Frequently Asked Questions
How does this compare to selling my Watch online for cash?
When selling a Used Luxury Watch, you have a number of choices. You can place a classified advertisement (eg: on Dubizzle) and negotiate with buyers yourself. You can also place this ‘on consignment’ with a number of Used Luxury Watch dealers and wait for a customer to make an offer.
At BuyBack Bazaar, we also get our prices from reputed Quality Fine Luxury Watch Dealers. The difference with us is we negotiate both a Price to Sell your Watch NOW for cash AND a Price at which you can Buy it Back within a maximum of 60 days. Our Dealer Network competes not just for the highest price to Buy your Watch but also the lowest Service Charges to sell this back to you.
How does BuyBack Bazaar get prices?
We send your Watch details and BuyBack Date to our growing network of Fine Luxury Watch Dealers all across the UAE and get their highest prices to buy your Watch. We also negotiate the lowest services charges to securely store and sell you back the Watch on your BuyBack date. While we get prices from key dealers in Dubai, Abu Dhabi and Sharjah, regardless of where the best price is, you can take your Timepiece to the nearest dealer in your city for assessment and storage so you don’t have to drive all over the country just to get the best price
Who owns the Watch while it is stored with you?
Remember, you are NOT taking a Loan against your Watch. You are selling your watch with an option to buy It back later. The Watch is sold to our Purchasing Dealer who is the legal owner of this Timepiece and agrees to store this at their secured storage vault until the BuyBack Date.
What happens to the Watch if I don’t return by the BuyBack date?
The Dealer is free to sell this Watch at their discretion to any of their clients at their price. This price can be higher or lower than the BuyBack Price agreed with you depending on market conditions and demand
Can I extend the BuyBack Date for my Watch?
If your first BuyBack date was less than 60 days from when you sold the Watch, you CAN extend the BuyBack date for the rest of the period by paying an Extension Fee to the Dealer. So, for example, if your original BuyBack date was for 40 days, you can extend this date for an additional 20 days making the total BuyBack date 60 days from the date you first sold the Watch. Please contact us and we can confirm the extension fee for the remaining days
Can I BuyBack my Watch after the BuyBack date?
Once the BuyBack Date has expired, the dealer has the full right to sell the Watch to any customer at their complete discretion. If the asset is still in their stock, you will need to negotiate a purchase price directly with them. This price will most likely be higher than your confirmed BuyBack price. Please contact us if you need assistance with this
What does the BuyBack Service Fee cover?
BuyBack Service Fees charged by the Purchasing dealer includes
How do you apply VAT to this deal?
VAT only applies to you if you return to BuyBack the Watch. If your Watch was purchased before January 1st 2018, then VAT will be applied on the full price (BuyBack price) of your Watch. But if you purchased the Watch after January 1st 2018 and can produce an invoice showing that you had paid VAT when making the original purchase, then VAT will only be applicable on the BuyBack Service Fee and NOT on the full Watch value.
If you are a returning customer bringing back the same Watch for a repeat deal, then VAT will only be applicable on the BuyBack service fees