal imo if you wanted new.

I am a bigger guy (6 foot, 210lbs) and the 372 is still large even for me. That said, it sounds perfect for you. It supposed to be oversized anyway. I say look around and wait til you see a really good conditioned model for 6k or less. I wouldn't buy this model brand new even from a grey dealer. You will take a hit and there are many in circulation.

Yeah im liking the sounds of that. Its amazing when im hearing $6k for a mint used one lol. It wasnt that long ago used ones were fetching almost new prices....

Im assuming the 422/423 is the same for values?

To give you an idea of how depressed resale value and how small the buyer pool is on these, I watched a 423 from a reputable seller go for a final auction price on eBay of $4,600 last week.