Negotiating at a Pawnshop: Tips to Keep in Mind

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If you are in need of money for an emergency, selling a valuable item to a pawn shop or borrowing some cash against it is a good idea. However, you have to make sure that you get the most money out of your item. Here are some tips on how to negotiate at a pawnshop to get the most from your pawned stuff.

Determine How Much the Item Is Worth Yourself

Before going to a pawnshop to sell or pawn an item, make sure that you know its value. Do your homework and find out on your own how much it is worth on the market.

Never assume that the appraiser at the pawnshop will always give you a fair valuation of your jewelry, antiques, art pieces, and other valuables. Remember that the appraiser works for the pawnshop, and as much as possible, they would want to get the item at the lowest possible price. There is some negotiation of course.

Don’t Say Know How Much It Is Worth

Remember that a pawnshop is a business, and like any other business, it exists to earn a profit. To make a profit, they need to sell something at a price that is more than the amount they got the item for. Thus, it is not up to you to tell them what your item is worth. It is their job. Let them appraise the stuff and then tell you how much they are willing to pay for it.

Don’t Say Where You Got the Item

If you tell them you got it from a garage sale, it would be obvious that you have no emotional attachment to the item, and you would likely agree to a small price. The idea is to make the pawnshop guys think that the item has sentimental value to you. Keep in mind that they don’t have to know where you got the item.

Don’t Say How Much You Bought the Item for

When buying at a store, you don’t ask them how much they paid for the item you are considering to buy, right? If they tell you, then you would know how much profit they are making for the item. The same is true when negotiating at a pawnshop. If they know you didn’t pay much for the item, there’s no way they’d give you top dollar for it.

Wait for Them to Give You an Offer

Everybody knows that everything has a price. There is a particular amount that we would be willing to accept for most of the things we own. Whether the amount is fair or not does not matter. The fact is, you will be at a great disadvantage if you share it first.

For example, if you want a thousand bucks for your rare gold watch, wait for the pawnshop representative to give you an offer. If you tell them you want $1000 for your watch right off the bat, you will most likely get an offer of half that amount. This is because pawn shops would try to get items at around half of their true value. If the offer is way below $1000, you know that you’re not even near the amount you have in mind. This is where the negotiation process comes into play.

Final Word

Like any business, a pawnshop needs to make a profit. Thus, you cannot expect to get a retail price for your item. Usually, they would be willing to pay an amount that is 50% or less of what they can sell the item for.

If you want to get the fairest and highest possible appraisal for your valuable items, then visit A to Z Pawns.