Show things in their best lightĪ layer of dust might make sense on an antique, but not on your printer. Bringing items in their original packaging is always helpful. If the item runs on batteries, make sure it has fresh batteries in it so you can show that it works. Be prepared to prove your claimsįor example, if you bring in a valuable piece of jewelry, consider having a professional jeweler write up an appraisal so you can prove the piece’s worth. Set a minimum price ahead of time so you don’t make a snap decision you’ll regret later. Just because a collector values your vintage vinyl at $100, doesn’t mean that you will get that from a pawn broker. Understand that pawn store owners are resellers, not collectors. The decision should be based on a number of things including your ability to repay a loan and the value you place on the item you are pawning or selling. Pawn shops will give you the choice, so educate yourself on the options and know the ups and downs of each before you go in. For example, if you have an antique, look for a pawn shop that has experience buying and selling antique items. Then, choose a reputable shop and broker you feel comfortable with.Īlso, know that some pawn shops specialize in certain items. How to Sell to a Pawn Shop Find the right pawn shopĭo some online research to see what others have said about working with area pawn shops. The following are some tips and advice for selling and buying at a pawn shop. Working with a pawn shops can be a good deal for both a seller and buyer, but not always. Pawn shops also purchase items outright to resell. If you don’t repay the money on time, the pawn shop takes ownership of the bike and can offer it for resale. If you repay the loan by a certain date, typically 90 to 120 days after you pawn the item, you can retrieve your bike. The loan repayment amount will include interest and fees that are regulated by the state. For example, you might give them your mountain bike as collateral for a $75 loan.
“Pawning” means that you give the pawn shop an item in exchange for a cash loan. America’s 12,000 or so pawn shops deal with a huge variety of items including musical instruments, jewelry, and electronics. In many ways, the pawn shops of today operate as mini-banks for millions of unbanked Americans and they also serve places for people of all backgrounds to buy and sell items. In fact, the history of pawn shops dates back more than 3,000 years.
While the mainstream media attention may be new, the industry is not. Pawn shops have had something of a revival over the past decade or so (though they never really went away), thanks to reality TV shows like Pawn Stars.
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