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Wednesday, November 25, 2020

Quick Cash Tips: Are Pawn Shops Worth Selling To?

 


At some point, everyone finds themselves needing extra cash. In fact, many of us need it regularly!


Finding ways to earn extra money can be challenging, especially if you have a family or others to care for. It’s not as easy as working all the time, especially if extra jobs aren’t available in your area.


You might see some items in your home that you aren’t using right now and wonder if visiting pawn shops will get you the cash you need. Is it worth it? Here’s what you need to know.


Be Ready to Negotiate


Selling to a pawn shop can be intimidating because you know you need to negotiate. However, remember that you hold the power in the end — you can walk out with your item.


No pawnbroker is going to give you the best offer upfront. After all, they’re in this to make money too. They also expect you to counteroffer, so they’ll start low.


If you plan to sell your item outright, you’ll want the best price, so take some time to learn negotiation tactics before you go in. Listen more than you talk, know the value of your items, and don’t be afraid to walk away.


Consider Selling Precious Metals


One of the easiest things to get a fair price on is precious metals. They have a set price in the market, and there’s no confusion about what they’re worth.


Of course, a pawn shop will need to give you a bit less than it’s worth in order to make a profit, but precious metals are easy to sell and move quickly. That makes it a win for the pawn shop, which should get you a higher price.


If you want to find a gold buyer, don’t be afraid to look online as well. You might get a better deal than your local shop.


Know Whether You Want a Loan or to Sell


When you take items to a pawn shop, you have the option to look into pawn shop loans instead of selling. In this case, they hold your item for a specific period of time and you have to repay the loan to get it back.


Loans from a pawn shop can have high interest rates, so if you need quick cash you might want to look at what can you sell at a pawn shop instead.


However, if the only items of value you have are important to you, a loan will give you cash today and you can get your valuables back later.


Are Pawn Shops a Good Option?


If you need quick cash, finding someone ready to buy from you can help relieve the stress. A pawn shop is a good choice, but you might consider other options as well.


For instance, you may get a better price if you sell online through an online marketplace like Facebook or eBay. Or, perhaps a collector would be willing to give you a good value for your items.


Those ideas take longer, of course, and there’s no guarantee that you’ll find a buyer. Just realize that if you sell to a pawn shop, they need to make a profit so they’re not going to give you the true worth of your valuables.


For more tips on personal finance, take a look at the rest of our blog today!

 

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