My Rolex CPO experience

[stupidcrow]

About a year ago, I decided that I wanted a late model Explorer II (16570) with the engraved rehaut (3186 movement). I preferred watches that were originally purchased from a US dealer and came with box and papers.

From there, I began my research. This model was discontinued 14 years ago so a new watch from an AD wasn't an option (I would've taken this route if it were). I became familiar with the recommended gray dealers and routinely browsed their storefronts. Good examples would occasionally pop up on WatchUSeek and I noted the turnaround time from initial posting to sale. Since gray market prices were identical to Rolex CPO (but without the Rolex authenticity check, recent service, and factory warranty), I took the CPO route. I browsed Reddit and TRF, but there wasn't much information about actual experiences with the Rolex CPO program.

One evening, I found the exact model I wanted on Govberg's CPO site. I called the next morning and got the process started. Here's how it went:

Drawbacks
1. The sales rep stated that Rolex had a very restrictive photo policy. They mentioned that only official Rolex photos could be provided. In other words, I couldn't request additional photos for clarification. I guess the only option would be to visit the dealer in person.
2. The watch came with its original box and paperwork, but I believe that the burgundy hangtag and paper display tags might be discarded by the AD and replaced with the white "Rolex Certified Preowned" insignia.
3. Case had been "lightly" polished, and while all of the edges remained sharp, there were some imperfections in the brushing around the lugs. Nothing that would be casually noticed, but definitely something you take note of when it's your watch.
4. Bracelet came undersized, so I couldn't immediately begin wearing the watch. It also had a minor amount of sag.
5. Details about what was replaced or updated during the CPO service were murky at best and only shared verbally.

Advantages
1. I traded a watch toward this purchase. My sales rep gave me a good price and kept their word.
2. My sales rep was very professional and honest. I worked with them throughout the entire purchasing process.
3. CPO watches come with a beige Rolex branded leather case, official CPO brochure, a white hangtag, a beige warranty card, and any original B&P
4. I called my sales rep to inform them that the watch was undersized and they quickly provided two new blister packed Rolex links at no extra charge.
5. Watch is running accurately at about +1-2s per day

Final thoughts
This is undeniably a used watch. It came with marks and imperfections, so I'm not as prone to baby it as though it were new. The 16570 is one of the last 5-digit models and has a certain allure to it, from the comfortable jangly bracelet + smaller stamped clasp to its subdued utilitarian appearance and 40mm case. CPO removes some risk and adds benefits to the purchasing process, however, it comes at a cost for watches that are selling above gray market prices.

[OG1982]

Seems like the experience was a positive one overall. That’s a great watch for sure.

I see the benefits of CPO for buyers that may not have great options locally on the grey market. Personally, I would prefer to buy a watch from a reputable grey, and send it to Rolex myself for a full service, you'd likely still come out many hundreds or thousands up.

What I really can't get my head around, is the fact Rolex / the AD discards all the original tags, cards / paperwork. That’s a step too far IMO.

[The GMT Master]

Originally Posted by OG1982

What I really can't get my head around, is the fact Rolex / the AD discards all the original tags, cards / paperwork. That’s a step too far IMO.

Respectfully, they don't. Any original box/paperwork available with the watch is supplied alongside the new RCPO warranty card and packaging

Chris

[brandrea]

I think CPO is a great program for the right buyer

[OG1982]

Originally Posted by The GMT Master

Respectfully, they don't. Any original box/paperwork available with the watch is supplied alongside the new RCPO warranty card and packaging

Chris

I understand the original box is supplied if still available.

Plenty of others from the forum have previously mentioned things like original papers and hangtags are discarded as part of a CPO sale.

I guess this could come down to AD discretion in some instances, but a previous thread on the subject, some highly knowledgeable members confirmed it’s Rolex policy not to supply the items mentioned.


Sent from my iPhone using Tapatalk

[travisb]

Overall, sounds like a good experience. Congrats! Pics when you can.

[alllexandru]

CPO it was a good move after all, congratulations.

[1st amg]

Another win for the Rolex company...its comforting to know at best that it is certified by the big green machine. Congrats

[77T]

The only element I have personal experience with is this:
Rolex does not restrict ADs from providing close-up pictures of damage on CPO watches that are unpolished. Mayors routinely posts these and include 360° photos.

Maybe 1908 Co. doesn't allow it.


Sent from my iPhone using Tapatalk Pro

[worldfamoussam]

I bought a watch from Govberg right before they took on the CPO. Great experience.

[1William]

Congratulations on your new watch. Not a fan of the CPO program as I see it as a way for AD's to cash in on pre-owned watches. I have not seen CPO prices to be even close to our Trusted Seller prices and I see it to be a program that prays on the inexperienced or individuals who over estimate risk.

[GoGetter5832]

I love Govberg (1916). Have had nothing but amazing service from them! Thanks for sharing your experience!

[dmhines]

I called Mayors in Sarasota FL about getting a root beer. They said they could maybe get a CPO but it would be almost $9K over retail and only 2 year warranty. Crazy. I found a 2024 Mint root beer at gray for just a little over retail and almost 5 year warranty still left on it.

[Jim_K]

I had a similar experience with Govberg/1916 when inquiring on a CPO DD on their website. I asked for more pictures and they declined saying it was policy (can't remember if they used Rolex as an excuse).

It did turn me off and I moved on since I couldn't see the watch in person or have more detailed pics.

[BraveBold]

Originally Posted by 1William

Congratulations on your new watch. Not a fan of the CPO program as I see it as a way for AD's to cash in on pre-owned watches. I have not seen CPO prices to be even close to our Trusted Seller prices and I see it to be a program that prays on the inexperienced or individuals who over estimate risk.

