If you want to pawn an item, whether it is your great-grandfather’s antique pocket watch with an “absolutely amazing story” behind it, or your beloved collection of comic books from your childhood, the only thing that really matters is not your story, but the actual demand for the item in the secondary market. In other words, nothing is worth more than someone is willing to pay.
In pawning, you are trying to raise some cash temporarily to cover an urgent need. So, you take your family treasures to your local pawn shop in the hopes of raising that cash. First, an appraiser will evaluate your item on several points, which may include, but not be limited to:
- retail price range
Once the deal is struck, and you agree to pawn the item, the dealer will quote you a price based upon a percentage of that retail price, and that is the amount you will be loaned. You’ll be given a specified amount of time to repay the loan and retrieve your item. You will also pay interest, and in some cases, other fees. The amount of interest charged is usually regulated by state laws.
More for your Money
Pawn shops buy a variety of items that have value and what has value will often depend on what resells well in the area where the pawn shop is located. Even so, some items are always in high demand. Here’s a list of the top things you can get paid for at a pawnshop.
Precious Metals – Jewelry is one of the biggest moneymakers in pawnshops. Just as it does elsewhere, jewelry runs the gamut in price, but gold is worth more than silver and precious metal investments can be worth even more.
Tablets – When you already have a computer and a smartphone which you are considering pawning, some brands and models will score you more cash than others.
Power Tools – Power tools consistently have a good resale market. Bosch, DeWalt and Milwaukee are among the most powerful brands, and circular saws, drills, band saws and air compressors are popular items. To get the most money for your tools, ensure they’re in good shape and thoroughly cleaned and degreased before visiting the pawnshop.
Gems – Gold might get all the attention in pawnshop commercials, but don’t forget the diamonds. Pawnshops are interested in buying diamonds due to high demand. Like gold and precious metals, the right diamond or gem could net you four figures.
Firearms – Guns retain their retail value better than most items you’ll find at the pawnshop. You’ll need all the required legal paperwork to pawn a gun, and you’ll want to unload the firearm before arriving at the pawnshop. You also might want to call ahead to make sure the shop is licensed to buy guns.
Before you find yourself pawning items for cash or using them as collateral knowing the best things to pawn can help you strategize. Let Parker Pawn & Jewelry professional associates help you strategize before pawning your valuables. We believe that the more you know, the more confident you will feel about your transaction with us. If you are in the Fayetteville, Hope Mills or Spring Lake areas and you are looking for a pawn shop, look no further than Parker Pawn. We look forward to seeing you soon! Have any questions before you come into one of our pawn shops?
Give us a call at (910) 321-0500!