Nothing quite beats the timeless look and feel of a classic wristwatch. The right timepiece elevates your style, adds a dash of sophistication and confidence, and can become an heirloom piece you pass down to future generations. But how much do watches cost — and how much should you spend?

A budget prevents overspending, while quality guarantees long-term satisfaction and a timeless style. This guide covers factors that influence your watch budget, tips for choosing the right price point, and how Accrue Savings can help you save for the perfect timepiece.

Watch prices vary significantly based on the design elements, materials, and craftsmanship. It’s essential to determine your budget before shopping for a new watch to avoid overspending or taking out loans to finance your purchase. These are a few factors to consider when setting your budget:

How much money you have to spend

You must assess your financial situation first to determine and set a realistic price range. 

Calculate your income and expenses to get a clear picture of how much you can afford. Subtract your expenses from your income to determine how much money you have left over for a watch, then set a budget within your means. 

Don’t forget to budget for emergencies and savings too! You can use the 50/30/20 budgeting rule as a starting point.

Why you want a watch

Think about why you need a watch in the first place. Do you want an everyday timepiece, something for special occasions, or a high-end heirloom piece? Common reasons why people buy watches include:

• Sense of accomplishment: High-end luxury watches command respect. They symbolize success and affluence. Rocking a designer watch at a gala event, social gathering, or business meeting will turn heads and make a statement.
• Style: Wearing a nice wristwatch speaks to your fashion sense and adds sophistication and class to your wardrobe.
• Fitness tracking: Health and fitness enthusiasts prefer watches with built-in health-tracking features for monitoring heart rate, sleep patterns, and calorie count. Divers and swimmers often buy waterproof, shockproof watches that track depth and distance.
• Keepsake: Certain watches are true works of art and can become lifelong keepsakes or heirlooms. These timepieces boast intricate details and are often handmade by master watchmakers. Their value appreciates over time, making them a good investment.

The watch type you like best

To identify your preferred style or brand, browse through watch catalogs and online stores like Amazon for inspiration. Instagram and Pinterest can also offer great ideas for finding the right watch. 

Alternatively, you can visit a watch store and try on different styles. Once you have identified the watch type you like best, determine how much it costs and adjust your budget accordingly.

Popular watch brands include:

• Rolex
• Omega
• Cartier
• Bezel
• Casio
• Kiefer
• Seiko
• Tissot
• Tudor
• Breitling
• Oris
• myGemma
• Patek Philippe
• Vacheron
• Longines
• Vincero

What features the watch should have

Watches have varying features that enhance their functionality, style, and efficiency. The best watches balance design, features, and price. 

You may need to prioritize some features over others based on your watch preferences. For instance, a sports enthusiast may prioritize water resistance over strap style, while a fashionista may opt for an eye-catching bezel over a chronograph feature.

Typical watch features to look for include:

• Water resistance: Water-resistant watches are designed to withstand splashes, rain, sweat, and other forms of moisture. The level of water resistance is usually measured in meters and can range from 30 to 500 meters or higher.
• Bezel: The bezel is the protective ring that surrounds the watch’s face. It can have a stationary or rotating design and is usually made of metal, ceramic, plastic, or even diamonds. The bezel helps protect the watch’s face from scratches and impacts.
• Movement: Self-winding, quartz, and mechanical watches all feature different types of movement, each with its own unique capabilities and price points. Quartz watches are usually the most affordable, while mechanical timepieces come with a premium price tag.
• Strap: You can choose from leather, metal, and rubber straps for your watch. Leather straps are the most common and come in various colors, textures, and styles. Metal bracelets are usually seen on higher-end watches and offer an elegant, sophisticated look.
• Chronograph features: Chronographs are stopwatch-like features on watches that measure time in increments of seconds, minutes, and hours. They offer a variety of functions, like measuring elapsed time, counting down events, and tracking lap times.

Maintenance and insurance for the watch

Expensive watches like the Rolex Oyster Perpetual or Omega Speedmaster may require ongoing maintenance or insurance to protect the investment. 

Maintenance involves professional cleaning, inspections, and repairs. Insurance helps protect against theft, loss, and damage. Many luxury timepieces come with a warranty, but you can purchase extra coverage from watch insurance companies. Before selecting an insurance provider, compare coverage limits, exclusions, deductibles, and reliability.

Watch financing is a form of credit that allows you to spread the cost of a watch over an extended period. How it works is that you find a lender who will provide you with the money to purchase the watch up front. 

To determine eligibility, the lender will assess your creditworthiness, income, and other financial factors. You’ll then be required to sign a loan agreement that outlines the terms of the loan, repayment options, and interest rates, then make monthly payments until the loan is paid off.

The pros of financing a watch

• Access to money: It helps you purchase a watch you may not otherwise be able to afford upfront.
• Convenient: It takes only a few minutes to apply, and the funds can be transferred within 24 hours.
• Flexible repayment options: Depending on your budget, you can choose from weekly, bi-weekly, or monthly payments.

The cons of financing a watch 

• High interest rates: Watch financing carries higher interest rates than credit cards, so you’ll end up paying more for the watch in the long run.
• Potential to default: If you miss payments, fail to make full payments, or default on the loan, you’ll be subject to fees and fines.
• Impact on credit score: Late payments will negatively impact your credit score, ultimately affecting your ability to secure future loans.

You can avoid high-interest rates and late fees by using alternative payment methods like Accrue Savings — an innovative savings platform that helps you save for a watch and purchase it fully without debt. You only need to set up an account, deposit money, and shop with Accrue Savings partners like Kiefer to fund your watch purchase. When you shop with one of our partners, they’ll kick in a percentage of your savings goal, helping you reach your target faster.

A luxury watch is an exquisitely crafted timepiece designed to last a lifetime. Luxury watches are distinguished by intricate details, advanced technology, the finest materials, and superior craftsmanship. Watch enthusiasts spend thousands of dollars on these watches for their extraordinary quality, precision, and timeless style.

Pros

• Coveted status symbol
• Excellent craftsmanship and quality
• High resale value
• Unique designs and styles
• Limited editions and rare models

Cons

• Expensive upfront cost
• May require ongoing maintenance
• High risk of theft

The best luxury watches to consider

If you’re looking to invest in a luxury timepiece, these brands have earned the respect of watch collectors and enthusiasts worldwide and offer some of the most sought-after models:

• Rolex: With over a century of watchmaking experience, Rolex is known for its iconic design and timeless elegance. From classic oyster cases to complex chronographs, Rolex watches are among the best in the world.
• Omega: A Swiss watchmaker known for its precise engineering and robust construction. Omega watches are favored by astronauts, Olympic athletes, and celebrities. The Seamaster Diver 300M is one of their most iconic designs.
• Cartier: Synonymous with French luxury, Cartier watches combine classic elegance and modern sophistication. The Santos de Cartier and Tank watches have become iconic symbols of luxury and are among the most sought-after models.
• Breitling: Known for its reliable chronometers, Breitling watches are the go-to choice for aviation and marine enthusiasts. The Navitimer is one of their most iconic designs.
• Patek Philippe: The ultimate expression of luxury, affluence, and prestige. Patek Philippe watches have been worn by royalty for generations and are considered the benchmark of craftsmanship and quality. The Nautilus and Calatrava are among the most coveted models.

The amount of money you spend on a watch boils down to budget, preferences, and lifestyle. There are different watch categories with varying price points that you can use as a guide to make an informed decision.

Entry-level watches

Entry-level watches are the simplest, most affordable, and least complex. They have basic design features, quartz movements, and are made of stainless steel or plastic. 

Prices usually range from $100 to $1,000, and brands like Casio and Seiko offer models within this price range. They are great for everyday use and are an excellent entry point into the world of watch collecting.

Mid-range watches

Mid-range watches offer a step up in design, craftsmanship, and materials. They feature automatic movements, are made of stainless steel or precious metals, have more complex features like chronographs, and come with sapphire or mineral crystals. 

Prices range from $1,000 to $5,000, and brands like Tissot and Longines offer watches within this price range.

High-end watches

High-end watches are the creme de la creme of the watch world. These watches are meticulously crafted and feature intricate details, complex complications, rare materials, and advanced movements. 

Prices range from $5,000 to 30,000, and brands like Rolex, Omega, and Audemars Piguet offer some of the most sought-after models.

Specialty watches

Specialty watches are unique, one-of-a-kind timepieces with distinctive design features, rare materials, and complex movements. These watches are usually limited editions or exclusive models made in collaboration with famous designers or brands. Niche, specialized, and vintage watches also fall within this category. 

Prices range from $30,000 to millions, and brands like Vacheron Constantin, Patek Philippe, and Jaeger-LeCoultre offer specialty watches.

It’s crucial to consider your preferences and needs, including how you plan to use the watch, before selecting the category you can afford to shop in. You don’t want to fork out a ton of money on features you don’t need or use and end up overpaying for your watch.

Work with Accrue Savings to find the ideal timepiece

Accrue Savings is a valuable resource when saving for a big purchase like an expensive watch. We make saving easy, allowing you to set up automatic deposits so you can save up for a watch without taking on debt. 

We also have partnerships with brands like Kiefer which can help you earn money toward your watch purchase as you save.

Don’t break the bank — sign up for Accrue Savings, shop with our partner brands, and pay up to 20% less on purchases.