It may “pray” on some but I suspect you underestimate many buyers… there are deals to be had in many areas and a truly savvy buyer will do their own diligence.

I have acquired pieces from ADs, grey dealers, individual sellers and added a CPO piece. The CPO watch was a very good deal and better than what was offered by grey market dealers. Add on the warranty and avoiding the hassle and time of a service, and I came out ahead.

Is CPO for everyone? No, of course not. If someone cannot effectively price the market and/or has other constraints, it may change what they’ll consider. But I wouldn’t write it off.

I saw some (poorly constructed) data in grey pricing vs CPO that suggested around a 30% premium. It was for a narrow selection of watches, likely biasing in the analysis. That said, one of the CPO programs only exhibited a 15% premium. Depending on average transaction price, it could be close to a wash (given value of service). Further adjusting for watch types, you could see favorable pricing (like I did).

Again, takes a sophisticated buyer to navigate it all but I personally wouldn’t close most doors off, except those selling out of their trunk…

[Kevin of Larchmont]

Originally Posted by OG1982

I understand the original box is supplied if still available.

Plenty of others from the forum have previously mentioned things like original papers and hangtags are discarded as part of a CPO sale.

I guess this could come down to AD discretion in some instances, but a previous thread on the subject, some highly knowledgeable members confirmed it’s Rolex policy not to supply the items mentioned.


Sent from my iPhone using Tapatalk

Nope. While there was a previous thread on the subject it was driven by one guy who was very loud and very wrong.

I just took a glance at the 1916 Company website and searched their CPO page for a 116710ln (because I like that watch). There are five of them, four listed with box and papers, one listed with papers only.

There is no Rolex policy.

[Skee-Bum]

Originally Posted by dmhines

I called Mayors in Sarasota FL about getting a root beer. They said they could maybe get a CPO but it would be almost $9K over retail and only 2 year warranty. Crazy. I found a 2024 Mint root beer at gray for just a little over retail and almost 5 year warranty still left on it.

Went into a Rolex dealer in Atlanta last week. One of the only SS pieces they had was a CPO Batgirl for the asking price of 24K. He asked if I was interested, told the SA I’m good at that price.

[OG1982]

Originally Posted by Kevin of Larchmont

Nope. While there was a previous thread on the subject it was driven by one guy who was very loud and very wrong.

I just took a glance at the 1916 Company website and searched their CPO page for a 116710ln (because I like that watch). There are five of them, four listed with box and papers, one listed with papers only.

There is no Rolex policy.

I stand corrected, thanks.

[cdmorenot]

Sounds like you had a good experience but I don't believe the Rolex CPO program is for me but I do believe it is a great program for anyone looking to visit a store and walk out with a Rolex on the same day without having to cozy up to AD's or spend numerous hours on TRF.

When I was looking for my 16570, I considered many of the things as the OP but ultimately opted for something that had not gone through any kind of process to get the watch ready for retail.

This gave me the advantage of choosing from the many 16570's that were available for sale at the price I was comfortable with paying, it allowed me to work with an independent watchmaker to decide which areas of the watch I wanted to address including refinish, service, etc ...

For this watch, I see no value in boxes, papers or original accessories, it was a no brainer for me. I find that it is much easier to communicate desired service outcome with an independent watchmaker than it is with Rolex.

[Portofino2023]

Their CPO program looks way more in line with secondary pricing versus some of the newer participants. Was shopping for a mint Hulk and one Texas CPO program had a condition 2 out of 5 watch for sale with an asking price of $26K. Bought a condition one watch here for $18K. Have seen the same sort of pricing when looking for a Blue Milgauss. Good for you!

[stupidcrow]

Originally Posted by OG1982

Seems like the experience was a positive one overall. That’s a great watch for sure.

It was a positive experience and worked out because I was after an older watch that never reached "grail" status. I agree with the other posters that CPO prices are hyper inflated for newer and / or more desirable models.

[stupidcrow]

Originally Posted by Portofino2023

Their CPO program looks way more in line with secondary pricing versus some of the newer participants. Was shopping for a mint Hulk and one Texas CPO program had a condition 2 out of 5 watch for sale with an asking price of $26K. Bought a condition one watch here for $18K.

A big drawback of the US CPO program is that it's very fragmented. You have to search by AD and there are differences in mark ups, selection, etc. Since CPO fulfillment is unrestricted (when compared to retail), the constraint of location no longer applies. Govberg had exactly what I was looking for at a very reasonable price, probably by virtue of the sheer volume they deal in.

Take a look at the Swiss Bucherer site (technically, it's Rolex, but I digress) and note the eye-watering amount of variety they carry for each model

There is a mom-and-pop jewelry store near me that lost their Rolex AD status some years ago. They've been running their own CPO program where they service + consign used watches and take a ~20% cut of the sale. They had a watch that met all of my requirements for an identical price, however, the Rolex warranty + service was a lot more appealing to me.

[njlam]

I am looking for an 11 series DJ which as discontinued a number of years ago.

My biggest concerns when looking for one are bracelet stretch and/or over polished bezel and case.

It is really hard to determine these qualities from pictures over the internet.

I hope CPO is a good filter to weed out the DJs that are too worn out. Happy to pay an extra $1K or $2K for higher quality cases and bracelets. The factory service and 2 year warranty is nice too.

[Brich436]

Originally Posted by Skee-Bum

Went into a Rolex dealer in Atlanta last week. One of the only SS pieces they had was a CPO Batgirl for the asking price of 24K. He asked if I was interested, told the SA I’m good at that price.

Mine is available for $23,500 if interested! Hahahahah!