Mistakes to Avoid When Buying or Selling Items at a Pawn Shop

Mistakes to Avoid When Buying or Selling Items at a Pawn Shop

posted in: Pawn Shop Tips | 0

With all the publicity that pawn shops have been getting due to popular television shows like Pawn Stars and Beverly Hills Pawn, many people have developed misconceptions about pawn shops and how they work. If you are considering shopping at or selling items to your local pawn shop, be sure to read this post, which outlines common mistakes people make when visiting pawn shops.

Failing to Conduct Proper Research

Before deciding to buy or sell an item to a local pawn shop, it is always beneficial to do your research to determine the fair market value of the item. If you aren’t sure on where to start with this, you can always search online auction websites like eBay or eBid. Just be sure that when exploring these websites, you view the final sale prices of similar items and not the list prices because these can vary significantly from one another.

Without conducting proper research, you won’t have a baseline value for your item so you won’t know what you can expect when purchasing or selling the item. This knowledge is vital because you want to be educated on the products so that you don’t end up agreeing to a price that is way below market value or paying more than a product is worth.

Over-Negotiating

Think you can walk into a pawn shop and negotiate any selling or buying price that you want? This is a common misconception that many people have about pawn shops after watching popular television shows like Pawn Stars. Unfortunately, this isn’t the case. Sure it is true that pawn shops will sometimes negotiate with you but remember—when watching these television shows, situations are dramatized to make it more interesting for the watchers. It is important to understand that many of these negotiations are more theatrical than what would take place in your local pawn shop.

It is also wise to be kind and polite when working with pawn show employees because you will likely get more from being nice than if you are rude and offensive, which can easily happen if you try too hard to negotiate.

Not Understanding the Market

Just because a product is worth a certain amount of money, doesn’t mean a pawn shop will offer that amount. Pawn shops consider other factors such as supply and demand. For instance, if you are attempting to sell a used guitar for cash but a pawnshop already has numerous guitars they aren’t selling, they may offer you less money because their supply of that product is up while the demand is down.

Understanding these common mistakes and avoiding them when heading to your local pawn shop can help make your experience more pleasurable. If you are interested in buying, selling or pawning items for a loan in or around in Humboldt County, California, stop into Eureka Trading Company today!

Share it: