Silly Things People Do about Watch Repairs
Just for no reason I am creating a new category called Silly Things People Do. Today's entry will be about paying too much for something. There are people out there - I will relate one specific example shortly - who think paying more for something means one is getting a superior product, faster service or something better out of the deal.
The truth is, what you pay for something has nothing to do with value. I'm not suggesting that one buy cheaper products simply because they are cheaper or that something that costs more is inherently inferior. One should buy things of value, products that will last long and which are reliable and durable.
But there is a class of consumer that doesn't know the value of anything and judges products and services by price alone - provided it's high enough. Let me tell you about one particular person who psychologically needs to pay more for things.
A Brooklyn jeweler who comes into the city every few weeks to sell me his gold scrap met up with me yesterday and we had this conversation:
Jeweler: I had a customer come in a few weeks ago looking to have his Concord watch repaired. He complained that the Jeweler a few blocks down gave him an estimate of 30 dollars to fix his watch.
Bernie: Thirty bucks sounds right. What's he want, to have it fixed for 5 dollars?
Jeweler: Oh no - he doesn't think it's too much - he said he was insulted, that there was no way his expensive Concord watch could cost so little to fix.
Bernie: So what did you do?
Jeweler: I said that there was no way a fine timepiece like his could be fixed for less than 200 dollars. I asked him to let me look at it and for him to come back the next day for an estimate. I took it down to K (a watch repairman in downtown New York) who said it would cost $15 to fix with a one year guarantee.
Bernie: So what did you end up charging him?
Jeweler: Well, I said that after examining his watch in great detail, it could be fixed for $225.00 and I would guarantee it for three years.
Bernie: Wow, three years?
Jeweler: Yeah, think about it - I can fix his watch two more times at 15 bucks a pop. A three year guarantee at least is giving him a service that no one else does. In addition, I asked K to ultrasonically clean the watch-band and to steam and polish the case so it everything would look brand new. That cost me an extra 5 bucks.
Bernie: I don't know - it's a bit overkill - you don't think $60 would have been enough to charge?
Jeweler: No, he would have found someone to charge him more. Besides that's what those authorized dealers charge and online even hundreds more. He wouldn't be able to sleep at night if he paid too cheap. I sold him peace of mind. A guy like this, it would eat at them worrying that the watch won't keep proper time if it's not done right. Think about it. I made his watch look like new, gave him a better guarantee so he'd worry less and made him happier than a pig in shit. You can't put a price on peace of mind.
