Insider Secrets and Tips for Best Pawn Shop Negotiation
In this life, sometimes you´re up, sometimes you are down.
And for those times when you need extra cash, getting a pawn loan is an easy, hassle-free solution. But, is there room to negotiate a better deal at a pawn shop? Can you talk your way to a better interest rate?
The short answer is: You can sure try.
You may decide to pawn an item for a loan, or sell it. Either way, you´ll walk out of the pawn shop with cash in your hands. Here´s what you can do to ensure getting paid top dollar:
Shop around. Take your items to a couple of pawn shops in San Diego and find out how much they pay. The better- known pawn shops are not necessarily the ones that give much more money.
Find out the re-sale value of your item. Even if you are just planning on pawning (not selling), be aware that the item will be valued by its re-sale price (not its retail price). Knowing this figure will help you maintain a realistic mindset.
Here are some ways to investigate how much money you´ll get for your item:
- Try a pawn simulator, such as CashCo´s Get an Online Quote
Tip: When using a simulator, keep in mind that the final figure can often be quoted only after a physical inspection of the item
- Visit eBay and see how much are comparable items worth in the re-sale market.
Tip: On eBay, check for the “Sold for” figure, not for the initial asking price.
- Find out how much gold is worth
Leverage your loyalty. If you are a repeat client of a specific pawn shop, you may get better deals and perks. Ask about loyalty programs, and don´t be afraid to mention your continued patronage. CashCo Pawn Shop, for example, rewards customers with points they can exchange for goods such as new electronics and gadgets.
Bring items in good condition. Items in good shape are bound to get top dollar at a pawn shop. It pays off to clean an item, check for missing parts, find out if it´s working. Be honest about any malfunctions, the pawn agent is going to examine the item thoroughly anyway.
Don´t assume jewelry is worth less because of minor issues. Broken jewelry, bracelets that are missing one or several stones or links, can still be pawned for top dollar. The pawn agent will consider many elements when quoting a price for gold, including the weight, how much gold is worth.
Haggle, but be reasonable. “Our goal at CashCo is to meet the needs of our customers”, said Moris Adato, General Manager at CashCo, “and to help them get the loan they need. Customers have a right to ask, and we will always entertain reasonable offers”.
Be courteous. An aggressive stance will not work for negotiating with a pawnshop. The best thing you can do is to conduct yourself in a cool, polite way. At the end of the day, a good pawn shop agent knows how low or high he can go, and they are willing to make your experience a pleasant one.
It is fair to keep some info to yourself. You have a right to refrain from revealing how much you paid for the item, or where you bought it. Keeping a lid on this info could give you an edge when negotiating.
Let the pawn agent speak first. This is negotiation 101. The last to speak holds the upper hand (this is true for a variety of situations). If you´ve done your homework you already have an amount in mind. There´s just no reason to advertise it.
Visit a reputable pawn shop. A pawn shop that is in good standing in the community and Better Business Bureau is definitely not “out to get you”. Check their accreditations, and if you´re looking to pawn or sell jewelry, make sure the gemologists are certified by GIA. Bottom line, try to visit the best pawn shop you can find.