Quick Things To Remember When You Pawn Something

pawnshopThere are a lot of different items that you may have in your home that you want to pawn. Millions of dollars exchange hands in the world of pawn shops, and you may be sitting on a gold mine. Or you may be sitting on something that is not that valuable. Whatever the case may be, you will want to remember a few things before you visit your local pawn shop and start trying to wheel and deal. The following can help you not only get a good price for items that you may have, but it may also help you understand what shops are looking for, and what they may not be looking for as well. Not everything that you have around is going to pay off dividends, that’s for sure.

Not All Pawn Shops Buy Lower End Items

One of the things that you have to remember is that a shop is a business. They may specialize in certain things over another. They may not carry everything, nor do they buy everything. Some only specialize in working with high end electronics, others may only work with firearms, and some may specialize in household items, or simple things. Every pawn dealer is different, and the offers that each one gives is going to be different overall. Your best bet is to call ahead, or to visit if you can, and see what they are looking for and what they may offer in exchange for certain items.

The Shop Makes Money on Sales

Many people will go to pawn something and be shocked that they are not going to get 100% or more of the value out of the purchase price that they initially spent. This is very true for items such as electronics, video games, and more. The reason why you will not get 100% the retail price is because of several factors, but one of the most important ones to remember is that the shop makes money on sales. That means that they have to be able to markup items from the initial sale, giving the consumer less than the retail or even resell value of items. That doesn’t mean you will not get a good price, it means that your price is a wholesale one, not a retail one. You’ll have to lower your expectations a little.

You Can Get A Loan Instead of Selling

PawnIf you’re not willing to give up your item out right, you don’t have to give it up. You can use it as collateral for a loan. This is a simple process, and one that doesn’t require a credit check. When you look into this option, you’ll be able to get a loan of the value of your items, and then use that money immediately. You will get cash in hand. However, you will need to pay back the loan. You and the pawn shop will have to come to terms in regards to the time frame in which that loan has to be paid back, and you cannot miss payments, or forget to pay it. If you do not pay it, you will lose your items, and that’s it.

Complete Items Do Better

When you’re thinking about pawning anything, try to look for the original boxes, cases, and wires. The more complete something is, the higher the value is going to be, and the more money you’ll get as a result. Items that do not have original packaging, and information, do not get appraised at nearly the rate that others do. If you have original packaging, you can get more money for pawning outright or for a loan.


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