As inflation continues to put a dent in the budgets of Americans, many are looking for ways to save money on purchases or make a bit of extra cash. One of the best places to accomplish both is at your local pawn shop. Pawnshops often carry designer jewelry, name-brand electronics, premium quality power tools, and luxury items such as watches, handbags that you can purchase for a fraction of the price you’d pay at a traditional retailer. The reason pawnshops can stock these in-demand items is that they are constantly buying hot ticket items. So if you’re looking to make some extra money in 200, follow these tips for negotiating at a pawn shop.
Selling Items to a Pawn Shop: How to Negotiate for the Best Price
You can turn most things of value into cash at a local pawn shop. But, to make sure you get the best offer for your items, follow these negotiation tips.
1. Clean The Item You Plan to Sell
Items that don’t show signs of wear and tear will get a better offer than items that are obviously used. So, if you’ve got unused sports equipment, handbags, power tools, or antiques, wipe them down before you take them into the pawnshop. If you have gold, platinum, or diamond jewelry you no longer wear, run some cold water over it, so that it is free of debris and smudging.
However, you need to be incredibly careful with items such as antiques, luxury watches, and coins. It’s best just to run a soft cloth over them, so as not to damage them with abrasive cleaners or brushes.
2. Look at the Pawn Shop’s Online Store
Pawnshops don’t carry too many of the same items in stock. So, if you’re considering selling a Louis Vuitton handbag, for example, check the pawn shop’s online store first. If they have a lot of the same type of handbag that you want to sell, you may want to look for another pawnshop. Or you may choose to sell a different item to that shop. For example, you may see that although they have three Vuitton bags, they don’t have many laptop computers, and you recently got a new tablet, so you’re considering selling your laptop. A quick peek at the inventory in their online store can let you know if your item may be one of a kind.
3. Know What Your Item is Worth
Before you attempt to sell anything at a pawn shop, you should have a ballpark estimate of what it is worth brand-new. Keep in mind that pawn shops will offer you a percentage of the value. By remembering this, it would save you from being disappointed if an offer made is much less than you hoped for. For example, if you have an item that retails for $1000, you should not expect the pawn shop to offer you $950. It also prevents you from looking like you don’t know what you’re doing when you’re selling an item.
4. Remember it’s Just Business
When negotiating at a pawn shop in 2022, try to remain detached, and non-emotional. Remember that just because a piece of jewelry has significant sentimental value to you, it may not have the same value to a pawn shop. Likewise, try not to take it personally if the pawn shop doesn’t make you an offer at all. This doesn’t mean you don’t have a nice item. It may just mean that they know what their customers want, and the item may not meet that demand, currently. Keep in mind that selling to a pawn shop is a business transaction, and nothing about it is meant to make you feel angry or upset.
5. Wait for the Shop to Make an Offer
When you take an item into a pawn shop to sell, it’s smart to let the pawnbroker make the first offer. Pawnbrokers buy and sell items every day, and they are comfortable with assigning a value to your item. If you take something in to sell, and immediately say, “I need $100 for this,” you could be shortchanging yourself because it’s possible the shop was going to offer you $150. So let them start the negotiations by making an offer, and then suggest 10-15% more than they offered.
Buying Items at a Pawn Shop: How to Negotiate for the Best Price
If you’re on the hunt for a gift for a loved one, a collectible to add to your collection, or a treat to spoil yourself, always check your local pawn shop first. You can often find the exact same items you’d find in department stores, hardware stores, and jewelry stores, but you’ll pay a fraction of the price. Follow these tips for negotiating a purchase at a pawnshop.
1. Look for Similar Items in Stock
If you’re at the pawn shop to buy a power drill or saw, and you see that they have half a dozen in stock, you can often get a great price. So, let the employee quote you a price, and then counteroffer at roughly 80% of their lowest prices. Then listen and consider meeting them in the middle. If they won’t budge at all, you should always be willing to walk away.
2. Have Cash with You
When negotiating for an item at a pawn shop, make sure you let the pawnbroker know that you have cash, and you’ll be paying cash. You may be able to get the shop to lower the price a bit more if you let them know you have cash with you.
3. Don’t Be Afraid to Walk Away
If you reach an impasse with a pawnshop, don’t be afraid to walk away. Experienced pawnbrokers are good at reading people, and if they see that you’d rather walk away than pay the price they are offering, you may just convince them to drop the price a bit more.
Buy and Sell Items at the Inland Empire’s Top Rated Pawn Shop
Central Mega Pawn is the Inland Empire’s top-reviewed and fastest-growing pawnshop. From everyday household tools to luxury jewelry, watches, and electronics by the best brands, we buy and sell a wide variety of items every day. For your convenience, Central Mega Pawn is open seven days a week until 6 pm. We are located at 11031 Central Avenue, in Ontario.