Rolex is a really lovely made watch... modified 2824 movement (soon to be made in their own facility), nice case, Sapphire crystal, and really good paint on the bezel. Only problem is that is not worth thousands, particularly right now, when the watch market is way down.
There are several almost identical watches that are made with almost identical parts for a whole lot less.
Hmmm. You might want to check your sources because you are so off the mark that someone must be pulling your leg. Rolex's in-house 3135 movement is pretty famous for its accuracy and robustness.
Are you familiar with Time Zone, a watch geek forum? Here's an article from a member who did a thorough exam of the Submariner's 3135:
The Rolex Submariner Cal. 3135
Here's a review of my personal favorite, the Rolex Sea-Dweller (with the same 3135 movement) that will get you up to speed real quick on why Rolex watches are expensive:
Rolex Reference Page Sea-Dweller Review
So is a Submariner or Sea-Dweller really worth worth thousands of dollars? That depends on what you want in a watch.
It is to me. My Sea-Dweller is tough as nails and is as at home in the water as it is in the courtroom, although I'm not wearing it right now as today is an Explorer II (white dial) day. I like wearing a good looking, mechanical watch with some history and tradition behind it.
Is it a great value? Not really. There are lots of cheaper watches out there that look good and, if they're quartz, are even more accurate. If that's what you want in a watch, that's cool by me, but you really ought to get your facts straight before knocking the Submariner or any of the other Rolex tool watches like the Sea-Dweller, Explorer and GMT.
One other thing to consider is that Rolex customer service is second to none in the industry. Here in the US you can send your watch to one of three Rolex Service Centers (New York, Dallas, San Francisco) every five to seven years for a refurbish. They will do a complete tear down, wash and relube, replace parts etc, then polish it up so that it will run and look like a brand new watch. Do this, and your Rolex will easily outlive you.
You're dead bang on that the market is down right now so it's an especially good time to pick up a used one. I haven't looked in a while but I'm betting you could find a used Submariner or maybe even a Sea-Dweller for close to a couple of thousand bucks, which would be one hell of a bargain compared to say, three years ago. Just make sure it's not a fake because there are lots of fakes out there. If possible, demand the box and papers. If there's any doubt, have it verified before you part with your hard earned cash.
In fact, if you do buy a fake, even unwittingly, and send it to one of those service centers, then you should kiss it good bye first because Rolex will confiscate and destroy it with no compensation made to the buyer. That's why I strongly recommend buying from a reputable dealer.
Final note: although I'm a huge fan of Rolex tool watches, I'm not at all into bling. I have no interest in jazzing up a watch with gold or diamonds. Personally, I think bling watches, including Rolex, are a huge waste of money. But I'm not going to knock someone, especially on false grounds, for wearing one. To each his own.