Aug 30, 2024

Still Waiting For a Rolex Submariner? It Might Be Time to Rethink Your Approach

by Skyler Nielsen-Sorensen

Yesterday I received an email from a reader that got me thinking about the state of Rolex Submariner waitlists. He shared his frustration over a year-long wait for a steel Rolex Submariner (reference 126610LN). He had done everything right—visited his AD to express interest, revisited and established a relationship, and kept in communication over the following year. Yet, despite his efforts, he is still left waiting (except for a vague promise of a December delivery). His email inspired this article because his situation isn't unique. Many of us have been in his shoes, wondering how much longer we can wait.

Rolex Submariner 126610LN on Everest strap

Rolex Submariner 41mm on Everest Rubber Strap

The Rolex Submariner is an icon, and it’s no surprise that the steel model remains one of the most sought-after watches on the planet. At a retail price of $10,250, the 126610LN represents arguably the best value proposition at its price point, but only if you can actually get your hands on one. With waitlists sometimes stretching into years, many collectors are left feeling like they’re growing old waiting for that magical call. If you’re in that boat, I think it’s time to rethink your strategy.

Rolex Submariner 126610LN

Here’s the reality: prices on the pre-owned market are beginning to decrease. The days of astronomical premiums are slowly fading, and you can now find a used 126610LN for close to $12,000. Yes, that’s still a slight premium over retail, and I understand (and respect) that many "refuse to pay grey." After all, why pay more when the promise of retail is dangling right in front of you?

But let’s be honest: if you’ve been patiently waiting for a Submariner for a year—or longer—it's time to at least consider paying that premium. A $12,000 pre-owned 126610LN might be worth it if it means you can finally get that watch on your wrist without further delays. When you factor in the time spent waiting and the uncertainty of actually receiving the call, that extra cost starts to look a bit more reasonable.

Image Source: Reddit user bclark8923

And here’s another point to consider: you can get the last-generation steel Rolex Submariner (reference 116610LN, pictured above, left) for under $10,000 right now. The differences between the current and previous generations are minor, but are certainly worth pointing out. For one thing, the previous generation is 40mm instead of 41mm. The proportions are such that they wear somewhat similarly on the wrist. The previous generation has 48 hours of power reserve rather than 70, features technically inferior shock absorbers (KIF rather than Paraflex), and a traditional Swiss lever escapement rather than the hyper-efficient Rolex Chronergy escapement. Long story short, despite its technical inferiorities, the 116610LN remains an outstanding watch, especially for $2,000 less than the 126610LN.

Final Thoughts

Rolex Submariner 126610LN in box

Image Source: The Watch Club

Of course, the decision is ultimately yours. There’s no right or wrong answer, and every collector's journey is unique. Some of you might still prefer to wait it out, hoping that the AD will come through sooner rather than later. But if you’re tired of waiting, the pre-owned market offers options that are increasingly difficult to ignore.

The watch market is always shifting, and what might be a good deal today could change tomorrow. But if your heart is set on a Rolex Submariner and you’ve been playing the waiting game for what feels like forever, now might be the time to rethink your approach. Whether you decide to pay a slight premium or opt for the previous generation, the goal is the same: getting that Submariner on your wrist and enjoying it to the fullest. And that, my friends, is worth every penny.